Nokia stock holds after 2025 revenue and margin metrics

Nokia (FI0009000681) stock is anchored by 2025 revenue of EUR 19.2 billion and comparable operating profit of EUR 2.6 billion, while first-quarter 2026 net sales reached EUR 4.4 billion. The company said on its investor site that full-year 2025 comparable operating margin was 13.4%, giving the shares a clear earnings base even without a fresh price move.

EUR 19.2 billion revenue base

For 2025, Nokia reported net sales of EUR 19.2 billion, compared with EUR 19.2 billion the prior year, while comparable operating profit rose to EUR 2.6 billion from EUR 2.0 billion in 2024. Comparable operating margin improved to 13.4% from 10.4% a year earlier, a quantified shift that matters more than headline revenue alone.

First-quarter 2026 added another dated checkpoint: net sales reached EUR 4.4 billion, and comparable operating profit was EUR 156 million, according to Nokia investor materials. That combination shows the company still relies on margin discipline as much as top-line growth.

Margin beats revenue

The comparison is straightforward. Revenue in 2025 was flat year on year, but comparable operating profit increased by EUR 600 million, and the margin expanded by 3.0 percentage points to 13.4%. For stock readers, that is the kind of move that can matter more than a simple sales headline.

Cash flow also gives the balance sheet context. Nokia reported free cash flow of EUR 2.0 billion for 2025, after EUR 1.7 billion in 2024, which supports the view that profitability and cash generation moved in the same direction.

Network gear still drives

The main business remains network infrastructure, especially mobile networks, network infrastructure, cloud and network services, and optical networks. Nokia said network infrastructure delivered EUR 7.3 billion of net sales in 2025, making it the largest operating segment and a key driver of the group margin.

The product mix matters because a strong quarter in one unit does not automatically translate into group-wide momentum. Optical and fixed-network demand, enterprise spending, and operator capex cycles all feed into the same earnings line.

Closing level and venue

Nokia shares trade on Nasdaq Helsinki under the ticker HEL: NOKIA. The stock paragraph normally carries a dated quote here, but without a verified live market print in the available material, the more useful market reference is the companys own 2025 and first-quarter 2026 numbers: EUR 19.2 billion revenue, EUR 2.6 billion comparable operating profit, and EUR 4.4 billion first-quarter 2026 net sales.