Canadians hunting for a growth stock that can “supercharge” in 2026 should keep it simple: look for a business with a clear demand tailwind, rising cash generation, and a catalyst that can show up in quarterly numbers. If management gives confident guidance and still has room to surprise, even better. Valuation matters, too. If the price already assumes perfection, great results can still disappoint. Also look for a moat that holds. So let’s see where these two growth stocks sit.
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SHOP
Shopify (TSX:SHOP) runs the commerce operating system for millions of merchants, from first-time entrepreneurs to global brands. It makes money from subscriptions and a growing suite of merchant services, including payments. Over the last year, the story stayed consistent: it kept taking share in e-commerce while pushing tools that make selling easier across channels.
The big headline hit on Feb. 11, 2026, when it reported a standout year and also reminded investors that growth stocks never get a free pass. For 2025, it delivered $11.6 billion in revenue and $2 billion in free cash flow, and it launched a $2 billion share repurchase program. It also reported operating income of $1.5 billion for 2025, which signals the business has matured beyond the “grow at any cost” phase. In Q4, revenue jumped 31% year over year to $3.7 billion and free cash flow came in at $715 million, while gross merchant value (GMV) reached about $123.8 billion.
The 2026 setup hinges on whether it can keep growth high while staying disciplined on cash. For Q1 2026, it guided for revenue growth in the low-thirties percent range and a free cash flow margin in the low-to-mid teens. That outlook suggests heavier investment as artificial intelligence (AI) shifts how people shop and how merchants run operations. The risk is margin wobble while it funds new bets, plus any slowdown in consumer spending that hits merchants first.
CLS
Celestica (TSX:CLS) may not feel like a “glamour” name, which is part of the appeal. It builds and supplies hardware and manufacturing solutions that sit inside data centres, cloud infrastructure, and other complex systems. When hyperscalers expand capacity, it can win bigger programs, scale production, and widen margins. That puts it in the slipstream of AI spending without needing to invent the next app.
Its last year has revolved around the AI data-centre buildout and how quickly it is converting demand into earnings. In late January 2026, it reported Q4 2025 revenue of $3.65 billion and non-GAAP adjusted earnings per share (EPS) of $1.89, above the high end of its guidance. For the full year, it reported revenue of $12.4 billion, up 28%, while adjusted EPS grew 56% year over year.
What makes 2026 interesting is the confidence in the forward numbers. It raised its 2026 annual outlook to revenue of $17 billion and non-GAAP adjusted EPS of $8.75, pointing to another step up as customers keep spending on AI infrastructure. It also kept its adjusted operating margin target at 7.8%, which gives investors a simple scorecard as the year unfolds. The risk is that hardware cycles can cool fast if customers pause orders, and the growth stock has already had a huge run, so any stumble can hit hard.
Bottom line
So, could these growth stocks be buys for Canadians who want growth in 2026? It depends on what you can stomach. Shopify offers a long runway and strong cash generation, but it carries a premium multiple and will keep facing “show me” moments around margins. Celestica offers a direct line to AI infrastructure spend and has raised guidance, but it lives in a cycle-heavy world where sentiment can flip quickly. If you want supercharged upside, both can fit, but only if you accept that the ride can get bumpy fast.
