2025 has been a pretty great year for TSX stocks. The S&P/TSX Composite Index is up 26.5% to a near record of 31,160 points. The rise has largely been driven by very strong outperformance in the mining sector.
Beyond the mining sector, there have been a slew of outperformers in a mix of sectors. Here are three top TSX stocks in 2025 and why they may be a buy or just a watch in 2026.
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Celestica: This TSX stock is up over 220%!
Celestica (TSX:CLS) stock is up a whopping 220% year to date! That’s after a massive 250% rise in 2024!
AI has been a major theme in 2025, and that has helped drive strong earnings. Year to date, revenues have risen 23%. Earnings per share are up 50%. While those are impressive results, it has been Celestica’s rising guidance for the rest of 2025 and for 2026 that has really propelled the stock forward.
It is projecting 31% revenue growth and 39% earnings per share growth in 2026. The company is enjoying very strong demand from hyperscaler customers looking to expand AI data centre capacity. Celestica has end-to-end solutions to cater to increasingly complex data centres.
This TSX stock is no longer cheap like it was in 2023 and 2024. It now trades with a price-to-earnings ratio of 40! Last year, I didn’t think Celestica could possibly rise by over 200% after a huge 2024 move. Yet, it did.
There are certainly high expectations built into the stock price right now, but I wouldn’t bet against it either.
Aritzia: A top TSX retail stock soared 97%
Aritzia (TSX:ATZ) has also delivered a second incredible year in a row. This TSX stock rose 97% in 2024. It is up 106% in 2025 so far!
Aritzia has really started to gain traction in the United States. It grew its retail presence by over 25% with 13 new stores and three renovation upgrades. Its U.S. revenues now exceed its Canadian revenues.
A mix of strategic openings, timely product assortments, and online/mobile expansions is helping fuel strong results. Yet, the growth story is not finished. Aritzia could easily become three times (or more) larger in the U.S. alone. That doesn’t contemplate international expansion plans either.
If it can keep executing, there could still be more upside to come. Yet, the market is now factoring that growth.
This TSX stock is trading near its highest valuation in five years. A lot of its growth is factored into its rich valuation. I think this is a great company, but I would wait for a pullback before adding further.
Finning: Up 93% this year
Finning International (TSX:FTT) has likewise delivered an incredible year. This TSX stock is up 93% in 2025.
Finning is not a flashy business by any means. It sells, services, and rents yellow iron equipment across Canada, the U.K., and South America.
Yet, it is having an exceptional year. For context, last quarter it earned $1.17 in earnings per share, which was more than it earned in all of 2020! Elevated metals prices have been driving a resurgence in the mining sector. Miners use a huge amount of yellow iron.
Likewise, factors like big infrastructure investments, data centre developments, and energy/power growth are driving up demand and backlog for construction equipment.
Finning is a cyclical business. You probably don’t want to buy this TSX stock at a peak price and a peak valuation. There could still be more upside, but it isn’t likely to replicate a year like 2025 in 2026 or beyond.
