€19.9 billion.
Up from €19.2B.
Most of it: Infinera.
Network Infrastructure grew 23%. Mobile Networks shrank. The mix is the story.
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✦ The bottom line
FY2025 net sales: €19.9 billion (+3.5% YoY). But Network Infrastructure +23% (boosted by the Infinera acquisition), Mobile Networks −4%, and Nokia Technologies −22%. Headline growth = acquisition. Organic story = mixed.
↓ the brief below
✦ Teach me
Money coming in (euros)
Nokia is a Finnish company and reports in euros (€) — not US dollars. €1 ≈ $1.05-1.10 at recent exchange rates, so €19.9B ≈ $21B.
Nokia sells four things: network infrastructure (optical, IP, fixed), mobile networks (5G radio gear), cloud and network services (software for telcos), and patent licensing (Nokia Technologies). The mix has shifted dramatically over five years — away from mobile, toward AI/data-center infrastructure.
Wall Street calls this
Net sales (IFRS)
When a 160-year-old company's revenue *finally* starts growing again after years of decline, the question is *why.* Acquisition-driven growth tells you a different story than organic growth.
Total net sales · full year 2025
€19.9
B
Up 3.5% from €19.2B in 2024. But €1.3 billion of that came from the newly-acquired Infinera business (closed Feb 28, 2025). Strip out Infinera and 2025 organic revenue is down roughly 3%.
Source · 20-F · Performance Highlights / Operating and Financial Review · FY2025 · Filed Mar 5, 2026
€19.9 billion is the headline. But Nokia has four business groups — each behaving very differently. The AI buildout is showing up in one of them (Network Infrastructure). The classic mobile-network business is still in decline. The patent licensing arm shrank by 22%. Understanding the mix is how you tell whether the pivot is working.
Network Infrastructure segment · full year 2025
€8.0
B
+23% YoY. The growth segment. Optical Networks revenue jumped from €1.6B to €3.0B on the Infinera deal. 800G pluggables and data-center switches are selling into the AI buildout. €2.4 billion of new orders from AI & Cloud customers in 2025.
Network Infrastructure is the bright spot. But Nokia's biggest segment — Mobile Networks (the 5G radio gear sold to telecom carriers) — is the one that's been shrinking every year as global telco capex tightens. The Q1 2025 announcement of the NVIDIA AI-RAN partnership is Nokia's response: turn the declining mobile business into a new AI-native radio category. Whether it works is a 3-year question, not a 3-quarter one.
Mobile Networks segment · full year 2025
−4
%
Declined 4% YoY. Operating margin down 270 basis points. Telco 5G capex is past its peak globally. Nokia's bet: partner with NVIDIA (they invested $1B in October 2025) to deliver AI-RAN radio gear that uses GPU compute at the cell tower.
Source · 20-F · Mobile Networks segment results · FY2025 · Filed Mar 5, 2026
⚠
Watch
Network Infrastructure is winning real AI/data-center share. Mobile Networks is still shrinking. The pivot is real but unfinished.