Nokia released its fourth-quarter and full-year 2025 financial results. The company delivered steady performance with growth in sales and profit that aligned with its guidance.
In Q4 2025, comparable net sales rose 3% year on year to about €6.1 billion supported by stronger Network Infrastructure and Mobile Networks performance. Comparable gross margin expanded to 48.1% while comparable operating margin was 17.3% for the quarter. Comparable diluted earnings per share was €0.16 and free cash flow for the quarter was around €0.2 billion. Nokia’s net cash balance at the quarter’s end was €3.4 billion.
For full year 2025, net sales grew about 2% on a constant currency and portfolio basis with a comparable operating profit of €2.0 billion and free cash flow of €1.5 billion, equating to a 72% free cash flow conversion. Reported diluted EPS for the full year was €0.12 compared with €0.29 on a comparable basis.
The board proposed a €0.14 per share dividend on the results. Nokia also issued guidance for 2026 comparable operating profit of €2.0-€2.5 billion reflecting continued focus on disciplined execution and investment in network technologies that support AI and cloud growth.
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