Analyst Consensus ?
ConsensusHold52 ratings
Bullish3261.5%
Neutral1528.9%
Bearish59.6%
Nokia Oyj · NOK · FY2026 Q3 · Calendar Q4 2026
Nokia Q3: AI and Cloud Growth Lift Margins, Cash Flow Lags
Nokia’s Q3 analysis supports a constructive operating thesis: accelerating AI and cloud demand, strong Optical and IP Networks growth, and expanding margins are positive evidence. The case remains conditional because free cash flow was negative, restructuring and fab investments require execution, and reported EPS and revenue actuals were not supplied.
Reported Before market openNYSETechnology
$50.01B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.08
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $5.72B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-12.4%
Event window
SPY move
-1.3%
Same window
Abnormal move
-11.1%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
NOKSPY benchmark
Ask FN2 about NOK FY2026 Q3
Transcript, numbers and history already loaded
What drove NOK's -12.4% move after FY2026 Q3 earnings?What changed in NOK's guidance and outlook in FY2026 Q3?Give me the bull and bear case for NOK after FY2026 Q3 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 analysis shows AI and cloud at 12% of sales with 123% year-over-year growth, stronger reported Optical and IP Networks performance, a 220-basis-point operating-margin improvement, and new initiatives including ICEYE satellite communications. The main offset is negative free cash flow of €99 million alongside ongoing restructuring and capacity investment.
Guidance delta
Maintained; management's operating-profit guidance sentiment was maintained.
Key takeaways
- AI and cloud sales grew 123% year over year and represented 12% of total sales.
- Optical Networks grew 18% and IP Networks grew 43%; management forecasts 25–30% combined growth for 2027.
- Operating margin improved by 220 basis points to 11.7%.
- Free cash flow was negative €99 million amid working-capital buildup and restructuring outlays.
Management priorities
- Ramp Fab 2 to 24/7 production by year-end and prepare the Chandler facility for later capacity.
- Scale AI-RAN deployments and commercialize the next optical-networking roadmap.
- Execute planned business divestitures and restructuring while pursuing stated synergies.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$7.8Current
$4.84Low
$8.5Average
$20High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Jun 12, 2026 |
| Argus Research | Buy | Hold | Upgrade | Apr 27, 2026 |
| Jefferies | Buy | Hold | Upgrade | Oct 28, 2025 |
| Craig-Hallum | Buy | Buy | Maintain | Jan 6, 2025 |
| Northland Capital Markets | Outperform | Outperform | Maintain | Oct 18, 2024 |
| Goldman Sachs | Neutral | Neutral | Maintain | Dec 19, 2023 |
| Citigroup | Sell | Buy | Downgrade | Dec 15, 2023 |
| Raymond James | Outperform | Outperform | Maintain | Dec 13, 2023 |
| Credit Suisse | Outperform | Neutral | Upgrade | Sep 15, 2022 |
| Kepler Cheuvreux | Hold | Buy | Downgrade | Jul 22, 2022 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Jul 30, 2021 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | May 7, 2021 |
| MKM Partners | Buy | Buy | Maintain | May 1, 2020 |
| New Street Research | Buy | Neutral | Upgrade | Jan 7, 2020 |
| Charter Equity | Buy | Market Perform | Upgrade | Jul 26, 2019 |
| BMO Capital | Outperform | Market Perform | Upgrade | Jan 4, 2019 |
| Canaccord Genuity | Buy | Hold | Upgrade | Oct 26, 2018 |
| Exane BNP Paribas | Underperform | Neutral | Downgrade | Sep 19, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Feb 5, 2018 |
| B of A Securities | Buy | Neutral | Upgrade | Feb 5, 2018 |
| Natixis | Buy | Neutral | Upgrade | Jan 13, 2017 |
| CLSA | Underperform | Outperform | Downgrade | Oct 28, 2016 |
| Nordea Equity | Buy | Hold | Upgrade | Apr 8, 2016 |
| Nordea | Buy | Hold | Upgrade | Apr 8, 2016 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 21, 2015 |
| Danske Bank | Buy | Hold | Upgrade | Aug 26, 2015 |
| UBS | Buy | Neutral | Upgrade | May 8, 2015 |
| Evli Bank | Hold | Sell | Upgrade | May 4, 2015 |
| Oddo Securities | Buy | Neutral | Upgrade | Apr 22, 2015 |
| Bernstein | Outperform | Market Perform | Upgrade | Apr 22, 2015 |
| Barclays | Overweight | Equal Weight | Upgrade | Apr 22, 2015 |
| Swedbank | Neutral | Reduce | Upgrade | Apr 21, 2015 |
| Berenberg | Hold | Buy | Downgrade | Mar 13, 2015 |
| Societe Generale | Buy | Hold | Upgrade | Jan 24, 2014 |
| Carnegie | Buy | Hold | Upgrade | Jan 15, 2014 |
