Copa Holdings Reports Fourth-Quarter and Full-Year 2025 Financial Results
PANAMA CITY, Feb. 11, 2026 (GLOBE NEWSWIRE) — Copa Holdings1, S.A. (NYSE: CPA) today announced financial results for the fourth quarter (4Q25) and full year 2025, closing another year of industry-leading profitability and operational excellence. Key highlights include:
Fourth Quarter 2025
- Net profit of US$172.6 million, or US$4.18 per share, representing a 5.3% year‑over‑year increase in earnings per share. Excluding a US$7.2 million non‑cash, maintenance‑related adjustment to the provision for future leased‑aircraft return obligations, as well as a US$6.0 million foreign‑currency loss mainly due to volatility in the Brazilian real, EPS for the quarter would have been US$4.46, a 12.3% increase compared to 4Q24.
- Operating margin of 21.8% and net margin of 17.9% for the quarter, a decrease of 1.4 and 1.0 percentage points, respectively, compared to 4Q24. Excluding the non‑cash maintenance‑related adjustment, the Company would have reported an operating margin for the quarter of 22.5%.
- Capacity, measured in ASMs, grew by 9.9% year over year in 4Q25.
- Revenue per available seat mile (RASM) of 11.3 cents in 4Q25, a decrease of 0.3% compared to 4Q24.
- Operating cost per available seat mile (CASM) increased by 1.6% compared to 4Q24 to 8.8 cents, and CASM excluding fuel (Ex-fuel CASM) increased 0.7% year over year to 5.9 cents. Excluding the non‑cash maintenance‑related adjustment, the Company would have reported an Ex-fuel CASM of 5.8 cents.
- The Company ended the quarter with approximately US$1.6 billion in cash, short-term and long-term investments, which represent 44% of the last twelve months’ revenues.
- The Company closed 4Q25 with an Adjusted Net Debt to EBITDA ratio of 0.6 times.
- During the quarter, the Company took delivery of four Boeing 737 MAX 8 aircraft to end the year with a total fleet of 125 aircraft.
- Copa Airlines had an on-time performance for the quarter of 89.0% and a flight completion factor of 99.8%, once again positioning itself among the very best in the industry.
Full Year 2025
- Net profit of US$671.6 million or US$16.28 per share, an 11.9% year-over-year increase in earnings per share.
- Operating margin of 22.6% and net margin of 18.6% for 2025, an increase of 0.8 and 1.0 percentage points, respectively, compared to 2024.
- Capacity, measured in ASMs, grew 7.8% compared to 2024.
- Revenue per available seat mile (RASM) of 11.2 cents, a decrease of 2.6% compared to 2024.
- Operating cost per available seat mile (CASM) decreased by 3.6% compared to 2024 to 8.6 cents, and CASM excluding fuel (Ex-fuel CASM) decreased 0.7% year over year to 5.8 cents.
Subsequent events
- On February 11, 2026, the Board of Directors of Copa Holdings approved a 2026 quarterly dividend payment of US$1.71 per share. Dividends will be distributed in March, June, September, and December. The first quarterly dividend of US$1.71 per share will be paid on March 13, 2026, to shareholders on record as of February 27, 2026.
- Copa Airlines was recognized by Cirium for the eleventh time as the most on-time airline in Latin America in 2025. Copa Airlines’ on-time performance of 90.75% for the year was the highest of any carrier in the Americas and the second best in the world, reaffirming its position as one of the leading airlines in the industry.
- In January, the Company announced that it will start offering Wi-Fi onboard beginning October 2026. Further details will be shared throughout the year.
- In January 2026, the Company took delivery of one additional Boeing 737 MAX 8 aircraft, bringing its total fleet to 126 aircraft.
Full 4Q25 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 (11 am local). Details follow:
| Date: | February 12, 2026 |
| Time: | 11:00 AM US ET (11:00 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 service to countries in North, Central, and South America and the Caribbean. For more information, visit: www.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 | |||||||||||||
| 4Q25 | 4Q24 | % Change | 3Q25 | % Change | YTD25 | YTD24 | % Change | ||||||
| Revenue Passengers Carried (000s) | 3,935 | 3,444 | 14.3% | 3,806 | 3.4% | 14,853 | 13,467 | 10.3% | |||||
| Revenue Passengers OnBoard (000s) | 5,834 | 5,168 | 12.9% | 5,695 | 2.5% | 22,103 | 20,115 | 9.9% | |||||
| RPMs (millions) | 7,359 | 6,682 | 10.1% | 7,249 | 1.5% | 28,210 | 25,966 | 8.6% | |||||
| ASMs (millions) | 8,513 | 7,747 | 9.9% | 8,238 | 3.3% | 32,408 | 30,077 | 7.8% | |||||
| Load Factor | 86.4 | % | 86.3 | % | 0.2 p.p | 88.0 | % | -1.5 p.p | 87.0 | % | 86.3 | % | 0.7 p.p |
| Yield (US$ Cents) | 12.4 | 12.5 | (0.6)% | 11.9 | 4.5% | 12.2 | 12.7 | (4.1)% | |||||
| PRASM (US$ Cents) | 10.7 | 10.8 | (0.4)% | 10.5 | 2.6% | 10.6 | 10.9 | (2.9)% | |||||
| RASM (US$ Cents) | 11.3 | 11.3 | (0.3)% | 11.1 | 2.0% | 11.2 | 11.5 | (2.6)% | |||||
| CASM (US$ Cents) | 8.8 | 8.7 | 1.6% | 8.5 | 4.0% | 8.6 | 9.0 | (3.6)% | |||||
| CASM Excl. Fuel (US$ Cents) | 5.9 | 5.9 | 0.7% | 5.6 | 5.1% | 5.8 | 5.8 | (0.7)% | |||||
| Fuel Gallons Consumed (millions) | 98.6 | 91.2 | 8.1% | 96.1 | 2.5% | 377.5 | 354.5 | 6.5% | |||||
| Avg. Price Per Fuel Gallon (US$) | 2.50 | 2.38 | 5.0% | 2.44 | 2.5% | 2.45 | 2.66 | (8.0)% | |||||
| Average Length of Haul (miles) | 1,870 | 1,940 | (3.6)% | 1,905 | (1.8)% | 1,899 | 1,928 | (1.5)% | |||||
| Average Stage Length (miles) | 1,236 | 1,260 | (1.9)% | 1,243 | (0.5)% | 1,242 | 1,257 | (1.2)% | |||||
| Departures | 41,942 | 37,596 | 11.6% | 40,441 | 3.7% | 159,197 | 146,607 | 8.6% | |||||
| Block Hours | 133,488 | 121,549 | 9.8% | 128,263 | 4.1% | 505,888 | 470,751 | 7.5% | |||||
| Average Aircraft Utilization (hours) | 11.9 | 12.0 | (0.9)% | 11.9 | (0.8)% | 11.9 | 11.9 | 0.8% | |||||
| Copa Holdings, S. A. and Subsidiaries Consolidated statement of profit or loss (In US$ thousands) | ||||||||||||||
| Unaudited | Unaudited | % | Unaudited | % | Unaudited | Audited | % | |||||||
| 4Q25 | 4Q24 | Change | 3Q25 | Change | YTD25 | YTD24 | Change | |||||||
| Operating Revenues | ||||||||||||||
| Passenger revenue | 913,623 | 834,758 | 9.4% | 861,339 | 6.1% | 3,431,253 | 3,293,362 | 4.2% | ||||||
| Cargo and mail revenue | 32,036 | 28,966 | 10.6% | 29,680 | 7.9% | 115,718 | 100,507 | 15.1% | ||||||
| Other operating revenue | 17,228 | 14,896 | 15.7% | 22,130 | (22.1%) | 70,851 | 52,330 | 35.4% | ||||||
