Nokia Oyj Past Earnings Performance
Past criteria checks 1/6
Nokia Oyj has been growing earnings at an average annual rate of 12%, while the Communications industry saw earnings growing at 7.1% annually. Revenues have been declining at an average rate of 4.1% per year. Nokia Oyj's return on equity is 3.7%, and it has net margins of 3.9%.
Key information
12.02%
Earnings growth rate
12.37%
EPS growth rate
| Communications Industry Growth | 18.43% |
| Revenue growth rate | -4.13% |
| Return on equity | 3.69% |
| Net Margin | 3.87% |
| Next Earnings Update | 23 Jul 2026 |
Recent past performance updates
Recent updates
New Narrative • May 18
NOKIA: Leveraging Open RAN Interoperability to Scale Private Networks and Capitalize on the Emergence of Industrial 6G Connectivity
Nokia Oyj is navigating an extraordinary structural recovery in 2026, successfully shedding its legacy as a hardware-locked vendor to become the primary architect of open, programmable telecommunications fabrics. The organization has centered its entire identity on the Cloudification of the radio access network (RAN) and the security of sovereign data pipelines.
Narrative Update • Apr 29
NOKIA: Telecom Capex And Execution Risks Will Limit AI Networking Rerating
The analyst fair value estimate for Nokia Oyj has moved from €3.78 to €4.65, reflecting recent price target increases and a combination of upgrades and downgrades from several banks that cite updated views on margins, revenue expectations and Nokia's future P/E outlook. Analyst Commentary Recent research on Nokia Oyj shows a wide range of opinions, with some firms lifting price targets and others taking a more cautious line.
Narrative Update • Apr 14
NOKIA: AI RAN And Cloud Alliances Will Drive Future Earnings Rebound
Analysts have lifted the fair value estimate for Nokia Oyj from €8.80 to about €9.84, reflecting updated expectations for slightly lower revenue growth, a modestly higher profit margin, and a higher future P/E multiple, informed by a mix of recent upgrades, downgrades, and price target increases from major banks and brokers. Analyst Commentary Recent Street research on Nokia shows a split tape, with both upgrades and downgrades, but the higher fair value estimate reflects that the more optimistic voices are assigning greater weight to improved execution and potential re rating in the sector.Narrative Update • Mar 31
NOKIA: AI And Cloud Alliances Will Support Future Earnings Rebound Narrative
Analysts have lifted the fair value estimate for Nokia Oyj from €7.20 to €8.80, reflecting updated assumptions for slightly higher revenue growth, profit margins and future P/E, alongside a series of recent target hikes and mixed rating changes across the Street. Analyst Commentary Recent Street research on Nokia Oyj has been mixed, with several downgrades on ratings but also a clear cluster of higher fair value and price targets from bullish analysts.
Narrative Update • Mar 17
NOKIA: AI Network Partnerships Will Face Rating Pressure And Limited Upside
Narrative update on Nokia Oyj Analysts have lifted the updated fair value estimate for Nokia to €6.21 from €5.43, supported by a higher assumed future P/E of about 24x and a series of recent price target hikes to around €6.50 to €8.50, even as some firms have shifted ratings toward more neutral stances. Analyst Commentary Recent research on Nokia presents a mixed picture, with several firms lifting price targets while others shift to more neutral stances.Narrative Update • Mar 03
NOKIA: AI And Cloud Partnerships Will Support Steady Long Term Earnings
