Two Canadian Growth Stocks With Real Upside Potential in 2026

If you’re focused on long-term growth instead of income, there are a couple of Canadian stocks that stand out as potential leaders throughout 2026 because they combine strong demand trends and improving cash generation with catalysts that could show up in quarterly results.

1) Shopify (TSX: SHOP)
Shopify remains one of the most recognizable Canadian growth names thanks to its massive e-commerce platform used by millions of merchants worldwide. It makes money from subscription services and a growing suite of merchant-oriented solutions like payments and logistics. Recent results showed healthy revenue growth and expanding free cash flow, and management has been buying back shares to return capital to investors. Growth expectations for early 2026 hinge on whether Shopify can sustain high revenue expansion while navigating margin pressure from investments in AI-enhanced tools and new commerce features. That makes SHOP a name with big runway — but also expectations baked into its valuation that require continued execution.

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2) Celestica (TSX: CLS)
Celestica operates in the industrial and technology hardware space, providing manufacturing and supply-chain solutions that sit at the heart of cloud and AI data-centre buildouts. It recently reported strong revenue and earnings acceleration, and its raised guidance for 2026 reflects confidence in continued demand from hyperscalers and enterprise customers investing in compute infrastructure. With a business tied to expanding global data capacity and secular tech trends, CLS’s growth profile makes it compelling for investors looking beyond software and services — but it’s also cyclically sensitive, meaning orders can ebb and flow with hardware spend.

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Worth noting: Both Shopify and Celestica carry higher risk than defensive or income-oriented stocks because their valuations depend on future growth and sector momentum. Shop’s premium multiples mean disappointments can lead to sharp sell-offs, while Celestica’s reliance on hardware cycles can amplify volatility. However, for investors with a multi-year horizon and appetite for growth, these two Canadian stocks articulate meaningful paths to higher returns in 2026 — if execution and demand stay strong.