Best Canadian Growth Stocks to Buy in 2026
Finding the best Canadian growth stocks in 2026 is not about guessing which chart looks ready to run. It is about reading what each company actually reported last quarter, checking what management then told the market to expect, and being honest about the price you are being asked to pay for it. That is the method behind this list.
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All seven names below posted double-digit revenue growth in their most recently reported quarter, and four of them raised their own guidance in that same release. Several also trade well below their 52-week highs, which is the part most growth lists skip. We have not skipped it.
What you will learn
- The seven TSX-listed growth companies we rank highest for the rest of 2026, in order
- What each one reported in its latest quarter, from the company’s own results release
- Where the valuation risk sits on each name, in plain language
- Why growth belongs in a TFSA before it belongs anywhere else
How we ranked these seven
Verified reported growth comes first. Every growth figure here comes from the company’s own results release, not an aggregator and not a forecast. You will not find invented price targets or “expected 2027 revenue” anywhere below.
What management just did with guidance comes second. A company that raises its own outlook after a strong quarter is telling you something a screener cannot.
Valuation is the tiebreaker, not the starting point. Growth is worth paying for. It is not worth paying any price for, which is why the Shopify multiple gets its own paragraph and why Constellation Software ranks seventh rather than first.
One note on currency. Shopify, Celestica, Kinaxis and Constellation Software report their financials in US dollars while their shares trade in Canadian dollars on the TSX. Dollarama, Aritzia and WSP Global report in Canadian dollars. We label the currency on every figure below, and you should never set a USD revenue line beside a CAD share price without doing the same.
Canadian growth stocks at a glance
| Company (ticker) | Price | Market cap | P/E | Latest reported revenue growth | What management just did |
|---|---|---|---|---|---|
| Shopify (TSX: SHOP) | $212.42 | $273.33B | 99.83 | +34% (Q2 2026, USD) | Guided Q3 revenue to a low-thirties growth rate |
| Celestica (TSX: CLS) | $415.52 | $47.78B | 30.40 | +62% (Q2 2026, USD) | Raised full-year 2026 outlook |
| Dollarama (TSX: DOL) | $175.92 | $47.43B | 36.18 | +21.4% (Q1 FY2027, CAD) | Next results due September 16, 2026 |
| Aritzia (TSX: ATZ) | $130.68 | $14.97B | 34.18 | +43.4% (Q1 FY2027, CAD) | Raised FY2027 revenue guidance |
| WSP Global (TSX: WSP) | $189.47 | $25.54B | 27.10 | +22.9% net revenues (Q2 2026, CAD) | Raised full-year 2026 guidance |
| Kinaxis (TSX: KXS) | $178.68 | $4.86B | 41.21 | +16% (Q2 2026, USD) | Raised full-year revenue guidance |
| Constellation Software (TSX: CSU) | $3,163.56 | $67.04B | 49.14 | +17% (Q2 2026, USD) | Completed US$732 million of acquisitions in the quarter |
Market data as of market close August 28, 2026. Source: StockAnalysis. Growth figures come from each company’s own results release, linked in the sections below.
1. Shopify (TSX: SHOP)
Shopify is one of Canada’s most valuable public companies and the growth benchmark on the TSX, so it starts the list.
In Shopify’s Q2 2026 results release on August 5, 2026, covering the quarter ended June 30, 2026, the company reported “34% revenue growth (33% in constant currency)” and “18% free cash flow margins”, with the release headlining 30%-plus growth across GMV, revenue, gross profit and free cash flow. Quarterly revenue was US$3.58 billion. For Q3 2026, management guided revenue “to grow at a low-thirties percentage rate”, gross profit dollars “to grow at a mid-to-high twenties percentage rate”, and free cash flow margin “to be in the high-teens to low-twenties”.
Our view: revenue growth in the low-to-mid thirties is rare at any size. Doing it at Shopify’s scale while remaining free cash flow positive is what matters most, because it means the growth is self-funded rather than borrowed. Shopify has been a positive call on this site for years, and the long-run numbers behind that live on our top Canadian stocks overall page.
The risk is the multiple, and it is real. Shopify trades at a trailing P/E of 99.83, with a 52-week range of $129.01 to $253.10. At that valuation a growth slowdown does not just trim earnings, it compresses the multiple attached to them. You are paying a premium price for a premium growth rate, and both halves of that have to keep holding.
