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Nokia total debt 1995–2026What is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.
Nokia's total debt was 3.43B EUR on 30 September 2026, down 15.6% on a year before. At the end of fiscal year 2025 it was 4.41B EUR.
Last updated 8 Nov 2026 · Next report 28 Jan 2027
Total debt
Growth
| Fiscal year | Period ending | Total debt | Growth | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| Latest quarter | 30 Sept 2026 | 3.43B | -15.59% | 4.75B | 1.32B | 0.16 |
| FY2025 | 31 Dec 2025 | 4.41B | -7.13% | 6.42B | 2.01B | 0.21 |
| FY2024 | 31 Dec 2024 | 4.75B | -8.44% | 8.91B | 4.16B | 0.23 |
| FY2023 | 31 Dec 2023 | 5.19B | -6.00% | 8.24B | 3.05B | 0.25 |
| FY2022 | 31 Dec 2022 | 5.52B | -2.53% | 9.16B | 3.64B | 0.26 |
| FY2021 | 31 Dec 2021 | 5.66B | -28.65% | 9.60B | 3.94B | 0.33 |
| FY2020 | 31 Dec 2020 | 7.94B | +33.22% | 9.86B | 1.93B | 0.52 |
| FY2019 | 31 Dec 2019 | 5.96B | +55.86% | 6.74B | 785.75M | 0.35 |
| FY2018 | 31 Dec 2018 | 3.82B | +1.49% | 7.12B | 3.29B | 0.25 |
| FY2017 | 31 Dec 2017 | 3.77B | -6.50% | 8.58B | 4.82B | 0.23 |
| FY2016 | 31 Dec 2016 | 4.03B | +94.21% | 9.62B | 5.59B | 0.20 |
| FY2015 | 31 Dec 2015 | 2.07B | -22.96% | 9.96B | 7.88B | 0.20 |
| FY2014 | 31 Dec 2014 | 2.69B | -59.59% | 7.98B | 5.29B | 0.31 |
| FY2013 | 31 Dec 2013 | 6.66B | +20.06% | 9.26B | 2.59B | 1.03 |
| FY2012 | 31 Dec 2012 | 5.55B | +4.28% | 10.37B | 4.82B | 0.69 |
| FY2011 | 31 Dec 2011 | 5.32B | -7.07% | 10.90B | 5.58B | 0.45 |
| FY2010 | 31 Dec 2010 | 5.73B | +5.10% | 12.65B | 6.93B | 0.40 |
| FY2009 | 31 Dec 2009 | 5.45B | +22.09% | 9.20B | 3.75B | 0.42 |
| FY2008 | 31 Dec 2008 | 4.46B | +249.79% | 6.84B | 2.37B | 0.31 |
| FY2007 | 31 Dec 2007 | 1.28B | +303.76% | 11.77B | 10.50B | 0.09 |
| FY2006 | 31 Dec 2006 | 315.96M | -20.55% | 8.54B | 8.22B | 0.03 |
| FY2005 | 31 Dec 2005 | 397.67M | +70.06% | 9.90B | 9.50B | 0.03 |
| FY2004 | 31 Dec 2004 | 233.84M | -50.25% | 11.79B | 11.56B | 0.02 |
| FY2003 | 31 Dec 2003 | 470.07M | -16.68% | 12.09B | 11.62B | 0.03 |
| FY2002 | 31 Dec 2002 | 564.16M | -45.73% | 9.36B | 8.79B | 0.04 |
| FY2001 | 31 Dec 2001 | 1.04B | -19.57% | 6.14B | 5.10B | 0.09 |
| FY2000 | 31 Dec 2000 | 1.29B | +21.44% | 4.20B | 2.90B | 0.12 |
| FY1999 | 31 Dec 1999 | 1.06B | +5.16% | 4.17B | 3.11B | 0.14 |
| FY1998 | 31 Dec 1998 | 1.01B | +30.06% | 2.88B | 1.86B | 0.20 |
