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Nokia (NOK) FY2025 earnings results (fiscal 2025)
20-F filed Mar 5, 2026
Nokia (NOK) reported revenue of $19.9B for the fiscal 2025 (FY2025), +3% from a year earlier. Operating margin was 4.4%, net earnings $660M (3.3% of revenue).
Nokia, FY2025: revenue $19.9B (+4% year over year), operating margin 4.4%, net earnings $660M, operating cash flow $2.1B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.9B | — | +3% |
| Gross profit | $8.7B | — | -2% |
| Operating profit | $885M | — | -55% |
| Net earnings | $660M | — | -49% |
| Operating cash flow | $2.1B | — | -17% |
What changed
Revenue was €19.9B in FY2025, up 3% year over year.
Gross margin was 43.5%, down 2.6 points from FY2024. Operating profit was €0.89B, a 4.4% margin (down 5.8 points year over year). Operating profit fell €1.1B even though revenue rose €0.67B versus FY2024, so costs grew faster than sales. Operating expenses grew 13% against revenue growth of 3%. Net earnings were €0.65B, down 49% year over year. The effective tax rate was 29.6%.
Operating cash flow was €2.1B (down 17% year over year), 314% of net earnings. Non-cash charges added back €1.1B of depreciation and amortization and €0.34B of share-based compensation.
Questions
What was Nokia's revenue in the fiscal 2025?
Nokia (NOK) reported revenue of $19.9B for the fiscal 2025 (FY2025), +3% from a year earlier.
Was Nokia profitable in the fiscal 2025?
Operating profit was $885M (4.4% of revenue) and net earnings $660M.
Source: Nokia 20-F on SEC EDGAR.