[CLS] Celestica: Q3 2026 Earnings Test AI Rack Ramp and Gross Margin

Celestica is a contract manufacturer that designs and builds data center hardware for hyperscale cloud providers, AI service providers and IT equipment brands, and its Celestica Q3 2026 earnings are scheduled for 2026-10-27, covering Q3 2026 (the three months ended September 30, 2026)[1]. In the latest disclosed quarter, the second quarter of 2026, revenue was $4.70 billion, up 62% year over year and above the top of the company's $4.15 billion to $4.45 billion guidance range; the adjusted operating margin was 8.2%, adjusted EPS was $2.54 and GAAP EPS was $3.17[2][3]. On July 27 the company guided third-quarter revenue to $5.25 billion to $5.55 billion, adjusted EPS to $2.88 to $3.08 and the adjusted operating margin to 8.4% at the midpoint, and it raised its full-year revenue outlook from $19.0 billion to $20.5 billion and its free cash flow outlook from $500 million to $600 million[4]. The analyst consensus compiled by the Drillr earnings calendar on October 21 calls for third-quarter revenue of $5.373 billion and EPS of $2.94, with the revenue figure slightly below the $5.40 billion midpoint of company guidance[1].

Three things matter most in this report. First, can the Enterprise end market (AI compute racks and storage) grow about 190% year over year as guided while the adjusted gross margin holds at the second quarter's 11.5%? Second-quarter Enterprise revenue was $1.157 billion, up 167%, yet the adjusted gross margin slipped from 11.7% a year earlier to 11.5%[5][6], so the third-quarter numbers can show whether the ramp is spreading fixed costs or diluting gross margin. Second, can the Communications end market (networking switches) grow about 60% as guided, which requires sequential growth to accelerate from about 10% in the second quarter to about 17%, with management naming the first 1.6T switch production as one of the third-quarter growth sources[7][8]? If sequential growth does not accelerate, the more likely constraint is materials supply rather than demand. Third, with capital spending of about $1 billion planned for the year and inventory at $3.402 billion, can quarterly free cash flow stay near the second quarter's $147 million and the cash cycle stay near 47 days[9][10][11][12]? Much of the second-quarter improvement in the cash cycle came from longer payables, and the third quarter will show whether that improvement lasts.

Company Background and Business Structure

Celestica is headquartered in Toronto, Canada, is listed on both the New York Stock Exchange and the Toronto Stock Exchange, and describes itself as a provider of data center infrastructure and advanced technology solutions[2]. It does not sell its own branded end products; instead it designs, sources components for, assembles, tests and delivers hardware for customers, including networking switches, optical systems, data center racks, servers and storage used mainly for AI and cloud computing workloads in hyperscale data centers[13]. Hyperscale customers may deploy these products directly in their own data centers, or OEM customers may resell them to end users[14]. Management also changed in 2026: Steven Dorwart became President of the CCS segment on July 6, and on October 1 Todd Ankenmann succeeded Mandeep Chawla as CFO, with Chawla moving to the newly created role of Group President, Global Markets[15][16].

The company has two segments, and the data-center-related CCS segment now accounts for more than 80% of revenue. CCS (Connectivity & Cloud Solutions) contains the Communications and Enterprise end markets and generated $3.810 billion, or 81% of revenue, in the second quarter of 2026, of which Communications was $2.653 billion and Enterprise was $1.157 billion; ATS (Advanced Technology Solutions) generated $888 million, or 19%[5], and spans aerospace and defense, industrial, HealthTech and semiconductor capital equipment businesses[17]. Within CCS, HPS (Hardware Platform Solutions) is an ODM business in which the company designs hardware platforms and supporting software alone or jointly with customers, so it typically carries a higher margin than traditional EMS contract manufacturing but also requires more R&D spending[18]; second-quarter HPS revenue was about $1.9 billion, or 41% of total revenue[19].

Customer concentration is high, and the same shipment can translate into different amounts of revenue depending on the program. In the second quarter of 2026 the top 10 customers accounted for 83% of revenue, with three CCS customers at 32%, 17% and 14%; for full-year 2025 the top 10 accounted for 79%, with three customers at 32%, 14% and 12%[20][21]. Management said most networking switch programs include the silicon in Celestica's revenue, while most compute programs use customer-consigned silicon whose material cost does not flow through revenue[22], and the 10-K also notes a consignment model with specific customers for particular components[23]; to reduce the risk of excess or obsolete inventory, some customers pay inventory deposits, which stood at $481 million at the end of the second quarter[24]. Manufacturing assets are located in Thailand, the United States and Malaysia, among other places[25], and management said on the second-quarter call that capacity expansion is under way in Thailand, Japan and multiple locations in Texas[26].