| FY1997 | 31 Dec 1997 | 778.18M | -25.78% | 2.05B | 1.27B | 0.22 |
| FY1996 | 31 Dec 1996 | 1.05B | -11.27% | 1.30B | 253.09M | 0.38 |
| FY1995 | 31 Dec 1995 | 1.18B | — | 749.96M | -431.76M | 0.48 |
| Quarter | Period ending | Total debt | Growth on a year before | Cash and short-term investments | Net cash | Debt to equity |
|---|---|---|---|---|---|---|
| Q3 FY2026 | 30 Sept 2026 | 3.43B | -15.59% | 4.75B | 1.32B | 0.16 |
| Q2 FY2026 | 30 Jun 2026 | 3.36B | -18.07% | 5.13B | 1.77B | 0.16 |
| Q1 FY2026 | 31 Mar 2026 | 3.33B | -34.35% | 6.12B | 2.80B | 0.16 |
| Q4 FY2025 | 31 Dec 2025 | 4.41B | -7.13% | 6.42B | 2.01B | 0.21 |
| Q3 FY2025 | 30 Sept 2025 | 4.07B | -11.82% | 5.67B | 1.60B | 0.21 |
| Q2 FY2025 | 30 Jun 2025 | 4.10B | -11.00% | 6.08B | 1.98B | 0.21 |
| Q1 FY2025 | 31 Mar 2025 | 5.07B | +6.50% | 7.22B | 2.16B | 0.24 |
| Q4 FY2024 | 31 Dec 2024 | 4.75B | -8.44% | 8.91B | 4.16B | 0.23 |
| Q3 FY2024 | 30 Sept 2024 | 4.61B | -15.81% | 8.76B | 4.15B | 0.23 |
| Q2 FY2024 | 30 Jun 2024 | 4.61B | -18.84% | 9.08B | 4.47B | 0.22 |
| Q1 FY2024 | 31 Mar 2024 | 4.76B | -18.05% | 8.40B | 3.64B | 0.22 |
| Q4 FY2023 | 31 Dec 2023 | 5.19B | +4.29% | 8.24B | 3.05B | 0.25 |
| Q3 FY2023 | 30 Sept 2023 | 5.48B | -3.81% | 6.67B | 1.20B | 0.24 |
| Q2 FY2023 | 30 Jun 2023 | 5.68B | -1.07% | 7.60B | 1.92B | 0.25 |
| Q1 FY2023 | 31 Mar 2023 | 5.80B | +2.05% | 8.38B | 2.58B | 0.25 |
| Q4 FY2022 | 31 Dec 2022 | 4.97B | -9.58% | 8.75B | 3.78B | 0.22 |
| Q3 FY2022 | 30 Sept 2022 | 5.69B | -6.84% | 9.54B | 3.85B | 0.29 |
| Q2 FY2022 | 30 Jun 2022 | 5.74B | -20.59% | 9.49B | 3.76B | 0.30 |
| Q1 FY2022 | 31 Mar 2022 | 5.69B | -8.17% | 9.51B | 3.82B | 0.32 |
| Q4 FY2021 | 31 Dec 2021 | 5.50B | -30.67% | 9.27B | 3.77B | 0.32 |
| Q3 FY2021 | 30 Sept 2021 | 6.11B | -8.71% | 9.66B | 3.55B | 0.38 |
| Q2 FY2021 | 30 Jun 2021 | 7.23B | +4.83% | 10.38B | 3.15B | 0.43 |
| Q1 FY2021 | 31 Mar 2021 | 6.19B | -5.25% | 9.03B | 2.84B | 0.45 |
| Q4 FY2020 | 31 Dec 2020 | 7.94B | +33.22% | 9.86B | 1.93B | 0.52 |
| Q3 FY2020 | 30 Sept 2020 | 6.69B | +22.76% | 7.88B | 1.19B | 0.44 |
| Q2 FY2020 | 30 Jun 2020 | 6.89B | +31.12% | 7.69B | 800.00M | 0.45 |
| Q1 FY2020 | 31 Mar 2020 | 6.54B | +19.49% | 6.93B | 392.82M | 0.37 |
| Q4 FY2019 | 31 Dec 2019 | 5.96B | +55.86% | 6.74B | 785.75M | 0.35 |
| Q3 FY2019 | 30 Sept 2019 | 5.45B | +46.00% | 5.25B | -205.00M | 0.38 |
| Q2 FY2019 | 30 Jun 2019 | 5.26B | +41.43% | 5.08B | -182.00M | 0.37 |
