EarningsQ2 2026 Earnings Report
MX:NOKN Q2 2026 EPS Results
Actual EPS$1.47
Consensus EPS$1.16
Beat/MissBeat by +$0.31
One Year Ago EPS$0.87
MX:NOKN Q2 2026 Revenue Results
Actual Revenue$103.09B
Expected Revenue$102.52B
Beat/MissBeat by +$567.34M
YoY Revenue Growth+8.53%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:NOKN Upcoming Earnings
Nokia's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NOKN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents strong commercial momentum—notably double‑digit growth in Network Infrastructure and >100% year‑on‑year growth in AI & Cloud sales—with margin expansion and multiple strategic product launches (AI RAN) and manufacturing investments. Offsetting risks include a negative free cash flow quarter, sizable restructuring and one‑time charges (~EUR 800m), supply‑chain constraints and order lumpiness (only ~50% of Q2 AI orders expected to convert within 12 months). Management remains confident on operating profit guidance (tracking somewhat above midpoint) and has significant net cash (EUR 2.8bn), but near‑term cash and margin phasing and execution on capacity ramps are key watch items.Company Guidance
Revenue and Margin Expansion
Net sales grew 9% in Q2 FY2026; gross margin expanded 70 basis points to 46%; operating margin expanded 70 basis points to 9%.
AI & Cloud: Very Strong Growth
AI & Cloud net sales increased 105% year‑on‑year to EUR 446 million; order intake for AI & Cloud rose to EUR 2.8 billion (management notes ~50% of Q2 order volume expected to convert to revenue within 12 months).
Network Infrastructure Momentum
Network Infrastructure net sales grew 12% in Q2; Optical Networks +20% and IP Networks +16%; NI gross margin improved 240 basis points to 42.7% and NI operating margin rose to 8.1%, driven by demand and Infinera integration synergies.
Mobile Infrastructure Stability
Mobile Infrastructure net sales grew 7% (Radio Networks +7%, Core Software +1%, Technology Standards +15%); Mobile Infrastructure gross margin was 49.3% in Q2 and operating profit was broadly stable year‑on‑year.
AI RAN and Product Innovation
Launched the industry's first commercial AI RAN platform; management expects pilots end of 2026 and commercial availability in 2027; platform targeted to deliver >100% spectral efficiency gains by 2028; secured first multi‑rail ILA design win.
Strategic Partnerships and Co‑innovation
Expanded/announced partnerships including Google Cloud (Gemini‑powered AI agents), Vodafone Albania (AI‑powered network slicing), Indosat/Hutchison (5G monetization & AI RAN path), and trials with a U.S. hyperscaler for out‑of‑band data‑center management.
Manufacturing and Capacity Investments
San Jose indium phosphide fab processing test waivers and on track for volume production by year‑end; Pennsylvania facility test & packaging capacity to be increased 10x; acquisition of NXP manufacturing site in Arizona to expand indium phosphide capacity.
Portfolio Discipline and Cost Savings
Sale of fixed wireless access to Inseego (on track to close by year‑end); recast reduced comparable net sales by EUR 66 million but increased comparable operating profit by EUR 13 million; achieved EUR 1.2 billion in gross cost savings to date and near 100% AI adoption among developers driving productivity gains.
MX:NOKN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed