Revenue surged 62.4% YoY to $4.7B in 2026Q2 with gross margin expanding to 12.3% from 10.6% a year earlier, though EPS of $3.17 missed consensus by $0.14.
Celestica Inc. (CLS) annual income statement — 29-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 15.62B | 12.61B | 9.65B | 7.96B | 7.25B | 5.63B | 5.75B | 5.89B | 6.63B | 6.14B | 6.05B | 5.64B | 5.63B | 5.8B | 6.51B | 7.21B | 6.53B | 6.09B | 7.68B | 8.07B | 8.81B | 8.47B | 8.84B | 6.74B | 8.27B | 10B | 9.75B | 5.3B | 3.25B | 2B |
| Revenue Growth % | 47.49% | 30.71% | 21.17% | 9.81% | 28.67% | -1.97% | -2.38% | -11.23% | 7.99% | 1.59% | 7.22% | 0.14% | -2.84% | -10.93% | -9.79% | 10.53% | 7.12% | -20.66% | -4.86% | -8.41% | 4.02% | -4.17% | 31.25% | -18.57% | -17.32% | 2.59% | 84.1% | 63.03% | 62.09% | - |
| Cost of Goods Sold | 13.81B | 11.13B | 8.61B | 7.21B | 6.6B | 5.15B | 5.31B | 5.5B | 6.2B | 5.72B | 5.62B | 5.25B | 5.23B | 5.41B | 6.07B | 6.72B | 6.08B | 5.66B | 7.15B | 7.65B | 8.36B | 7.99B | 8.43B | 6.48B | 7.72B | 9.29B | 9.06B | 4.84B | 2.98B | 1.84B |
| COGS % of Revenue | - | 88.31% | 89.28% | 90.53% | 91.04% | 91.36% | 92.39% | 93.47% | 93.51% | 93.19% | 92.9% | 93.06% | 92.8% | 93.28% | 93.26% | 93.23% | 93.19% | 92.95% | 93.08% | 94.77% | 94.87% | 94.32% | 95.39% | 96.14% | 93.29% | 92.88% | 92.95% | 91.44% | 91.63% | 91.96% |
| Gross Profit | 1.81B | 1.47B | 1.03B | 754.1M | 649.7M | 487M | 437.6M | 384.7M | 430.5M | 418.5M | 429.6M | 391.1M | 405.4M | 389.5M | 438.4M | 488.6M | 444.1M | 429.8M | 531.1M | 422.4M | 451.8M | 481.1M | 407.9M | 260.1M | 555.1M | 712.5M | 688M | 453.5M | 272.1M | 161.22M |
| Gross Margin % | 11.59% | 11.69% | 10.72% | 9.47% | 8.96% | 8.64% | 7.61% | 6.53% | 6.49% | 6.81% | 7.1% | 6.94% | 7.2% | 6.72% | 6.74% | 6.77% | 6.8% | 7.05% | 6.92% | 5.23% | 5.13% | 5.68% | 4.61% | 3.86% | 6.71% | 7.12% | 7.05% | 8.56% | 8.37% | 8.04% |
| Gross Profit Growth % | - | 42.58% | 37.08% | 16.07% | 33.41% | 11.29% | 13.75% | -10.64% | 2.87% | -2.58% | 9.84% | -3.53% | 4.08% | -11.15% | -10.27% | 10.02% | 3.33% | -19.07% | 25.73% | -6.51% | -6.09% | 17.95% | 56.82% | -53.14% | -22.09% | 3.56% | 51.71% | 66.67% | 68.78% | - |
| Operating Expenses | 540.71M | 384.72M | 434.4M | 415.8M | 360.4M | 319.3M | 309.7M | 235.4M | 324.2M | 275.3M | 270.9M | 275.7M | 277.7M | 255.9M | 323M | 287.2M | 317.8M | 429.8M | 531.1M | 316.5M | 313.5M | 325.9M | 523M | 416.3M | 800.9M | 762.3M | 414.99M | 328.7M | 217.5M | 105.24M |
| OpEx % of Revenue | - | 3.05% | 4.5% | 5.22% | 4.97% | 5.67% | 5.39% | 4% | 4.89% | 4.48% | 4.48% | 4.89% | 4.93% | 4.42% | 4.96% | 3.98% | 4.87% | 7.05% | 6.92% | 3.92% | 3.56% | 3.85% | 5.92% | 6.18% | 9.68% | 7.62% | 4.26% | 6.21% | 6.69% | 5.25% |
