Nokia Oyj (NOK) Balance Sheet
NOK balance sheet, 2025
December 31, 2025 · euros€37.58B assets = €16.53B liabilities + €21.05B equity
Both columns are drawn to the same scale: what NOK owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NOK financial health
Current ratio1.58
Comfortable · current assets cover current liabilities 1.58×
Debt / equity0.25
Low leverage · €0.25 of debt for each $1 of equity
Equity / assets55.8%
Equity-funded · of assets funded by shareholders
Cash / debt123.3%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles19.7%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
NOK balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | €44.90B2016 | €37.58B2025 | −2.0%/yr | |
| Total liabilities | €23.93B2016 | €16.53B2025 | −4.0%/yr | |
| Shareholders’ equity | €20.97B2016 | €20.96B2025 | −0.0%/yr | |
| Cash & short-term investments | €9.62B2016 | €6.42B2025 | −4.4%/yr | |
| Total debt | €4.03B2016 | €5.21B2025 | +2.9%/yr | |
| Net cash (debt) | €5.59B2016 | €1.21B2025 | −€4.4B | |
| Working capital | €8.11B2016 | €5.79B2025 | −€2.3B | |
| Current ratio | 1.642016 | 1.582025 | −0.06 | |
| Debt / equity | 0.192016 | 0.252025 | +0.06 | |
| Shares outstanding | 5.74B2016 | 5.50B2025 | −0.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NOK assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
NOK liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
NOK debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NOK balance sheet in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | €6.42B | €8.91B | €8.24B | €9.16B | €9.60B | €9.86B | €6.74B | €7.12B | €8.58B | €9.62B |
| Cash & equivalents | €5.46B | €6.62B | €6.23B | €5.47B | €6.69B | €8.49B | €6.63B | €6.26B | €7.37B | €7.50B |
| Short-term investments | €960.6M | €2.29B | €2.01B | €3.69B | €2.91B | €1.37B | €108.9M | €855.0M | €1.21B | €2.12B |
| Receivables | €6.82B | €6.74B | €6.94B | €6.75B | €6.76B | €8.41B | €7.66B | €7.03B | €7.11B | €7.07B |
| Inventory | €2.21B | €2.16B | €2.72B | €3.27B | €2.39B | €2.74B | €3.30B | €3.18B | €2.65B | €2.51B |
| Other current assets | €339.9M | €173.0M | €266.0M | €1.09B | €836.0M | €1.27B | €1.17B | €940.0M | €1.52B | €1.52B |
| Total current assets | €15.79B | €17.99B | €18.17B | €20.27B | €19.60B | €22.29B | €18.87B | €18.26B | €19.86B | €20.72B |
| Property, plant & equipment (net) | €2.49B | €2.12B | €2.86B | €2.94B | €2.81B | €3.17B | €3.11B | €1.79B | €1.85B | €1.98B |
| Goodwill & intangible assets | €7.39B | €6.54B | €6.59B | €6.93B | €7.05B | €8.60B | €8.93B | €8.80B | €9.22B | €10.96B |
| Long-term investments | €1.62B | €1.76B | €1.90B | €1.98B | €1.33B | €1.34B | €1.35B | €1.21B | €1.16B | €1.41B |
| Other non-current assets | €10.29B | €10.74B | €10.34B | €10.83B | €9.27B | €11.13B | €13.56B | €9.46B | €8.93B | €9.83B |
| Total assets | €37.58B | €39.15B | €39.86B | €42.94B | €40.05B | €46.52B | €45.81B | €39.53B | €41.02B | €44.90B |