| S&P Capital IQ | Buy | Hold | Upgrade | Jan 14, 2014 |
| Santander | Underweight | Buy | Downgrade | Oct 22, 2013 |
| HSBC | Neutral | Underweight | Upgrade | Sep 23, 2013 |
| SEB Enskilda | Overweight | Market Weight | Upgrade | Sep 19, 2013 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Sep 11, 2013 |
| Oppenheimer | Perform | Underperform | Upgrade | Sep 3, 2013 |
| Northland Securities | Market Perform | Outperform | Downgrade | Sep 3, 2013 |
| Jyske Bank | Sell | Buy | Downgrade | Sep 3, 2013 |
| Baird | Neutral | Underperform | Upgrade | Sep 3, 2013 |
| Needham | Hold | Buy | Downgrade | Jul 18, 2013 |
| Nomura | Neutral | Neutral | Maintain | Apr 19, 2013 |
| Argus Capital | Buy | Hold | Upgrade | Feb 27, 2013 |
| Standpoint Research | Hold | Buy | Downgrade | Jan 23, 2013 |
| Standpoint | Hold | Buy | Downgrade | Jan 23, 2013 |
| Wedbush | Neutral | Neutral | Maintain | Oct 18, 2012 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Apr 23, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $7.8. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Northland Securities | Tim Savageaux | $20 | $17.13 | +156.2% | Jun 3, 2026 |
| Argus Research | Jim Kelleher | $15 | $10.46 | +92.2% | Apr 27, 2026 |
| Northland Securities | Analyst unavailable | $13 | $10.53 | +66.6% | Apr 20, 2026 |
| New Street | Analyst unavailable | $6.57 | $5.96 | -15.8% | Nov 20, 2025 |
| Northland Securities | Analyst unavailable | $8.5 | $7.77 | +8.9% | Oct 29, 2025 |
| Northland Securities | Analyst unavailable | $7.5 | $6.21 | -3.9% | Oct 24, 2025 |
| BNP Paribas | Jakob Bluestone | $5 | $4.38 | -35.9% | Sep 3, 2025 |
| Raymond James | Analyst unavailable | $7 | $5.12 | -10.3% | Jul 22, 2022 |
| Raymond James | Analyst unavailable | $6.75 | $4.9 | -13.5% | Apr 29, 2022 |
| Raymond James | Simon Leopold | $6.5 | $5.02 | -16.7% | Mar 14, 2022 |
| Citigroup | Andrew Gardiner | $5.44 | $6.08 | -30.3% | Jul 30, 2021 |
| Craig-Hallum | Christian Schwab | $8 | $6.08 | +2.5% | Jul 30, 2021 |
| BNP Paribas | Stefan Slowinski | $7.7 | $5.39 | -1.3% | Jul 5, 2021 |
| Goldman Sachs | Alexander Duval | $6.5 | $5.45 | -16.7% | Jun 25, 2021 |
| SEB Enskilda | Artem Beletski | $5 | $4.68 | -35.9% | Apr 30, 2021 |
| BlackRock | Achal Sultania | $4.84 | $4.68 | -38.0% | Apr 30, 2021 |
Track every rating change on NOK the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNokia 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.…
Technology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CACI CACI International Inc | FY2027 Q1 · Calendar Q4 2026 | +16.6% | -1.5% | CACI raises FY27 outlook as backlog and defense awards expand |
| TXN Texas Instruments Incorporated | FY2026 Q3 · Calendar Q4 2026 | +7.4% | +2.5% | Texas Instruments Q3: Strong Demand, Higher Capex and Lead-Time Risks |
| IBM International Business Machines Corporation | FY2026 Q3 · Calendar Q4 2026 | +3.5% | +3.9% | IBM Q3 Growth Accelerates as Software and AI Data Demand Strengthen |
| TDY Teledyne Technologies Incorporated | FY2026 Q3 · Calendar Q4 2026 | +8.9% | -0.3% | Teledyne raises 2026 outlook as imaging demand drives record quarter |
| LRCX Lam Research Corporation | FY2027 Q1 · Calendar Q4 2026 | +0.9% | -1.0% | Lam Research posts record quarter as AI drives tool intensity |
| SAP SAP SE | FY2026 Q3 · Calendar Q4 2026 | +4.4% | +1.6% | SAP Q3: Cloud growth and AI adoption support reaffirmed outlook |
Latest beats and misses
Who reports nextBeat on EPS
- LUVFY2026 Q3 · October 21, 2026+15.6% EPS+4.3% move
- RSFY2026 Q3 · October 21, 2026+17.4% EPS-0.7% move
- CACIFY2027 Q1 · October 21, 2026+16.6% EPS-1.5% move
- WCNFY2026 Q3 · October 21, 2026+3.9% EPS+8.8% move
- KMIFY2026 Q3 · October 21, 2026+9.2% EPS+1.2% move
- TXNFY2026 Q3 · October 21, 2026+7.4% EPS+2.5% move
Missed on EPS
- GGGFY2026 Q3 · October 21, 2026-2.5% EPS-16.6% move
- GL-PDFY2026 Q3 · October 21, 2026-1.2% EPS— move
- GLFY2026 Q3 · October 21, 2026-1.2% EPS-3.8% move
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
- MCOFY2026 Q3 · October 21, 2026-2.6% EPS+1.2% move
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
- Earnings call transcript and parsed analysis · 2026-10-22T16:03:59.370275+00:00
- FN2 earnings calendar · 2026-10-22T01:23:13.354406+00:00
- Polygon adjusted daily market bars · 2026-10-22T17:00:43.269108+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T17:00:43.264462+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 2026-10-22. For educational purposes only; not investment advice.