Nokia Oyj · NOK · FY2026 Q2 · Calendar Q3 2026

Nokia Maintains Profit Guidance as AI and Cloud Demand Strengthens

Nokia's Q2 supports a constructive but execution-dependent growth case: AI and cloud demand is translating into strong order intake and optical-network activity, while the company is increasing capacity and developing AI RAN. The case is tempered by maintained rather than raised guidance, lumpy order timing, supply constraints, and sizable restructuring and integration costs.

Reported Before market openNYSETechnology $42.51B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.08 Consensus $0.07
EPS surprise +14.3% Reported versus consensus
Reported revenue $5.48B Consensus $5.57B
Revenue surprise -1.7% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -5.4% Event window
SPY move -1.2% Same window
Abnormal move -4.1% Stock minus SPY
Volume 2.1× Versus trailing sessions
Subsequent drift +4.3% Up to 20 sessions
NOKSPY benchmark

Ask FN2 about NOK FY2026 Q2

Transcript, numbers and history already loaded
Why did NOK fall 5.4% after beating EPS estimates in FY2026 Q2?What changed in NOK's guidance and outlook in FY2026 Q2?Give me the bull and bear case for NOK after FY2026 Q2 earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Compared with the prior quarter, the emphasis shifted from raised network-infrastructure and optical/IP growth guidance to maintained operating-profit guidance, while Nokia reported stronger AI and cloud order intake and introduced its commercial AI RAN platform. Capacity expansion also broadened through the Arizona manufacturing-site acquisition and planned indium-phosphide investments.

Guidance delta

Maintained: management kept operating-profit guidance unchanged and expects performance to remain above the midpoint of the range.

Key takeaways

  • Q2 net sales grew 9%, while AI and cloud order intake reached €2.8 billion.
  • Optical-network growth accelerated, supported by new DSPs and expanded indium-phosphide manufacturing capacity.
  • Nokia introduced its commercial AI RAN platform, with pilot deployments planned by year-end 2026 and commercial launch in 2027.
  • Restructuring and integration charges of roughly €800 million are expected in 2026, while management described the cash position as strong.

Management priorities

  • Scale indium-phosphide fab capacity in San Jose and Pennsylvania.
  • Increase advanced test and packaging capacity at the Pennsylvania facility.
  • Advance AI RAN pilots and partnerships with Google Cloud, NVIDIA, and hyperscalers.
  • Focus capital on higher-margin optical and AI-driven opportunities while exiting low-margin businesses.

Follow NOK with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

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 $0.06 Q2 '27 estimate $0.09 Q3 '27 estimate $0.09
Show 1 more >

Analyst Consensus ?

ConsensusHold52 ratings
Bullish3261.5%
Neutral1528.9%
Bearish59.6%

Analyst 52W Price Targets

$7.88Current
$4.84Low
$8.5Average
$20High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 23, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
JP Morgan Overweight OverweightMaintainJun 12, 2026
Argus Research Buy HoldUpgradeApr 27, 2026
Jefferies Buy HoldUpgradeOct 28, 2025
Craig-Hallum Buy BuyMaintainJan 6, 2025
Northland Capital Markets Outperform OutperformMaintainOct 18, 2024
Show 47 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $7.88. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Northland SecuritiesTim Savageaux$20$17.13 +153.8%Jun 3, 2026
Argus ResearchJim Kelleher$15$10.46 +90.4%Apr 27, 2026
Northland SecuritiesAnalyst unavailable$13$10.53 +65.0%Apr 20, 2026
New StreetAnalyst unavailable$6.57$5.96 -16.6%Nov 20, 2025
Northland SecuritiesAnalyst unavailable$8.5$7.77 +7.9%Oct 29, 2025
See 11 more

Track every rating change on NOK the moment it posts. Free to start.

Start free

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

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
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
SSNC SS&C Technologies Holdings, Inc. FY2026 Q3 · Calendar Q4 2026 — +2.8% SS&C raises 2026 outlook as AI and tokenization drive growth
ROP Roper Technologies, Inc. FY2026 Q3 · Calendar Q4 2026 — +9.7% Roper raises DEPS outlook as AI adoption expands across portfolio
VRSN VeriSign, Inc. FY2026 Q3 · Calendar Q4 2026 — -0.9% VeriSign sustains domain growth as .web and security launches near
TTMI TTM Technologies, Inc. FY2026 Q3 · Calendar Q4 2026 — -27.2% TTM Technologies: Record Q3, but execution risks remain
CACI CACI International Inc FY2027 Q1 · Calendar Q4 2026 +16.6% -1.5% CACI raises FY27 outlook as backlog and defense awards expand

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

Get the NOK recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-07-23T17:03:44.163282+00:00
  2. FN2 earnings calendar · 2026-08-27T01:23:13.912278+00:00
  3. Polygon adjusted daily market bars · 2026-10-23T04:30:45.341827+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-23T04:30:45.339090+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 2026-10-23. For educational purposes only; not investment advice.