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Summary

Celestica delivered strong Q1 2026 results, beating EPS guidance, raising 2026 outlook, and introducing a 2027 revenue floor of at least $25.5B.

CLS’s mix shift to high-margin, design-led HPS programs is now structural, with 42% of revenue and sticky, customer-funded contracts extending visibility into 2028.

Operating leverage is materializing: Q1 adjusted operating margin hit a record 8.0%, ROIC reached 49.8%, and the company maintains disciplined capital allocation amid aggressive capex.

Customer concentration risk is elevated, with 65% of revenue from three clients, but non-cancellable contracts and robust order book mitigate near-term demand swings.

Hugo Kurk/iStock via Getty Images

Celestica ( CLS ) reported Q1 2026 earnings on April 27 after the close.…