Nokia's Q3 2026 net sales grew 9% at constant currency, led by Network Infrastructure and Mobile Infrastructure, and operating margin rose 220 basis points to 11.7%. AI and Cloud revenue jumped 123% year over year to 12% of group net sales, with orders of €1.5 billion, up 118%, while IP Networks grew 43% and Optical Networks 18%. Core Software fell 13% and Fixed Networks dropped 22%, as the company deemphasized some applications and faced server infrastructure supply constraints. Operating profit reached €605 million, but free cash flow was negative €99 million due to restructuring payments and higher working capital. Management expects Q4 sales to rise 20% to 24% sequentially, expects about €1.1 billion in restructuring charges for 2026, and reports €2.6 billion in net cash.
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