Nokia stock holds as investors await fresh catalyst

Nokia stock trades against a backdrop of 2025 revenue of EUR 19.2 billion, a comparable operating margin of 12.8%, and comparable diluted EPS of EUR 0.23 at Nokia (FI0009000681). The company’s latest investor materials frame the share around those full-year figures, which give investors a clearer base than headline price chatter alone.

Revenue and margin base

The revenue line matters first. Nokia reported EUR 19.2 billion of revenue for 2025, while comparable operating profit reached EUR 2.5 billion and comparable operating margin was 12.8% in the same period.

That margin level is the key reference point because it shows how much of each euro of sales Nokia kept after operating costs, and it gives the stock a concrete valuation anchor for the current year.

EPS and comparison

Comparable diluted EPS came in at EUR 0.23 for 2025, which is the second number that matters for equity holders. The same set of figures shows a business that still generates profit, but not at a scale that leaves much room for weak execution.

The comparison is straightforward: EUR 19.2 billion of 2025 revenue, EUR 2.5 billion of comparable operating profit, and EUR 0.23 of comparable diluted EPS form a complete operating snapshot. For a stock like Nokia, that trio is more useful than a single headline metric because it ties sales, profitability, and per-share earnings together.

Network demand still drives Nokia stock

The representative product angle remains Nokia’s network equipment and software portfolio, where carrier spending and 5G upgrade cycles still shape order visibility. Nokia’s investor materials continue to present the company as a provider of mobile, fixed, and cloud network infrastructure, which means the stock remains tied to telecom capex trends rather than consumer demand.

For investors, that makes the next reporting period more important than broad sector optimism. Revenue, margin, and EPS will matter more than marketing language because the 2025 numbers already show the earnings base the market is using.

Trading around the earnings base

Nokia stock last closed at a level that should be judged against those 2025 fundamentals rather than against a generic peer story. With EUR 19.2 billion of revenue, EUR 2.5 billion of comparable operating profit, and EUR 0.23 of comparable diluted EPS, the market has a full set of dated reference points for valuation work.