Nokia Results Q3 2026: Revenue, Profit and Margins
In Q3 2026, Nokia’s revenue was €5,154.0 million, up 9.7% from Q3 2025. Operating profit was €196.0 million, an operating margin of 3.8% (Q3 2025: 5.4%). Net income for the period was €156.0 million and earnings per share €0.03.
Nokia income statement Q3 2026: where the revenue went
Of every €100 of revenue in Q3 2026, €3.8 was left as operating profit and €3.0 as net income.
Key figures for Q3 2026
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Revenue, €M | 5,154.0 | 4,700.0 | +9.7% |
| Gross profit, €M | 2,176.0 | 2,085.0 | +4.4% |
| Gross margin | 42.2% | 44.4% | −2.1 pp |
| Operating profit, €M | 196.0 | 252.0 | −22.2% |
| Operating margin | 3.8% | 5.4% | −1.6 pp |
| Adjusted operating profit, €M | 605.0 | 448.0 | +35.0% |
| Net income, €M | 156.0 | 80.0 | +95.0% |
| Net margin | 3.0% | 1.7% | +1.3 pp |
| Earnings per share | €0.03 | €0.01 | +200.0% |
Nokia in charts
Nokia from revenue to net income, Q3 2026
Net income was €156.0 million on revenue of €5,154.0 million, a net margin of 3.0%.
What drove Nokia’s operating profit
Operating profit fell from €252.0 million in Q3 2025 to €196.0 million in Q3 2026. The chart shows which lines of the income statement made up the change.
Nokia revenue by region
In Q3 2026, the largest region was EMEA with 41.8% of revenue, followed by Americas (35.6% of revenue).
Nokia profitability: profit margins by quarter
In Q3 2026, Nokia’s gross margin was 42.2% (Q3 2025: 44.4%), operating margin 3.8% (Q3 2025: 5.4%) and net margin 3.0% (Q3 2025: 1.7%). From Q4 2024 to Q3 2026, the operating margin ranged from −1.0% (Q2 2026) to 14.4% (Q4 2024).
Nokia revenue growth by quarter
Revenue was €5,154.0 million in Q3 2026, up 9.7% from Q3 2025. The highest quarter from Q4 2024 to Q3 2026 was Q4 2025, with €6,125.0 million.
Nokia operating profit by quarter
Operating profit was €196.0 million in Q3 2026 (Q3 2025: €252.0 million). Adjusted operating profit was €605.0 million (Q3 2025: €448.0 million).
Nokia revenue and earnings, last twelve months
In the twelve months to the end of Q3 2026, revenue was €20,591.0 million (+5.5% on a year earlier) and net income €792.0 million.
Nokia earnings per share (EPS)
Earnings per share were €0.03 in Q3 2026 (Q3 2025: €0.01).
Quarterly results
| Quarter | Revenue | Change y/y | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|---|
| Q3 2026 | 5,154.0 | +9.7% | 196.0 | 3.8% | 156.0 | €0.03 |
| Q2 2026 | 4,815.0 | +8.4% | −50.0 | −1.0% | 5.0 | €0.00 |
| Q1 2026 | 4,497.0 | +2.4% | 62.0 | 1.4% | 87.0 | €0.02 |
| Q4 2025 | 6,125.0 | +2.4% | 540.0 | 8.8% | 544.0 | €0.10 |
| Q3 2025 | 4,700.0 | — | 252.0 | 5.4% | 80.0 | €0.01 |
| Q2 2025 | 4,443.0 | — | 147.0 | 3.3% | 96.0 | €0.02 |
| Q1 2025 | 4,390.0 | — | −21.0 | −0.5% | −60.0 | −€0.01 |
| Q4 2024 | 5,983.0 | — | 861.0 | 14.4% | 813.0 | €0.15 |
Annual results
| Year | Revenue | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|
| 2025 | 19,889.0 | 885.0 | 4.4% | 660.0 | €0.12 |
| 2024 | 19,220.0 | 1,970.0 | 10.2% | 1,284.0 | €0.23 |
| 2023 | 21,138.0 | 1,661.0 | 7.9% | 679.0 | €0.12 |
Revenue by region
| Region | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| APAC | 1,169.0 | 1,096.0 | +6.7% |
| EMEA | 2,152.0 | 1,915.0 | +12.4% |
| Americas | 1,833.0 | 1,686.0 | +8.7% |
Dividends
| Financial year | Dividend per share | EPS | Payout ratio | Status | Source |
|---|---|---|---|---|---|
| 2025 | €0.14 | — | — | Board proposal | Release |
| 2024 | €0.14 | — | — | Board proposal | Release |
“Board proposal” is the dividend the board proposed in the financial statements release. The annual general meeting usually approves it, but check the company’s AGM release for the final decision. Payout ratio is dividend per share divided by basic earnings per share (payout ratio); N/M means not meaningful (loss).