| Total Operating Revenue | 962,888 | 878,620 | 9.6% | 913,149 | 5.4% | 3,617,822 | 3,446,198 | 5.0% | ||||||
| Operating Expenses | ||||||||||||||
| Fuel | 249,177 | 219,232 | 13.7% | 236,809 | 5.2% | 932,251 | 949,309 | (1.8%) | ||||||
| Wages, salaries, benefits and other employees’ expenses | 137,906 | 123,575 | 11.6% | 124,266 | 11.0% | 501,979 | 470,644 | 6.7% | ||||||
| Passenger servicing | 27,523 | 25,748 | 6.9% | 27,495 | 0.1% | 105,233 | 109,243 | (3.7%) | ||||||
| Airport facilities and handling charges | 68,996 | 64,655 | 6.7% | 70,736 | (2.5%) | 270,041 | 252,798 | 6.8% | ||||||
| Sales and distribution | 55,604 | 50,548 | 10.0% | 52,994 | 4.9% | 208,289 | 207,968 | 0.2% | ||||||
| Maintenance, materials and repairs | 46,075 | 34,567 | 33.3% | 35,074 | 31.4% | 156,741 | 105,936 | 48.0% | ||||||
| Depreciation and amortization | 97,385 | 85,085 | 14.5% | 93,028 | 4.7% | 365,136 | 330,710 | 10.4% | ||||||
| Flight operations | 38,413 | 34,675 | 10.8% | 36,349 | 5.7% | 141,276 | 129,521 | 9.1% | ||||||
| Other operating and administrative expenses | 32,221 | 36,787 | (12.4%) | 24,093 | 33.7% | 117,916 | 137,119 | (14.0%) | ||||||
| Total Operating Expense | 753,300 | 674,871 | 11.6% | 700,844 | 7.5% | 2,798,862 | 2,693,247 | 3.9% | ||||||
| Operating Profit/(Loss) | 209,588 | 203,749 | 2.9% | 212,305 | (1.3%) | 818,959 | 752,951 | 8.8% | ||||||
| Operating Margin | 21.8 | % | 23.2 | % | -1.4 p.p | 23.2 | % | -1.4 p.p | 22.6 | % | 21.8 | % | 0.8 p.p | |
| Non-operating Income (Expense): | ||||||||||||||
| Finance cost | (27,478 | ) | (21,498 | ) | 27.8% | (24,396 | ) | 12.6% | (98,393 | ) | (84,493 | ) | 16.5% | |
| Finance income | 16,545 | 16,064 | 3.0% | 14,878 | 11.2% | 62,592 | 58,912 | 6.2% | ||||||
| Gain (loss) on foreign currency fluctuations | (6,021 | ) | (11,489 | ) | (47.6%) | (892 | ) | 575.3% | (4,633 | ) | (33,991 | ) | (86.4%) | |
| Net change in fair value of derivatives | 178 | 2,706 | (93.4%) | (381 | ) | nm | (4,325 | ) | 4,469 | nm | ||||
| Other non-operating income (expense) | (857 | ) | (501 | ) | 71.1% | 1,235 | nm | 1,409 | 7,940 | (82.3%) | ||||
| Total Non-Operating Income/(Expense) | (17,633 | ) | (14,718 | ) | 19.8% | (9,556 | ) | 84.5% | (43,349 | ) | (47,163 | ) | (8.1%) | |
| Profit before taxes | 191,955 | 189,031 | 1.5% | 202,749 | (5.3%) | 775,610 | 705,789 | 9.9% | ||||||
| Income tax expense | (19,332 | ) | (23,262 | ) | (16.9%) | (29,399 | ) | (34.2%) | (103,962 | ) | (97,674 | ) | 6.4% | |
| Net Profit/(Loss) | 172,623 | 165,769 | 4.1% | 173,350 | (0.4%) | 671,648 | 608,114 | 10.4% | ||||||
| Net Margin | 17.9 | % | 18.9 | % | -1.0 p.p | 19.0 | % | -1.1 p.p | 18.6 | % | 17.6 | % | 1.0 p.p | |
| Basic Earnings Per Share (EPS) | 4.18 | 3.98 | 5.3% | 4.20 | (0.5)% | 16.28 | 14.55 | 11.9% | ||||||
