A Finnish company that builds the networks behind modern life, Nokia makes the mobile, fixed, and optical networking equipment that telecom operators and data centers rely on, including 5G gear. Founded in 1865 as a paper pulp mill by mining engineer Fredrik Idestam, it grew into rubber and cables, and its three branches merged in 1967 to form today's Nokia. Its famous ringtone is drawn from a 1902 Spanish guitar piece, "Gran Vals," chosen partly because its composer had died so long ago that the melody was free to use.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Nokia's operating margin widened to 10.9% in 2024, its highest in at least nine years, even as revenue fell 14.5% to $20.0B.
Nokia's reached a nine-year high even as fell sharply. Revenue declined 14.5% to $20.0 billion, but rose 33.8% to $2.2 billion, lifting the operating margin to 10.9%, driven by a $1.1 billion non-recurring patent settlement gain in Nokia Technologies. The core network business showed signs of a demand recovery, but the elevated profitability level depends on a one-time item that will not repeat.
Key takeaways
The widened 3.9 percentage points to 10.9%, the highest level in at least nine years, propelled by a $1.1 billion non-recurring gain in Nokia Technologies from the settlement of a patent dispute.
fell 14.5% to $20.0 billion, driven by a 69% drop in Mobile Networks sales in India following a rapid 5G deployment cycle and a 37% decline in North America for the same .
Network Infrastructure returned to growth in the second half of the year, with order intake increasing across all units, signaling the end of the digestion cycle that had weighed on operator spending.
Section summaries
Risk Factors
3A [Reserved] 3B Capitalization and Indebtedness N/A 3C Reasons for the Offer and Use of Proceeds N/A 3D Risk Factors Operating and financial review and prospects—Risk factors
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3A [Reserved]
3B Capitalization and Indebtedness N/A
3C Reasons for the Offer and Use of Proceeds N/A
3D Risk Factors Operating and financial review and prospects—Risk factors
Nokia is a global technology company organized into four segments providing network infrastructure, mobile networks, cloud services, and licensing.
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Nokia operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies.
rose 78% to $2.6 billion, reversing two years of decline, as pressures eased and the company generated cash from the patent settlement.
rose 77.8% to $1.3 billion, and increased 80.2% to $0.24, reflecting the higher and a lower tax rate compared to the prior year.
The balance sheet contracted, with total assets down 7.7% to $40.7 billion and down 5.4% to $21.6 billion, partly due to distributions and share buybacks.
What changed
The prior year's filing flagged whether the order intake recovery in Network Infrastructure would translate into sustained growth. It did: the returned to growth in the second half of 2024, with order intake increasing across all units.
The trajectory of Mobile Networks outside India and North America was flagged as a watch item. The 's overall remained under severe pressure, with the 69% drop in India and 37% decline in North America driving the 14.5% total revenue decline, indicating new deployments did not offset the fall from completed projects.
The timing and magnitude of new patent licensing agreements in Nokia Technologies was a key question. The 2024 result included a $1.1 billion non-recurring settlement gain, confirming the lumpy nature of this stream and its outsized impact on profitability.
The company's ability to hold the without a large non-recurring gain was tested. The margin reached 10.9%, but this was directly propelled by the one-time patent settlement, leaving the durability of the improved cost structure an open question for 2025.
What to watch
Whether Network Infrastructure can sustain its second-half growth into 2025, confirming a durable end to the operator spending downturn.
The trajectory of Mobile Networks as the comparisons against the India 5G deployment cycle ease, and whether new markets can stabilize the 's top line.
The timing and magnitude of new patent licensing agreements in Nokia Technologies, given that the 2024 result included a $1.1 billion one-time settlement that will not repeat.
The level in 2025, which will reveal the underlying profitability of the network businesses without the of a large non-recurring gain.
The company serves communication service providers, enterprises, and webscales, with a focus on critical network solutions.
Nokia Technologies focuses on patent licensing, including a significant renewal with a smartphone vendor in 2025.
The company's strategy emphasizes technology leadership in networks and capturing value from its patent portfolio.
Nokia's supply chain and property, plants, and equipment are detailed in the filing, supporting its global operations.
5A Operating Results Business overview—Strategy; General facts on Nokia—Government regulation; Financial statements—Notes to the consolidated financial statements—Section 2. Results for the year; Financial statements—Notes to the consolidated financial statements—Note 5.4. Finan…
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5A Operating Results Business overview—Strategy; General facts on Nokia—Government regulation; Financial statements—Notes to the consolidated financial statements—Section 2. Results for the year; Financial statements—Notes to the consolidated financial statements—Note 5.4. Financial risk management; Operating and financial review and prospects—Operating and financial review
Form 20-F Item Number Form 20-F Heading Section in Document
5B Liquidity and Capital Resources Operating and financial review and prospects—Operating and financial review—Liquidity and capital resources; Financial statements—Notes to the consolidated financial statements—Note 5.2. Financial assets and liabilities; Financial statements—Notes to the consolidated financial statements—Note 5.3. Derivative assets and liabilities; Financial statements—Notes to the consolidated financial statements—Note 6.1. Commitments, contingencies and legal proceedings; Financial statements—Notes to the consolidated financial statements—Note 5.4. Financial risk management
5C Research and Development, Patents and Licenses etc. Business overview—Strategy; Business overview—Nokia in 2025—Our operating model in 2025—Nokia Technologies; Operating and financial review and prospects—Operating and financial review—Results of operations; Operating and financial review and prospects—Operating and financial review—Results of segments
5D Trend Information Business overview—Nokia in 2025; Business overview—Strategy
5E Critical Accounting Estimates N/A