| Q1 FY2019 | 31 Mar 2019 | 5.47B | +47.04% | 6.72B | 1.25B | 0.37 |
| Q4 FY2018 | 31 Dec 2018 | 3.82B | +1.49% | 7.12B | 3.29B | 0.25 |
| Q3 FY2018 | 30 Sept 2018 | 3.74B | -2.86% | 5.87B | 2.13B | 0.25 |
| Q2 FY2018 | 30 Jun 2018 | 3.72B | -5.97% | 6.11B | 2.39B | 0.25 |
| Q1 FY2018 | 31 Mar 2018 | 3.72B | -15.68% | 8.13B | 4.41B | 0.24 |
| Q4 FY2017 | 31 Dec 2017 | 3.77B | -6.50% | 8.58B | 4.82B | 0.23 |
| Q3 FY2017 | 30 Sept 2017 | 3.85B | -0.21% | 6.88B | 3.04B | 0.23 |
| Q2 FY2017 | 30 Jun 2017 | 3.95B | +1.10% | 8.33B | 4.37B | 0.23 |
| Q1 FY2017 | 31 Mar 2017 | 4.41B | +4.06% | 9.04B | 4.63B | 0.23 |
| Q4 FY2016 | 31 Dec 2016 | 4.03B | +94.21% | 9.62B | 5.59B | 0.20 |
| Q3 FY2016 | 30 Sept 2016 | 3.85B | +39.30% | 9.59B | 5.73B | 0.21 |
| Q2 FY2016 | 30 Jun 2016 | 3.91B | +40.24% | 11.23B | 7.32B | 0.21 |
| Q1 FY2016 | 31 Mar 2016 | 4.24B | +49.09% | 12.71B | 8.47B | 0.20 |
| Q4 FY2015 | 31 Dec 2015 | 2.07B | -22.96% | 9.96B | 7.88B | 0.20 |
| Q3 FY2015 | 30 Sept 2015 | 2.77B | +5.86% | 7.00B | 4.24B | 0.31 |
| Q2 FY2015 | 30 Jun 2015 | 2.79B | +10.55% | 6.74B | 3.95B | 0.31 |
| Q1 FY2015 | 31 Mar 2015 | 2.84B | -40.55% | 7.68B | 4.83B | 0.31 |
| Q4 FY2014 | 31 Dec 2014 | 2.69B | -59.59% | 7.98B | 5.29B | 0.31 |
| Q3 FY2014 | 30 Sept 2014 | 2.61B | -61.12% | 7.88B | 5.27B | 0.32 |
| Q2 FY2014 | 30 Jun 2014 | 2.52B | -53.17% | 9.14B | 6.62B | 0.35 |
| Q1 FY2014 | 31 Mar 2014 | 4.78B | -14.91% | 7.02B | 2.23B | 0.79 |
| Q4 FY2013 | 31 Dec 2013 | 6.66B | +20.06% | 9.26B | 2.59B | 1.03 |
| Q3 FY2013 | 30 Sept 2013 | 6.72B | +28.88% | 9.45B | 2.73B | 1.01 |
| Q2 FY2013 | 30 Jun 2013 | 5.39B | +3.16% | 9.77B | 4.38B | 0.72 |
| Q1 FY2013 | 31 Mar 2013 | 5.62B | +14.25% | 10.43B | 4.81B | 0.73 |
| Q4 FY2012 | 31 Dec 2012 | 5.55B | +4.28% | 10.37B | 4.82B | 0.69 |
| Q3 FY2012 | 30 Sept 2012 | 5.22B | -9.18% | 8.78B | 3.56B | 0.66 |
| Q2 FY2012 | 30 Jun 2012 | 5.22B | -4.50% | 9.42B | 4.20B | 0.58 |
| Q1 FY2012 | 31 Mar 2012 | 4.92B | +5.06% | 9.79B | 4.87B | 0.45 |
| Q4 FY2011 | 31 Dec 2011 | 5.32B | +0.80% | 10.90B | 5.58B | 0.45 |
| Q3 FY2011 | 30 Sept 2011 | 5.74B | -2.01% | 10.81B | 5.07B | 0.45 |
| Q2 FY2011 | 30 Jun 2011 | 5.47B | +1.71% | 9.36B | 3.89B | 0.44 |
| Q1 FY2011 | 31 Mar 2011 | 4.68B | -8.94% | 11.06B | 6.37B | 0.33 |
| Q4 FY2010 | 31 Dec 2010 | 5.28B | +1.46% | 12.28B | 7.00B | 0.37 |
| Q3 FY2010 | 30 Sept 2010 | 5.86B | +7.76% | 10.66B | 4.80B | 0.43 |
