Nokia Corp ADR (NOK) financial statements

Technology · Communication Equipment · Market cap $53.7B

Nokia Corp ADR reported revenue of 19.9B EUR in fiscal 2025, down 1.9% a year over 9 years.

Net income was 651M EUR and the operating margin 4.4%, against -4.7% in 2016.

Free cash flow was 1.5B EUR, and the company returned 759M EUR in dividends and 624M EUR in net buybacks.

The diluted share count fell 4% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions (EUR).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/NOK/financials">Nokia Corp ADR financials</a> on Investingly</p>

Income statement

Fiscal years, in EUR, from Nokia Corp ADR's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	23.6B EUR	23.1B EUR	22.6B EUR	23.3B EUR	21.9B EUR	22.2B EUR	23.8B EUR	21.1B EUR	19.2B EUR	19.9B EUR
Cost of revenue	15.1B EUR	14.0B EUR	14.3B EUR	15.1B EUR	13.7B EUR	13.4B EUR	13.7B EUR	12.6B EUR	10.4B EUR	11.2B EUR
Gross profit	8.5B EUR	9.1B EUR	8.3B EUR	8.3B EUR	8.2B EUR	8.8B EUR	10.1B EUR	8.5B EUR	8.9B EUR	8.7B EUR
Research and development	5.0B EUR	4.9B EUR	4.8B EUR	4.5B EUR	4.1B EUR	4.2B EUR	4.5B EUR	4.3B EUR	4.5B EUR	4.9B EUR
Selling, general and admin	3.8B EUR	3.6B EUR	3.5B EUR	3.2B EUR	2.9B EUR	2.8B EUR	3.0B EUR	2.9B EUR	2.9B EUR	3.1B EUR
Operating income	-1.1B EUR	16M EUR	-59M EUR	485M EUR	885M EUR	2.2B EUR	2.3B EUR	1.7B EUR	2.0B EUR	885M EUR
Interest expense	—	—	398M EUR	510M EUR	329M EUR	310M EUR	282M EUR	579M EUR	320M EUR	246M EUR
Pre-tax income	-1.4B EUR	-510M EUR	-360M EUR	156M EUR	743M EUR	1.9B EUR	2.2B EUR	1.5B EUR	2.1B EUR	915M EUR
Income tax	-457M EUR	927M EUR	189M EUR	138M EUR	3.3B EUR	272M EUR	-2.0B EUR	820M EUR	380M EUR	277M EUR
Net income	-766M EUR	-1.5B EUR	-340M EUR	7M EUR	-2.5B EUR	1.6B EUR	4.2B EUR	665M EUR	1.3B EUR	651M EUR
EPS (diluted)	-0.13 EUR	-0.26 EUR	-0.06 EUR	0.00 EUR	-0.45 EUR	0.29 EUR	0.75 EUR	0.12 EUR	0.23 EUR	0.12 EUR
Diluted shares	5.74B	5.65B	5.61B	5.63B	5.64B	5.68B	5.67B	5.59B	5.53B	5.50B
Gross margin	36.1%	39.5%	36.8%	35.4%	37.5%	39.8%	42.5%	40.4%	46.1%	43.5%
Operating margin	-4.7%	0.1%	-0.3%	2.1%	4.0%	9.7%	9.7%	8.2%	10.2%	4.4%
Net margin	-3.2%	-6.5%	-1.5%	0.0%	-11.5%	7.3%	17.9%	3.1%	6.6%	3.3%

