Earnings Season: 3 Canadian Stocks That Could Pop on Results

Earnings season can turn fast. One strong report can push a stock from ignored to in demand overnight. That’s true when investors already know the business has a durable edge, but still want proof that growth can hold up. Stantec (TSX:STN), Kinaxis (TSX:KXS), and TFI International (TSX:TFII) each fit that setup. And each has something earnings season loves: a clear story, recent momentum, and a reason for investors to look again.

STN

Infrastructure spending has not gone away. Governments, utilities, cities, and private companies still need engineering work tied to water, transportation, buildings, energy, and environmental services. Stantec sits right in the middle of that demand. It doesn’t need a consumer trend to work, but projects, funding, and execution.

The latest results gave investors plenty to like. In the first quarter of 2026, Stantec reported net revenue of $1.7 billion, up 9.1% from last year. Adjusted earnings per share (EPS) rose 14.7% to $1.33, while backlog climbed to a record $9 billion. That backlog is the real eye-catcher. It gives the company visibility and supports the case that growth can continue even if the economy slows.

Stantec also reaffirmed its outlook for mid-to-high single-digit organic growth in 2026. That kind of steady guidance can reward companies that confirm strength instead of walking expectations lower. The risk is valuation. The stock doesn’t look forgotten trading at 24.5 times earnings, and engineering projects can face delays if funding slows. Still, a record backlog gives Stantec a strong chance to keep drawing attention.

KXS

Kinaxis stock brings a different kind of earnings-season appeal. It gives investors exposure to software, supply chains, and artificial intelligence without leaning on a vague artificial intelligence (AI) story. The Ottawa company sells supply-chain planning software to large global customers. When companies worry about delays, tariffs, inventory swings, or demand shocks, Kinaxis stock helps them plan faster.

That story looks timely now. Kinaxis stock reported record first-quarter 2026 results, with total revenue up 25% to US$165.6 million.
Software as a Service (SaaS) revenue rose 21% to US$102.9 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 62% to US$53.6 million. The company also reported a 32% adjusted EBITDA margin, up from 25% a year earlier. That combination of growth and margin expansion can create the kind of “pop” investors hunt for in earnings season.

Kinaxis stock also has a cleaner recurring-revenue story than many Canadian tech names. Annual recurring revenue (ARR) grew 20% year over year to US$447 million, and management kept full-year revenue guidance of US$620 million to US$635 million. However, Kinaxis stock trades at a growth-stock valuation at about 36 times earnings, so any slowdown in SaaS growth or customer wins could hurt. But if results keep showing operating leverage, investors may still be willing to pay up.

TFII

TFI International may be the most cyclical name here, which makes it the most interesting. The trucking and logistics giant has not enjoyed a perfect freight backdrop. Weak demand hurt volumes in the first quarter, and total revenue came in at US$2 billion, slightly below last year. Adjusted diluted EPS fell to US$0.69 from US$0.76.

So why could it pop? Earnings season does not only reward perfect numbers. It also rewards signs that the worst may be known. TFI still generated US$123.7 million in free cash flow in the quarter and raised its quarterly dividend by 4% to US$0.47. Truckload and logistics operating income also improved, even as less-than-truckload remained weak.

That sets up a recovery angle. If freight demand improves, TFI has room to surprise. Its management team has built a reputation for acquisitions, cost control, and disciplined capital allocation. The risk is that freight stays soft longer than expected, which could keep pressure on margins.

Bottom line

Together, Stantec, Kinaxis stock, and TFI offer three different ways to play earnings season. Stantec brings backlog, Kinaxis brings profitable software growth, and TFI brings recovery potential. For investors building a watchlist, that mix could make the next round of results worth watching.

The post Earnings Season: 3 Canadian Stocks That Could Pop on Results appeared first on The Motley Fool Canada.

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More reading

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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Kinaxis, Stantec, and TFI International. The Motley Fool has a disclosure policy.