Copa Holdings SA

Latest Results (19.05.2026):

Copa Holdings S.A. reported fourth‑quarter 2025 (4Q25) results with net profit of US$172.6 million (US$4.18 basic EPS), a modest year‑over‑year EPS rise of 5.3% (US$4.46 adjusted EPS excluding certain non‑cash and FX items). The quarter showed strong capacity growth and solid margins despite small declines in unit revenue; the company finished 4Q25 with healthy liquidity and low leverage.

Net income and EPS

4Q25 net profit was US$172.6 million and basic EPS US$4.18 (+5.3% vs. 4Q24). Adjusted EPS excluding a US$7.2M non‑cash maintenance adjustment and a US$6.0M FX loss would be US$4.46 (+12.3% vs. 4Q24).

Margins and profitability

Operating margin in 4Q25 was 21.8% and net margin 17.9% (down 1.4 and 1.0 p.p. vs. 4Q24). Excluding the non‑cash maintenance adjustment, operating margin would have been 22.5%.

Traffic, capacity and utilization

Capacity (ASMs) grew 9.9% year‑over‑year in 4Q25. Load factor was 86.4% (flat vs. 4Q24). Revenue passengers carried rose ~14.3% in the quarter.

Unit revenues and costs

RASM was 11.3 US¢ in 4Q25 (down 0.3% vs. 4Q24). CASM rose to 8.8 US¢ (+1.6% YoY); CASM ex‑fuel was 5.9 US¢ (+0.7% YoY) and would be 5.8 US¢ excluding the maintenance adjustment.

Liquidity and leverage

The company ended 4Q25 with about US$1.6 billion in cash, short‑ and long‑term investments (≈44% of LTM revenues). Adjusted net debt to LTM EBITDA was 0.6x at quarter end.

Fleet and operational performance

Copa took delivery of four Boeing 737 MAX 8s in 4Q25 (fleet at 125 aircraft at year‑end). On‑time performance for the quarter was 89.0% and flight completion factor 99.8%; Copa was also recognized as the most on‑time airline in Latin America for 2025.

Full‑year 2025 snapshot

For full‑year 2025, net profit was US$671.6 million (US$16.28 EPS, +11.9% YoY). ASMs rose 7.8% for the year. RASM was 11.2 US¢ (‑2.6% YoY), while CASM declined to 8.6 US¢ (‑3.6% YoY) and CASM ex‑fuel was 5.8 US¢ (‑0.7% YoY).

Subsequent events

On Feb 11, 2026 the Board approved a 2026 quarterly dividend of US$1.71 per share (first payment Mar 13, 2026; record date Feb 27, 2026). The company plans onboard Wi‑Fi starting Oct 2026 and received one additional 737 MAX 8 in Jan 2026 (fleet to 126).