KIANEWS Nokia Corporation Financial Report for Q4 2025 and full year 2025
30. 01. 2026 Friday / By: Robert Denes / Business / Exact time: BST / Print this page
This is a summary of the Nokia Corporation Financial Report for Q4 and full year 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group's financial information as well as on Nokia's outlook.
January 29, 2026
This is a summary of the Nokia Corporation Financial Report for Q4 and full year 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group's financial information as well as on Nokia's outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia's financial reports and should also review the complete reports with tables.
JUSTIN HOTARD, PRESIDENT AND CEO, ON Q4 AND FULL YEAR 2025 RESULTS
In the following quote, net sales comments and growth rates are referring to comparable net sales and are on a constant currency and portfolio basis. References to margins are related to Nokia's comparable reporting.
Our fourth quarter performance was in line with our expectations, reflecting disciplined execution across the business. Fourth quarter net sales grew 3% to reach EUR 6.1 billion and we generated full year operating profit of EUR 2.0 billion, slightly above the mid-point of our guidance. I want to thank Team Nokia for their disciplined execution and commitment in delivering these results.
Network Infrastructure delivered 7% net sales growth in the fourth quarter including 17% growth in Optical Networks. Order intake was strong across Optical and IP Networks, with book-to-bill remaining above one, driven by demand from AI & Cloud customers. Optical is a critical component of the infrastructure required to support AI at scale, and we are investing with a long-term view. In IP Networks, we made further progress as we work to expand our presence inside the data center which supported the order intake. In the quarter Fixed Networks was flat but this reflected growth in fiber optical line terminals of 16% offset by softness in parts of the portfolio we are de-prioritizing.
Across our mobile-related businesses we remained focused on profitability and disciplined execution. Mobile Networks net sales grew by 6% in Q4 and were flat for the full year. Cloud and Network Services declined 4% in the quarter. Net sales grew 6% for the full year against a market that declined 2% while also delivering 5 points of operating margin expansion driven by our cloud-native core networks. In Nokia Technologies we continued to execute well and maintained a contracted net sales run-rate of EUR 1.4 billion.
During 2025, we repositioned Nokia to sharpen execution and focus on where we see the greatest long-term opportunities. We strengthened our portfolio with the acquisition of Infinera, and set a clear strategy for Nokia for how AI is fundamentally changing the role of networks. We communicated this at our Capital Markets Day and announced the simplification of our operating model into Network Infrastructure and Mobile Infrastructure from the start of 2026.
At the start of 2026, our Mobile Infrastructure segment brought together Core Software, Radio Networks and Technology Standards. This structure is designed to sharpen accountability, improve profitability, and position the business for long-term technology leadership. While near-term demand is driven by 5G technologies and we see promise for OpenRAN, we are also investing to lead in the transition towards AI-native networks and 6G. We believe the NVIDIA partnership we announced in Q4 helps position us favorably to lead this transition.
We believe AI is a long-term structural shift that is expanding the role of networks as intelligence moves beyond data centers into real-world systems. Networks will require performance, security and reliability to support everything from large language models to intelligent agents, augmented reality devices and autonomous robots. Our focus is to deliver these trusted AI-native networks, enabling broad AI adoption, supporting increased productivity and delivering sustainable growth over time.
Looking ahead to 2026, our focus is on disciplined execution to capture growth in AI & Cloud, and increase efficiency while building a high performance culture across Team Nokia. We have fewer, clearer priorities, a simplified operating model, and a strategy we are executing with speed and accountability.
In financial terms – we target EUR 2.0 to 2.5 billion of comparable operating profit in 2026. We see strong demand trends in Network Infrastructure as we ramp new products expanding our presence in AI & Cloud and invest for long-term growth. In Mobile Infrastructure we see a stable market environment and are focused on efficiency and improving profitability. Overall, we expect 2026 will show clear progress towards the long-term targets that we laid out at our Capital Markets Day in November.
Justin Hotard
President and CEO
About Nokia Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, we’re advancing connectivity to secure a brighter world.