| Liabilities | ||||||||||
| Accounts payable | €2.98B | €3.21B | €3.42B | €4.73B | €3.68B | €3.88B | €4.25B | €4.77B | €4.00B | €3.78B |
| Short-term debt | €1.29B | €1.17B | €752.0M | €412.0M | €301.0M | €917.7M | €618.5M | €1.00B | €374.0M | €372.0M |
| Deferred revenue | €1.56B | €1.51B | €2.16B | €1.98B | €2.45B | €3.12B | €3.26B | €2.91B | €3.58B | €3.18B |
| Total current liabilities | €10.00B | €11.39B | €10.93B | €12.77B | €12.10B | €14.39B | €13.53B | €14.12B | €12.81B | €12.61B |
| Long-term debt | €3.13B | €3.58B | €4.44B | €5.11B | €5.36B | €5.74B | €4.76B | €2.83B | €3.46B | €3.66B |
| Lease obligations | €1.00B | €863.0M | €997.0M | €1.04B | €1.01B | €910.0M | €1.03B | €0 | €0 | €0 |
| Other long-term liabilities | €3.41B | €3.43B | €3.86B | €3.64B | €5.12B | €11.05B | €10.24B | €7.21B | €8.54B | €7.66B |
| Total liabilities | €16.53B | €18.40B | €19.23B | €21.52B | €22.59B | €31.17B | €28.52B | €24.16B | €24.81B | €23.93B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | €245.9M | €246.0M | €246.0M | €246.0M | €246.0M | €301.0M | €276.1M | €246.0M | €246.0M | €246.0M |
| Retained earnings (deficit) | €1.86B | €1.96B | €1.40B | €1.38B | −€2.54B | −€5.07B | −€1.81B | −€1.06B | €1.15B | €3.59B |
| Treasury stock | — | — | — | — | −€352.0M | −€352.0M | −€352.0M | −€408.0M | −€1.48B | −€881.0M |
| Accumulated other comprehensive income | −€1.27B | €18.15B | €18.61B | €19.56B | €19.55B | €19.91B | €18.65B | €16.08B | €15.78B | €16.70B |
| Minority interest | €91.0M | €90.0M | €91.0M | €93.0M | — | — | €0 | €0 | €0 | €0 |
| Total shareholders' equity | €20.96B | €20.66B | €20.54B | €21.33B | €17.36B | €15.25B | €17.20B | €15.29B | €16.22B | €20.97B |
| Key figures | ||||||||||
| Total debt | €5.21B | €4.75B | €5.19B | €5.52B | €5.66B | €7.94B | €5.96B | €3.82B | €3.77B | €4.03B |
| Net cash (debt) | €1.21B | €4.16B | €3.05B | €3.64B | €3.94B | €1.93B | €785.8M | €3.29B | €4.82B | €5.59B |
| Working capital | €5.79B | €6.59B | €7.23B | €7.49B | €7.50B | €7.90B | €5.34B | €4.15B | €7.06B | €8.11B |
| Tangible book value | €13.57B | €14.12B | €13.95B | €14.40B | €10.31B | €6.65B | €8.27B | €6.48B | €7.00B | €10.01B |
| Shares outstanding | 5.50B | 5.53B | 5.59B | 5.67B | 5.68B | 5.61B | 5.63B | 5.59B | 5.65B | 5.74B |
| Current ratio | 1.58 | 1.58 | 1.66 | 1.59 | 1.62 | 1.55 | 1.39 | 1.29 | 1.55 | 1.64 |
| Quick ratio | 1.32 | 1.37 | 1.39 | 1.25 | 1.35 | 1.27 | 1.06 | 1.00 | 1.23 | 1.32 |
| Debt / equity | 0.25 | 0.23 | 0.25 | 0.26 | 0.33 | 0.52 | 0.35 | 0.25 | 0.23 | 0.19 |
| Equity / assets | 55.8% | 52.8% | 51.5% | 49.7% | 43.3% | 32.8% | 37.5% | 38.7% | 39.5% | 46.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | €5.13B | €6.12B | €6.42B | €5.67B | €6.08B | €7.22B | €8.91B | €8.76B | €9.08B | €8.40B | €8.24B | €6.67B |
| Cash & equivalents | €4.35B | €4.95B | €5.46B | €4.89B | €4.80B | €5.54B | €6.62B | €7.04B | €6.85B | €6.56B | €6.23B | €4.88B |