Financial History and Current Position

Fiscal 2025 was a year of renewed growth, with profit rising much faster than revenue. Revenue in 2025 was $12.391 billion, up 28% from $9.646 billion in 2024; the adjusted operating margin rose from 6.5% to 7.5%, adjusted EPS rose from $3.88 to $6.05 and GAAP net earnings were $832.5 million[27]. The GAAP gross margin rose from 10.7% to 12.1%, a figure that includes $109.3 million of fair-value gains related to the company's total return swap (TRS) agreement[28]. At the segment level, CCS revenue grew 42% and HPS revenue grew 81% to $5.0 billion, or 41% of total revenue, while Enterprise revenue fell 19% because of a technology transition in an AI/ML compute program with one hyperscaler customer[29]; the CCS segment margin rose from 7.4% to 8.2%[30], and ATS revenue was $3.20 billion, up only 1%, with a 5.3% segment margin[17].

Cash generation in fiscal 2025 still looked asset-light. Operating cash flow for the year was $659.5 million, net capital expenditures were $201.2 million and free cash flow was $458.3 million[27]. Most of that capital spending went to expanding factories in Thailand, the United States and Malaysia and design centers to support growth in AI/ML and HPS programs[25].

Revenue growth in the first half of 2026 was more than double the full-year 2025 rate, and margins kept setting new highs. First-quarter revenue was $4.047 billion[31], with an 8.0% adjusted operating margin and $137.9 million of free cash flow[32]. Second-quarter revenue was $4.699 billion, up 62% year over year[5]; the adjusted gross margin was 11.5% (11.7% a year earlier), adjusted SG&A fell from 3.0% to 2.2% of revenue and the adjusted operating margin was 8.2% (7.4% a year earlier)[6]. The CCS segment margin was 8.7% and the ATS segment margin was 6.3%, up from 8.3% and 5.3% a year earlier[3]; the GAAP operating margin of 9.8% exceeded the adjusted figure mainly because $104.1 million of TRS fair-value gains were included in GAAP earnings[6].

Working capital and capacity expansion during the ramp have swelled the balance sheet, and the August share offering added cash. First-half operating cash flow was $767.2 million[33], capital expenditures were $493.3 million (versus $69.2 million a year earlier) and free cash flow was $285.0 million[11]. At the end of the second quarter, cash was $535.7 million and outstanding borrowings were $740.0 million[34]; inventory was $3.402 billion (versus $2.188 billion at the start of the year) and accounts payable were $3.820 billion (versus $1.866 billion)[10], with a cash cycle of 47 days[12]. In April the company enlarged its revolving credit facility from $750 million to $1.75 billion[35], and in August it sold about 11.13 million common shares at $310 each for net proceeds of about $3.39 billion, intended for working capital and capital expenditures[36].

Operating Model

Revenue is driven by shipments in two kinds of data center programs, but the two kinds recognize revenue differently. Communications revenue is roughly switch-program unit volume times a unit price that includes the switch silicon, and it was $2.653 billion in the second quarter; Enterprise revenue is roughly compute-rack volume times a unit price that excludes consigned silicon, plus storage, and it was $1.157 billion[5][22]. As a result, the same shipment value produces less recognized revenue in a compute program, while switch generation upgrades (400G to 800G to 1.6T) amplify revenue directly through silicon content. Supply-side lags are long: lead times for some components exceed 52 weeks, so shipping capacity has to be secured with materials roughly a year ahead[26].

Adjusted operating earnings equal adjusted gross profit minus adjusted SG&A and R&D, and recent margin gains have come mainly from spreading costs over higher volume rather than from gross margin. In the second quarter the adjusted gross margin was 11.5%, the adjusted SG&A ratio was 2.2% and the adjusted operating margin was 8.2%[6]. Management attributed the margin expansion to two factors: the higher-margin CCS segment is growing much faster than ATS, creating a favorable mix effect, and high factory utilization plus disciplined spending is producing operating leverage[22]. Directionally, a rising CCS share lifts the company-wide margin, but mix shifts within CCS can lower the gross margin percentage; the company attributed the decline in the second-quarter GAAP gross margin from 12.8% to 12.3% to mix dynamics in its CCS business[37].

