NOK financial statements

The full income statement, balance sheet, and cash-flow statement for Nokia Corporation Sponsored American Depositary Shares (NOK), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 5.84B2018-12 5.64B2019-12 5.64B2020-12 5.65B2021-12 5.68B2022-12 5.63B2023-12 5.61B2024-12 5.61B2025-12 5.50B-5.8% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	22.5B YoY+8.2%	20.8B YoY-9.0%	22.9B YoY-8.5%	25.0B YoY-4.9%	26.3B YoY+5.4%
	9.80B YoY+2.2%	9.59B YoY+3.8%	9.24B YoY-13.0%	10.6B YoY+1.6%	10.4B YoY+11.9%
Cost of revenue	12.7B YoY+13.4%	11.2B YoY-17.7%	13.6B YoY-5.2%	14.4B YoY-9.2%	15.8B YoY+1.5%
Research & development	5.49B YoY+12.5%	4.88B YoY+5.6%	4.63B YoY-2.3%	4.73B YoY-5.0%	4.98B YoY+7.0%
Operating income	1.00B YoY-53.0%	2.13B YoY+13.7%	1.87B YoY-22.5%	2.42B YoY-5.3%	2.55B YoY+153.0%
Interest expense	278M YoY-19.6%	346M YoY-44.7%	626M YoY+111.2%	296M YoY-19.1%	367M YoY-2.2%
Pre-tax income	1.04B YoY-54.2%	2.26B YoY+42.4%	1.59B YoY-30.3%	2.28B YoY+0.1%	2.28B YoY+169.0%
Income tax	313M YoY-23.8%	411M YoY-53.6%	887M YoY+141.5%	-2.14B YoY-764.4%	322M YoY-91.3%
	747M YoY-46.2%	1.39B YoY+89.2%	734M YoY-83.6%	4.48B YoY+130.1%	1.95B YoY+167.8%
Net income to common	737M YoY-46.7%	1.38B YoY+92.1%	719M YoY-83.9%	4.47B YoY+132.8%	1.92B YoY+166.7%
	$0.14 YoY-45.4%	$0.25 YoY+91.8%	$0.13 YoY-83.5%	$0.79 YoY+129.9%	$0.34 YoY+166.9%
EPS (basic)	$0.14 YoY-45.4%	$0.25 YoY+91.8%	$0.13 YoY-83.8%	$0.80 YoY+132.9%	$0.34 YoY+166.9%
	5.42B YoY-1.1%	5.48B YoY-1.3%	5.55B YoY-1.2%	5.61B YoY-0.3%	5.63B YoY+0.3%
	5.50B YoY-0.5%	5.53B YoY-1.0%	5.59B YoY-1.5%	5.67B YoY-0.3%	5.68B YoY+0.9%
Dividends per share	$0.12 YoY+15.0%	$0.11 YoY-23.0%	$0.14 YoY+11.4%	$0.13 YoY+8548.0%	$0.00
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	18.5B YoY-1.1%	18.8B	—	21.6B YoY-3.0%	22.3B YoY-0.3%
Cash & equivalents	6.42B YoY-7.1%	6.91B YoY+0.1%	6.90B YoY+18.4%	5.83B YoY-23.3%	7.60B YoY-10.6%
Accounts receivable	5.84B YoY+6.8%	5.47B YoY+0.5%	5.45B YoY-7.9%	5.92B YoY-3.2%	6.11B YoY-9.3%
Inventory	2.59B YoY+15.0%	2.26B YoY-25.0%	3.01B YoY-13.5%	3.48B YoY+28.1%	2.72B YoY-1.1%
	44.2B YoY+8.2%	40.8B YoY-7.5%	44.1B YoY-3.6%	45.8B YoY+0.6%	45.5B YoY+2.6%
Property, plant & equipment	1.84B YoY+29.8%	1.42B YoY-34.2%	2.16B YoY+0.5%	2.15B YoY-1.7%	2.19B YoY+0.0%
Goodwill	7.04B YoY+17.7%	5.98B YoY-1.8%	6.09B YoY+0.8%	6.04B	—
Total non-current assets	25.6B YoY+16.0%	22.1B YoY-8.1%	24.0B YoY-0.7%	24.2B YoY+4.1%	23.2B YoY+5.5%
Total current liabilities	11.8B YoY-1.1%	11.9B YoY-1.8%	12.1B YoY-11.1%	13.6B YoY-0.9%	13.7B YoY-4.6%
	19.4B YoY+1.2%	19.2B YoY-9.8%	21.3B YoY-7.2%	22.9B YoY-10.6%	25.7B YoY-11.4%
Long-term debt	2.74B YoY-10.1%	3.04B YoY-24.4%	4.03B YoY-11.1%	4.53B YoY-12.1%	5.15B YoY-16.1%
	24.6B YoY+14.3%	21.5B YoY-5.2%	22.7B YoY-0.1%	22.7B YoY+15.3%	19.7B YoY+29.1%
Total equity incl. non-controlling	24.7B YoY+14.3%	21.6B YoY-5.2%	22.8B YoY-0.0%	22.8B YoY+15.1%	19.8B YoY+29.1%
	5.58B YoY+3.9%	5.37B YoY-2.8%	5.53B YoY-1.1%	5.59B YoY-0.9%	5.63B YoY+0.3%
	5.74B YoY+2.4%	5.61B YoY-0.1%	5.61B YoY-0.3%	5.63B YoY-0.8%	5.68B YoY+0.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.34B YoY-13.1%	2.70B YoY+89.4%	1.42B YoY-8.1%	1.55B YoY-50.1%	3.10B YoY+54.8%
Depreciation & amortization	1.27B YoY+20.3%	1.05B YoY-3.8%	1.09B YoY-3.0%	1.13B YoY-12.9%	1.30B YoY+0.4%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	171M YoY+56.4%	109M YoY-79.6%	536M YoY+6277.7%	8.41M YoY-58.2%	20.1M YoY-98.9%
Long-term debt repaid	990M YoY+98.1%	500M YoY-42.1%	863M YoY+40943.5%	2.10M YoY-99.8%	1.10B YoY+291.0%
Common stock issued	972M	0.00	0.00	0.00	0.00
Common stock repurchased	233M YoY-85.7%	1.63B YoY+418.1%	315M YoY-4.1%	328M	0.00
Dividends paid	859M YoY+9.8%	782M YoY+16.5%	672M YoY+80.5%	372M YoY+4395.1%	8.28M
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	35.6B YoY+43.4%	24.8B YoY+28.9%	19.3B YoY-26.9%	26.3B YoY-25.4%	35.3B YoY+59.7%
P/E	47.7× YoY+166.7%	17.9× YoY+315.5%	4.3× YoY-68.2%	13.5× YoY-25.4%	18.1×
P/S	1.6× YoY+32.5%	1.2× YoY+54.9%	0.8× YoY-23.1%	1.0× YoY-25.4%	1.3× YoY+51.5%
P/B	1.4× YoY+25.4%	1.2× YoY+36.1%	0.8× YoY-36.6%	1.3× YoY-25.4%	1.8× YoY+23.7%
	2.1% YoY-62.5%	5.6% YoY-75.9%	23.2% YoY+214.6%	7.4% YoY+34.1%	5.5%
	1.9% YoY-21.2%	2.4% YoY-40.6%	4.1% YoY+51.2%	2.7% YoY+11492.8%	0.02%
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: NOK's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NOK filings on SEC EDGAR → Not investment advice.