The analyst price target for Nokia has shifted modestly to €6.50. This reflects a mix of recent upgrades, a downgrade to Hold and slightly adjusted assumptions for revenue growth, profit margin and future P/E that leave fair value broadly unchanged.Narrative Update • Feb 16
NOKIA: AI And Cloud Demand Will Support Long Term Earnings Power
Analysts have lifted their average price target for Nokia Oyj, with recent increases such as Citi's €0.75 raise, JPMorgan's €0.20 bump and several upgrades to Buy reflecting greater confidence in the shares despite adjustments to growth, margin and P/E assumptions. Analyst Commentary Recent research on Nokia Oyj points to a clear shift in tone as several bullish analysts adjust their views, even when individual price targets or assumptions differ.Narrative Update • Feb 02
NOKIA: Telecom Capex And Execution Risks Will Constrain AI Networking Upside
Analysts have lifted their price expectations for Nokia Oyj, with our fair value estimate moving from €3.59 to €3.78 as a series of target increases and upgrades, alongside updated assumptions on discount rate, revenue growth, profit margins and future P/E, feed into a slightly higher valuation. Analyst Commentary Recent research on Nokia Oyj includes a cluster of upgrades and higher targets, balanced by at least one more cautious reset.Narrative Update • Jan 19
NOKIA: Telecom Capex Constraints Will Limit AI Networking Upside
Analysts have lifted their price target on Nokia Oyj to about €3.59 from roughly €3.03, pointing to updated assumptions for slightly lower discount rates, higher revenue growth, a reduced profit margin, and a higher future P/E multiple, supported by a series of recent upgrades and target hikes following Q3 results and AI related commentary. Analyst Commentary Recent research on Nokia Oyj shows a mix of optimism around AI and network opportunities alongside more cautious views on execution, capital intensity, and the balance of risks.Narrative Update • Jan 05
NOKIA: AI Demand And U.S. Investment Will Shape Balanced Risk Ahead
Analysts have made a modest adjustment to their price target framework for Nokia Oyj, refining assumptions around revenue growth, profit margins and future P/E multiples, while citing a mix of higher targets from several banks and more cautious views that focus on telecom capex risks and segment level valuation. Analyst Commentary Recent research on Nokia Oyj shows a split view, with some analysts highlighting improving growth optionality and others focusing on execution risks and valuation constraints tied to capital spending trends in telecom networks.Narrative Update • Dec 22
NOKIA: AI And Cloud Demand Will Drive Margin Expansion And Upside Potential
Nokia Oyj's analyst fair value estimate has been raised from EUR 5.75 to EUR 7.20, as analysts highlight improving margins, slightly stronger growth expectations, and an increasingly compelling AI driven equity story, despite mixed views on long term network infrastructure targets. Analyst Commentary Recent Street research on Nokia Oyj reflects a notable shift toward a more constructive stance, with several bullish analysts highlighting improving execution, a clearer growth algorithm, and a more compelling equity story tied to artificial intelligence and cloud driven demand.Narrative Update • Dec 08
NOKIA: AI Demand And U.S. Expansion Will Shape Balanced Risk Ahead
Analysts have nudged their fair value estimate for Nokia Oyj modestly higher, lifting the implied price target by approximately EUR 0.04 per share. They are balancing improving AI driven growth prospects and supportive recent upgrades against tempered expectations for long term margins and network infrastructure multiples.Narrative Update • Nov 24