Free cash flow equals operating cash flow minus net capital expenditures, and during a ramp working capital absorbs cash first before supplier terms and customer deposits offset it. In the first half, inventory rose by about $1.214 billion and receivables by about $700 million, while accounts payable rose by about $1.954 billion[10], leaving working capital as a net $195.6 million source of cash[33]. Capital spending affects profit with a lag: the roughly $1 billion of 2026 capital spending is about 6% of anticipated revenue, far above the historical range of 1.5% to 2.0% of revenue, and the 10-K states plainly that this raises the fixed-cost base and future depreciation[38]. The roughly $3.39 billion of net proceeds from the August offering is financing cash flow and is not counted in free cash flow[36].

Industry and Competitive Position

Celestica operates in a highly competitive contract design and manufacturing industry, and customer concentration magnifies the pricing pressure. The 10-K lists EMS competitors including Hon Hai, Jabil, Flex, Sanmina, Benchmark and Plexus, and ODM competitors including Quanta, Wiwynn and Accton; in data center switching, off-the-shelf products from OEMs such as Arista and Cisco are also an alternative for customers[39]. The company says that spending is increasingly concentrated among a few large data center customers, leading to aggressive bidding from EMS providers and stronger ODM efforts to gain share[40].

Celestica's differentiation lies in design capability and secure supply. HPS lets the company take part in switch and compute platforms as a designer, which gives it a higher margin than its traditional EMS business[18]. On the second-quarter call management said that in many dual-sourced programs Celestica is winning share from other providers because it already has materials in the pipeline and proven manufacturing processes that let it ramp quickly, and that it plans to have about 2,000 design engineers by the end of 2026[22].

The available comparison has clear limits. The company does not disclose revenue by customer, program or product generation, and the size of consigned versus non-consigned programs is not visible, so changes in share and margin can only be tested at the segment and company level and cannot be attributed to individual programs. Competitors' financials are not included on a comparable basis either, so their margins cannot be used to measure directly how large Celestica's advantage is; what can be observed is the change in Celestica's own segment margins and customer shares.

Core Debates

Celestica's Enterprise revenue rose 167% to US$1.157 billion in the second quarter, and the company guided for roughly 190% growth in the third quarter. Can the AI compute rack ramp deliver as guided without dragging down gross margin?

This question decides whether the fastest-growing part of the third quarter delivers, and it also decides which way gross margin moves. Enterprise has risen from 15% of revenue in the second quarter of 2025 to 25%[5], and in 2025 a compute program transition at one hyperscaler customer drove a 19% full-year decline in Enterprise revenue[29]. Most compute programs use customer-consigned silicon, so their revenue basis differs from switch programs[22], which leaves the effect of the Enterprise ramp on the gross margin percentage uncertain.

The current evidence shows a fast ramp alongside a slight decline in gross margin. Second-quarter Enterprise revenue was $1.1571 billion, up 39% sequentially, which the company attributed to the continued ramp of an AI/ML compute program with one hyperscaler customer and to storage demand[7]; first-quarter Enterprise revenue was $830.4 million[31], and working back from the sequential changes disclosed for the first quarter and the fourth quarter puts the third quarter of 2025 at about $470 million[41][42]. Over the same year-over-year comparison, the adjusted gross margin fell from 11.7% to 11.5% while the adjusted operating margin rose from 7.4% to 8.2%, because adjusted SG&A fell from 3.0% to 2.2% of revenue[6]. Applying the company's guidance of about 190% growth to the roughly $470 million prior-year base implies third-quarter Enterprise revenue of about $1.36 billion[8].

There are two readings of the gross margin decline, and the current data cannot yet tell them apart. One reading is that consignment gives compute programs a higher gross margin percentage and the decline came from other mix shifts within CCS; the other is that compute rack assembly adds little value, so the faster the ramp, the more gross margin is squeezed, with the operating margin improving only through cost absorption that has limited room left. The transmission runs from the compute program ramp to Enterprise revenue, then to the CCS revenue mix, and finally to the adjusted gross and operating margins; the largest customer's share was 32% in the second quarter and 35% in the first[20][43], so the more the ramp concentrates in one customer, the more mix risk and concentration risk move together.