Data as of market close August 28, 2026. Source: StockAnalysis.
2. Celestica (TSX: CLS)
Celestica is the Toronto-based data-centre hardware maker riding the AI infrastructure buildout, and it posted the fastest verified growth on this list.
In Celestica’s Q2 2026 results release on July 27, 2026, revenue came in at US$4.70 billion, up 62% from US$2.89 billion in Q2 2025, with adjusted EPS of US$2.54. Both figures landed above the high end of the company’s own guidance. Celestica then raised its 2026 outlook to revenue of US$20.5 billion and adjusted EPS of US$11.30, representing year-over-year growth of 65% and 87% respectively. In the same release it said it expects 2027 revenue growth to accelerate beyond the 65% anticipated for 2026, citing very strong customer demand and new program wins.
Now the part that deserves your attention. Celestica closed August 28, 2026 at $415.52, down 5.51% on the day, against a 52-week range of $253.12 to $655.50. That leaves the shares roughly 37% below their 52-week high even though the company raised guidance a month earlier. We have not verified a cause for that gap and we will not invent one. What we can say is that the gap is the debate on this name. One reading is that the market is pricing in the cyclicality and volatility of AI infrastructure spending rather than the results Celestica has already reported. If you think that spending holds up, the disconnect is the opportunity. If you think it does not, it is the warning.
Analyst consensus is Strong Buy with an average target of $672.51 (source: StockAnalysis). Consensus targets are not guarantees. If AI infrastructure is the theme you want exposure to, read this one alongside our full list of Canadian AI stocks.
Data as of market close August 28, 2026. Source: StockAnalysis.
3. Dollarama (TSX: DOL)
Dollarama is the defensive name here, and defensive growth is still growth.
In Dollarama’s fiscal 2027 first quarter results, released June 11, 2026 for the quarter ended May 3, 2026, sales rose 21.4% to $1,846.1 million from $1,521.2 million. Comparable store sales in Canada grew 5.6%, up from 4.9% a year earlier. Diluted EPS was $1.11, up 13.3%, on net earnings of $302.3 million, up 10.4%. The Canadian store base reached 1,719 locations from 1,638, and the 410 stores in Australia contributed $192.8 million of sales.
Our view: the Australian expansion adds an international leg to a proven Canadian formula. The domestic business keeps opening stores and comping positively, and Australia gives that formula somewhere else to run.
Two risks. A P/E of 36.18 is a premium price for a retailer, and margins moved the wrong way in the quarter, with operating margin at 23.4% against 25.6% a year earlier per the same release. Dollarama’s next results are scheduled for September 16, 2026, so the mid-September print will show whether that margin line stabilises. Shares closed at $175.92 in a 52-week range of $166.00 to $209.96 and pay $0.48 a year, a 0.27% yield. Consensus is Buy with an average target of $209.24 (source: StockAnalysis, not a guarantee).
Data as of market close August 28, 2026. Source: StockAnalysis.
4. Aritzia (TSX: ATZ)
Aritzia is a long-standing conviction pick on this site, and the latest quarter is the clearest evidence yet that the US expansion is working.
In Aritzia’s Q1 fiscal 2027 results, covering the 13 weeks ended May 31, 2026, net revenue rose 43.4% to $951.0 million (release p.9). Comparable sales grew 35.1%, against 19.3% a year earlier (release p.9). United States net revenue climbed 54.5% and now represents 67.1% of total net revenue (release p.1-2, p.9). Net income of $117.3 million was up 176.6%, with diluted EPS of $0.99 against $0.36, up 175% (release p.1-2, p.9). Gross profit margin reached 50.3%, up 310 basis points (release p.1-2, p.9). Management raised FY2027 net revenue guidance to $4.55–4.75 billion.
Our view: two-thirds of revenue now comes from the United States. That is no longer a Canadian retailer running a US pilot, and the jump in comparable sales from 19.3% to 35.1% says the expansion is landing rather than just adding square footage. Our full Aritzia analysis covers the business in more depth than a list entry can.
The risk is straightforward. Fashion retail is hit-driven, and comparable sales of 35.1% set a very high bar for the same quarter next year. Aritzia closed at $130.68 in a 52-week range of $79.31 to $174.52, at a P/E of 34.18, with next results due October 9, 2026. Consensus is Buy with an average target of $189.14 (source: StockAnalysis, not a guarantee).