| Q2 FY2010 | 30 Jun 2010 | 5.38B | -5.32% | 9.85B | 4.47B | 0.40 |
| Q1 FY2010 | 31 Mar 2010 | 5.14B | -16.48% | 9.80B | 4.66B | 0.37 |
| Q4 FY2009 | 31 Dec 2009 | 5.20B | +16.60% | 8.87B | 3.67B | 0.40 |
| Q3 FY2009 | 30 Sept 2009 | 5.44B | +27.02% | 7.89B | 2.46B | 0.45 |
| Q2 FY2009 | 30 Jun 2009 | 5.68B | +317.66% | 7.39B | 1.71B | 0.44 |
| Q1 FY2009 | 31 Mar 2009 | 6.16B | +381.53% | 8.63B | 2.47B | 0.43 |
| Q4 FY2008 | 31 Dec 2008 | 4.46B | +249.79% | 6.84B | 2.37B | 0.31 |
| Q3 FY2008 | 30 Sept 2008 | 4.28B | +352.53% | 7.22B | 2.94B | 0.32 |
| Q2 FY2008 | 30 Jun 2008 | 1.36B | +88.12% | 7.99B | 6.63B | 0.11 |
| Q1 FY2008 | 31 Mar 2008 | 1.28B | +639.69% | 10.36B | 9.08B | 0.09 |
| Q4 FY2007 | 31 Dec 2007 | 1.28B | +303.76% | 11.77B | 10.50B | 0.09 |
| Q3 FY2007 | 30 Sept 2007 | 946.04M | +181.84% | 9.16B | 8.21B | 0.07 |
| Q2 FY2007 | 30 Jun 2007 | 722.52M | +77.20% | 8.31B | 7.58B | 0.06 |
| Q1 FY2007 | 31 Mar 2007 | 172.92M | -49.74% | 9.08B | 8.91B | 0.01 |
| Q4 FY2006 | 31 Dec 2006 | 315.96M | -20.55% | 8.54B | 8.22B | 0.03 |
| Q3 FY2006 | 30 Sept 2006 | 335.67M | -4.75% | 7.92B | 7.58B | 0.03 |
| Q2 FY2006 | 30 Jun 2006 | 407.73M | -10.41% | 7.88B | 7.47B | 0.04 |
| Q1 FY2006 | 31 Mar 2006 | 344.03M | +5.18% | 9.03B | 8.69B | 0.03 |
| Q4 FY2005 | 31 Dec 2005 | 397.67M | +70.06% | 9.90B | 9.50B | 0.03 |
| Q3 FY2005 | 30 Sept 2005 | 352.42M | -5.96% | 10.98B | 10.63B | 0.03 |
| Q2 FY2005 | 30 Jun 2005 | 455.09M | -28.56% | 11.15B | 10.69B | 0.03 |
| Q1 FY2005 | 31 Mar 2005 | 327.09M | -47.11% | 12.64B | 12.31B | 0.03 |
| Q4 FY2004 | 31 Dec 2004 | 233.84M | -50.25% | 11.79B | 11.56B | 0.02 |
| Q3 FY2004 | 30 Sept 2004 | 374.75M | -27.91% | 12.19B | 11.81B | 0.03 |
| Q2 FY2004 | 30 Jun 2004 | 637.02M | -7.10% | 11.90B | 11.27B | 0.05 |
| Q1 FY2004 | 31 Mar 2004 | 618.48M | +21.32% | 12.20B | 11.58B | 0.04 |
| Q4 FY2003 | 31 Dec 2003 | 470.07M | -16.68% | 12.09B | 11.62B | 0.03 |
| Q3 FY2003 | 30 Sept 2003 | 519.86M | -45.56% | 10.78B | 10.26B | 0.04 |
| Q2 FY2003 | 30 Jun 2003 | 685.73M | -35.24% | 9.92B | 9.24B | 0.05 |
| Q1 FY2003 | 31 Mar 2003 | 509.79M | -56.94% | 10.45B | 9.94B | 0.04 |
| Q4 FY2002 | 31 Dec 2002 | 564.16M | -45.73% | 9.36B | 8.79B | 0.04 |
| Q3 FY2002 | 30 Sept 2002 | 954.94M | +11.67% | 8.02B | 7.07B | 0.07 |
| Q2 FY2002 | 30 Jun 2002 | 1.06B | -14.12% | 6.40B | 5.34B | 0.08 |
| Q1 FY2002 | 31 Mar 2002 | 1.18B | -15.33% | 6.94B | 5.75B | 0.10 |
