Copa Holdings Reports Second-Quarter Financial Results
PANAMA CITY, Aug. 06, 2025 (GLOBE NEWSWIRE) — Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the second quarter of 2025 (2Q25), delivering another quarter of solid profitability and operational excellence. Key highlights include:
- Net profit of US$148.9 million or US$3.61 per share, which represents an earnings per share (EPS) increase of 25.2% compared to 2Q24.
- Net margin of 17.7% and an operating margin of 21.0%, an increase of 3.0 percentage points and 1.5 percentage points, respectively, compared to 2Q24.
- Revenue per available seat mile (RASM) of 10.7 cents, down 2.8% compared to 2Q24.
- Operating cost per available seat mile (CASM) decreased by 4.6% compared to 2Q24 to 8.5 cents, and CASM excluding fuel (Ex-fuel CASM) increased 3.2% year over year to 5.8 cents.
- The Company ended the quarter with approximately US$1.4 billion in cash, short-term and long-term investments, which represent 39% of the last twelve months’ revenues.
- The Company closed 2Q25 with an Adjusted Net Debt to EBITDA ratio of 0.6 times.
- The Company took delivery of three Boeing 737 MAX 8 aircraft, ending the quarter with a consolidated fleet of 115 aircraft – 67 Boeing 737-800, 32 Boeing 737 MAX-9, 9 Boeing 737-700, 6 Boeing 737 MAX-8, and 1 Boeing 737-800 freighter.
- In June, Copa Airlines was recognized by Skytrax – for the tenth consecutive year – as the “Best Airline in Central America and the Caribbean” and as the “Best Airline Staff in Central America and the Caribbean.”
- Copa Airlines had an on-time performance for the quarter of 91.5% and a flight completion factor of 99.8%, once again positioning itself among the very best in the industry.
Subsequent events
- On August 6, 2025, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.61 per share. Dividends will be paid on September 15, 2025, to shareholders of record as of August 29, 2025.
Full 2Q25 Earnings Release available for download at:
https://copa.gcs-web.com/financial-information/quarterly-results
Conference Call and Webcast
The Company will hold its financial results conference call tomorrow at 11 am ET (10 am local). Details follow:
| Date: | August 7, 2025 |
| Time: | 11:00 AM US ET (10:00 AM Local Time) |
| Join by phone: | Click here |
| Webcast (listen-only): | Click here |
About Copa Holdings
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides air service to countries in North, Central, and South America and the Caribbean. For more information, visit: copaair.com
Investor Relations
investor.relations@copaair.com
Cautionary statement regarding forward-looking statements
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.
CPA-G
Copa Holdings, S. A. and Subsidiaries
Consolidated Operating and Financial Statistics
| 2Q25 | 2Q24 | % Change | 1Q25 | % Change | YTD25 | YTD24 | % Change | |||||||||
| Revenue Passengers Carried (000s) | 3,600 | 3,303 | 9.0 | % | 3,512 | 2.5 | % | 7,112 | 6,575 | 8.2 | % | |||||
| Revenue Passengers OnBoard (000s) | 5,366 | 4,970 | 8.0 | % | 5,208 | 3.0 | % | 10,574 | 9,760 | 8.3 | % | |||||
| RPMs (millions) | 6,859 | 6,446 | 6.4 | % | 6,743 | 1.7 | % | 13,602 | 12,573 | 8.2 | % | |||||
| ASMs (millions) | 7,856 | 7,424 | 5.8 | % | 7,801 | 0.7 | % | 15,657 | 14,545 | 7.7 | % | |||||
| Load Factor | 87.3 | % | 86.8 | % | 0.5 p.p | 86.4 | % | 0.9 p.p | 86.9 | % | 86.4 | % | 0.4 p.p | |||
| Yield (US$ Cents) | 11.6 | 12.1 | (4.1) | % | 12.7 | (8.8) | % | 12.2 | 13.0 | (6.7) | % | |||||
| PRASM (US$ Cents) | 10.1 | 10.5 | (3.6) | % | 11.0 | (7.8) | % | 10.6 | 11.3 | (6.2) | % | |||||
| RASM (US$ Cents) | 10.7 | 11.0 | (2.8) | % | 11.5 | (6.9) | % | 11.1 | 11.8 | (5.5) | % | |||||
| CASM (US$ Cents) | 8.5 | 8.9 | (4.6) | % | 8.8 | (3.5) | % | 8.6 | 9.2 | (6.1) | % | |||||
| CASM Excl. Fuel (US$ Cents) | 5.8 | 5.6 | 3.2 | % | 5.8 | (1.0) | % | 5.8 | 5.8 | (0.6) | % | |||||
| Fuel Gallons Consumed (millions) | 91.9 | 87.6 | 4.9 | % | 91.0 | 1.0 | % | 182.8 | 172.0 | 6.3 | % | |||||
| Avg. Price Per Fuel Gallon (US$) | 2.32 | 2.79 | (17.0) | % | 2.54 | (8.8) | % | 2.43 | 2.84 | (14.7) | % | |||||
| Average Length of Haul (miles) | 1,905 | 1,952 | (2.4) | % | 1,920 | (0.7) | % | 1,912 | 1,912 | — | % | |||||
| Average Stage Length (miles) | 1,231 | 1,253 | (1.8) | % | 1,260 | (2.3) | % | 1,245 | 1,249 | (0.4) | % | |||||
| Departures | 38,985 | 36,313 | 7.4 | % | 37,829 | 3.1 | % | 76,814 | 71,533 | 7.4 | % | |||||
| Block Hours | 122,526 | 116,062 | 5.6 | % | 121,611 | 0.8 | % | 244,137 | 228,226 | 7.0 | % | |||||
| Average Aircraft Utilization (hours) | 11.9 | 11.9 | 0.6 | % | 12.1 | (1.2) | % | 12.0 | 11.7 | 2.1 | % | |||||
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of profit or loss
(In US$ thousands)
| Unaudited | Unaudited | % | Unaudited | % | Unaudited | Unaudited | % | |||||||||||||||
| 2Q25 | 2Q24 | Change | 1Q25 | Change | YTD25 | YTD24 | Change | |||||||||||||||
| Operating Revenues | ||||||||||||||||||||||
| Passenger revenue | 797,266 | 781,497 | 2.0 | % | 859,025 | (7.2 | %) | 1,656,291 | 1,640,222 | 1.0 | % | |||||||||||
| Cargo and mail revenue | 28,307 | 25,184 | 12.4 | % | 25,694 | 10.2 | % | 54,001 | 47,095 | 14.7 | % | |||||||||||
| Other operating revenue | 17,031 | 12,722 | 33.9 | % | 14,462 | 17.8 | % | 31,493 | 25,553 | 23.2 | % | |||||||||||
| Total Operating Revenue | 842,604 | 819,403 | 2.8 | % | 899,181 | (6.3 | %) | 1,741,785 | 1,712,870 | 1.7 | % | |||||||||||
| Operating Expenses | ||||||||||||||||||||||
| Fuel | 214,106 | 246,011 | (13.0 | %) | 232,160 | (7.8 | %) | 446,266 | 491,363 | (9.2 | %) | |||||||||||
| Wages, salaries, benefits and other employees’ expenses | 122,289 | 114,878 | 6.5 | % | 117,517 | 4.1 | % | 239,807 | 229,193 | 4.6 | % | |||||||||||
| Passenger servicing | 25,190 | 27,579 | (8.7 | %) | 25,024 | 0.7 | % | 50,214 | 57,263 | (12.3 | %) | |||||||||||
| Airport facilities and handling charges | 64,652 | 62,768 | 3.0 | % | 65,657 | (1.5 | %) | 130,309 | 123,115 | 5.8 | % | |||||||||||
| Sales and distribution | 49,429 | 52,210 | (5.3 | %) | 50,261 | (1.7 | %) | 99,691 | 107,704 | (7.4 | %) | |||||||||||
| Maintenance, materials and repairs | 36,158 | 10,883 | 232.3 | % | 39,434 | (8.3 | %) | 75,592 | 36,510 | 107.0 | % | |||||||||||
| Depreciation and amortization | 88,440 | 79,462 | 11.3 | % | 86,284 | 2.5 | % | 174,724 | 162,827 | 7.3 | % | |||||||||||
| Flight operations | 32,766 | 31,914 | 2.7 | % | 33,749 | (2.9 | %) | 66,515 | 62,944 | 5.7 | % | |||||||||||
| Other operating and administrative expenses | 32,954 | 34,190 | (3.6 | %) | 35,274 | (6.6 | %) | 68,227 | 66,461 | 2.7 | % | |||||||||||
| Total Operating Expense | 665,984 | 659,896 | 0.9 | % | 685,360 | (2.8 | %) | 1,351,344 | 1,337,378 | 1.0 | % | |||||||||||
| Operating Profit/(Loss) | 176,620 | 159,507 | 10.7 | % | 213,822 | (17.4 | %) | 390,442 | 375,492 | 4.0 | % | |||||||||||
