Nokia Oyj · NOK · FY2025 Q3 · Calendar Q4 2025

Nokia: AI and cloud demand strengthen the network-infrastructure outlook

The supplied analysis supports a cautiously constructive view of Nokia's operating trajectory: AI and cloud demand, optical-network expansion, and progress on Infinera integration provide evidence for growth, while execution, margin durability, regulation, and customer-spending cycles remain unresolved.

Reported Before market openNYSETechnology $43.96B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.07 Consensus $0.06
EPS surprise +16.7% Reported versus consensus
Reported revenue $5.66B Consensus $6.12B
Revenue surprise -7.4% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +11.2% Event window
SPY move +0.6% Same window
Abnormal move +10.6% Stock minus SPY
Volume 2.7× Versus trailing sessions
Subsequent drift -4.9% Up to 20 sessions
NOKSPY benchmark

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Transcript, numbers and history already loaded
Why did NOK rise 11.2% after beating EPS estimates in FY2025 Q3?What changed in NOK's guidance and outlook in FY2025 Q3?Give me the bull and bear case for NOK after FY2025 Q3 earnings.

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, the narrative improved from a lowered outlook and tariff- and currency-related pressure to a maintained outlook, stronger AI- and cloud-led order momentum, and faster-than-planned Infinera integration. The focus now shifts toward converting that momentum into durable growth while protecting margins.

Guidance delta

Management maintained its outlook, with the supplied analysis pointing to continued execution against the existing operating-profit plan.

Key takeaways

  • Management described solid momentum in optical and IP networks, supported by AI and cloud customers.
  • The Infinera integration is progressing ahead of schedule and is already contributing to profitability, according to the supplied analysis.
  • Nokia highlighted 5G standalone core leadership and a new RAN win as additional execution evidence.
  • The main test is whether AI and cloud demand converts into durable growth while product mix and regulation remain manageable.

Management priorities

  • Complete the Infinera integration and deliver targeted synergies.
  • Expand high-speed optical shipments and broaden network-operating-system adoption.
  • Advance 5G standalone core, 6G, and AI-RAN initiatives.
  • Maintain disciplined capital allocation and continuous cost savings.

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Earnings History

Estimate Beat Miss Match
NOK EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $0.06 Q1 '24 actual $0.10, beat Q2 '24 estimate $0.05 Q2 '24 actual $0.06, match Q2 '25 estimate $0.07 Q2 '25 actual $0.05, miss Q3 '25 estimate $0.06 Q3 '25 actual $0.07, match Q4 '25 estimate $0.17 Q4 '25 actual $0.21, beat Q1 '26 estimate $0.06 Q1 '26 actual $0.06, match Q2 '26 estimate $0.07 Q2 '26 actual $0.08, match Q3 '26 estimate $0.08 Q3 '26 actual $0.10, beat Q4 '26 estimate $0.16 Q1 '27 estimate $0.07 Q2 '27 estimate $0.08 Q3 '27 estimate $0.09
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Analyst Consensus ?

ConsensusHold53 ratings
Bullish3362.3%
Neutral1528.3%
Bearish59.4%

Analyst 52W Price Targets

$8.14Current
$4.84Low
$8.9Average
$20High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 24, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Rosenblatt Buy BuyMaintainOct 23, 2026
JP Morgan Overweight OverweightMaintainOct 23, 2026
Argus Research Buy HoldUpgradeApr 27, 2026
Jefferies Buy HoldUpgradeOct 28, 2025
Craig-Hallum Buy BuyMaintainJan 6, 2025
Show 48 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $8.14. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Rosenblatt SecuritiesMike Genovese$14$8.18 +72.0%Oct 23, 2026
Northland SecuritiesTim Savageaux$20$17.13 +145.7%Jun 3, 2026
Argus ResearchJim Kelleher$15$10.46 +84.3%Apr 27, 2026
Northland SecuritiesAnalyst unavailable$13$10.53 +59.7%Apr 20, 2026
New StreetAnalyst unavailable$6.57$5.96 -19.3%Nov 20, 2025
See 12 more

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Company context

Snapshot as of publication

Nokia Oyj stands as a global technology leader, delivering comprehensive network infrastructure and solutions across mobile, fixed, and cloud domains. Its operations are structured into four primary divisions: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. The Mobile Networks segment furnishes radio access network technologies, spanning from 2G to 5G, alongside crucial microwave radio links for transport. Within Network Infrastructure, Nokia provides fixed access solutions such as fiber and copper, coupled with cloud and virtualization services. This segment also encompasses a robust Wi-Fi portfolio, featuring mesh solutions and cloud-based controllers, as well as sophisticated IP routing solutions for aggregation, edge, and core applications tailored for residential, business, mobile, and industrial sectors.…

Historical context

All NOK earnings
-14.8%FY2026 Q3 · Calendar Q4 2026-5.4%FY2026 Q2 · Calendar Q3 2026+4.8%FY2026 Q1 · Calendar Q2 2026

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
INFY Infosys Limited FY2027 Q2 · Calendar Q4 2026 — -5.2% Infosys pairs faster AI growth with lower revenue guidance
SSNC SS&C Technologies Holdings, Inc. FY2026 Q3 · Calendar Q4 2026 +0.6% +2.8% SS&C raises 2026 outlook as AI and tokenization support growth
ROP Roper Technologies, Inc. FY2026 Q3 · Calendar Q4 2026 +1.7% +9.7% Roper raises DEPS outlook as AI adoption expands across portfolio
VRSN VeriSign, Inc. FY2026 Q3 · Calendar Q4 2026 -2.0% -0.9% VeriSign reports record registrations as renewal mix becomes a key watchpoint
TTMI TTM Technologies, Inc. FY2026 Q3 · Calendar Q4 2026 +16.8% -27.7% TTM Technologies Q3: Record Growth, Higher Investment, More Deal Risk
WDC Western Digital Corporation FY2027 Q1 · Calendar Q4 2026 +12.9% -6.4% Western Digital pairs strong FY27 Q1 growth with an accelerated HDD roadmap

Latest beats and misses

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-24T03:40:46.402698+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-24T03:40:46.399908+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-24. For educational purposes only; not investment advice.