Data as of market close August 28, 2026. Source: StockAnalysis.
5. WSP Global (TSX: WSP)
WSP is the least glamorous name here and one of the most interesting setups.
In WSP’s Q2 2026 results release on August 5, 2026, the global engineering consultancy reported net revenues of $4.27 billion, up 22.9%, hitting the higher end of management’s $4.10–4.30 billion outlook range. Organic net revenue growth was 5.0%, achieved across all reportable segments. Backlog reached a record $20.1 billion, up 23.2% year over year with organic growth of 5.7%. Adjusted EBITDA margin was 19.1%, up 90 basis points, which the company attributed primarily to productivity improvements in the U.S. and Canada. WSP raised its full-year 2026 guidance.
Our view: a record backlog up 23.2% is revenue visibility, and visibility is rare in a growth portfolio. WSP compounds through acquisitions layered on a positive organic rate, and 5.0% organic growth spanning every reportable segment says the underlying business is contributing rather than the growth being purely bolted on.
The same honesty applies as with Celestica. WSP closed August 28, 2026 at $189.47 against a 52-week high of $291.46, roughly 35% below that high, in the same year the company reported accelerating growth and raised guidance. We have not verified a cause for that gap and will not guess at one. Either the market is right that something in the outlook is not durable, or the shares are lagging results already reported. That is the question you answer when you buy or pass. WSP trades at a P/E of 27.10 and pays $1.50 a year, a 0.79% yield. Consensus is Strong Buy with an average target of $288.86 (source: StockAnalysis, not a guarantee).
Data as of market close August 28, 2026. Source: StockAnalysis.
6. Kinaxis (TSX: KXS)
Kinaxis is the smallest company on this list at a $4.86B market cap, and it earns its place on a recurring revenue model with room left to grow.
In Kinaxis’s Q2 2026 results release on August 5, 2026, the Ottawa-based supply-chain planning software company reported total revenue up 16% to US$158.8 million, with SaaS revenue up 20% to US$106.5 million. Annual recurring revenue rose 19% to US$465.6 million. Adjusted EBITDA increased 23%, at a 26% margin. Management raised full-year guidance to revenue of US$625–640 million and SaaS revenue of US$427–434 million, representing 18% to 20% growth. CEO Razat Gaurav said in the release: “We delivered a strong second quarter, fueled by continued execution and customer momentum from both new and existing customers”.
Our view: ARR up 19% alongside a 26% adjusted EBITDA margin is the combination growth investors usually have to choose between, and the raised guidance says management expects the SaaS line to keep compounding near 20%.
The risk comes attached to the multiple. Kinaxis trades at a P/E of 41.21 in a 52-week range of $117.22 to $192.14, and SaaS multiples compress fast when growth slows, in a competitive market. Consensus is Buy with an average target of $209.23 (source: StockAnalysis, not a guarantee).
Data as of market close August 28, 2026. Source: StockAnalysis.
7. Constellation Software (TSX: CSU)
Constellation is the steady core of a growth portfolio rather than its engine, which is why it ranks seventh rather than first.
In Constellation Software’s Q2 2026 results, released August 11, 2026, revenue rose 17% to US$3,335 million from US$2,844 million, with organic growth of 3%. Net income attributable to common shareholders was US$274 million, or US$12.93 per diluted share against US$2.66 a year earlier. Free cash flow available to shareholders rose 57% to US$345 million. The company completed US$732 million of acquisitions in cash during the quarter, with total consideration including deferred payments of US$893 million.
Say the plain thing about this business: the growth is acquisition-driven. Organic growth was 3% in the quarter, and the 17% headline comes mostly from acquiring vertical-market software businesses. Constellation is the TSX’s proven serial acquirer in that category, and free cash flow available to shareholders up 57% is the output of the model working.
The risks follow from the model. Constellation closed at $3,163.56 in a 52-week range of $2,196.00 to $4,634.98, so the shares sit well below their 52-week high. The law of large numbers applies at a $67.04B market cap, and the whole approach depends on a continued acquisition pipeline at sane prices. It trades at a P/E of 49.14 and pays $5.52 a year, a 0.18% yield. Consensus is Buy with an average target of $3,932.68 (source: StockAnalysis, not a guarantee).