NOKIA: Recent Ratings Changes And U.S. Investment Will Drive Balanced Risk Ahead
Nokia’s analyst fair value price target was increased from €5.29 to €5.39, as analysts cited improving revenue growth and profit margin outlook. This adjustment is supported by recent upgrades reflecting AI potential.Narrative Update • Nov 05
NOKIA: Recent Downgrades Will Pressure Shares Amid China Network Setbacks
Nokia Oyj's analyst price target has increased significantly from €4.53 to €5.29. Analysts cite stronger-than-expected quarterly results and ongoing momentum in key business segments, despite market caution regarding telecom capital expenditures and technology partnerships.Analysis Article • Oct 28
Nokia Oyj (HEL:NOKIA) Looks Just Right With A 38% Price Jump
Nokia Oyj ( HEL:NOKIA ) shares have continued their recent momentum with a 38% gain in the last month alone. Taking a...Narrative Update • Oct 22
Analyst Commentary Highlights Shifting Sentiment and Modest Price Target Increase for Nokia Oyj
Nokia Oyj’s analyst price target has increased modestly from €4.49 to €4.53, as analysts cite slightly improved revenue growth forecasts and a more constructive industry outlook. Analyst Commentary Recent updates from equity analysts present a mixed outlook for Nokia Oyj, reflecting shifting industry trends and company-specific considerations.Analysis Article • Oct 16
Nokia Oyj (HEL:NOKIA) Is Due To Pay A Dividend Of €0.03
The board of Nokia Oyj ( HEL:NOKIA ) has announced that it will pay a dividend of €0.03 per share on the 6th of...Narrative Update • Oct 08
Expanding Fiber Networks And Hyperscaler Demand Will Drive Future Opportunity
Nokia's analyst price target has risen modestly from €4.45 to €4.49. Analysts cite improved sentiment following the company's strategic focus on networking infrastructure and perceived overdone pessimism in the shares.Analysis Article • Oct 02
Nokia Oyj (HEL:NOKIA) Has Announced A Dividend Of €0.03
The board of Nokia Oyj ( HEL:NOKIA ) has announced that it will pay a dividend on the 6th of November, with investors...Analysis Article • Sep 18
Nokia Oyj (HEL:NOKIA) Will Pay A Dividend Of €0.03
Nokia Oyj ( HEL:NOKIA ) has announced that it will pay a dividend of €0.03 per share on the 6th of November. This means...Analysis Article • Aug 29
Nokia Oyj (HEL:NOKIA) Is Paying Out A Dividend Of €0.03
Nokia Oyj ( HEL:NOKIA ) has announced that it will pay a dividend of €0.03 per share on the 6th of November. This makes...Analysis Article • Aug 09
Nokia Oyj's (HEL:NOKIA) Dividend Will Be €0.03
The board of Nokia Oyj ( HEL:NOKIA ) has announced that it will pay a dividend of €0.03 per share on the 6th of...Analysis Article • Jul 31
We Think Nokia Oyj's (HEL:NOKIA) Solid Earnings Are Understated
Nokia Oyj's ( HEL:NOKIA ) recent earnings report didn't offer any surprises, with the shares unchanged over the last...Analysis Article • Jul 18
Nokia Oyj (HEL:NOKIA) Has Announced A Dividend Of €0.0333
Nokia Oyj's ( HEL:NOKIA ) investors are due to receive a payment of €0.0333 per share on 7th of August. This will take...Analysis Article • Jul 18
Why Investors Shouldn't Be Surprised By Nokia Oyj's (HEL:NOKIA) P/E
It's not a stretch to say that Nokia Oyj's ( HEL:NOKIA ) price-to-earnings (or "P/E") ratio of 18.7x right now seems...Analysis Article • Jul 02
Nokia Oyj (HEL:NOKIA) Will Pay A Dividend Of €0.0333
Nokia Oyj's ( HEL:NOKIA ) investors are due to receive a payment of €0.0333 per share on 7th of August. This takes the...Analysis Article • Jun 18
Nokia Oyj (HEL:NOKIA) Has Announced A Dividend Of €0.0333
