Two Canadian growth stocks are set to soar in 2026

Canadians looking for a growth stock that can deliver a ‘supercharge’ in 2026 should keep it simple: look for a company with a clear tailwind in demand, rising cash generation and a catalyst that can show up in quarterly earnings. If management leads confidently and still has room to surprise, even better. Appreciation is also important. If the price already assumes perfection, great results can still disappoint. Also look for a moat that holds. So let’s take a look at where these two growth stocks stand.

SHOP

Shopify (TSX:SHOP) operates the trading operating system for millions of merchants, from early-stage entrepreneurs to global brands. It makes money through subscriptions and a growing range of merchant services, including payments. Over the past year, the story has remained consistent: the company continued to gain market share in e-commerce while developing tools that facilitate cross-channel sales.

The big headline came on February 11, 2026, when it reported a standout year and also reminded investors that growth stocks never get a free pass. For 2025, it generated $11.6 billion in revenue and $2 billion in free cash flow, and launched a $2 billion share buyback program. It also reported operating income of $1.5 billion for 2025, indicating that the company is past the “grow at all costs” phase. In the fourth quarter, revenue rose 31% year-over-year to $3.7 billion and free cash flow reached $715 million, while gross merchandise value (GMV) reached approximately $123.8 billion.

The 2026 setup hinges on whether it can keep growth high while remaining disciplined on cash. For the first quarter of 2026, this was indicative of revenue growth of around thirty percent and a free cash flow margin in the low to mid teens. This outlook signals heavier investment as artificial intelligence (AI) changes the way people shop and how merchants run their businesses. The risk is that margins fluctuate as new bets are funded, plus any slowdown in consumer spending that hits sellers first.

CLS

Celestica (TSX:CLS) may not feel like a “glam” name, which is part of its appeal. It builds and delivers hardware and manufacturing solutions that reside in data centers, cloud infrastructure and other complex systems. As hyperscalers expand capacity, they can win larger programs, scale production and increase margins. That puts it in the slipstream of AI spending without having to invent the next app.

The past year has been all about the buildout of AI data centers and how quickly they convert demand into revenue. At the end of January 2026, the company reported fourth-quarter 2025 revenue of $3.65 billion and non-GAAP adjusted earnings per share (EPS) of $1.89, above the upper end of its expectations. For the full year, it reported revenue of $12.4 billion, up 28%, while adjusted earnings per share grew 56% year over year.

What makes 2026 interesting is the confidence in the future figures. It raised its full-year guidance for 2026 to $17 billion in revenue and non-GAAP adjusted earnings per share of $8.75, signaling another move higher as customers continue to spend on AI infrastructure. The company also maintained its adjusted operating margin target at 7.8%, giving investors a simple scorecard as the year progresses. The risk is that hardware cycles can cool quickly as customers pause their orders and growth stocks have already had a huge run, so any stumble could hit hard.

In short

So could these growth stocks be a buy for Canadians looking for growth in 2026? It depends on what you can tolerate. Shopify offers a long runway and strong cash generation, but has a premium multiple and will face “show me” moments around margins. Celestica offers a direct line to AI infrastructure spending and has provided more guidance, but lives in a world full of cycles where sentiment can change quickly. If you want a supercharger, both will fit, but only if you accept that the ride can get bumpy quickly.