NOK

MKT CAP:$57B

Nokia Oyj

Market Cap

$57B

Technology·Communication Equipment·🇫🇮 Finland·NYSE

Technology·Communication·🇫🇮·NYSE

Stock Price

$10.54+$4.03 (+61.90%)

Apr 24, 2026

Company Details

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. It offers products and service...

CEO

Justin Hotard

IPO Date

Jul 1, 1994

Website

www.nokia.com

Key Metrics TTM

Revenue

$25.4B

-4.5% YoY

Net Income

$2.1B

EPS (Diluted)

$0.27

Free Cash Flow

$463M

Revenue / Share

$4.59

Gross Margin

42.7%

Operating Margin

8.2%

Net Margin

8.4%

FCF Margin

1.8%

P/S

2.3x

P/E

26.8x

Earnings Reports

FY 2024

Mar 13, 2025

$22.5BEPS $0.27

Q4 2024

Mar 13, 2025

$7.0BEPS $0.06

Q1 2024

Mar 30, 2024

$5.2B-24.2%EPS $0.09

Q2 2023

Jun 30, 2023

$6.4BEPS $0.06

Q1 2023

Mar 31, 2023

$6.9BEPS $0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 16	$7.8B	$3.1B	$371M
Q3 18	$6.4B	$2.4B	-$63M
Q1 19	$5.9B	$1.8B	-$613M
Q2 19	$6.7B	$2.4B	-$67M
Q4 20	$7.7B	$2.8B	$516M
Q1 23	$6.9B	$2.6B	$498M
Q2 23	$6.4B	$2.5B	$548M
Q1 24	$5.2B	$2.6B	$474M
Q4 24	$7.0B	$3.2B	$555M

Valuation

Quarter	P/S	P/E
Q4 16	—	—
Q3 18	—	—
Q1 19	—	—
Q2 19	1.1x	—
Q4 20	0.8x	—
Q1 23	1.0x	—
Q2 23	0.9x	—
Q1 24	0.7x	—
Q4 24	1.0x	11.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 16	$596M	$451M
Q3 18	-$96M	-$256M
Q1 19	-$873M	-$1.1B
Q2 19	-$1.1B	-$1.2B
Q4 20	$1.0B	$865M
Q1 23	$97M	-$174M
Q2 23	-$389M	-$538M
Q1 24	$1.2B	$1.1B
Q4 24	$243M	$58M

Capital Expenditures

Quarter	CapEx
Q4 16	$145M
Q3 18	$160M
Q1 19	$205M
Q2 19	$153M
Q4 20	$163M
Q1 23	$271M
Q2 23	$148M
Q1 24	$131M
Q4 24	$185M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-1.6%	-3.6%
Q1 23	+7.3%	-1.4%
Q2 23	+8.1%	-10.6%
Q1 24	-22.0%	-29.8%
Q4 24	-8.7%	-9.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 16	$26M	0.3%
Q3 18	-$63M	-1.0%
Q1 19	-$111M	-1.9%
Q2 19	$28M	0.4%
Q4 20	$0	0.0%
Q1 23	-$84M	-1.2%
Q2 23	-$132M	-2.1%
Q1 24	$0	0.0%
Q4 24	$282M	4.0%

OpEx Breakdown

Quarter	R&D	S&M	SG&A
Q4 16	$1.5B	$1.1B	—
Q3 18	$1.3B	$1.0B	—
Q1 19	$1.4B	$963M	—
Q2 19	$1.3B	$892M	—
Q4 20	$1.4B	$949M	—
Q1 23	$1.3B	—	$852M
Q2 23	$1.2B	—	$807M
Q1 24	$1.3B	—	$810M
Q4 24	$1.3B	—	$907M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$6.4B	$4.7B	$11.1B
Q3 22	$6.1B	$5.1B	$11.2B
Q4 22	$6.8B	$3.8B	$10.7B
Q1 23	$6.1B	$3.7B	$9.8B
Q2 23	$6.5B	$2.4B	$8.9B
Q3 23	$5.7B	$2.1B	$7.8B
Q4 23	$7.3B	$2.3B	$9.6B
Q1 24	$7.7B	$2.1B	$9.8B
Q2 24	$8.0B	$2.6B	$10.6B
Q3 24	$8.2B	$2.0B	$10.2B
Q4 24	$7.7B	$2.7B	$10.4B
Q1 25	$6.5B	$2.0B	$8.4B
Q2 25	$5.6B	$1.5B	$7.1B
Q3 25	$5.7B	$904M	$6.6B
Q4 25	$6.4B	$1.1B	$7.5B
Q1 26	$5.8B	$1.4B	$7.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 16	5.78B	—	—
Q3 18	5.59B	-3.3%	—
Q1 19	5.60B	+0.1%	—
Q2 19	5.60B	+0.0%	—
Q4 20	5.62B	+0.3%	-2.8%
Q1 23	5.65B	+0.6%	+1.1%
Q2 23	5.62B	-0.6%	+0.4%
Q1 24	5.56B	-0.9%	-0.6%
Q4 24	5.53B	-0.6%	-1.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 16	$75.8K	103K
Q3 18	$62.7K	102K
Q1 19	$57.1K	103K
Q2 19	$64.6K	103K
Q4 20	$83.2K	92K
Q1 23	$78.8K	87K
Q2 23	$73.2K	87K
Q1 24	$59.9K	87K
Q4 24	$89.2K	78K

Revenue / Employee