Nokia
No business description extracted yet.
20-F, Mar 5, 2026
Source and method
Business
How does Nokia make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every €100?
Of every €100 in revenue, €3 is net income.
Source and method
Of every €100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: €19.9B
- Gross profit: €8.7B
- Operating income: €885M
- Net income: €651M
- Free cash flow: not reported (not reported for this fiscal year, nothing estimated)
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
Thesis
Why do people invest?
No filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 3.5% to €19.9B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Nokia files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue fell 13.8%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
Operating margin: 4.4%.
43.5% gross margin, down from 46.1%.
Operating income: €885M.
Net income fell 49% to €651M.
R&D grew 7.6% to €4.9B.
EPS diluted fell 48% to €0.12.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Nokia files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How much cash does it make, and where does it go?
Operating cash flow fell 17% to €2.1B.
Dividends grew 5.0% to €759M.
Stock-based compensation grew 40% to €337M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Nokia files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: €5.5B; debt not reported.
Interest expense fell 23% to €246M.
Total assets fell 4.0% to €37.6B.
Equity grew 1.5% to €21.0B.
Cash fell 18% YoY to €5.5B.
Total assets fell 4.0% YoY to €37.6B.
Equity grew 1.5% YoY to €21.0B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Nokia files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Nokia depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Nokia annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Nokia
Nokia holds stakes in
No stake in a covered company found in SEC filings.
Others name Nokia
2 competitor mentions (e.g. Ciena, HPE) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
1 of 10 risk factors, one per theme.
Regulation and legal proceedings
“may adversely affect privacy and/or our business.”
Item 3.D · Risk Factors · 20-F · 0001628280-26-015034 · filed Mar 5, 2026
Source and method
Short verbatim quotes from the risk factors in Item 3.D, one per theme (a partial selection). Full list: 20-F.
Who’s invested
Who owns more than 5%?
Fmr LLC holds 5.2%.
Fmr LLC5.2%
13G/A · as of Jun 30, 2026 · filed Aug 6, 2026
BlackRock Inc.6.6% (then)
13G/A · filed Feb 2, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Nvidia Corp16.4%
166.4M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Fmr LLC15.4%
155.4M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Arrowstreet Capital, Limited Partnership3.8%
38.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Alkeon Capital Management LLC3.6%
36.0M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Morgan Stanley3.3%
33.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
790 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 0 sales · $0.00 sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 27 SEC metrics, FY2016–FY2025
Income statement 8
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | not reported | not reported | ||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
Balance sheet 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Total assets | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividends | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Long-term bank loans (IFRS) | ||||||||||
| NCI income | ||||||||||
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 4, 3.D and 5 of the 20-F; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values