| Shares for calculation of Basic EPS (000s) | 41,248 | 41,696 | (1.1)% | 41,248 | —% | 41,258 | 41,796 | (1.3)% | ||||||
| Copa Holdings, S. A. and Subsidiaries Consolidated statement of financial position (In US$ thousands) | ||||||
| December 2025 | December 2024 | |||||
| ASSETS | (Unaudited) | (Audited) | ||||
| Cash and cash equivalents | 382,554 | 613,313 | ||||
| Short-term investments | 955,604 | 585,919 | ||||
| Total cash, cash equivalents and short-term investments | 1,338,159 | 1,199,232 | ||||
| Accounts receivable, net | 194,425 | 166,014 | ||||
| Accounts receivable from related parties | 3,217 | 2,976 | ||||
| Expendable parts and supplies, net | 148,127 | 132,341 | ||||
| Prepaid expenses | 55,209 | 42,926 | ||||
| Prepaid income tax | 6,172 | 11,678 | ||||
| Other current assets | 32,769 | 21,710 | ||||
| 439,919 | 377,646 | |||||
| TOTAL CURRENT ASSETS | 1,778,078 | 1,576,878 | ||||
| Long-term investments | 248,579 | 248,936 | ||||
| Long-term prepaid expenses | 5,434 | 8,237 | ||||
| Property and equipment, net | 4,120,055 | 3,458,261 | ||||
| Right of use assets | 296,761 | 309,303 | ||||
| Intangible, net | 104,071 | 96,753 | ||||
| Net defined benefit assets | 3,220 | 1,058 | ||||
| Deferred tax assets | 19,873 | 20,749 | ||||
| Other Non-Current Assets | 6,952 | 22,113 | ||||
| TOTAL NON-CURRENT ASSETS | 4,804,946 | 4,165,410 | ||||
| TOTAL ASSETS | 6,583,024 | 5,742,288 | ||||
| LIABILITIES | ||||||
| Loans and borrowings | 172,885 | 254,854 | ||||
| Current portion of lease liability | 66,132 | 59,103 | ||||
| Accounts payable | 164,320 | 229,104 | ||||
| Accounts payable to related parties | 1,333 | 1,624 | ||||
| Air traffic liability | 737,616 | 621,895 | ||||
| Frequent flyer deferred revenue | 155,584 | 132,065 | ||||
| Taxes Payable | 62,931 | 55,505 | ||||
| Accrued expenses payable | 66,016 | 62,673 | ||||
| Income tax payable | 11,929 | 9,801 | ||||
| Other Current Liabilities | 1,361 | 1,270 | ||||
| TOTAL CURRENT LIABILITIES | 1,440,107 | 1,427,894 | ||||
| Loans and borrowings long-term | 1,807,556 | 1,415,953 | ||||
| Lease Liability | 258,383 | 270,594 | ||||
| Deferred tax Liabilities | 59,217 | 37,476 | ||||
| Other long – term liabilities | 242,337 | 217,626 | ||||
| TOTAL NON-CURRENT LIABILITIES | 2,367,494 | 1,941,649 | ||||
| TOTAL LIABILITIES | 3,807,600 | 3,369,543 | ||||
| EQUITY | ||||||
| Class A – 34,229,801 issued and 30,200,428 outstanding | 23,290 | 23,244 | ||||
| Class B – 10,938,125 | 7,466 | 7,466 | ||||
| Additional Paid-In Capital | 220,190 | 214,542 | ||||
| Treasury Stock | (300,143 | ) | (291,438 | ) | ||
| Retained Earnings | 2,168,911 | 1,826,565 | ||||
| Net profit | 671,648 | 608,114 | ||||
| Other comprehensive loss | (15,939 | ) | (15,748 | ) | ||
