Nokia Oyj

Nokia Oyj reported FY 2025 net sales of $19.89B, up 3% from $19.22B in 2024, driven by 23% growth in Network Infrastructure to $7.99B, particularly Optical Networks up 85% due to the Infinera acquisition contributing $1.26B. Gross profit was $8.66B (43.5% margin), down 2% from $8.86B (46.1%), reflecting acquisition charges and product mix shifts. Operating profit declined 55% to $885M (4.4% margin) from $1.97B (10.2%), impacted by higher R&D ($4.86B) and SG&A ($3.07B), plus absence of 2024 one-time gains. Profit from continuing operations fell 63% to $638M, with profit for the year at $660M. Cloud and Network Services grew 1% to $2.61B with margin expansion to 13.0%, Mobile Networks declined 4% to $7.81B (2.8% margin), Nokia Technologies down 22% to $1.50B (70.6% margin). Net cash from operations was $2.07B, free cash flow $1.47B. Balance sheet shows total assets $37.60B, equity $21.06B, cash $5.46B. The Infinera acquisition strengthens AI & Cloud positioning, supporting strategy for growth in optical/IP networks amid AI supercycle.

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