Cisco vs Nokia

Method and sources

• Revenue growth (1 year): Cisco 11.8% (FY2026), Nokia 3.5% (FY2025)
• Revenue growth (3-year CAGR): Cisco 3.6% (FY2026), Nokia −5.8% (FY2025)
• Operating margin: Cisco 24.3% (FY2026), Nokia 4.4% (FY2025)
• Gross margin: Cisco 64.5% (FY2026), Nokia 43.5% (FY2025)
• Net margin: Cisco 21.0% (FY2026), Nokia 3.3% (FY2025)

Latest fiscal year per company: Cisco FY2026, Nokia FY2025. Fiscal years end on different dates, so years are not calendar-aligned.

Cisco reports in USD and Nokia in EUR. Amounts are never converted between currencies, so revenue and free cash flow are shown in each filing currency and their size is not compared; margins, growth and percentages of revenue are ratios within one filing and are comparable.

Why this pair: Network infrastructure equipment; reported in USD and EUR, so revenue size is not compared. Peer groups are curated by hand from each company's business as described in its own 10-K/20-F (what it sells, not its SIC code). A company can sit in more than one group. Within a group, a pair is listed when both companies report in the same currency and the larger company's latest fiscal-year revenue is at most 4x the smaller one's; each company keeps its 4 nearest peers by revenue ratio. Companies reporting in different currencies are never size-matched (amounts are not converted); a short list of obvious same-industry pairs across currencies is added by hand, with the reason, as are two direct competitor pairs outside the size rule (AMD vs NVIDIA, Intel vs NVIDIA).

Derived = calculated by Hollsteen from reported SEC values; reported = as tagged in the filing. SEC filings only, no market data.