| Short-term investments | €782.0M | €1.17B | €960.6M | €773.0M | €1.28B | €1.68B | €2.29B | €1.71B | €2.23B | €1.84B | €2.01B | €1.80B |
| Receivables | €6.84B | €6.51B | €6.82B | €4.88B | €5.70B | €6.53B | €6.74B | €3.88B | €5.63B | €5.28B | €6.94B | €8.67B |
| Inventory | €2.74B | €2.38B | €2.21B | €2.38B | €2.48B | €2.58B | €2.16B | €2.53B | €2.48B | €2.69B | €2.72B | €3.48B |
| Other current assets | €48.0M | €0 | €339.9M | €1.45B | €0 | €0 | €173.0M | €2.44B | €828.0M | €1.50B | €187.0M | €550.5M |
| Total current assets | €14.76B | €15.01B | €15.79B | €14.37B | €14.26B | €16.33B | €17.99B | €17.60B | €18.02B | €17.86B | €18.09B | €19.38B |
| Property, plant & equipment (net) | €2.56B | €2.50B | €2.49B | €1.52B | €2.43B | €2.35B | €2.12B | €2.03B | €2.18B | €2.79B | €2.86B | €3.08B |
| Goodwill & intangible assets | €7.46B | €7.47B | €7.39B | €7.51B | €7.59B | €8.13B | €6.54B | €6.29B | €6.56B | €6.64B | €6.59B | €7.16B |
| Long-term investments | €1.80B | €1.71B | €1.62B | €1.63B | €1.65B | €1.71B | €1.76B | €0 | €1.63B | €1.69B | €1.90B | €2.01B |
| Other non-current assets | €10.70B | €10.59B | €10.29B | €11.01B | €10.10B | €10.73B | €10.74B | €11.96B | €10.47B | €10.69B | €10.42B | €11.30B |
| Total assets | €37.28B | €37.29B | €37.58B | €36.04B | €36.03B | €39.26B | €39.15B | €37.88B | €38.86B | €39.67B | €39.86B | €42.93B |
| Liabilities | ||||||||||||
| Accounts payable | €3.51B | €3.15B | €2.98B | €3.06B | €2.98B | €3.04B | €3.21B | €2.78B | €2.90B | €3.04B | €3.42B | €3.79B |
| Short-term debt | €676.0M | €235.0M | €1.29B | €913.0M | €951.0M | €2.09B | €1.17B | €1.16B | €1.14B | €859.0M | €752.0M | €814.2M |
| Deferred revenue | €1.72B | €1.73B | €1.56B | €1.59B | €1.50B | €1.59B | €1.51B | — | €1.85B | €2.35B | €2.16B | €2.24B |
| Total current liabilities | €9.80B | €9.58B | €10.00B | €9.72B | €9.78B | €12.00B | €11.39B | €10.50B | €10.71B | €10.87B | €10.93B | €11.80B |
| Long-term debt | €1.92B | €2.34B | €3.13B | €3.15B | €3.15B | €2.98B | €3.58B | €3.45B | €2.75B | €3.12B | €3.64B | €4.40B |
| Lease obligations | €959.0M | €947.0M | €1.00B | €1.01B | €1.01B | €896.0M | €863.0M | — | €928.0M | €986.0M | €997.0M | €1.03B |
| Other long-term liabilities | €4.26B | €4.09B | €3.41B | €3.49B | €3.29B | €3.47B | €3.43B | €3.48B | €4.38B | €4.45B | €4.66B | €4.12B |
| Total liabilities | €15.98B | €16.01B | €16.53B | €16.37B | €16.21B | €18.44B | €18.40B | €17.43B | €17.84B | €18.44B | €19.23B | €20.32B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | €246.0M | €246.0M | €245.9M | €246.0M | €246.0M | €246.0M | €246.0M | €246.0M | €246.0M | €246.0M | €246.0M | €260.5M |
| Retained earnings (deficit) | €1.55B | €1.77B | €1.86B | €1.48B | €1.61B | €1.73B | €1.96B | €1.31B | €1.30B | €1.68B | €1.40B | €1.74B |
| Accumulated other comprehensive income | €18.84B | €18.66B | −€1.27B | €2.63B | €17.34B | €18.94B | €18.15B | €18.69B | €19.09B | €18.90B | €18.61B | €20.50B |