| Selling, General & Admin | 285.08M | 264.45M | 293.5M | 303.2M | 267.3M | 245.1M | 230.7M | 231.4M | 219M | 205.1M | 211.1M | 207.5M | 210.3M | 222.3M | 237M | 253.4M | 252.1M | 244.5M | 292M | 295.1M | 285.6M | 296.9M | 331.6M | 273.8M | 298.5M | 341.4M | 326.05M | 202.2M | 130.6M | 68.2M |
| SG&A % of Revenue | - | 2.1% | 3.04% | 3.81% | 3.69% | 4.35% | 4.01% | 3.93% | 3.3% | 3.34% | 3.49% | 3.68% | 3.73% | 3.84% | 3.64% | 3.51% | 3.86% | 4.01% | 3.8% | 3.66% | 3.24% | 3.5% | 3.75% | 4.07% | 3.61% | 3.41% | 3.34% | 3.82% | 4.02% | 3.4% |
| Research & Development | 154.56M | 120.27M | 78M | 60.9M | 46.3M | 38.4M | 29.9M | 28.4M | 28.8M | 26.2M | 24.9M | 23.2M | 19.7M | 17.4M | 15.2M | 13.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.95% | 0.81% | 0.77% | 0.64% | 0.68% | 0.52% | 0.48% | 0.43% | 0.43% | 0.41% | 0.41% | 0.35% | 0.3% | 0.23% | 0.19% | - | - | - | - | - | - | - | 0.36% | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 62.9M | 51.7M | 46.8M | 35.8M | 49.1M | -24.4M | 76.4M | 44M | 34.9M | 45M | 47.7M | 16.2M | 70.8M | 20M | 65.7M | 185.3M | 239.1M | 21.4M | 27.9M | 29M | 191.4M | 118.5M | 502.4M | 420.9M | 88.94M | 126.5M | 86.9M | 37.04M |
| Operating Income | 1.27B | 1.09B | 599.3M | 338.3M | 289.3M | 167.7M | 127.9M | 149.3M | 106.3M | 143.2M | 158.7M | 115.4M | 127.7M | 133.6M | 115.4M | 201.4M | 126.3M | 207.5M | 221.6M | 105.9M | 138.3M | 155.2M | -115.1M | -156.2M | -245.8M | -49.8M | 273.01M | 124.8M | 54.6M | 55.97M |
| Operating Margin % | 8.13% | 8.64% | 6.21% | 4.25% | 3.99% | 2.98% | 2.23% | 2.54% | 1.6% | 2.33% | 2.62% | 2.05% | 2.27% | 2.31% | 1.77% | 2.79% | 1.94% | 3.41% | 2.89% | 1.31% | 1.57% | 1.83% | -1.3% | -2.32% | -2.97% | -0.5% | 2.8% | 2.36% | 1.68% | 2.79% |
| Operating Income Growth % | - | 81.73% | 77.15% | 16.94% | 72.51% | 31.12% | -14.33% | 40.45% | -25.77% | -9.77% | 37.52% | -9.63% | -4.42% | 15.77% | -42.7% | 59.46% | -39.13% | -6.36% | 109.25% | -23.43% | -10.89% | 234.84% | 26.31% | 36.45% | -393.57% | -118.24% | 118.76% | 128.57% | -2.46% | - |
| EBITDA | 1.41B | 1.27B | 751.2M | 469.1M | 405.2M | 294M | 252.6M | 284.7M | 195.4M | 219.7M | 234.3M | 183.7M | 196.4M | 205.3M | 197.1M | 278.6M | 213.3M | 307.9M | 330.8M | 236.7M | 272.5M | 307.9M | 92.6M | 66.5M | 65.6M | 269.7M | 485.51M | 251.3M | 141.5M | 93.01M |
| EBITDA Margin % | 9.01% | 10.06% | 7.79% | 5.89% | 5.59% | 5.22% | 4.39% | 4.83% | 2.95% | 3.58% | 3.87% | 3.26% | 3.49% | 3.54% | 3.03% | 3.86% | 3.27% | 5.05% | 4.31% | 2.93% | 3.09% | 3.63% | 1.05% | 0.99% | 0.79% | 2.7% | 4.98% | 4.74% | 4.35% | 4.64% |
| EBITDA Growth % | 60.03% | 68.79% | 60.14% | 15.77% | 37.82% | 16.39% | -11.28% | 45.7% | -11.06% | -6.23% | 27.54% | -6.47% | -4.34% | 4.16% | -29.25% | 30.61% | -30.72% | -6.92% | 39.76% | -13.14% | -11.5% | 232.51% | 39.25% | 1.37% | -75.68% | -44.45% | 93.2% | 77.6% | 52.13% | - |
