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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
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Next Nokia earnings date
Q1 202623 Apr, 2026
Nokia
Next Nokia earnings date
Q1 202623 Apr, 2026
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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.
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