Nokia Corporation (NOK)

Name: Nokia Corporation (NOK) annual results, Dec 2025: the 20-F figures in euros
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

Nokia Corporation files a 20-F with the SEC once a year, in euros. In the year to 31 December 2025 it reported revenue of EUR 19,889 million, up 3.5% on the year before. Its profit attributable to shareholders was EUR 651 million, down 49.0%, and diluted earnings per share EUR 0.12.

Earnings per share are per ordinary share, in euros. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on NOK

Planned insider sales	no Form 144 notice in twelve months
Options tape	put/call 0.41 by open interest on 26 September 2026; the straddle prices a 5.9% move to 2 October 2026
Holders	9 of the followed funds hold it; largest FMR LLC; 2 Schedule 13D or 13G filings in twelve months
Congress	3 House trades disclosed in six months
Short interest	55.5 million shares short, 1.00 days to cover at 15 September 2026

Profit and loss, 11 fiscal years

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017	Dec 2016	Dec 2015
Revenue	19,889	19,220	21,138	23,761	22,202	21,852	23,315	22,563	23,147	23,641	12,560
Cost of sales	11,230	10,356	12,592	13,660	13,368	13,659	15,051	14,251	14,008	15,117	6,963
Gross profit	8,659	8,864	8,546	10,101	8,834	8,193	8,264	8,312	9,139	8,524	5,597
Research and development	4,855	4,512	4,277	4,503	4,214	4,087	4,532	4,777	4,916	4,997	2,080
Selling, general and administrative	3,073	2,872	2,863	2,956	2,792	2,898	3,219	3,549	3,615	3,767	1,772
Operating profit	885	1,970	1,733	2,299	2,158	885	485	-59.0	16.0	-1,100	1,697
Finance costs	246	320	579	282	310	329	510	398	n/a	n/a	n/a
Profit before tax	915	2,091	1,469	2,169	1,926	743	156	-360	-510	-1,369	1,540
Income tax	277	380	820	-2,033	272	3,256	138	189	927	-457	346
Profit for the year	660	1,284	679	4,259	1,645	-2,516	11.0	-335	-1,458	-927	2,468
Profit attributable to shareholders	651	1,277	665	4,250	1,623	-2,523	7.0	-340	-1,494	-766	2,466

EUR million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated. A year marked * shows the figure as the company restated it in a later annual report (Dec 2018, Dec 2019, Dec 2020, Dec 2021, Dec 2022, Dec 2023, Dec 2024); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on.

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017	Dec 2016	Dec 2015
Diluted EPS	0.12	0.23	0.12	0.75	0.29	-0.45	0.00	-0.06	-0.26	-0.13	0.63
Basic EPS	0.12	0.23	0.12	0.76	0.29	-0.45	0.00	-0.06	-0.26	-0.13	0.67

EUR per ordinary share, as filed.

Cash flow

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017	Dec 2016	Dec 2015
Cash from operations	2,071	2,493	1,317	1,474	2,625	1,759	390	360	1,811	-1,454	503
Dividends paid	759	723	621	353	9.0	149	570	1,081	970	1,515	512

EUR million. Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines.

Balance sheet at year end

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017	Dec 2016	Dec 2015
Total assets	37,597	39,149	39,860	42,943	40,049	36,191	39,128	39,517	41,024	44,901	n/a
Equity attributable to shareholders	20,967	20,657	20,537	21,333	17,360	12,465	15,325	15,289	16,138	20,094	10,524
Cash and cash equivalents	5,462	6,623	6,234	5,467	6,691	6,940	5,910	6,261	7,369	7,497	6,995
Borrowings, as filed	3,413	3,887	4,191	4,477	4,653	5,576	4,277	3,820	3,766	4,027	n/a
Lease liabilities	n/a	n/a	n/a	n/a	n/a	n/a	1,030	1,066	n/a	n/a	n/a
Trade and other receivables	4,975	5,248	4,921	5,549	5,382	5,503	5,025	4,856	6,880	6,972	n/a
Inventories	2,209	2,163	2,719	3,265	2,392	2,242	2,936	3,168	2,646	2,506	n/a
Goodwill	5,996	5,736	5,504	5,667	n/a	n/a	5,527	5,452	5,248	5,724	n/a

EUR million, at each fiscal year end. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017	Dec 2016	Dec 2015
Gross margin	43.5%	46.1%	40.4%	42.5%	39.8%	37.5%	35.4%	36.8%	39.5%	36.1%	44.6%
Operating margin	4.4%	10.2%	8.2%	9.7%	9.7%	4.0%	2.1%	-0.3%	0.1%	-4.7%	13.5%
Net margin	3.3%	6.6%	3.1%	17.9%	7.3%	-11.5%	0.0%	-1.5%	-6.5%	-3.2%	19.6%
Return on year-end equity	3.1%	6.2%	3.2%	19.9%	9.3%	-20.2%	0.0%	-2.2%	-9.3%	-3.8%	23.4%
Effective tax rate	30.3%	18.2%	55.8%	-93.7%	14.1%	438.2%	88.5%	n/a	n/a	n/a	22.5%

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Annual reports on EDGAR

Form	Year to	Filed
20-F	31 December 2025	5 March 2026	EDGAR
20-F	31 December 2024	13 March 2025	EDGAR
20-F	31 December 2023	29 February 2024	EDGAR
20-F	31 December 2022	2 March 2023	EDGAR
20-F	31 December 2021	3 March 2022	EDGAR
20-F	31 December 2020	4 March 2021	EDGAR
20-F	31 December 2019	5 March 2020	EDGAR
20-F	31 December 2018	21 March 2019	EDGAR
20-F	31 December 2017	22 March 2018	EDGAR
20-F	31 December 2016	23 March 2017	EDGAR
20-F	31 December 2015	1 April 2016	EDGAR
20-F	31 December 2014	19 March 2015	EDGAR

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