| Operating Margin | 21.0 | % | 19.5 | % | 1.5 p.p | 23.8 | % | -2.8 p.p | 22.4 | % | 21.9 | % | 0.5 p.p | |||||||||
| Non-operating Income (Expense): | ||||||||||||||||||||||
| Finance cost | (23,285 | ) | (20,632 | ) | 12.9 | % | (23,233 | ) | 0.2 | % | (46,518 | ) | (39,472 | ) | 17.9 | % | ||||||
| Finance income | 15,377 | 13,537 | 13.6 | % | 15,792 | (2.6 | %) | 31,170 | 27,284 | 14.2 | % | |||||||||||
| Gain (loss) on foreign currency fluctuations | 910 | (16,097 | ) | nm | 1,370 | (33.6 | %) | 2,280 | (20,010 | ) | nm | |||||||||||
| Net change in fair value of derivatives | (1,688 | ) | 2,533 | nm | (2,434 | ) | (30.7 | %) | (4,122 | ) | 2,525 | nm | ||||||||||
| Other non-operating income (expense) | 6,228 | 1,766 | 252.7 | % | 1,428 | 336.2 | % | 7,656 | 1,654 | 362.9 | % | |||||||||||
| Total Non-Operating Income/(Expense) | (2,458 | ) | (18,892 | ) | (87.0 | %) | (7,077 | ) | (65.3 | %) | (9,535 | ) | (28,019 | ) | (66.0 | %) | ||||||
| Profit before taxes | 174,162 | 140,615 | 23.9 | % | 206,744 | (15.8 | %) | 380,906 | 347,472 | 9.6 | % | |||||||||||
| Income tax expense | (25,253 | ) | (20,362 | ) | 24.0 | % | (29,978 | ) | (15.8 | %) | (55,231 | ) | (51,154 | ) | 8.0 | % | ||||||
| Net Profit/(Loss) | 148,908 | 120,253 | 23.8 | % | 176,766 | (15.8 | %) | 325,675 | 296,318 | 9.9 | % | |||||||||||
| Net Margin | 17.7 | % | 14.7 | % | 3.0 p.p | 19.7 | % | -2.0 p.p | 18.7 | % | 17.3 | % | 1.4 p.p | |||||||||
| Basic Earnings Per Share (EPS) | 3.61 | 2.88 | 25.3 | % | 4.28 | (15.7) | % | 7.89 | 7.07 | 11.6 | % | |||||||||||
| Shares for calculation of Basic EPS (000s) | 41,246 | 41,715 | (1.1) | % | 41,292 | (1.1) | % | 41,268 | 41,883 | (1.5) | % | |||||||||||
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
| June 2025 | December 2024 | |||||
| ASSETS | (Unaudited) | (Audited) | ||||
| Cash and cash equivalents | 236,171 | 613,313 | ||||
| Short-term investments | 764,137 | 585,919 | ||||
| Total cash, cash equivalents and short-term investments | 1,000,307 | 1,199,232 | ||||
| Accounts receivable, net | 183,401 | 166,014 | ||||
| Accounts receivable from related parties | 2,967 | 2,976 | ||||
| Expendable parts and supplies, net | 141,190 | 132,341 | ||||
| Prepaid expenses | 64,295 | 42,926 | ||||
| Prepaid income tax | 5,788 | 11,678 | ||||
| Other current assets | 26,028 | 21,711 | ||||
| 423,669 | 377,647 | |||||
| TOTAL CURRENT ASSETS | 1,423,976 | 1,576,879 | ||||
| Long-term investments | 368,332 | 248,936 | ||||
| Long-term accounts receivable | 3,000 | — | ||||
| Long-term prepaid expenses | 3,182 | 8,237 | ||||
| Property and equipment, net | 3,755,645 | 3,458,261 | ||||
| Right of use assets | 308,900 | 309,302 | ||||
| Intangible, net | 98,895 | 96,754 | ||||
| Net defined benefit assets | 1,833 | 1,058 | ||||
| Deferred tax assets | 16,772 | 20,749 | ||||
| Other Non-Current Assets | 20,450 | 22,113 | ||||
| TOTAL NON-CURRENT ASSETS | 4,577,008 | 4,165,410 | ||||
| TOTAL ASSETS | 6,000,984 | 5,742,289 | ||||
| LIABILITIES | ||||||
| Loans and borrowings | 219,892 | 254,854 | ||||
| Current portion of lease liability | 62,062 | 59,103 | ||||
| Accounts payable | 187,375 | 229,104 | ||||
| Accounts payable to related parties | 792 | 1,624 | ||||
| Air traffic liability | 642,594 | 621,895 | ||||
| Frequent flyer deferred revenue | 146,645 | 132,064 | ||||
