Nokia (NOKN) Q3 2026 Earnings Report
MX:NOKN Q3 2026 EPS Results
- Actual EPS
- MXN 1.90
- Consensus EPS
- MXN 1.32
- Beat/Miss
- Beat by +MXN 0.58
- One Year Ago EPS
- MXN 1.32
MX:NOKN Q3 2026 Revenue Results
- Actual Revenue
- MXN 111.40B
- Expected Revenue
- MXN 107.46B
- Beat/Miss
- Beat by +MXN 3.94B
- YoY Revenue Growth
- +4.99%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/22/2026
- Time
- Before Open
- Conference Call
- Thursday, October 22, 2026
Nokia's next earnings date is estimated for January 28, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall, led by 9% group sales growth, 220 basis points of operating-margin expansion, rapid AI and cloud growth, strong Optical and IP Networks momentum, multiple design wins and an outlook above the midpoint of full-year operating profit guidance. The main challenges were negative free cash flow, increased working-capital needs, restructuring charges, supply constraints, component cost inflation, lower Network Infrastructure gross margin and weakness in Fixed Networks and Core Software. Management nevertheless described the Q3 performance as strong and remained confident in the growth opportunity and improving operating leverage.
Nokia said Optical Networks and IP Networks are on track to grow somewhat above the 18% to 20% assumption provided for the full year, with these businesses expected to grow between 25% and 30% on a combined basis in 2027; it expects free cash flow conversion for 2026 to be between 35% and 55%, after planning to invest an additional EUR 400 million in working capital, restructuring charges of approximately EUR 1.1 billion in 2026, and restructuring and associated cash outflows between EUR 800 million and EUR 900 million; there is no change to comparable operating profit guidance, and Nokia continues to track above the midpoint of its comparable operating profit guidance range; fourth-quarter net sales are assumed to increase sequentially between 20% and 24%, the market is expected to be flat, pricing is expected to go up, and the company is on track to achieve the EUR 200 million synergy target by the end of this year, 1 year ahead of schedule.
- Strong Third-Quarter Sales and Operating Margin ExpansionNet sales grew 9% in Q3, while operating margin expanded by 220 basis points to 11.7%. Operating profit was EUR 605 million, supported mainly by higher sales and continued operating leverage across the group.
- AI and Cloud Delivered Accelerating GrowthAI and cloud net sales grew 123% year-over-year and represented 12% of total group net sales. Gross order intake increased 118% year-over-year to EUR 1.5 billion, and demand continued to exceed supply.
- Optical and IP Networks Growth OutperformedIP Networks grew 43% year-over-year, driven by AI and cloud design wins converting into revenue, while Optical Networks grew 18%. The businesses are now expected to grow somewhat above the previously stated 18% to 20% full-year assumption, with combined growth expected between 25% and 30% in 2027.
- Network Infrastructure Sales GrowthNetwork Infrastructure net sales grew 15% in Q3. Operating margin increased 230 basis points to 10%, mainly due to operating leverage as revenue increased.
- 800 Gig Coherent Pluggables MomentumShipment volumes for 800 gig coherent pluggables increased more than twofold sequentially. Nokia has design wins with 29 customers, including hyperscalers and major telcos.
- Multi-Rail and Hyperscaler Design WinsNokia secured a significant large-hyperscaler win for its line-system business and has three multi-rail design wins, with the first customer receiving initial volumes. Its multi-rail technology provides 25% higher density than competing market solutions.
- Additional IP Networks and Telco WinsNokia secured two additional hyperscaler design wins, including a next-generation data center gateway win, along with telco wins across edge and core routing, IP aggregation and 5G backhaul in Japan, Europe and the United States.
- Optical Line Terminal LeadershipNokia continues to lead the optical line terminal market with approximately 45% global port share excluding China. It launched an industry-first 16-port line card supporting 10 gig, 25 gig and 50 gig PON on every port, and SoftBank completed Japan's first commercial implementation of the solution.
- AI RAN Commercial ProgressT-Mobile completed its first live voice call over AI RAN in its production network, while Elisa ran voice, mobile data and AI workloads simultaneously on the same AI RAN platform in its commercial network. Nokia has demonstrated more than 20% spectral-efficiency gains in live environments against a roadmap targeting 100% improvement in 2028, and 19 customers are now working with Nokia on AI RAN.
- Strategic Customer and Defense PartnershipsNokia is partnering with Google in support of Google's EUR 13 billion investment in Finland to connect AI infrastructure within and between data centers. Nokia also announced a strategic partnership with ICEYE to build secure, sovereign low-Earth-orbit satellite communication systems for government and defense customers.
- Manufacturing Capacity ExpansionThe new San Jose optical manufacturing fab remains on track to start production before the end of the year. Nokia has completed 90% of process development and expects 24/7 operations to begin by the end of the month. The company is also positioning the planned Chandler facility to support future demand, with the facility discussed as a 2029 time-frame solution.
- Portfolio Simplification and Asset SalesNokia completed the sale of its fixed wireless access business to Inseego and signed an agreement to sell its enterprise campus edge business to AURELIUS. The company is also pruning lower-margin customer premises equipment offerings and bringing greater discipline to its portfolio.
- Infinera Synergy Target Ahead of ScheduleThe Infinera integration is largely complete, and Nokia remains on track to achieve its EUR 200 million synergy target by the end of 2026, one year ahead of schedule.
- Mobile Infrastructure GrowthMobile Infrastructure net sales grew 5% in Q3, with Radio Networks growing 10%. Mobile Infrastructure operating profit increased, reflecting higher gross profit, lower SG&A expenses, operating efficiency and a higher contribution from Technology Standards.
- Technology Standards Licensing PerformanceTechnology Standards revenue grew 8%, supported by several licensing agreements and the recognition of catch-up net sales during the quarter. Nokia said the business has delivered strong year-to-date performance in signing new deals.
- Strong Balance Sheet and Full-Year PositionNokia ended Q3 with a net cash position of EUR 2.6 billion. The company continues to track above the midpoint of its full-year comparable operating profit guidance, with no change to the guidance range.
MX:NOKN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 28, 2027 | 2026 (Q4) | 3.25- | 3.59 | ― | ― |
| Oct 22, 2026 | 2026 (Q3) | 1.321.90 | 1.32 | 44.29% (+0.58) | |
| Jul 23, 2026 | 2026 (Q2) | 1.181.50 | 0.88 | 70.21% (+0.62) | |
| Apr 23, 2026 | 2026 (Q1) | 0.831.11 | 0.64 | 73.53% (+0.47) | |
| Jan 29, 2026 | 2025 (Q4) | 3.213.59 | 3.53 | 1.60% (+0.06) | |
| Oct 23, 2025 | 2025 (Q3) | 1.091.32 | 1.22 | 7.69% (+0.09) | |
| Jul 24, 2025 | 2025 (Q2) | 1.150.88 | 1.22 | -27.69% (-0.34) | |
| Apr 24, 2025 | 2025 (Q1) | 0.900.64 | 1.8 | -64.58% (-1.16) | |
| Jan 30, 2025 | 2024 (Q4) | 2.573.53 | 2.03 | 74.07% (+1.50) | |
| Oct 17, 2024 | 2024 (Q3) | 1.321.22 | 1 | 22.64% (+0.23) |
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.