The third quarter needs to be read on both absolute revenue and gross margin. If Enterprise reaches about $1.36 billion, the adjusted gross margin holds at 11.5% and the adjusted operating margin reaches the 8.4% guidance midpoint[4], the ramp has not diluted gross margin; if the largest customer's share rises above 35%, growth has become more dependent on a single customer. Conversely, Enterprise revenue below $1.22 billion would mean the compute ramp depends on one customer's deployment timing, and an adjusted gross margin below 11.3% would mean the ramping business is diluting gross margin.

Celestica guided third-quarter Communications revenue up about 60% year over year, which requires sequential growth to accelerate from about 10% to about 17%. Will 800G volumes and the first 1.6T production deliver?

Communications is the company's largest revenue stream and the first test of the 1.6T generation upgrade. Communications was 56% of revenue in the second quarter[5], and growth in the HPS design business also comes mainly from networking switch programs with hyperscaler customers[19]. Because switch silicon is included in Celestica's revenue, generation upgrades amplify revenue directly; management attributes 2027 growth first to the scaling of 800G and 1.6T switch programs[22].

The switch business grew solidly in the second quarter, but sequential growth is slowing. Communications revenue was $2.6532 billion, up 62% year over year, which the company attributed to 800G and 400G switch programs[8]; sequential increments were $296 million in the first quarter and $242.6 million in the second, with sequential growth slowing from 14% to 10%[41][7]. HPS revenue was about $1.9 billion, up 58%, slightly below the company's overall 62% growth, and its share of revenue fell from 43% to 41%[19]. The CCS segment margin was 8.7%, up 40 basis points year over year, which the company attributed to operating leverage[44].

The sequential slowdown may reflect supply constraints rather than weaker demand. On the first-quarter call management cited shortages of custom silicon, memory, PCBs, power components and optical components[45], and on the second-quarter call it said lead times for some components exceed 52 weeks[26]. Applying the company's guidance of about 60% growth to a third-quarter 2025 base of about $1.943 billion, worked back from disclosed sequential changes, implies third-quarter Communications revenue of about $3.11 billion, which requires about 17% sequential growth[8][42]; management attributed third-quarter growth to 800G volumes and the first 1.6T production, and a separate 1.6T co-packaged optics switch program is planned to ramp in the second half of 2027[45]. The transmission runs from switch generation upgrades to unit volumes and silicon-inclusive unit prices, then to Communications and HPS revenue, and finally to CCS segment income, which was $329.9 million in the second quarter[7].

The third quarter needs revenue, mix and margin to meet their marks together. The items to watch are whether Communications revenue reaches about $3.1 billion, whether HPS revenue exceeds about $1.9 billion with a share of at least 40%, whether the CCS segment margin stays at or above 8.7%, and whether the company confirms that 1.6T has entered volume shipments. If Communications falls below $2.92 billion, meaning it only repeats the second quarter's roughly 10% sequential growth, the first 1.6T production has not contributed revenue; if the CCS segment margin falls below 8.3%, competition or product mix has diluted operating leverage.

Celestica spent US$493 million on capital projects and added US$1.2 billion of inventory in the first half, yet its cash cycle fell from 55 to 47 days. Can it hold quarterly free cash flow near US$160 million in the third quarter while continuing to build capacity?

This question decides whether the company's growth can generate cash from operations alone. Capital spending in 2026 is about 6% of revenue, more than three times the historical range, and the 10-K warns that this raises fixed costs and future depreciation[38]; component lead times are long, so materials have to be paid for before volumes ramp[26]. The August offering raised net proceeds of about $3.39 billion[36], but that money is not counted in free cash flow, so third-quarter free cash flow still tests the business's ability to generate cash from operations.

Second-quarter cash performance depended heavily on supplier payment terms. Second-quarter operating cash flow was $410.9 million, net capital expenditures were $263.8 million and free cash flow was $147.1 million[11]. In the first half, receivables rose by $700 million and inventory by $1.214 billion, but accounts payable climbed from $1.866 billion to $3.820 billion[10], which the company said reflected business growth as well as the timing of payments and purchases[33]. The cash cycle fell from 55 days in the first quarter to 47 days, with payable days rising from 60 to 73 and inventory days rising from 61 to 67; customer deposits grew from $407.1 million at the start of the year to $481.4 million, while deposit days fell from 12 to 10[12].

