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Celestica Inc., a global leader in data center infrastructure and advanced technology solutions, today announced its financial results for the fourth quarter ended December 31, 2025 (Q4 2025).
Q4 2025 Highlights
- Revenue: $3.65 billion, increased 44% compared to $2.55 billion for the fourth quarter of 2024 (Q4 2024).
- GAAP earnings from operations as a % of revenue: 8.6%, compared to 8.0% for Q4 2024.
- Adjusted operating margin (non-GAAP): 7.7%, compared to 6.8% for Q4 2024.
- GAAP earnings per share (EPS): $2.31, compared to $1.29 for Q4 2024.
- Adjusted EPS2 (non-GAAP): $1.89, compared to $1.11 for Q4 2024.
- Repurchased 0.1 million common shares for cancellation for $35.7 million.
2025 Highlights
- Revenue: $12.39 billion, increased 28% compared to $9.65 billion for 2024.
- GAAP EPS2: $7.16, compared to $3.61 for 2024.
- Adjusted EPS2 (non-GAAP): $6.05, compared to $3.88 for 2024.
“Our financial performance in the fourth quarter was very strong, with revenue of $3.65 billion and adjusted EPS (non-GAAP) of $1.89, both exceeding the high end of our guidance ranges. We had a solid finish to 2025, achieving revenue of $12.4 billion, up 28%, while our adjusted EPS (non-GAAP) grew 56% year-over-year,” said Rob Mionis, President and CEO of Celestica.
“Driven by very strong results in 2025, and improved momentum into 2026, we are pleased to be raising our annual outlook. As demand for AI-related data center technologies continues to strengthen, we now expect revenue of $17.0 billion and adjusted EPS (non-GAAP)* of $8.75 for 2026.”
“We are continuing to align with our largest customers on their multi-year capacity roadmaps in support of their long-term AI infrastructure investments. We believe the revenue growth trajectory that we anticipate in 2026 will be sustained into 2027, and as a result, we are strategically increasing our planned capital investments to $1 billion this year. Importantly, we anticipate being able to fully fund this expansion organically through our operating cash flow.”
2026 Annual Outlook Update
- Revenue of $17.0 billion (previous outlook $16.0 billion)
- Adjusted EPS (non-GAAP) of $8.75 (previous outlook $8.20)
Our previous adjusted operating margin (non-GAAP) outlook of 7.8% and free cash flow (non-GAAP) outlook of $500 million remain unchanged.
Business Updates
We are pleased to announce the following developments with respect to investments in our business and new program wins:
Celestica’s investments to support Google’s US production of TPU systems
Celestica is pleased to announce it is expanding its manufacturing capacity in the United States, to support the growing demand for next-generation AI infrastructure. This expansion, scheduled for completion in 2027, is designed to enhance Celestica's ability to support the production of complex data center hardware, including Google Tensor Processing Unit (TPU) systems.
As a preferred manufacturing partner for Google’s data center hardware and systems, Celestica remains strategically aligned with Google to provide the advanced technical capabilities required for the continued evolution of the TPU platform.
Celestica will also continue to invest in the growth of its manufacturing capacity in South East Asia, to support Google’s TPU platform and leading-edge networking technologies.
By strategically expanding its global network, Celestica is reinforcing its commitment to support its customers with high-reliability manufacturing capacity, industry-leading design engineering and supply chain services. These investments empower Celestica to serve as a vital partner in deploying the next generation of data center infrastructure to enable the future of AI applications.
Expanded capital investment plans enabling capacity to support multi-year demand outlook
We are increasing our capital investment plans for 2026 and 2027 in order to align our global design and manufacturing footprint with our data center customers’ multi-year capacity plans.
We now anticipate our 2026 capital expenditures will be approximately $1 billion, or approximately 6% of our latest annual revenue outlook. The additional capacity is expected to become available throughout 2026 and 2027, and is intended to enable our network with the necessary scale and capabilities to support anticipated growth in demand, particularly in our CCS segment.
Our multi-year view on capacity requirements has been developed through close collaboration in planning with several of our key customers, and is supported by accelerating growth in the scale of our existing engagements, and improved long-term demand visibility.
The investments will include a combination of capacity additions, upgrades to manufacturing capabilities, including investments in power, and new customer driven investments in the United States. Some highlights of the planned investments include the expansion of our manufacturing footprint in the Dallas-Fort Worth, Texas metro area, the construction of multiple new buildings at our Thailand campus, investments in our existing sites in Mexico and Japan, as well as new HPS design centers in Asia and the United States.
We anticipate to fully fund our increased 2026 capital expenditures organically with cash provided by operations.
Third 1.6T program award with a hyperscaler customer
Celestica has been awarded the program for the design and manufacturing of the 1.6 terabyte switching platform with a third hyperscaler customer. The HPS program is expected to begin ramping production in 2027.
