Nokia Corp ADR
NYSE: NOK · TECHNOLOGY · COMMUNICATION EQUIPMENT
Updated 2026-06-12
Nokia Corp ADR (NOK) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41.12B | $51.06B | $50.71B | $40.98B | $42.45B | $15.97B | $30.18B | $12.71B | $11.76B | $12.56B | $23.64B | $23.15B | $22.56B | $23.32B | $21.85B | $22.20B | $23.76B | $21.14B | $19.22B | $19.89B |
| Revenue growth (YoY) | — | +24.2% | -0.7% | -19.2% | +3.6% | -62.4% | +89.0% | -57.9% | -7.5% | +6.8% | +88.2% | -2.1% | -2.5% | +3.3% | -6.3% | +1.6% | +7.0% | -11.0% | -9.1% | +3.5% |
| Cost of revenue | $27.74B | $33.78B | $33.34B | $27.72B | $29.63B | $10.41B | $21.79B | $7.36B | $6.77B | $6.96B | $15.12B | $14.01B | $14.25B | $15.05B | $13.66B | $13.37B | $13.66B | $12.59B | $10.36B | $11.23B |
| Gross profit | $13.38B | $17.28B | $17.37B | $13.26B | $12.82B | $5.56B | $8.39B | $5.34B | $4.99B | $5.60B | $8.52B | $9.14B | $8.31B | $8.26B | $8.19B | $8.83B | $10.10B | $8.55B | $8.86B | $8.66B |
| Gross margin | 32.5% | 33.8% | 34.3% | 32.4% | 30.2% | 34.8% | 27.8% | 42.1% | 42.4% | 44.6% | 36.1% | 39.5% | 36.8% | 35.4% | 37.5% | 39.8% | 42.5% | 40.4% | 46.1% | 43.5% |
| R&D | $3.90B | $5.64B | $5.97B | $5.91B | $5.86B | $3.33B | $4.78B | $2.62B | $1.90B | $2.08B | $5.00B | $4.92B | $4.78B | $4.53B | $4.09B | $4.21B | $4.50B | $4.28B | $4.51B | $4.86B |
| SG&A | $666.00M | $1.17B | $1.28B | $1.15B | $1.11B | $735.00M | $959.00M | $697.00M | $4.84B | $1.79B | $3.81B | $3.65B | $86.00M | $3.10B | $2.90B | $2.79B | $3.01B | $2.98B | $2.89B | $3.07B |
| Operating income | $5.49B | $7.99B | $4.97B | $1.20B | $2.07B | $-1.39B | $-2.30B | $519.00M | $1.41B | $1.70B | $-1.10B | $16.00M | $-59.00M | $485.00M | $885.00M | $2.16B | $2.44B | $1.47B | $1.59B | $782.00M |
| Operating margin | 13.3% | 15.6% | 9.8% | 2.9% | 4.9% | -8.7% | -7.6% | 4.1% | 12.0% | 13.5% | -4.7% | 0.1% | -0.3% | 2.1% | 4.0% | 9.7% | 10.3% | 7.0% | 8.3% | 3.9% |
| EBITDA | $6.20B | $9.47B | $6.59B | $3.01B | $3.84B | $287.00M | $-977.00M | $1.25B | $1.69B | $2.01B | $542.00M | $1.59B | $1.38B | $2.13B | $2.12B | $3.23B | $3.53B | $2.91B | $3.43B | $2.25B |
| EBITDA margin | 15.1% | 18.6% | 13.0% | 7.3% | 9.0% | 1.8% | -3.2% | 9.8% | 14.4% | 16.0% | 2.3% | 6.9% | 6.1% | 9.1% | 9.7% | 14.5% | 14.9% | 13.8% | 17.9% | 11.3% |
| EBIT | $5.49B | $8.27B | $4.97B | $1.23B | $2.07B | $-1.27B | $-2.30B | $519.00M | $1.39B | $1.69B | $-1.05B | $-1.00M | $-78.00M | $468.00M | $987.00M | $2.13B | $2.39B | $1.82B | $2.42B | $1.13B |
| Interest expense | $0.00 | $0.00 | $2.00M | $265.00M | $285.00M | $102.00M | $268.00M | $323.00M | $391.00M | $139.00M | $345.13M | $509.00M | $282.00M | $267.50M | $244.00M | $281.31M | $270.10M | $303.79M | $360.20M | $219.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $4.31B | $7.21B | $3.99B | $891.00M | $1.34B | $-1.16B | $-3.11B | $-615.00M | $3.46B | $2.47B | $-766.00M | $-1.49B | $-335.00M | $7.00M | $-2.52B | $1.62B | $4.25B | $665.00M | $1.28B | $651.00M |
| Net income growth (YoY) | — | +67.3% | -44.6% | -77.7% | +50.7% | -186.6% | -167.1% | +80.2% | +662.9% | -28.8% | -131.1% | -95.0% | +77.6% | +102.1% | -36142.9% | +164.3% | +161.9% | -84.4% | +92.0% | -49.0% |
| Profit margin | 10.5% | 14.1% | 7.9% | 2.2% | 3.2% | -7.3% | -10.3% | -4.8% | 29.4% | 19.6% | -3.2% | -6.5% | -1.5% | 0.0% | -11.5% | 7.3% | 17.9% | 3.1% | 6.6% | 3.3% |
Frequently asked questions
What is Nokia Corp ADR's revenue?
Nokia Corp ADR's trailing twelve-month revenue is $20.00B, and consensus projects about $31.35B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NOK?
In its most recent fiscal year, NOK ran a gross margin of 43.54%, an operating margin of 3.93%, and a net margin of 3.27%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NOK generate?
NOK produced $1.47B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NOK's balance sheet healthy?
NOK holds $5.46B in cash and equivalents against $2.33B in long-term debt, on $20.96B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.