| Q4 FY2001 | 31 Dec 2001 | 1.04B | -19.57% | 6.14B | 5.10B | 0.09 |
| Q3 FY2001 | 30 Sept 2001 | 855.11M | -36.40% | 4.68B | 3.82B | 0.07 |
| Q2 FY2001 | 30 Jun 2001 | 1.23B | +13.38% | 4.17B | 2.94B | 0.11 |
| Q1 FY2001 | 31 Mar 2001 | 1.40B | +103.74% | 5.28B | 3.88B | 0.14 |
| Q4 FY2000 | 31 Dec 2000 | 1.29B | +21.44% | 4.20B | 2.90B | 0.12 |
| Q3 FY2000 | 30 Sept 2000 | 1.34B | +197.63% | 4.12B | 2.77B | 0.14 |
| Q2 FY2000 | 30 Jun 2000 | 1.09B | +149.67% | 3.63B | 2.54B | 0.13 |
| Q1 FY2000 | 31 Mar 2000 | 686.37M | -23.43% | 4.20B | 3.51B | 0.09 |
| Q4 FY1999 | 31 Dec 1999 | 1.06B | +5.16% | 4.17B | 3.11B | 0.14 |
| Q3 FY1999 | 30 Sept 1999 | 451.74M | — | 3.33B | 2.88B | 0.07 |
| Q2 FY1999 | 30 Jun 1999 | 435.62M | +42.78% | 2.89B | 2.46B | 0.08 |
| Q1 FY1999 | 31 Mar 1999 | 896.43M | +175.06% | 2.99B | 2.09B | 0.18 |
| Q4 FY1998 | 31 Dec 1998 | 1.01B | +30.06% | 2.88B | 1.86B | 0.20 |
| Q3 FY1998 | 30 Sept 1998 | 0.00 | -100.00% | 2.24B | 2.24B | 0.00 |
| Q2 FY1998 | 30 Jun 1998 | 305.10M | -10.73% | 1.91B | 1.61B | 0.08 |
| Q1 FY1998 | 31 Mar 1998 | 325.91M | -4.53% | 2.10B | 1.77B | 0.09 |
| Q4 FY1997 | 31 Dec 1997 | 778.18M | -25.78% | 2.05B | 1.27B | 0.22 |
| Q3 FY1997 | 30 Sept 1997 | 284.99M | -30.17% | 1.70B | 1.41B | 0.09 |
| Q2 FY1997 | 30 Jun 1997 | 341.77M | -7.43% | 1.37B | 1.03B | 0.11 |
| Q1 FY1997 | 31 Mar 1997 | 341.38M | +1.52% | 1.26B | 923.28M | 0.12 |
| Q4 FY1996 | 31 Dec 1996 | 1.05B | -11.27% | 1.30B | 253.09M | 0.38 |
| Q3 FY1996 | 30 Sept 1996 | 408.14M | — | 858.24M | 450.11M | 0.16 |
| Q2 FY1996 | 30 Jun 1996 | 369.20M | — | 681.43M | 312.23M | 0.16 |
| Q1 FY1996 | 31 Mar 1996 | 336.28M | — | 666.27M | 329.99M | 0.14 |
| Q4 FY1995 | 31 Dec 1995 | 1.18B | — | 749.96M | -431.76M | 0.48 |
| Q3 FY1995 | 30 Sept 1995 | 0.00 | — | 617.54M | 617.54M | 0.00 |
| Q2 FY1995 | 30 Jun 1995 | 0.00 | — | 512.18M | 512.18M | 0.00 |
| Q1 FY1995 | 31 Mar 1995 | 0.00 | — | 939.87M | 939.87M | 0.00 |
Figures in EUR at the end of each period. Net cash is cash and short-term investments less total debt; book value per share is on the diluted share count. The latest column is the most recent quarter.
Total debt counts commercial paper, term debt and lease liabilities.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Free cash flow,Stock buybacks,Balance sheet
Common questions about Nokia's debt
Source: Financial Modeling Prep