Nokia Q4 net sales up 3%, slightly beats estimates

Nokia Oyj

29/01/2026 06:09

Overview

Global connectivity leader's Q4 net sales slightly beat analyst expectations, growing 3% yr/yr

Comparable operating margin decreased due to growth investments in Network Infrastructure

Company introduces 2026 guidance, targeting EUR 2.0 to 2.5 bln operating profit

Outlook

Nokia targets 2026 comparable operating profit of EUR 2.0 to 2.5 bln

Company expects Network Infrastructure net sales growth of 6-8% in 2026

Nokia anticipates capital expenditures of EUR 900 to 1,000 mln in 2026

Result Drivers

NETWORK INFRASTRUCTURE GROWTH - Co reported 7% net sales growth in Network Infrastructure, with Optical Networks growing 17%

RESTRUCTURING IMPACT - Higher restructuring charges affected reported gross and operating margins

AI AND CLOUD INVESTMENTS - Demand from AI & Cloud customers drove strong order intake in Optical and IP Networks

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Sales
Slight Beat*
EUR 6.13 bln
EUR 6.12 bln (15 Analysts)
Q4 EPS
EUR 0.10
Q4 Gross Margin
44.90%
Q4 EBIT
EUR 540 mln
Q4 EBIT Margin
8.80%


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 17 "strong buy" or "buy", 7 "hold" and 5 "sell" or "strong sell"

The average consensus recommendation for the communications & networking peer group is "buy"

Wall Street's median 12-month price target for Nokia Oyj is €5.94, about 4.9% above its January 28 closing price of €5.66

The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release: ID:nGNEnGl3n

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)