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Nokia Corporation
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The 160-year-old Finnish company that used to make phones. Now they power the optical networks the AI buildout runs on. *New CEO. New strategy. Nvidia just invested $1 billion.*
Updated · FY2025 (Form 20-F) · March 2026
6
Chapters
~21
Min read
€19.9B / yr (≈$21B) revenue · ~78K employees · public since 1915
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Spice: Jalapeño (3/5)
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0 of 6
1
Growth
~4 min
The Slow Pivot
Revenue *finally* grew last year — but only because they bought another company. The organic business is still shrinking on the mobile side.
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2
Financial Health
~4 min
The Dividend Still Pays
Nokia paid *€2.1 billion in dividends* over three years and bought back *€1.6 billion of stock.* The cash is real.
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3
Moat
~4 min
The Patent Vault + the Optical Lead
Two real moats: *#1 in IP routing,* *#1 in PON fiber,* and *€4.9B in R&D* feeding a patent vault Apple and Samsung still pay into.
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4
Management
~3 min
Justin Hotard, Year One
After 5 years of Pekka Lundmark, Nokia hired an *outsider with deep AI and data-center experience.* It's a deliberate change.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Three partner-backed bets on the AI era — and an acquisition doing the heavy lifting.
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6
Risk
~4 min
What Could Break the Brief
*Mobile network capex* is past its peak globally. *China competition* (Huawei, ZTE) keeps growing. *AI-RAN* might not pan out.
↻ Next update · Jul 24
est. Jul 24, 2026 · Q2 FY26 results · Nokia IR ↗
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You're reading the 6 opening chapters built from Nokia's FY2025 20-F (Nokia files annual reports as a foreign private issuer, not quarterly 10-Qs). Each time Nokia files a new annual or interim report, the chapters get updated here.