NOKIA CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NOKIA CORP files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	23,641	23,147	22,563	23,315	21,852	22,202	23,761	21,138	19,220	19,889
Cost of revenue	15,117	14,008	14,251	15,051	13,659	13,368	13,660	12,592	10,356	11,230
Gross profit	8,524	9,139	8,312	8,264	8,193	8,834	10,101	8,546	8,864	8,659
Research and development	4,997	4,916	4,777	4,532	4,087	4,214	4,503	4,277	4,512	4,855
Selling, general and administrative	3,767	3,615	3,549	3,219	2,898	2,792	2,956	2,863	2,872	3,073
Operating income	-1,100	16	-59	485	885	2,158	2,299	1,733	1,970	885
Interest expense			398	510	329	310	282	579	320	246
Interest income			85	169	165	69	178	354	434	257
Pre-tax income	-1,369	-510	-360	156	743	1,926	2,169	1,469	2,091	915
Income tax	-457	927	189	138	3,256	272	-2,033	820	380	277
Income from continuing operations	-912	-1,437	-549	18	-2,513	1,654	4,202	649	1,711	638
Net income to minority interests	-161	36	5	4	7	22	9	14	7	9
Net income	-766	-1,494	-340	7	-2,523	1,623	4,250	665	1,277	651
EBITDA	494	1,607	1,396	2,145	2,017	3,253	3,372	2,745	2,943	2,004
EPS, basic	-0.13	-0.26	-0.06	0.00	-0.45	0.29	0.76	0.12	0.23	0.12
EPS, diluted	-0.13	-0.26	-0.06	0.00	-0.45	0.29	0.75	0.12	0.23	0.12

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7,497	7,369	6,261	5,910	6,940	6,691	5,467	6,234	6,623	5,462
Short-term investments		911	612	97	1,121	2,577	3,080	1,565	1,661	961
Receivables	6,972	6,880	4,856	5,025	5,503	5,382	5,549	4,921	5,248	4,975
Inventory	2,506	2,646	3,168	2,936	2,242	2,392	3,265	2,719	2,163	2,209
Total current assets	20,675	19,841	18,266	16,808	18,215	19,597	20,266		17,987	15,792
Property, plant and equipment	1,981	1,853	1,790	1,856	1,783	1,924	2,015	1,951	1,362	1,570
Lease right-of-use assets			975	912	805	884	929	906	758	920
Goodwill	5,724	5,248	5,452	5,527			5,667	5,504	5,736	5,996
Intangible assets	5,236	3,971	3,353	2,429	1,953	1,620	1,263	1,086	802	1,399
Total assets	44,901	41,024	39,517	39,128	36,191	40,049	42,943	39,860	39,149	37,597
Accounts payable	3,781	3,996	4,773	3,786	3,174	3,679	4,730	3,423	3,213	2,978
Total current liabilities	12,605	12,744	14,104	12,055	11,761	12,101	12,774	10,933	11,394	10,004
Lease liabilities			2	771	721	824	858	799	664	797
Total liabilities	23,926	24,806	24,146	23,727	23,646	22,587	21,517	19,232	18,402	16,539
Total debt	4,027	3,766	3,820	4,277	5,576	4,653	4,477	4,191	3,887	3,413
Paid-in capital	439	447	436	427	443	454	503	628	734	870
Retained earnings	3,588	1,147	-1,062	-1,613	-4,143	-2,537	1,375	1,404	1,956	1,857
Shareholders' equity	20,094	16,138	15,289	15,325	12,465	17,360	21,333	20,537	20,657	20,967
Minority interests	881	80	82	76	80	102	93	91	90	91
Total equity	20,975	16,164	15,375	15,401	12,545	17,462	21,426	20,628	20,747	21,058
Total liabilities and equity	44,901	41,024	39,517	39,128	36,191	40,049	42,943	39,860	39,149	37,597

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-927	-1,458	-335	11	-2,516	1,645	4,259	679	1,284	660
Depreciation and amortization	1,594	1,591	1,455	1,660	1,132	1,095	1,073	1,012	973	1,119
Cash from operations	-1,454	1,811	360	390	1,759	2,625	1,474	1,317	2,493	2,071
Cash from investing	6,836	10	-315	-290	-1,438	-1,795	-1,880	1,043	-117	-1,396
Stock issued								0	0	859
Share buybacks	-216	-785				0	-300	-300	-680	-624
Dividends paid	-1,515	-970	-1,081	-570	-149	-9	-353	-621	-723	-759
Cash from financing	-4,923	-1,749	-969	-479	883	-1,212	-837	-1,502	-2,003	-1,610
Exchange rate effect	43	-200	-184	28	-174	133	19	-91	16	-226
Net change in cash	502	-128	-1,108	-351	1,030	-249	-1,224	767	389	-1,161
Interest paid	309	409	159	1	35	192	180	241	263	212
Income taxes paid	503	555	364	516	280	314	381	576	342	396

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	43.5%	Gross profit / revenue.
Operating margin	4.4%	Operating income / revenue.
EBITDA margin	10.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.6%	Pre-tax income / revenue.
Net margin	3.3%	Net income / revenue.
Operating cash flow margin	10.4%	Cash from operations / revenue.
Effective tax rate	30.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.7%	Net income / average total assets.
Return on invested capital (ROIC)	3.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	24.4%	Research and development expense / revenue.
SG&A / revenue	15.5%	Selling, general and administrative expense / revenue.
D&A / revenue	5.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-55.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-27.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	0.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-31.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-15.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-49.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-46.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-47.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-45.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-16.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.58x	Current assets / current liabilities.
Quick ratio	1.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.64x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.16x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.1%	Total debt / total assets.
Liabilities / assets	44.0%	Total liabilities / total assets.
Net debt	-€3.01B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.60x	Operating income / interest expense.
Working capital	€5.79B	Current assets - current liabilities.
Goodwill and intangibles / assets	19.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	€13.57B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	13.6x	Revenue / average property, plant and equipment.
Inventory turnover	5.14x	Cost of revenue / average inventory.
Days inventory	71 days	365 x average inventory / cost of revenue.
Receivables turnover	3.89x	Revenue / average receivables.
Days sales outstanding	94 days	365 x average receivables / revenue.
Days payables	101 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	64 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	€0.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€0.12	Net income per basic share, as reported (split-adjusted).
Payout ratio	116.6%	Dividends paid / net income, when net income is positive.

What was NOKIA CORP's revenue in fiscal 2025?

NOKIA CORP reported revenue of €19.89B for fiscal 2025, 3.5% higher than the year before.

Was NOKIA CORP profitable in fiscal 2025?

Yes. Net income was €651.0M, a net margin of 3.3%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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