Nokia Oyj (NOK) Cash Flow Statement
Where NOK’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €2.07B −16.9% vs 2024
- Capital expenditures
- €606.0M 3.0% of revenue
- Free cash flow
- €1.47B 7.4% margin
- Returned to shareholders
- €1.38B 94% of free cash flow
- Change in cash
- −€1.16B cash at year-end €5.46B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NOK operating cash flow, capex and free cash flow
NOK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −€1.46B2016 | €2.07B2025 | — | |
| Capital expenditures | €477.0M2016 | €606.0M2025 | +2.7%/yr | |
| Free cash flow | −€1.93B2016 | €1.47B2025 | — | |
| Free cash flow margin | −8.2%2016 | 7.4%2025 | +15.5 pts | |
| Operating cash flow / net income | 35.452019 | 3.142025 | −32.32 | |
| Stock-based compensation | €113.0M2016 | €337.0M2025 | +12.9%/yr | |
| Dividends paid | €1.51B2016 | €759.0M2025 | −7.4%/yr | |
| Share buybacks (net) | €216.0M2016 | €624.0M2025 | +12.5%/yr | |
| Capex / revenue | 2.0%2016 | 3.0%2025 | +1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NOK cash flow by activity
NOK net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NOK cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €660.0M | €1.28B | €679.0M | €4.26B | €1.65B | −€2.42B | €11.0M | −€335.0M | −€1.46B | −€927.0M |
| Depreciation & amortization | €1.12B | €1.01B | €1.09B | €1.14B | €1.09B | €1.13B | €1.66B | €1.46B | €1.59B | €1.59B |
| Stock-based compensation | €337.0M | €241.0M | €202.0M | €149.0M | €108.0M | €76.0M | €81.0M | €68.0M | €92.0M | €113.0M |
| Change in working capital | −€209.0M | −€569.0M | −€1.28B | −€1.84B | −€268.0M | −€744.0M | −€1.79B | −€943.0M | €598.0M | −€3.06B |
| Other non-cash items | €164.0M | €523.0M | €631.0M | −€2.23B | €45.0M | €3.72B | €426.0M | €115.0M | €989.0M | €827.0M |
| Cash from operating activities | €2.07B | €2.49B | €1.32B | €1.47B | €2.63B | €1.76B | €390.0M | €360.0M | €1.81B | −€1.46B |
| Investing activities | ||||||||||
| Capital expenditures | −€606.0M | −€472.0M | −€652.0M | −€601.0M | −€560.0M | −€479.0M | −€690.0M | −€672.0M | −€601.0M | −€477.0M |
| Investments (net) | €834.0M | −€117.0M | €1.02B | −€1.88B | −€1.25B | −€1.52B | −€167.0M | €318.0M | €10.0M | €6.84B |
| Acquisitions & other investing | −€1.62B | €472.0M | €677.0M | €552.0M | €12.0M | €479.0M | €690.0M | €39.0M | €600.0M | €477.0M |
| Cash from investing activities | −€1.40B | −€117.0M | €1.04B | −€1.93B | −€1.79B | −€1.52B | −€167.0M | −€315.0M | €9.0M | €6.84B |
| Financing activities | ||||||||||
| Dividends paid | −€759.0M | −€723.0M | −€611.0M | −€353.0M | −€9.0M | −€148.0M | −€570.0M | −€1.08B | −€970.0M | −€1.51B |
| Share repurchases & issuance (net) | −€624.0M | −€680.0M | −€300.0M | −€300.0M | €0 | €0 | €0 | €1.0M | −€785.0M | −€216.0M |
| Net borrowing (repayment) | −€585.0M | −€600.0M | −€581.0M | −€184.0M | −€1.20B | €1.03B | €92.0M | €110.0M | €43.0M | −€2.47B |
| Shares issued | €859.0M | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€501.0M | €0 | −€10.0M | €0 | €0 | −€1.0M | −€1.0M | €1.0M | −€37.0M | −€718.0M |
| Cash from financing activities | −€1.61B | −€2.00B | −€1.50B | −€837.0M | −€1.21B | €883.0M | −€479.0M | −€969.0M | −€1.75B | −€4.92B |
| Summary | ||||||||||
| Net change in cash | −€1.16B | €389.0M | €767.0M | −€1.22B | −€249.0M | €1.03B | −€351.0M | −€1.11B | −€128.0M | €502.0M |
| Cash at end of period | €5.46B | €6.62B | €6.23B | €5.47B | €6.69B | €6.94B | €5.91B | €6.26B | €7.37B | €7.50B |
| Free cash flow | €1.47B | €2.02B | €665.0M | €873.0M | €2.07B | €1.28B | −€300.0M | −€312.0M | €1.21B | −€1.93B |
| Free cash flow margin | 7.4% | 10.5% | 3.1% | 3.7% | 9.3% | 5.9% | −1.3% | −1.4% | 5.2% | −8.2% |
| Capex / revenue | 3.0% | 2.5% | 3.1% | 2.5% | 2.5% | 2.2% | 3.0% | 3.0% | 2.6% | 2.0% |
| Operating cash flow / net income | 3.14 | 1.94 | 1.94 | 0.35 | 1.60 | — | 35.45 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | €5.0M | €87.0M | €544.0M | €80.0M | €96.0M | −€60.0M | €820.0M | €151.6M | −€142.0M | €435.0M | −€32.0M | €133.0M |
| Depreciation & amortization | €211.0M | €209.0M | €284.0M | €286.0M | €285.0M | €264.0M | €245.0M | €239.0M | €268.0M | €261.0M | €282.0M | €267.0M |
| Stock-based compensation | €136.0M | — | €337.0M | — | €83.0M | — | €241.0M | — | — | — | €202.0M | −€202.0M |
| Change in working capital | −€1.15B | €401.0M | −€688.0M | €56.0M | −€186.0M | €608.0M | −€1.06B | €104.3M | −€26.0M | €427.0M | €896.0M | −€719.0M |
| Other non-cash items | €178.0M | €86.0M | −€102.0M | €175.0M | −€69.0M | €78.0M | −€33.0M | €300.3M | €389.0M | −€56.0M | €522.0M | €218.0M |
| Cash from operating activities | −€620.0M | €783.0M | €375.0M | €597.0M | €209.0M | €890.0M | €208.0M | €795.2M | €489.0M | €1.07B | €1.87B | −€303.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −€129.0M | −€154.0M | −€148.0M | −€168.0M | −€121.0M | −€169.0M | −€158.0M | −€116.6M | −€95.0M | −€112.0M | −€149.0M | −€144.0M |
| Investments (net) | €381.0M | €104.0M | −€119.0M | −€189.0M | −€248.0M | −€633.0M | — | — | €279.0M | −€100.0M | €93.0M | €111.0M |
| Acquisitions & other investing | €27.0M | €1.0M | −€59.0M | €168.0M | €121.0M | €169.0M | −€55.0M | €27.3M | €95.0M | €112.0M | €149.0M | €983.0M |
| Cash from investing activities | €279.0M | −€49.0M | −€326.0M | −€189.0M | −€248.0M | −€633.0M | −€213.0M | −€89.3M | €279.0M | −€100.0M | €93.0M | €950.0M |
| Financing activities | ||||||||||||
| Dividends paid | −€224.0M | −€168.0M | −€165.0M | −€216.0M | −€215.0M | −€161.0M | −€162.0M | −€181.2M | −€220.0M | −€166.0M | −€166.0M | −€171.0M |
| Share repurchases & issuance (net) | €0 | −€9.0M | −€3.8M | −€25.2M | −€78.0M | −€546.0M | −€386.0M | −€212.7M | −€90.0M | −€8.0M | −€45.0M | −€92.0M |
| Net borrowing (repayment) | −€58.0M | −€1.09B | €321.0M | −€79.0M | −€273.0M | −€555.0M | — | — | — | — | — | −€71.0M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | €0 | €0 | €361.8M | €25.2M | €0 | €0 | €39.0M | −€42.2M | −€147.0M | −€464.0M | −€81.0M | €0 |
| Cash from financing activities | −€282.0M | −€1.27B | €514.0M | −€295.0M | −€566.0M | −€1.26B | −€509.0M | −€436.1M | −€457.0M | −€638.0M | −€292.0M | −€334.0M |
| Summary | ||||||||||||
| Net change in cash | −€603.0M | −€511.0M | €570.0M | €95.0M | −€746.0M | −€1.08B | −€448.0M | €515.6M | €320.0M | €327.0M | €1.63B | −€501.0M |
| Cash at end of period | €4.35B | €4.95B | €5.46B | €4.89B | €4.80B | €5.54B | €6.62B | €7.86B | €6.88B | €6.56B | €6.23B | €4.61B |
| Free cash flow | −€749.0M | €629.0M | €227.0M | €429.0M | €88.0M | €721.0M | €50.0M | €678.6M | €394.0M | €955.0M | €1.72B | −€447.0M |
| Free cash flow margin | −15.6% | 14.0% | 3.7% | 8.9% | 1.9% | 16.4% | 0.8% | 15.7% | 8.8% | 21.5% | 30.2% | −9.5% |
| Capex / revenue | 2.7% | 3.4% | 2.4% | 3.5% | 2.7% | 3.8% | 2.6% | 2.7% | 2.1% | 2.5% | 2.6% | 3.1% |
| Operating cash flow / net income | −124.00 | 9.00 | 0.69 | 7.46 | 2.18 | — | 0.25 | 5.25 | — | 2.45 | — | −2.28 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
NOK cash generation
In fiscal 2025 (ended December 31, 2025), Nokia Oyj generated €2.1 billion of cash from operations (down 16.9%) and spent €606.0 million on capital expenditures, leaving free cash flow of €1.5 billion, 7.4% of revenue. It returned €1.4 billion to shareholders through dividends (€759.0 million) and net share buybacks (€624.0 million). Cash and equivalents fell by €1.2 billion over the year.
Related: NOK income statement, NOK balance sheet, NOK dividend history. See the NOK stock overview for the latest quote and news.
NOK cash flow FAQ
What is Nokia Oyj's free cash flow?
Nokia Oyj's free cash flow was €1.5 billion in fiscal 2025: €2.1 billion of operating cash flow minus €606.0 million of capital expenditures It was €2.0 billion a year earlier..
How much cash does Nokia Oyj generate from operations?
Nokia Oyj generated €2.1 billion of cash from operating activities in fiscal 2025, 3.14 times its net income of €660.0 million.
How much does Nokia Oyj spend on capital expenditures?
Nokia Oyj spent €606.0 million on capital expenditures in fiscal 2025, 3.0% of revenue, compared with €472.0 million the year before.
How much stock does Nokia Oyj buy back?
Nokia Oyj spent €624.0 million on net share repurchases in fiscal 2025.
How much does Nokia Oyj pay in dividends?
Nokia Oyj paid €759.0 million in dividends in fiscal 2025, 51.8% of free cash flow.