Nokia Q3 2026: Comparable operating profit EUR 605M, up 35% YoY; FY 2026 outlook unchanged
Nokia reported Q3 2026 comparable operating profit of EUR 605 million, up 35% year-over-year, with comparable operating margin expanding 220 basis points to 11.7% on net sales of EUR 5,154 million (up 10% reported, 9% constant currency). The company's full-year 2026 outlook for comparable operating profit of EUR 2.1 billion to EUR 2.6 billion remains unchanged. Q3 comparable diluted EPS from continuing operations was EUR 0.09, up 50% from EUR 0.06 in Q3 2025.
Guidance updates
Forward guidance
Key takeaways
Full-year 2026 comparable operating profit outlook maintained at EUR 2.1-2.6 billion, but underlying assumptions were updated: Network Infrastructure net sales growth cut to 12-14% from 18-20%, FCF conversion lowered to 35-55%, restructuring charges increased to EUR 1,100 million, and capex range set at EUR 750-850 million
Q3 comparable operating margin expanded 220bps to 11.7% on revenue growth and operating efficiency; reported operating profit of EUR 196 million was down 22% reflecting restructuring and amortization
AI & Cloud customer sales more than doubled to EUR 631 million (+123% YoY), with EUR 1.5 billion in new orders secured during the quarter, supporting the strategic growth narrative
Infinera integration is on track to complete by year-end 2026 (one year ahead of plan) with EUR 200 million in expected net synergies
Free cash flow was negative EUR 99 million in Q3 2026; full-year FCF conversion assumption lowered to 35-55% due to an additional EUR 400 million in working capital investment
Board declared a EUR 0.03 per share dividend with a record date of October 27, 2026
Portfolio actions: Fixed Wireless Access CPE sale to Inseego completed October 1, 2026; Enterprise Campus Edge sale to AURELIUS signed October 13, 2026, expected to close H1 2027
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