There are two readings of the improvement in payment terms, and third-quarter cash flow can separate them. One reading is that the company's bargaining power with suppliers is growing with scale and the better terms can last; the other is that the payables peak at the end of the second quarter reflected purchase timing, so the cash cycle will return to around 55 days once those bills are paid, and together with about $500 million of second-half capital spending, free cash flow would then fall short of the level implied by the full-year target. The $600 million full-year free cash flow outlook minus the first half's $285 million implies about $315 million for the second half, or about $160 million per quarter[4][11]; for comparison, free cash flow in the third quarter of 2025 was about $89 million[27]. The cash balance after the offering does not change the free cash flow calculation, but it makes working capital pressure less visible on the balance sheet.

The third quarter needs cash flow and working capital measures to hold together. The items to watch are whether free cash flow is at least about $160 million, whether the cash cycle stays at or below 50 days, whether inventory days fall back below 67, and whether capital spending stays consistent with the roughly $1 billion full-year plan. If the cash cycle returns to 55 days or more, the second-quarter improvement came from payment timing; if free cash flow falls below $89 million, capacity expansion and materials buying have absorbed the profit growth.

Risks and Falsifiers

Shortages of key components bear directly on whether third-quarter revenue guidance is met. On the second-quarter call management said lead times for some components exceed 52 weeks[26], and the 10-Q warns that supplier delays can push out deliveries and that cost increases the company cannot recover would compress margins[46]. The exposed lines are the $5.25 billion to $5.55 billion revenue guidance and the 8.4% adjusted operating margin guidance[4]; if third-quarter revenue lands within or above the guidance range and the company no longer cites materials shortages as a limit on shipments, this risk is falsified.

Customer concentration means the investment pace of a few hyperscalers determines CCS revenue. In the second quarter the top 10 customers accounted for 83% of revenue, with three customers at 32%, 17% and 14%[20], and the 10-Q warns that if AI infrastructure investment slows these customers could delay, reduce or cancel programs, leaving added capacity underutilized[47]. The exposed lines are CCS revenue of $3.810 billion, or 81% of the second-quarter total, and the capacity being built for it[5]; if the combined share of the three main customers stops rising in the third quarter and the company maintains its view that growth will accelerate in 2027, this concern weakens.

Enterprise growth is concentrated in a single AI/ML compute program at one hyperscaler customer, so a transition or delayed deployment could open a revenue gap. A transition of this kind drove a 19% full-year decline in Enterprise revenue in 2025[29], and second-quarter growth again came from the continued ramp of one customer's compute program[19]. The exposed line is Enterprise revenue of $1.157 billion, or 25% of the total; third-quarter guidance implies about $1.36 billion, and a $140 million shortfall would consume close to half of the company's total revenue guidance range. If third-quarter Enterprise revenue is at least $1.36 billion and the largest customer's share is no higher than 32%, this risk is falsified.

A delay in 1.6T production, or a customer pause in purchases during the generation transition, would leave Communications growth stuck at the second quarter's sequential pace. This risk could stem from shortages of silicon or optical components[45] or from a buying pause as customers move between 800G and 1.6T. The exposed line is second-quarter Communications revenue of $2.653 billion; the gap of about $190 million between $2.92 billion and $3.11 billion exceeds half of the company's total revenue guidance range. If third-quarter Communications revenue is at least $3.11 billion and the company confirms 1.6T is in volume production, this risk is falsified.

Capacity spending and long-lead inventory are rising at the same time, and the cash gained in the second quarter by stretching payables could reverse in the third. The 10-K warns that higher capital spending raises fixed costs and future depreciation, and that added capacity could be underutilized if program timing changes[38]. The exposed items are the $600 million full-year free cash flow target with about $315 million implied for the second half, the $3.402 billion of inventory and the future depreciation from roughly $1 billion of capital spending; if third-quarter free cash flow is at least $160 million and the cash cycle is no higher than 50 days, this risk is falsified.

What to Watch Next

The checkpoints below condense the three core debates for the third-quarter report, using second-quarter 2026 disclosures as the baseline.