Data as of market close August 28, 2026. Source: StockAnalysis.
Steady compounders growth investors also watch
Three other TSX names come up constantly in growth conversations: Descartes Systems (TSX: DSG), Topicus and TFI International. We have not analysed their latest quarters for this article and are putting no numbers on them here. Treat them as candidates for your own research rather than picks from us.
Why growth stocks belong in your TFSA
Our account framework is simple: growth goes in the TFSA first, and everything else fits around that decision.
The reason is that capital gains inside a TFSA are never taxed. If one of these positions compounds for a decade, the entire gain is yours, with no tax event when you sell inside the account. That makes the TFSA the best home for holdings with the widest range of possible outcomes, because the account is worth the most precisely when the position works.
There is a quieter second advantage. Every company on this list trades on the TSX, so there is no foreign withholding tax to work around, unlike US-listed dividend payers held in a TFSA. Canadian growth stocks and Canadian tax-sheltered accounts fit together cleanly. For how we think about structuring the account, see our TFSA stocks guide.
How to buy Canadian growth stocks
All seven companies trade on the Toronto Stock Exchange, so any Canadian brokerage with TSX access can hold them. What differs between platforms is commission structure, the account types offered, and how research and data are presented, which is why we maintain our comparison of Canadian investing apps.
Ready to add Canadian growth stocks to your portfolio? Open a Questrade account and build your positions in a TFSA or RRSP.
Frequently asked questions
What is the best Canadian growth stock right now?
Our top pick is Shopify. It pairs the largest scale on this list with reported revenue growth of 34% in Q2 2026 and 18% free cash flow margins, per the company’s own release, and management guided Q3 revenue to a low-thirties growth rate. It ranks first because the growth is self-funded. That is a ranking rather than a promise, and the near-100 trailing P/E is a genuine risk you take on with it.
Are Canadian growth stocks a good buy in 2026?
It depends on which one and at what price. The verified growth is real: Celestica reported 62% revenue growth in Q2 2026 and Aritzia 43.4% in its fiscal Q1 2027, both from company releases. Valuations vary enormously, from Shopify at a 99.83 P/E to WSP at 27.10. Several of these names, Celestica and WSP included, closed August 28, 2026 roughly a third below their 52-week highs despite raising guidance. Whether that reads as opportunity or as warning is the judgment you have to make.
Should I hold growth stocks in a TFSA or RRSP?
Our framework puts growth in the TFSA first, because capital gains inside the account are never taxed, so the account is worth the most when the position works out best. All seven names here are TSX-listed, which avoids the foreign withholding tax questions that come with US-listed holdings. This is general education, not personal tax advice, and our TFSA stocks guide covers the account mechanics.
What is the fastest-growing large Canadian company?
On this list, Celestica. It reported Q2 2026 revenue of US$4.70 billion, up 62% from US$2.89 billion a year earlier, per its results release, and raised its 2026 outlook to US$20.5 billion of revenue, representing 65% growth for the year.
Do Canadian growth stocks pay dividends?
Mostly not, or only token amounts. Of the seven here, WSP Global pays $1.50 a year (0.79% yield), Constellation Software $5.52 (0.18%) and Dollarama $0.48 (0.27%), as of market close August 28, 2026 (source: StockAnalysis). No dividend is listed in our data for Shopify, Celestica, Aritzia or Kinaxis. If income is your objective, this is not the list to start from.
The bottom line
The best Canadian growth stocks going into the rest of 2026 share one thing: their latest quarter, as reported by the company itself, showed double-digit growth, and four of the seven then raised their own guidance. Shopify leads on scale and self-funded growth, Celestica on raw growth rate, Aritzia on the clearest expansion story, and Constellation Software on the most durable capital-allocation record.
What separates this list from a momentum screen is the second half of each entry. Shopify’s multiple is demanding. Dollarama’s margins slipped. Aritzia’s comps set a punishing bar for next year. Celestica and WSP raised guidance while their shares sat roughly a third below their 52-week highs, and we have not verified why. Own the growth, but own the risk with it, and size each position accordingly. For the wider portfolio these picks sit inside, start with our top Canadian stocks overall.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Market and share data as of the Friday, August 28, 2026 close (StockAnalysis). Company figures from each company’s own results release.
