Celestica, Inc. is set to report third-quarter 2026 earnings on Oct. 26, and investors in CLS have a clear benchmark: $5.4 billion in sales and $3.01 per share. The report arrives with expectations already in place, making the results a direct test of whether the company can turn its AI-linked growth story into numbers that match the forecast.
That is why Cls Stock is drawing attention now. Earnings estimates for CLS have stayed unchanged over the past 60 days, while Celestica has delivered an average earnings surprise of 7.7% over the last four quarters. Even so, the market is not pricing in a beat here: the stock has an ESP of 0.00% and a Zacks Rank #3, a combination that leaves little room for an easy upside call.
The central question is whether demand tied to AI infrastructure can keep feeding the business fast enough to justify the setup. Celestica is expected to benefit from continued investments in AI infrastructure, with the Connectivity & Cloud Solutions segment likely to remain the main driver. Demand for networking equipment, AI computing platforms, servers and storage systems is supporting that business, and the ramp-up of 800G Ethernet switches should add another layer of demand.
Management has also pointed to the beginning of mass production for 1.6-terabit networking programs with two hyperscaler customers, while established 400G programs are expected to keep moving. For the third quarter, Celestica expects about 60% growth in communications revenue, a pace that signals how much of the company’s momentum is still tied to networking. The enterprise business is another contributor, but the larger story is whether the communications side can keep carrying the load.
There is still a gap between the story and the stock. CLS has gained 12.4% over the past year, but the industry rose 26.8% in the same period, and Sanmina and Jabil have both outpaced it. Celestica also trades at 17.37 forward earnings, close to the industry’s 17.2, and below its own mean of 32.59, which leaves investors watching for proof that the growth case is strong enough to reset expectations. If Oct. 26 delivers another clean beat, the valuation debate gets louder. If it does not, the market will be left to decide whether the AI demand story is already fully priced in.