• AI compute rack ramp: Enterprise revenue was $1.157 billion, up 167%; watch whether it reaches about $1.36 billion, with a figure below $1.22 billion signaling dependence on one customer's deployment timing.
• AI compute rack ramp: the adjusted gross and operating margins were 11.5% and 8.2%; watch whether gross margin holds 11.5% and operating margin reaches 8.4%, with gross margin below 11.3% signaling dilution from the ramp.
• AI compute rack ramp: the largest customer's share was 32% (35% in the first quarter); a rise above 35% would deepen concentration, while 32% or less alongside Enterprise meeting guidance would ease it.
• 800G and 1.6T switches: Communications revenue was $2.653 billion, up 10% sequentially; watch whether it reaches about $3.1 billion, with a figure below $2.92 billion signaling no revenue from the first 1.6T production.
• 800G and 1.6T switches: HPS was about $1.9 billion and 41% of revenue, and the CCS segment margin was 8.7%; watch whether HPS exceeds $1.9 billion with at least a 40% share and the margin stays at or above 8.7%, with a margin below 8.3% signaling diluted operating leverage.
• 800G and 1.6T switches: management said on the second-quarter call that first 1.6T production begins in the third quarter; no confirmation of volume shipments combined with no Communications acceleration would mean the milestone slipped.
• Capacity build and cash conversion: quarterly free cash flow was $147 million; watch whether it is at least about $160 million, with a figure below $89 million signaling that expansion and materials buying absorbed profit growth.
• Capacity build and cash conversion: the cash cycle was 47 days and inventory days were 67; watch whether the cash cycle stays at or below 50 days, with 55 days or more signaling that the improvement came from payment timing.
• Capacity build and cash conversion: first-half capital spending was $493 million; spending well above the roughly $1 billion annual plan together with weaker free cash flow would signal rising fixed-cost pressure.

Conclusion

Celestica's results are driven jointly by hyperscalers' switch generation upgrades and AI compute rack deployments; second-quarter revenue was $4.70 billion with an 8.2% adjusted operating margin, and the company has raised its full-year revenue outlook to $20.5 billion[2]. The central unresolved relationship is where profit and cash are coming from: the operating margin gain came mainly from cost absorption, with the adjusted SG&A ratio falling from 3.0% to 2.2%, rather than from gross margin[6]; the cash cycle reached 47 days mainly because payable days rose to 73[12], while roughly $1 billion of capital spending this year is raising the fixed-cost base[38].

Two independent interpretations published after the second-quarter results address different debates. In a July 28 note, InfoArb Sheets argued that the slight dip in adjusted gross margin to 11.5% alongside an 80-basis-point rise in operating margin shows that profit growth is coming from scale and expense discipline even though product mix is not uniformly favorable; it also noted that the OpenAI program is expected to use consigned silicon and argued that ten separate 1.6T programs reduce single-program risk, although the count of 1.6T programs is the author's characterization rather than a company disclosure[48]. A Simply Wall St article on October 4 focused instead on the August share offering, arguing that the key question is whether the larger share count is offset by stronger earnings power in AI infrastructure over the next few years, and warning that an enlarged cost base linked to AI and data center capacity could pressure profitability rather than support it[49]. Both treat the 1.6T ramp as a test, but they differ in emphasis: the first sees lower risk from a spread of programs, while the second sees margin risk from a larger fixed-cost base; the first speaks to the gross margin question in the Enterprise debate and the second to the capacity build and cash conversion debate, and both are outside views that cannot substitute for the actual third-quarter data.

The combination that would materially strengthen the current understanding is Enterprise revenue near $1.36 billion with an adjusted gross margin of at least 11.5%, Communications revenue near $3.1 billion with confirmation that 1.6T is in volume production, and quarterly free cash flow of at least about $160 million with a cash cycle of no more than 50 days. Conversely, if revenue meets guidance but gross margin falls below 11.3% and the cash cycle returns to 55 days or more, or if Communications stalls near $2.9 billion, growth would be relying more on cost absorption and supplier terms, and the fixed costs from expansion would become the main pressure on later margins and cash flow.

