Nokia Reports Q4 and Full Year 2025 Results, Issues 2026 Guidance

Nokia Oyj announced its financial results for the fourth quarter and full year 2025 on January 29, 2026. The company reported comparable net sales growth of 3% year-on-year for the fourth quarter, reaching EUR 6.1 billion. Full year 2025 net sales grew 2% on a comparable and portfolio basis.

Comparable operating profit for the full year stood at EUR 2.0 billion, with free cash flow at EUR 1.5 billion, a conversion rate of 72%. The company also proposed a dividend of EUR 0.14 per share. Nokia introduced its initial financial guidance for 2026, expecting comparable operating profit to be between EUR 2.0 and EUR 2.5 billion.

CEO Justin Hotard stated that the fourth-quarter performance was in line with expectations, and thanked the team for disciplined execution. The Network Infrastructure segment saw net sales growth of 7% in Q4, driven by Optical Networks. Mobile Networks net sales grew 6% in the quarter, while Cloud and Network Services saw a 4% decline.

The company is preparing to simplify its operating model from the beginning of 2026, dividing operations into two main segments: Network Infrastructure and Mobile Infrastructure. Nokia has also strengthened its position through the acquisition of Infinera and is focusing on the role of artificial intelligence in networks, including a collaboration with NVIDIA.