| Minority interest | €97.0M | €92.0M | €91.0M | €91.0M | €92.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | €21.20B | €21.18B | €20.96B | €19.58B | €19.72B | €20.73B | €20.66B | €20.35B | €20.92B | €21.14B | €20.54B | €22.51B |
| Key figures | ||||||||||||
| Total debt | €3.36B | €3.33B | €5.21B | €4.07B | €4.10B | €5.07B | €4.75B | €4.61B | €4.61B | €4.76B | €5.19B | €5.48B |
| Net cash (debt) | €1.77B | €2.80B | €1.21B | €1.60B | €1.98B | €2.16B | €4.16B | €4.15B | €4.47B | €3.64B | €3.05B | €1.20B |
| Working capital | €4.95B | €5.43B | €5.79B | €4.65B | €4.49B | €4.33B | €6.59B | €7.10B | €7.31B | €6.99B | €7.15B | €7.58B |
| Tangible book value | €13.74B | €13.71B | €13.57B | €12.07B | €12.13B | €12.60B | €14.12B | €14.06B | €14.36B | €14.50B | €13.95B | €15.35B |
| Shares outstanding | 5.80B | 5.72B | 5.50B | 5.49B | 5.49B | 5.38B | 5.53B | 5.53B | 5.51B | 5.56B | 5.52B | 5.60B |
| Current ratio | 1.51 | 1.57 | 1.58 | 1.48 | 1.46 | 1.36 | 1.58 | 1.68 | 1.68 | 1.64 | 1.65 | 1.64 |
| Quick ratio | 1.22 | 1.32 | 1.32 | 1.08 | 1.21 | 1.15 | 1.37 | 1.20 | 1.37 | 1.26 | 1.39 | 1.30 |
| Debt / equity | 0.16 | 0.16 | 0.25 | 0.21 | 0.21 | 0.24 | 0.23 | 0.23 | 0.22 | 0.22 | 0.25 | 0.24 |
| Equity / assets | 56.9% | 56.8% | 55.8% | 54.3% | 54.7% | 52.8% | 52.8% | 53.7% | 53.8% | 53.3% | 51.5% | 52.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed March 5, 2026); data from EODHD.
NOK financial position
At the end of fiscal 2025 (December 31, 2025), Nokia Oyj had total assets of €37.6 billion (down 4.0% from a year earlier), total liabilities of €16.5 billion and shareholders' equity of €21.0 billion. It held €6.4 billion in cash and short-term investments against €5.2 billion of debt, a net cash position of €1.2 billion. Its current ratio was 1.58. In the latest quarter (ended June 30, 2026) total assets were €37.3 billion and equity €21.2 billion.
Related: NOK income statement, NOK cash flow statement, NOK key metrics. See the NOK stock overview for the latest quote and news.
NOK balance sheet FAQ
What are Nokia Oyj's total assets?
Nokia Oyj reported total assets of €37.6 billion at the end of fiscal 2025 (December 31, 2025), compared with €39.1 billion a year earlier.
How much debt does Nokia Oyj have?
Nokia Oyj had €5.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.25.
How much cash does Nokia Oyj have?
Nokia Oyj held €6.4 billion in cash and short-term investments at the end of fiscal 2025; with €5.2 billion of debt that is net cash of €1.2 billion.
What is Nokia Oyj's book value?
Nokia Oyj's shareholders' equity (book value) was €21.0 billion at the end of fiscal 2025.
What is Nokia Oyj's current ratio?
Nokia Oyj had current assets of €15.8 billion and current liabilities of €10.0 billion, a current ratio of 1.58 (it can cover its short-term obligations).
How much goodwill does Nokia Oyj have?
Nokia Oyj carried €7.4 billion of goodwill and intangible assets, 19.7% of total assets, at the end of fiscal 2025.