NOKNYSERadio & Tv Broadcasting & Communications EquipmentFiscal year ends December 31Also trades as NOKBF

NOKIA CORP

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 5, 2026

$9.08−0.06 (-0.66%)

Close on Oct 19, 2026

Margins

Share of revenue, fiscal years 2014 to 2025

43.5%+6.0 pts over 5 years

4.4%+0.4 pts over 5 years

3.3%+14.8 pts over 5 years

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+3.5%	-5.8%	-1.9%	+4.7%
Gross profit	-2.3%	-5.0%	+1.1%	+4.5%
Operating income	-55.1%	-27.3%	0.0%	-6.3%
Net income	-49.0%	-46.5%	–	-12.5%
EPS, diluted	-47.8%	-45.7%	–	-15.3%

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	–	-18.2%	3.1%
Return on assets	–	-6.7%	1.7%
Current ratio	1.64	1.55	1.58
Debt to equity	0.20	0.45	0.16
Net debt to EBITDA	-7.02×	-0.68×	-1.02×
Interest coverage	–	2.7×	3.6×
Inventory turnover	–	5.3×	5.1×
Diluted shares	5.74B	5.64B	5.50B

Return on equity split into margin, efficiency and leverage

Net margin3.3%

Asset turnover0.52×

Equity multiplier1.84×

Return on equity, FY20253.1%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	3.3%	0.52×	1.84×	3.1%
FY2024	6.6%	0.49×	1.92×	6.2%
FY2023	3.1%	0.51×	1.98×	3.2%
FY2022	17.9%	0.57×	2.14×	22.0%
FY2021	7.3%	0.58×	2.56×	10.9%
FY2020	-11.5%	0.58×	2.71×	-18.2%
FY2019	0.0%	0.59×	2.57×	0.0%
FY2018	-1.5%	0.56×	2.56×	-2.2%
FY2017	-6.5%	0.54×	2.37×	-8.2%