Key Points
Over the past eight quarters, Verizon consistently generated a higher volume of revenue than Nokia, maintaining a clear gap between the two companies.
Verizon generally demonstrates stable quarter-over-quarter revenue totals, while Nokia displays a cyclical pattern characterized by notable peaks at the end of each calendar year.
Investors monitoring these trends should watch whether the two companies can sustain their positive year-over-year growth trajectories or if historical patterns begin to shift in upcoming quarters.
Nokia: Seasonal Cycles and Periodic Revenue Peaks
Nokia Oyj (NYSE:NOK) earns its revenue by supplying extensive network infrastructure, optical routing equipment, and comprehensive cloud services to communications service providers and digital enterprises globally. Between August and October 2026, it completed the planned sale of its fixed wireless access business and entered a separate agreement to develop satellite communications capabilities.
Verizon: High Base Volume and Consistent Revenue
Verizon Communications (NYSE:VZ) generates its revenue primarily by delivering wireless connectivity, high-speed internet access, and specialized business networking solutions to diverse consumer and enterprise customers. Between August and October 2026, it launched a joint venture to eliminate mobile coverage dead zones and finalized the sale of a wireless carrier unit.
Why Revenue Matters for Investors
Revenue represents the total cash brought into a business before any operating expenses are deducted. This metric helps investors measure a company's overall size, market footprint, and long-term trajectory.
Nokia Oyj vs. Verizon Communications Revenue over the last 8 quarters. Figures: Nokia Oyj shown in U.S. dollars, converted from euros.
Quarterly Revenue Data for Nokia and Verizon
| Calendar quarter | Nokia Oyj Revenue | Verizon Communications Revenue |
|---|---|---|
| Q4 2024 | $6.4 billion (quarter ended Dec. 31, 2024) | $35.7 billion (quarter ended Dec. 31, 2024) |
| Q1 2025 | $4.6 billion (quarter ended March 31, 2025) | $33.5 billion (quarter ended March 31, 2025) |
| Q2 2025 | $5.2 billion (quarter ended June 30, 2025) | $34.5 billion (quarter ended June 30, 2025) |
| Q3 2025 | $5.6 billion (quarter ended Sept. 30, 2025) | $33.8 billion (quarter ended Sept. 30, 2025) |
| Q4 2025 | $7.1 billion (quarter ended Dec. 31, 2025) | $36.4 billion (quarter ended Dec. 31, 2025) |
| Q1 2026 | $5.3 billion (quarter ended March 31, 2026) | $34.4 billion (quarter ended March 31, 2026) |
| Q2 2026 | $5.6 billion (quarter ended June 30, 2026) | $34.3 billion (quarter ended June 30, 2026) |
| Q3 2026 | $5.9 billion (quarter ended Sept. 30, 2026) | $34.3 billion (quarter ended Sept. 30, 2026) |
Data source: Financial Modeling Prep. Nokia Oyj's figures are converted from euros to U.S. dollars. Data as of Nov. 2, 2026.
Foolish Take
Nokia and Verizon are two giants of the telecommunications industry, although both are looking toward capitalizing on the artificial intelligence boom. This could prove transformative to their revenue growth trajectories in time.
Verizon's AI Connect offering is an integrated suite of network infrastructure, connectivity, and data center solutions launched by Verizon Business to help enterprises deploy and scale artificial intelligence workloads.
Nokia formed a partnership with AI giant Nvidia to support the development of AI radio access network (AI-RAN) technology. AI-RAN differs from today's 5G network in that artificial intelligence transforms it from a passive data pipe into one where AI intelligently manages traffic for improved speed, coverage, and capacity.
How these AI endeavors pan out will reflect in revenue totals eventually, if they prove successful. For now, Verizon's income trajectory reflects the stable sales growth inherent in its cellphone service subscriptions, while Nokia’s represents cyclical technology spending. The revenue spikes in Nokia's fourth quarter reflect the use-it-or-lose-it IT spending by its customers, who have to use up their budgets before the end of each calendar year.
Robert Izquierdo has positions in Nvidia and Verizon Communications. The Motley Fool has positions in and recommends Nvidia. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.