)
Visual
earnings real time
Nokia
Nokia (NOKIA) investor relations material
Nokia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Q4 2025 results met expectations, with net sales up 3% to EUR 6.1 billion and strong performance in Network Infrastructure and Mobile Networks; full-year net sales reached EUR 19.9 billion and operating profit EUR 2.0 billion, slightly above guidance midpoint.
Free cash flow conversion for the year was 72%, aligning with guidance, and net cash at year-end was EUR 3.4 billion.
Strategic repositioning included the Infinera acquisition, partnership with NVIDIA, operating model simplification, and leadership renewal.
Integration of Nokia Shanghai Bell completed, targeting EUR 200 million in cost synergies over 24-36 months.
Reorganization into Network Infrastructure and Mobile Infrastructure segments effective 2026.
Financial highlights
Q4 net sales: EUR 6.1 billion (+3% YoY); operating profit: EUR 1 billion; free cash flow: EUR 226 million; net cash at year-end: EUR 3.4 billion.
Full-year 2025 net sales: EUR 19.9 billion; operating profit: EUR 2.0 billion; free cash flow: EUR 1.5 billion.
Q4 gross margin: 48.1% (+90 bps YoY); operating margin: 17.3% (-90 bps YoY); Q4 comparable diluted EPS: EUR 0.16.
Book-to-bill ratio above 1 in Optical and IP Networks.
Q4 free cash flow: EUR 0.2 billion; EUR 0.2 billion paid in dividends.
Outlook and guidance
2026 comparable operating profit targeted at EUR 2.0–2.5 billion; long-term (2028) target: EUR 2.7–3.2 billion.
Network Infrastructure net sales expected to grow at 6–8% CAGR (2025–2028); Optical and IP Networks combined to grow 10–12%.
Network Infrastructure operating margin to expand to 13–17% by 2028 (from 9.5% in 2025); Mobile Infrastructure gross margin target for 2028 is 48–50%.
Free cash flow conversion expected at 55–75% in 2026; CapEx planned at EUR 900–1,000 million, mainly for Optical Networks capacity.
Board proposes EUR 0.14 per share dividend for 2025, to be paid in four installments.
AI & Cloud demand impact on Network Infrastructure
Mobile Infrastructure profitability outlook
Drivers for 2026 capital expenditure increase?
Optical capacity ramp for 2027 demand
Mobile Infrastructure: market share vs. profitability
Nokia Defense: 4G/5G military demand outlook
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Latest summaries
- TimeTickerHeadlineOpen
- 323410
Strong growth in customers, profits, and deposits, with stable asset quality and global milestones. - 3407
Net income rose 22.7% year-over-year, with improved financials and a revised upward forecast. - RYM
Refreshed strategy targets NZD 150m cash flow uplift, NZD 500m cash release, and resumed dividends by FY 2028. - 9101
Profits fell across most segments, but energy shipping and a major acquisition stood out. - 4626
Double-digit profit and sales growth, with strong segment results and a stock split impact. - 2371
Revenue up 21.5% YoY, but profit down on higher investments; LiPLUS Holdings acquired. - 3401
Major impairments and divestitures led to a net loss and lower revenue across all segments. - 8002
Profit forecast raised to ¥540.0B and annual dividend to ¥107.50 per share after strong results. - COF
Profit rebounded, NTA and occupancy rose, with strong leasing and premium divestment. - NUF
Statutory loss reported, seeds business repositioned, new CEO appointed, all resolutions passed.
Next Nokia earnings date
Q1 202623 Apr, 2026
Nokia
Next Nokia earnings date
Q1 202623 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
)
Frequently asked questions
Nokia Oyj operates as a network and technology company that provides broadband infrastructure, software, and related services worldwide. It operates in three business groups: Mobile Networks, Fixed Networks, and Nokia Technologies. The Mobile Networks group provides radio access and core network solutions for operators, enterprises, and public sector institutions. The Fixed Networks group offers fixed-network infrastructure solutions for high-speed data transmission requirements with advanced mobile broadcast solutions for television broadcasters.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage