Nokia Corporation

NOK

Nokia Corporation

Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Nokia Corporation.

R40: -7 · 2026 Q2 $61.44B
$10.59
News

Coverage

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Open NOK Rule of 40 details
Median 8.4 Above 40 0–40 Below 0
2
Q3
5
2024 Q4
8
Q1
9
Q2
28
Q3
15
2025 Q4
28
Q1
-7
2026 Q2 40 0 Mix
ANALYST RATINGS
Buy $15
Consensus as of Aug 27, 2026
NOK
J.P. Morgan Buy $21
Maintains
2026-08-19
Argus Research Buy $15
Reiterates
2026-07-24
Northland Securities Buy $20
Reiterates
2026-07-24
Craig-Hallum Buy $15
Reiterates
2026-07-24
Bank of America Securities Buy $19
Reiterates
2026-07-23

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Forward model

Where the revenue goes next

NOK FORWARD MODEL $7.51 -15%
Earnings coverage

Latest earnings

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Background

Company History

Exchange
NYSE
IPO Date
1994
Shares Outstanding
5.80B
1896
Registered in Finland

Nokia Corporation is entered in the Finnish Trade Register; the share has been quoted in Helsinki since 1915.

1994
NYSE listing

Nokia's American Depositary Shares begin trading on the New York Stock Exchange under the symbol NOK.

2024
Submarine Networks sold to the French State

Nokia agreed in June 2024 to sell Alcatel Submarine Networks to the French State and classified it as a discontinued operation; the sale completed on 31 December 2024 and prior periods were recast.

2025
Capital Markets Day resets the strategy

On 19 November 2025 Nokia set new long-term targets and collapsed the operating model into two segments, Network Infrastructure and Mobile Infrastructure, effective 1 January 2026.

2025
Infinera acquisition closes

The USD 2.3 billion purchase of optical networking vendor Infinera completed on 28 February 2025, adding scale in optical transport and data-centre interconnect.

2025
Justin Hotard becomes CEO

Pekka Lundmark stepped down on 31 March 2025 after five years; Hotard, previously head of Intel's Data Center & AI Group, started on 1 April 2025.

2025
NVIDIA takes a USD 1 billion stake

On 28 October 2025 Nokia agreed to issue 166 389 351 new shares to NVIDIA at USD 6.01 per share alongside an AI-RAN partnership; the issue completed on 13 November 2025, leaving NVIDIA with about 2.90% of the company.

2026
Timo Ihamuotila elected Chair

The 9 April 2026 AGM elected Meredith Whittaker to the Board and the Board then elected former Nokia CFO Timo Ihamuotila as Chair, succeeding Sari Baldauf.

2026
Two businesses moved to discontinued operations

With the Q2 2026 report Nokia reclassified Fixed Wireless Access CPE and Enterprise Campus Edge as discontinued operations, recast the comparatives and revised full-year comparable operating profit guidance to EUR 2.1-2.6 billion.

Leadership

Key Players

Justin Hotard
President & CEO
President and CEO since 1 April 2025, succeeding Pekka Lundmark. Came from Intel, where he ran the Data Center & AI Group in 2024-25, and before that led HPE's HPC & AI business. Has reorganised Nokia around two segments - Network Infrastructure and Mobile Infrastructure - from 1 January 2026 and made AI and cloud customers the centre of the strategy he set out at the November 2025 Capital Markets Day.

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Marco Wirén
Chief Financial Officer
CFO and Group Leadership Team member since 2020. Previously CFO of Wärtsilä and of SSAB. Owns the EUR 2.1-2.6 billion comparable operating profit guidance for 2026 and the free-cash-flow conversion target of 55-75%.
David Heard
President, Network Infrastructure
Former CEO of Infinera; joined Nokia when the acquisition closed on 28 February 2025 and was promoted to run Network Infrastructure from 1 July 2025. Runs the Optical and IP Networks businesses that carry Nokia's AI and cloud growth - Optical grew 20% year on year in Q2 2026.
Pallavi Mahajan
Chief Technology and AI Officer
Joined Nokia in 2025 from Intel, where she led software for the networking and edge group. Group Leadership Team member since 1 October 2025, running the new Technology and AI organisation created in the September 2025 restructure.
Timo Ihamuotila
Chair of the Board Board
Elected Chair on 9 April 2026, succeeding Sari Baldauf. Was Nokia's own CFO from 2009 to 2016 - through the Microsoft devices sale and the Alcatel-Lucent deal - and then CFO of ABB until January 2026.
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