Sources

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[18] CLS 10-K filed 2026-02-27 · HPS ODM margin profile and segment concentration · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[19] CLS 10-Q filed 2026-07-27 (Q2 2026) · CCS, HPS and Enterprise drivers Q2 2026 · 2026-07-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm

[20] CLS 10-Q filed 2026-07-27 (Q2 2026) · customer concentration Q2 2026 · 2026-07-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm

[21] CLS 10-K filed 2026-02-27 · customer concentration 2023-2025 · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[22] CLS earnings call 2026-07-28 (Q2 2026) · Q&A on 2027 growth, margins, share and consignment · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[23] CLS 10-K filed 2026-02-27 · materials ordering, customer deposits and consignment · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[24] CLS 10-Q filed 2026-07-27 (Q2 2026) · inventory write-downs and customer deposits · 2026-07-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm

[25] CLS 10-K filed 2026-02-27 · 2025 free cash flow and capital expenditures · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[26] CLS earnings call 2026-07-28 (Q2 2026) · management highlights and risks · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[27] CLS 10-K filed 2026-02-27 · Q4 2025 and FY2025 non-GAAP reconciliation · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[28] CLS 10-K filed 2026-02-27 · 2025 gross profit and gross margin · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[29] CLS 10-K filed 2026-02-27 · 2025 CCS, HPS and end-market revenue · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[30] CLS 10-K filed 2026-02-27 · 2025 segment income and margin · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[31] CLS 10-Q filed 2026-04-27 (Q1 2026) · Communications and Enterprise revenue Q1 2026 · 2026-04-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000032/cls-20260331.htm

[32] CLS 8-K filed 2026-04-27 (Q1 2026 results release) · Q1 2026 non-GAAP and free cash flow · 2026-04-27 · 8-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000030/cls-20260331prcondensedfs.htm

[33] CLS 10-Q filed 2026-07-27 (Q2 2026) · operating cash flow and working capital 1H 2026 · 2026-07-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm

[34] CLS 10-Q filed 2026-07-27 (Q2 2026) · cash, debt and liquidity June 30, 2026 · 2026-07-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm

[35] CLS 8-K filed 2026-04-28 · credit facility amendment · 2026-04-28 · 8-K · https://www.sec.gov/Archives/edgar/data/1030894/000110465926049818/tm2612871d1_8k.htm

[36] CLS 8-K filed 2026-08-07 · common share offering · 2026-08-07 · 8-K · https://www.sec.gov/Archives/edgar/data/1030894/000110465926092676/tm2621135d2_8k.htm

[37] CLS 10-Q filed 2026-07-27 (Q2 2026) · gross margin Q2 2026 · 2026-07-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm

[38] CLS 10-K filed 2026-02-27 · 2026 capex plan and fixed-cost risk · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[39] CLS 10-K filed 2026-02-27 · EMS and ODM competitors · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[40] CLS 10-K filed 2026-02-27 · CCS competitive landscape · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[41] CLS 10-Q filed 2026-04-27 (Q1 2026) · Q1 2026 versus Q4 2025 · 2026-04-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000032/cls-20260331.htm

[42] CLS 10-K filed 2026-02-27 · Q4 2025 versus Q3 2025 · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000011/cls-20251231.htm

[43] CLS 10-Q filed 2026-04-27 (Q1 2026) · end-market revenue, customers and gross margin Q1 2026 · 2026-04-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000032/cls-20260331.htm

[44] CLS 10-Q filed 2026-07-27 (Q2 2026) · segment income and margin Q2 2026 · 2026-07-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm

[45] CLS earnings call 2026-04-28 (Q1 2026) · outlook, supply and Q&A · 2026-04-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[46] CLS 10-Q filed 2026-07-27 (Q2 2026) · component shortage risk · 2026-07-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm

[47] CLS 10-Q filed 2026-07-27 (Q2 2026) · AI demand and capacity investment risks · 2026-07-27 · 10-Q · https://www.sec.gov/Archives/edgar/data/1030894/000103089426000044/cls-20260630.htm

[48] InfoArb Sheets 2026-07-28 · Celestica Q2 2026 Earnings · 2026-07-28 · InfoArb Sheets(Deltasheets Substack) · https://deltasheets.substack.com/p/cls-fy2026-q2

[49] Simply Wall St 2026-10-04 · Should Equity Offering Require Action From Celestica (TSX:CLS) Investors? · 2026-10-04 · Simply Wall St · https://www.webull.com/news/15690626603615232