Artificial intelligence (AI) adoption in Canada is relatively slow compared to its neighbour, the USA. However, it would be top of the agenda for government and business leaders in 2026.
If you’re looking to invest before the AI ecosystem grows, three Canadian AI stocks should be on your watchlist. Each company has a specific AI focus. It would help to know what they are before making an investment decision.
Supply chain
Kinaxis (TSX:KXS) offers mission-critical, AI-enhanced software for supply chain management. The $4.9 billion Software as a Service (SaaS) company benefits from a “sticky” customer base. Sticky is good for SaaS companies because it means customers will stay on their platforms for the long term.
Maestro, its AI-powered supply chain orchestration platform, is integrated into core business processes such as logistics, manufacturing, procurement, and even finance systems. The platform also holds critical data, including historical and future supply chain data, algorithms, and decision logic.
In Q3 2025, profit jumped 150% to US$16.8 million compared to Q3 2024. The impressive financial results confirm both Keyera’s high customer retention rate and its proven supply chain solutions.
Its interim CEO, Bob Courteau, said Kinaxis has a strong AI product pipeline and is preparing to roll out additional capabilities in the coming months. KXS trades at $179.62 per share.
E-learning
Docebo (TSX:DCBO) trades at a discount but is well-positioned for a strong recovery in 2026. At $29.95 per share, the year-to-date loss is 53.5%. This $854.3 million company provides an AI-powered Learning Management System (LMS) for businesses. Using AI for personalized learning and adaptive corporate training is a growing secular trend.
Its President and CEO, Alessio Artuffo, said, “Our business continues to show steady progress, supported by stronger systems integrator partnerships and growing presence in the federal and SLED markets. SLED refers to the State, Local, and Education sectors.
In Q3 2025, subscription revenue and net income increased 10% and 22% year-over-year, respectively, to US$58 million and US$6.1 million versus Q3 2025. Notably, annual recurring revenue (ARR) and free cash flow (FCF) rose 10.1% and 9.2% respectively to US$235.6 million and US$5.7 million from a year ago.
Docebo’s growth prospects and expansion in the public sector are favourable after securing FedRAMP Moderate Authorization.
IT and business consulting
CGI Inc. (TSX:GIB.A) is a heavyweight in global IT consulting. Market analysts recommend a strong buy following its Q4 and fiscal year 2025 results. The current share price is $125.82 (-19.7% year-to-date), while the 12-month average price target is $155.08 (23.3% upside). This tech stock pays a modest 0.48% dividend.
The $27.2 billion offers a range of services to major corporations and governments with an integrated approach to AI adoption. In the 12 months ending September 30, 2025, revenue and adjusted net earnings increased 8.4% and 10.9% respectively to $15.9 billion and $1.9 billion versus fiscal year 2024. The backlog at year-end is $31.5 billion, or 2 times the annual revenue.
CGI President and CEO François Boulanger said, “Clients continued to rely on CGI as a trusted transformation partner to improve productivity, reduce costs, and achieve business outcomes.” Looking ahead, he expects a nearly 30% increase in new opportunities.
Major AI players
Kinaxis, Docebo, and CGI should blossom in the Canadian AI landscape. Their applications of AI to specific industries are competitive advantages and growth catalysts.