Balance sheet

Fiscal years, in EUR, from Nokia Corp ADR's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash and short-term investments	7.5B EUR	8.3B EUR	6.9B EUR	6.0B EUR	8.1B EUR	9.3B EUR	8.5B EUR	7.8B EUR	8.3B EUR	6.4B EUR
Receivables	7.0B EUR	6.9B EUR	4.9B EUR	5.0B EUR	5.5B EUR	5.4B EUR	5.5B EUR	4.9B EUR	5.2B EUR	5.0B EUR
Inventory	2.5B EUR	2.6B EUR	3.2B EUR	2.9B EUR	2.2B EUR	2.4B EUR	3.3B EUR	2.7B EUR	2.2B EUR	2.2B EUR
Total current assets	20.7B EUR	19.8B EUR	18.3B EUR	16.8B EUR	18.2B EUR	19.6B EUR	20.3B EUR	—	18.0B EUR	15.8B EUR
Property, plant and equipment	2.0B EUR	1.9B EUR	1.8B EUR	1.9B EUR	1.8B EUR	1.9B EUR	2.0B EUR	2.0B EUR	1.4B EUR	1.6B EUR
Goodwill	5.7B EUR	5.2B EUR	5.5B EUR	5.5B EUR	—	—	5.7B EUR	5.5B EUR	5.7B EUR	6.0B EUR
Total assets	44.9B EUR	41.0B EUR	39.5B EUR	39.1B EUR	36.2B EUR	40.0B EUR	42.9B EUR	39.9B EUR	39.1B EUR	37.6B EUR
Total current liabilities	12.6B EUR	12.7B EUR	14.1B EUR	12.1B EUR	11.8B EUR	12.1B EUR	12.8B EUR	10.9B EUR	11.4B EUR	10.0B EUR
Long-term debt	3.7B EUR	3.5B EUR	2.8B EUR	4.0B EUR	5.0B EUR	4.5B EUR	4.2B EUR	3.6B EUR	2.9B EUR	2.3B EUR
Total liabilities	23.9B EUR	24.8B EUR	24.1B EUR	23.7B EUR	23.6B EUR	22.6B EUR	21.5B EUR	19.2B EUR	18.4B EUR	16.5B EUR
Shareholders' equity	20.1B EUR	16.1B EUR	15.3B EUR	15.3B EUR	12.5B EUR	17.4B EUR	21.3B EUR	20.5B EUR	20.7B EUR	21.0B EUR
Net debt	-3.5B EUR	-3.6B EUR	-2.4B EUR	-1.6B EUR	-1.4B EUR	-2.0B EUR	-990M EUR	-2.0B EUR	-2.7B EUR	-2.0B EUR

Cash flow

Fiscal years, in EUR, from Nokia Corp ADR's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	-1.5B EUR	1.8B EUR	360M EUR	390M EUR	1.8B EUR	2.6B EUR	1.5B EUR	1.3B EUR	2.5B EUR	2.1B EUR
Capital spending	477M EUR	601M EUR	672M EUR	690M EUR	479M EUR	560M EUR	601M EUR	652M EUR	472M EUR	606M EUR
Free cash flow	-1.9B EUR	1.2B EUR	-312M EUR	-300M EUR	1.3B EUR	2.1B EUR	873M EUR	665M EUR	2.0B EUR	1.5B EUR
Stock-based compensation	113M EUR	92M EUR	68M EUR	81M EUR	76M EUR	108M EUR	149M EUR	202M EUR	241M EUR	337M EUR
Dividends paid	1.5B EUR	970M EUR	1.1B EUR	570M EUR	149M EUR	9M EUR	353M EUR	621M EUR	723M EUR	759M EUR
Share buybacks (net)	-216M EUR	-785M EUR	—	—	—	0 EUR	-300M EUR	-300M EUR	-680M EUR	-624M EUR
Net borrowing	-2.4B EUR	88M EUR	110M EUR	273M EUR	1.3B EUR	-910M EUR	6M EUR	-302M EUR	-361M EUR	-724M EUR
Free cash flow margin	-8.2%	5.2%	-1.4%	-1.3%	5.9%	9.3%	3.7%	3.1%	10.5%	7.4%
Dividends per share	0.26 EUR	0.17 EUR	0.19 EUR	0.10 EUR	0.03 EUR	0.00 EUR	0.06 EUR	0.11 EUR	0.13 EUR	0.14 EUR

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Questions

What was Nokia Corp ADR's revenue in 2025?

19.9B EUR in fiscal 2025, from its 10-K filing.

How much free cash flow does Nokia Corp ADR generate?

1.5B EUR in fiscal 2025 (operating cash flow minus capital spending).

From Nokia Corp ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.