| D&A (Non-Cash Add-back) | 132.96M | 178.78M | 151.9M | 130.8M | 115.9M | 126.3M | 124.7M | 135.4M | 89.1M | 76.5M | 75.6M | 68.3M | 68.7M | 71.7M | 81.7M | 77.2M | 87M | 100.4M | 109.2M | 130.8M | 134.2M | 152.7M | 207.7M | 222.7M | 311.4M | 319.5M | 212.5M | 126.5M | 86.9M | 37.04M |
| EBIT | 1.37B | 1.05B | 584.3M | 384.9M | 290.8M | 167.42M | 127.9M | 149.3M | 106.3M | 143.2M | 173M | 115.4M | 127.7M | 133.6M | 115.4M | 201.4M | 126.3M | 95.7M | -657.7M | 106M | 139.2M | 155.8M | 41.7M | -62.2M | 160.7M | -27M | 273.01M | 124.8M | 54.6M | 55.97M |
| Net Interest Income | -16.45M | -53.52M | -52.1M | -78.9M | -51.7M | -31.42M | -37.7M | -50.65M | -25.6M | -10.1M | 4.3M | -6.3M | -3.1M | -2.9M | -3.5M | -5.4M | -6.9M | -35M | -42.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 46.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.3M | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 15.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 62.65M | 53.52M | 52.1M | 78.9M | 51.7M | 31.42M | 37.7M | 50.65M | 24.4M | 10.1M | 10M | 6.3M | 3.1M | 2.9M | 3.5M | 5.4M | 6.9M | 35.3M | 57.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 42.54M | -88.73M | -67.1M | -32.3M | -50.2M | -31.7M | -37.7M | -49.5M | -24.4M | -10.1M | 4.3M | -6.3M | -3.1M | -2.9M | -3.5M | -5.4M | -6.9M | -147.1M | -937.1M | -98.8M | -274.4M | -180.7M | -486.8M | -77M | -307.9M | 7.9M | 2.88M | -20.3M | -105.1M | -60.73M |
| Pretax Income | 1.31B | 1B | 532.2M | 306M | 239.1M | 136M | 90.2M | 99.8M | 81.9M | 133.1M | 163M | 109.1M | 124.6M | 130.7M | 111.9M | 196M | 119.4M | 60.4M | -715.5M | 7.1M | -136.1M | -25.5M | -601.9M | -233.2M | -553.7M | -41.9M | 275.89M | 104.5M | -50.5M | -4.75M |
| Pretax Margin % | 8.4% | 7.93% | 5.52% | 3.84% | 3.3% | 2.41% | 1.57% | 1.69% | 1.23% | 2.17% | 2.7% | 1.93% | 2.21% | 2.25% | 1.72% | 2.72% | 1.83% | 0.99% | -9.32% | 0.09% | -1.54% | -0.3% | -6.81% | -3.46% | -6.69% | -0.42% | 2.83% | 1.97% | -1.55% | -0.24% |
| Income Tax | 193.74M | 153.34M | 104.2M | 61.6M | 59M | 32.1M | 29.6M | 29.5M | -17M | 27.6M | 24.7M | 42.2M | 16.4M | 12.7M | -5.8M | 3.7M | 18.2M | 5.4M | 5M | 20.8M | 14.5M | 21.3M | 252.2M | 33.5M | -98.3M | -2.1M | 69.21M | 36.1M | -2M | 2.17M |
| Effective Tax Rate % | 14.77% | 15.33% | 19.58% | 20.13% | 24.68% | 23.6% | 32.82% | 29.56% | -20.76% | 20.74% | 15.15% | 38.68% | 13.16% | 9.72% | -5.18% | 1.89% | 15.24% | 8.94% | -0.7% | 292.96% | -10.65% | -83.53% | -41.9% | -14.37% | 17.75% | 5.01% | 25.09% | 34.55% | 3.96% | -45.59% |
| Net Income | 1.12B | 847.07M | 428M | 244.4M | 180.1M | 103.9M | 60.6M | 70.3M | 98.9M | 105.5M | 138.3M | 66.9M | 108.2M | 118M | 117.7M | 192.3M | 101.2M | 55M | -720.5M | -13.7M | -150.6M | -46.8M | -854.1M | -266.7M | -455.4M | -39.8M | 206.68M | 68.4M | -48.5M | -6.92M |
| Net Margin % | 7.16% | 6.72% | 4.44% | 3.07% | 2.48% | 1.84% | 1.05% | 1.19% | 1.49% | 1.72% | 2.29% | 1.19% | 1.92% | 2.04% | 1.81% | 2.67% | 1.55% | 0.9% | -9.38% | -0.17% | -1.71% | -0.55% | -9.66% | -3.96% | -5.51% | -0.4% | 2.12% | 1.29% | -1.49% | -0.35% |