| TOTAL EQUITY | 2,775,423 | 2,372,745 | ||||
| TOTAL EQUITY LIABILITIES | 6,583,024 | 5,742,288 | ||||
| Copa Holdings, S. A. and Subsidiaries Consolidated statement of cash flows For the twelve months ended (In US$ thousands) | |||||||
| 2025 | 2024 | ||||||
| (Unaudited) | (Audited) | ||||||
| Net cash flow from operating activities | 1,123,779 | 969,729 | |||||
| Investing activities | |||||||
| Net Acquisition of Investments | (365,486 | ) | 139,938 | ||||
| Net cash flow related to advance payments on aircraft purchase contracts | (106,506 | ) | 160,302 | ||||
| Acquisition of property and equipment | (815,726 | ) | (626,161 | ) | |||
| Proceeds from sale of property and equipment | 163 | 12,958 | |||||
| Acquisition of intangible assets | (30,921 | ) | (30,179 | ) | |||
| Cash flow used in investing activities | (1,318,476 | ) | (343,142 | ) | |||
| Financing activities | |||||||
| Proceeds from new borrowings | 552,200 | 414,587 | |||||
| Payments on loans and borrowings | (254,616 | ) | (216,649 | ) | |||
| Payment of lease liability | (59,089 | ) | (61,140 | ) | |||
| Repurchase of treasury shares | (8,705 | ) | (87,308 | ) | |||
| Dividends paid | (265,852 | ) | (269,139 | ) | |||
| Cash flow used in financing activities | (36,062 | ) | (219,649 | ) | |||
| Net (decrease) increase in cash and cash equivalents | (230,759 | ) | 406,938 | ||||
| Cash and cash equivalents as of January 1 | 613,313 | 206,375 | |||||
| Cash and cash equivalents as of December 31 | $ | 382,554 | $ | 613,313 | |||
| Short-term investments | 955,604 | 585,919 | |||||
| Long-term investments | 248,579 | 248,936 | |||||
| Total cash and cash equivalents and investments as of December 31 | $ | 1,586,737 | $ | 1,448,168 | |||
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 and Adjusted Net Debt to EBITDA. 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) | 4Q25 | 4Q24 | 3Q25 | YTD25 | YTD24 | ||||
| Operating Costs per ASM as Reported (in US$ Cents) | 8.8 | 8.7 | 8.5 | 8.6 | 9.0 | ||||
| Aircraft Fuel Cost per ASM (in US$ Cents) | 2.9 | 2.8 | 2.9 | 2.9 | 3.2 | ||||
| Operating Costs per ASM excluding fuel (in US$ Cents) | 5.9 | 5.9 | 5.6 | 5.8 | 5.8 |
| Reconciliation of Adjusted Net Debt to EBITDA | 4Q25 | 4Q24 | 3Q25 | |||||
| Adjusted Net Debt | $ | 718,218 | $ | 552,335 | $ | 844,534 | ||
| LTM Operating Profit/(Loss) (in US$ thousands) | $ | 818,960 | $ | 752,951 | $ | 813,121 | ||
| LTM Depreciation and amortization (in US$ thousands) | $ | 365,137 | $ | 330,710 | $ | 352,837 | ||
| LTM EBITDA (in US$ thousands) | $ | 1,184,096 | $ | 1,083,661 | $ | 1,165,958 | ||
| Adjusted Net Debt to EBITDA | 0.6 | 0.5 | 0.7 | |||||
_____________________
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 fourth quarter of 2024 (4Q24).