Guidance vs. actual
What Nokia told investors to expect in each report, and what it then reported for the year.
| Metric | Latest guidance (report) | Actual | Outcome |
|---|---|---|---|
| Adjusted operating profit, 2026 | €2,100M–€2,600M (9M '26) | — | Year in progress |
| Adjusted operating margin, 2026 | Up (FY '25) | — | Year in progress |
| Capital expenditure, 2026 | €800M–€900M (H1 '26) | — | Year in progress |
| IP and Optical Networks: revenue growth, 2026 | 10%–12% (FY '25) | — | Year in progress |
| Network Infrastructure: revenue growth (constant currency), 2026 | 12%–14% (H1 '26) | — | Year in progress |
| Network Infrastructure: revenue growth, 2026 | 6%–8% (FY '25) | — | Year in progress |
| Optical Networks and IP Networks: revenue growth (constant currency), 2026 | 18%–20% (Q1 '26) | — | Year in progress |
| Adjusted operating profit, 2025 | €1,700M–€2,200M (9M '25) | €2,024M | Within guidance |
| Capital expenditure, 2025 | About €650M (9M '25) | — | Year in progress |
| Cloud and Network Services: revenue growth (constant currency), 2025 | Up (H1 '25) | 6% | In line with guidance |
| Mobile Networks: revenue growth (constant currency), 2025 | Flat (H1 '25) | 0% | In line with guidance |
| Network Infrastructure: revenue growth (constant currency), 2025 | Up (H1 '25) | 9% | In line with guidance |
| Nokia Technologies: operating profit, 2025 | About €1,100M (9M '25) | — | Year in progress |
Guidance and actuals are as the company reported them, on the same basis (for example adjusted, or growth at constant currency). “Within guidance” means the actual is inside the latest range or meets the stated minimum or maximum; an “about” figure allows ±5% (±0.5 percentage points for percentages). For a direction such as “flat”, a change of less than 2% (0.5 points for margins) counts as flat. Guidance changed in a separate release between reports is shown from the next report onwards.
Calculate it yourself
- Operating margin calculatorNokia in Q3 2026: 3.8%
- Net margin calculatorNokia in Q3 2026: 3.0%
- Gross margin calculatorNokia in Q3 2026: 42.2%
- Earnings per share calculatorNokia in Q3 2026: €0.03
About Nokia
Nokia is a Finnish telecommunications company that makes mobile and fixed network equipment and software and licenses its patents.
- Nokia interim report Jan–Sep 2026, published Oct 22, 2026
- Nokia half-year report Jan–Jun 2026, published Jul 23, 2026
- Nokia interim report Jan–Mar 2026, published Apr 23, 2026
- Nokia financial statements release 2025, published Jan 29, 2026
- Nokia interim report Jan–Sep 2025, published Oct 23, 2025
- Nokia half-year report Jan–Jun 2025, published Jul 24, 2025
- Nokia interim report Jan–Mar 2025, published Apr 24, 2025
- Nokia financial statements release 2024, published Jan 30, 2025
- Nokia interim report Jan–Sep 2024, published Oct 17, 2024
About these figures. All figures come from Nokia’s published interim reports and financial statements releases, linked above, and are checked against them before publication. Errors are still possible, so confirm any figure in the original report before relying on it. Amounts are in millions of the reporting currency. Quarters reported only cumulatively (for example the fourth quarter) are derived by subtraction, and when a company restates earlier figures, older quarters on the previous basis are left out of comparisons. Margins and changes are calculated by Finpendium. This page is for information only and is not investment advice or a recommendation to buy or sell any security. See how the figures are checked and our Disclaimer. Spotted an error? Let us know.