| Net Income Growth % | 113.31% | 97.91% | 75.12% | 35.7% | 73.34% | 71.45% | -13.8% | -28.92% | -6.26% | -23.72% | 106.73% | -38.17% | -8.31% | 0.25% | -38.79% | 90.02% | 84% | 107.63% | -5159.12% | 90.9% | -221.79% | 94.52% | -220.25% | 41.44% | -1044.22% | -119.26% | 202.16% | 241.03% | -601.05% | - |
| Net Income (Continuing) | 1.12B | 847.07M | 428M | 244.4M | 180.1M | 103.9M | 60.6M | 70.3M | 98.9M | 105.5M | 138.3M | 66.9M | 108.2M | 118M | 117.7M | 192.3M | 101.2M | 55M | -720.5M | -13.7M | -150.6M | -46.8M | -854.1M | -266.7M | -455.4M | -39.8M | 206.68M | 68.4M | -48.5M | -6.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.62 | 7.29 | 3.61 | 2.03 | 1.46 | 0.82 | 0.47 | 0.53 | 0.70 | 0.72 | 0.95 | 0.42 | 0.60 | 0.64 | 0.56 | 0.89 | 0.35 | 0.24 | -3.14 | -0.06 | -0.66 | -0.21 | -3.85 | -1.23 | -1.98 | -0.19 | 0.99 | 0.40 | -0.26 | -0.05 |
| EPS Growth % | 114.48% | 101.94% | 77.83% | 39.04% | 78.05% | 74.47% | -11.32% | -24.29% | -2.78% | -24.21% | 126.19% | -30% | -6.25% | 14.29% | -37.08% | 154.29% | 45.83% | 107.64% | -5142.07% | 90.92% | -214.29% | 94.55% | -213.01% | 37.88% | -942.11% | -119.19% | 147.5% | 253.85% | -396.18% | - |
| EPS (Basic) | - | 7.35 | 3.62 | 2.04 | 1.46 | 0.82 | 0.47 | 0.54 | 0.71 | 0.73 | 0.96 | 0.43 | 0.61 | 0.64 | 0.56 | 0.90 | 0.35 | 0.24 | -3.14 | -0.06 | -0.66 | -0.21 | -3.85 | -1.23 | -1.98 | -0.19 | 1.01 | 0.41 | -0.26 | -0.05 |
| Diluted Shares Outstanding | 116.2M | 116.2M | 118.7M | 120.3M | 123.6M | 126.7M | 129.1M | 131.8M | 140.6M | 145.2M | 143.9M | 157.9M | 180.4M | 185.4M | 210.5M | 218.3M | 230.1M | 230.9M | 229.3M | 228.9M | 227.2M | 226.2M | 222.1M | 216.83M | 229.8M | 213.9M | 217.91M | 178.43M | 183.02M | 132M |
| Basic Shares Outstanding | 115M | 115.3M | 118.1M | 120.1M | 123.5M | 126.7M | 129.1M | 131M | 139.4M | 143.1M | 141.8M | 155.8M | 178.4M | 183.4M | 208.6M | 216.3M | 227.8M | 229.5M | 229.3M | 228.9M | 227.2M | 226.2M | 222.1M | 216.83M | 229.8M | 213.9M | 199.79M | 167.19M | 183.02M | 132M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CLS stock.
For fiscal year 2025, Celestica Inc. (CLS) reported total revenue of $12.61B. This represents a 528.9% increase compared to $2.00B in 1997.
Celestica Inc. (CLS) is profitable, generating $847.1M in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.
Celestica Inc. (CLS) reported an operating income of $1.09B, resulting in an operating profit margin of 8.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Celestica Inc. (CLS) generated $1.47B in gross profit for the year, representing a gross profit margin of 11.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Hyperscaler concentration and margin ceiling
Metrics are mathematically derived from official filings.