| Taxes Payable | 62,494 | 55,505 | ||||
| Accrued expenses payable | 42,009 | 62,673 | ||||
| Income tax payable | 9,249 | 9,801 | ||||
| Other Current Liabilities | 1,680 | 1,272 | ||||
| TOTAL CURRENT LIABILITIES | 1,374,795 | 1,427,895 | ||||
| Loans and borrowings long-term | 1,497,592 | 1,415,953 | ||||
| Lease Liability | 271,774 | 270,594 | ||||
| Deferred tax Liabilities | 60,613 | 37,476 | ||||
| Other long – term liabilities | 236,096 | 217,626 | ||||
| TOTAL NON-CURRENT LIABILITIES | 2,066,074 | 1,941,649 | ||||
| TOTAL LIABILITIES | 3,440,868 | 3,369,544 | ||||
| EQUITY | ||||||
| Class A – 34,228,377 issued and 30,196,170 outstanding | 23,287 | 23,244 | ||||
| Class B – 10,938,125 | 7,466 | 7,466 | ||||
| Additional Paid-In Capital | 217,789 | 214,542 | ||||
| Treasury Stock | (300,143 | ) | (291,438 | ) | ||
| Retained Earnings | 2,301,791 | 1,826,565 | ||||
| Net profit | 325,675 | 608,114 | ||||
| Other comprehensive loss | (15,748 | ) | (15,748 | ) | ||
| TOTAL EQUITY | 2,560,116 | 2,372,745 | ||||
| TOTAL EQUITY LIABILITIES | 6,000,984 | 5,742,289 | ||||
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the six months ended
(In US$ thousands)
| 2025 | 2024 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Net cash flow from operating activities | 484,282 | 470,777 | |||||
| Investing activities | |||||||
| Net Acquisition of Investments | (294,697 | ) | (35,609 | ) | |||
| Net cash flow related to advance payments on aircraft purchase contracts | (60,204 | ) | 71,516 | ||||
| Acquisition of property and equipment | (390,502 | ) | (279,052 | ) | |||
| Proceeds from sale of property and equipment | 26,448 | — | |||||
| Acquisition of intangible assets | (14,342 | ) | (15,551 | ) | |||
| Cash flow used in investing activities | (733,297 | ) | (258,696 | ) | |||
| Financing activities | |||||||
| Proceeds from new borrowings | 165,000 | 108,000 | |||||
| Payments on loans and borrowings | (122,890 | ) | (108,029 | ) | |||
| Payment of lease liability | (28,504 | ) | (32,633 | ) | |||
| Repurchase of treasury shares | (8,706 | ) | (50,402 | ) | |||
| Dividends paid | (133,027 | ) | (134,756 | ) | |||
| Cash flow used in financing activities | (128,127 | ) | (217,820 | ) | |||
| Net (decrease) increase in cash and cash equivalents | (377,142 | ) | (5,739 | ) | |||
| Cash and cash equivalents as of January 1 | 613,313 | 206,375 | |||||
| Cash and cash equivalents as of June 30 | $ | 236,171 | $ | 200,636 | |||
| Short-term investments | 764,137 | 748,239 | |||||
| Long-term investments | 368,332 | 258,379 | |||||
| Total cash and cash equivalents and investments as of June 30 | $ | 1,368,640 | $ | 1,207,254 | |||
Copa Holdings, S. A. and Subsidiaries
Non-IFRS Financial Measures Reconciliation
This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
| Reconciliation of Operating Costs per ASM | |||||||||
| Excluding Fuel (CASM Excl. Fuel) | 2Q25 | 2Q24 | 1Q25 | YTD25 | YTD24 | ||||
| Operating Costs per ASM as Reported (in US$ Cents) | 8.5 | 8.9 | 8.8 | 8.6 | 9.2 | ||||
| Aircraft Fuel Cost per ASM (in US$ Cents) | 2.7 | 3.3 | 3.0 | 2.9 | 3.4 | ||||
| Operating Costs per ASM excluding fuel (in US$ Cents) | 5.8 | 5.6 | 5.8 | 5.8 | 5.8 | ||||
1 The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The financial information presented in this release, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the second quarter of 2024 (2Q24).