The board of Nokia Oyj ( HEL:NOKIA ) has announced that it will pay a dividend on the 7th of August, with investors...Analysis Article • Jun 12
Return Trends At Nokia Oyj (HEL:NOKIA) Aren't Appealing
To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is...Analysis Article • May 28
Nokia Oyj (HEL:NOKIA) Will Pay A Dividend Of €0.0333
Nokia Oyj ( HEL:NOKIA ) will pay a dividend of €0.0333 on the 7th of August. This takes the annual payment to 2.9% of...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Nokia Oyj makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 19,996 | 774 | 2,630 | 4,772 |
| 31 Dec 25 | 19,889 | 629 | 2,679 | 4,718 |
| 30 Sep 25 | 19,748 | 849 | 2,626 | 4,554 |
| 30 Jun 25 | 19,246 | 909 | 2,581 | 4,441 |
| 31 Mar 25 | 19,166 | 1,198 | 2,561 | 4,359 |
| 31 Dec 24 | 19,220 | 1,704 | 2,545 | 4,319 |
| 30 Sep 24 | 18,652 | 889 | 2,493 | 4,245 |
| 30 Jun 24 | 19,035 | 887 | 2,506 | 4,246 |
| 31 Mar 24 | 20,007 | 809 | 2,502 | 4,204 |
| 31 Dec 23 | 21,138 | 635 | 2,537 | 4,216 |
| 30 Sep 23 | 23,171 | 3,848 | 2,779 | 4,366 |
| 30 Jun 23 | 24,704 | 4,128 | 2,878 | 4,483 |
| 31 Mar 23 | 25,138 | 4,304 | 2,909 | 4,539 |
| 31 Dec 22 | 23,761 | 4,193 | 2,817 | 4,466 |
| 30 Sep 22 | 23,876 | 1,727 | 2,862 | 4,420 |
| 30 Jun 22 | 23,033 | 1,652 | 2,765 | 4,290 |
| 31 Mar 22 | 22,474 | 1,532 | 2,723 | 4,233 |
| 31 Dec 21 | 22,202 | 1,632 | 2,766 | 4,214 |
| 30 Sep 21 | 22,341 | -1,742 | 2,727 | 4,081 |
| 30 Jun 21 | 22,236 | -1,884 | 2,704 | 3,954 |
| 31 Mar 21 | 22,015 | -2,148 | 2,715 | 3,896 |
| 31 Dec 20 | 21,852 | -2,520 | 2,898 | 4,087 |
| 30 Sep 20 | 22,202 | 740 | 2,863 | 3,917 |
| 30 Jun 20 | 22,594 | 625 | 2,948 | 4,078 |
| 31 Mar 20 | 23,196 | 355 | 3,025 | 4,231 |
| 31 Dec 19 | 23,315 | 14 | 3,061 | 4,434 |
| 30 Sep 19 | 23,280 | -359 | 3,115 | 4,489 |
| 30 Jun 19 | 23,052 | -570 | 3,184 | 4,547 |
| 31 Mar 19 | 22,671 | -646 | 3,211 | 4,584 |
| 31 Dec 18 | 22,563 | -554 | 3,277 | 4,598 |
| 30 Sep 18 | 22,346 | -1,128 | 3,254 | 4,655 |
| 30 Jun 18 | 22,388 | -1,194 | 3,275 | 4,733 |
| 31 Mar 18 | 22,693 | -1,351 | 3,346 | 4,776 |
| 31 Dec 17 | 23,147 | -1,473 | 3,652 | 4,859 |
| 30 Sep 17 | 23,153 | -430 | 3,491 | 4,892 |
| 30 Jun 17 | 23,549 | -357 | 3,512 | 4,887 |
| 31 Mar 17 | 23,508 | -600 | 3,498 | 4,911 |
| 31 Dec 16 | 23,641 | -751 | 3,538 | 4,935 |
| 30 Sep 16 | 20,593 | -912 | 3,086 | 4,221 |
| 30 Jun 16 | 17,733 | -604 | 2,641 | 3,516 |
| 31 Mar 16 | 15,075 | 399 | 2,234 | 2,803 |
| 31 Dec 15 | 12,560 | 1,192 | 1,781 | 2,080 |
| 30 Sep 15 | 12,399 | 1,018 | 1,628 | 2,079 |
| 30 Jun 15 | 12,451 | 3,129 | 1,590 | 2,081 |
Quality Earnings: NOKIA has a large one-off loss of €662.0M impacting its last 12 months of financial results to 31st March, 2026.
Growing Profit Margin: NOKIA's current net profit margins (3.9%) are lower than last year (6.3%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: NOKIA has become profitable over the past 5 years, growing earnings by 12% per year.
Accelerating Growth: NOKIA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: NOKIA had negative earnings growth (-35.4%) over the past year, making it difficult to compare to the Communications industry average (18.2%).
Return on Equity
High ROE: NOKIA's Return on Equity (3.7%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/20 23:11 |
| End of Day Share Price | 2026/05/20 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Nokia Oyj is covered by 61 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | ABG Sundal Collier |
| Richard Kramer | Arete Research Services LLP |
| James Kelleher | Argus Research Company |