Hyperscaler-Driven Revenue Acceleration
Revenue surged 62.4% YoY in 2026Q2 to $4.7B, per recent financial statements, marking the fourth consecutive quarter of accelerating growth, driven by CCS segment demand for AI infrastructure.
The sequential revenue increase from $4.0B in 2026Q1 to $4.7B in 2026Q2 represents a 17.5% QoQ jump, far outpacing the prior year's growth rate of 21%. This acceleration appears tied to hyperscaler capital expenditure cycles, with the company's JDM model capturing higher-value design work. However, the implied moderation in forward guidance (Q3 revenue guided to $5.25B-$5.55B, implying ~13% QoQ growth) suggests the pace may be peaking, warranting monitoring for a potential normalization in ordering patterns.
Gross Margin Expansion at EMS High End
Gross margin reached 12.3% in 2026Q2, up from 10.6% a year earlier, as reported in the income statement, positioning Celestica above peers like Jabil (8.9%) and Flex (9.2%).
The 170 basis point YoY gross margin improvement indicates a favorable mix shift toward higher-complexity JDM programs and away from commoditized assembly. This structural uplift appears sustainable given the company's specialization in 800G networking and AI compute platforms, which command premium pricing. However, the sequential dip from 12.8% in 2025Q2 to 12.3% in 2026Q2 hints at potential margin ceiling pressures as revenue scales, possibly due to customer concentration or component pass-through dynamics.
Operating Leverage Amplifies Profit Growth
Operating income grew 68% YoY in 2026Q2 to $458.3M, outpacing revenue growth of 62.4%, per the latest quarterly report, demonstrating strong operating leverage from SG&A efficiency.
SG&A as a percentage of revenue fell to 1.2% in 2026Q2 from 2.0% in 2025Q2, while R&D remained relatively stable at ~1% of revenue. This suggests management is scaling the business without proportionate overhead increases, a hallmark of the JDM model's efficiency. The operating margin of 9.8% in 2026Q2 is a record high, up from 9.4% in the prior year, indicating that incremental revenue is flowing through to profit at an accelerating rate. Investors should monitor whether this leverage persists as growth moderates.
EPS Quality Tempered by Consensus Miss
Diluted EPS of $3.17 in 2026Q2 beat the company's guidance but missed consensus estimates of $3.03, according to recent earnings reports, despite a 74.2% YoY increase.
The EPS miss versus consensus, despite a revenue beat, suggests that sell-side expectations had priced in even more aggressive margin expansion. Stock-based compensation of $19.3M in 2026Q2, while modest relative to net income of $368.8M, adds a small drag on reported earnings. The effective tax rate appears normalized, with net margin of 7.8% closely tracking operating margin, indicating limited non-operating distortions. However, the divergence between reported EPS and consensus warrants scrutiny of the quality of the beat, particularly if it was driven by one-time items.
COGS Dominates but R&D Investment Rises
COGS accounted for 87.7% of revenue in 2026Q2, per the income statement, reflecting the pass-through nature of component costs, while R&D spending grew 36% YoY to $46.3M.
The high COGS ratio is typical for EMS providers, but Celestica's gross margin of 12.3% indicates it is capturing more value than peers. R&D investment has increased from $34.0M in 2025Q2 to $46.3M in 2026Q2, signaling a commitment to maintaining its design-in advantage in AI infrastructure. SG&A, however, has been volatile, with 2026Q1 showing $117.4M versus $58.1M in 2026Q2, suggesting potential timing of expenses or one-time charges. Management's expense discipline appears strong, but the R&D ramp could pressure margins if revenue growth decelerates.
Margin Ceiling and Customer Concentration Risks
Despite record margins, the 2026Q2 EPS miss versus consensus and sequential gross margin decline from 12.8% to 12.3% suggest the market may be overestimating the durability of Celestica's profitability.
Short-sellers could argue that the company's growth is heavily dependent on a few hyperscale customers, with top-10 customer concentration increasing, creating a cliff risk if any single customer shifts its hardware strategy. The gross margin plateau, despite revenue scaling, may indicate that the JDM premium is being competed away or that component cost pass-throughs are becoming less favorable. Additionally, the elevated capital expenditure requirements to support AI capacity could pressure free cash flow conversion, even as the balance sheet remains underlevered. If hyperscaler spending normalizes, the operating leverage could reverse, compressing margins from current highs.