Copa Holdings Reports Third-Quarter Financial Results
PANAMA CITY, Nov. 19, 2025 (GLOBE NEWSWIRE) — Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the third quarter of 2025 (3Q25), delivering another quarter of strong profitability and operational excellence. Key highlights for the quarter include:
- Net profit of US$173.4 million or US$4.20 per share, compared to US$146.0 million or US$3.50 per share in 3Q24, representing year-over-year increases of 18.7% and 20.1%, respectively.
- Operating margin of 23.2% and net margin of 19.0%, an increase of 2.9 and 1.9 percentage points, respectively, compared to 3Q24.
- Load factor increased 1.8 percentage points year over year to 88.0% and capacity, measured in available-seat-miles (ASM), increased 5.8% compared to 3Q24.
- Revenue per available seat mile (RASM) of 11.1 cents, up 1.0% year-over-year.
- Operating cost per available seat mile (CASM) decreased 2.7% to 8.5 cents, while CASM excluding fuel decreased 0.8% to 5.6 cents.
- The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term investments, representing 38% of the last twelve months’ revenues.
- Adjusted Net Debt to EBITDA ratio closed 3Q25 at 0.7 times.
- During the quarter, the Company took delivery of five Boeing 737 MAX 8 aircraft and added a second Boeing 737-800 freighter under an operating lease agreement. Copa Holdings’ fleet totaled 121 aircraft as of September 30, 2025.
- Copa Airlines achieved an on-time performance of 89.7% and a flight completion factor of 99.8%, maintaining its position among the best in the industry.
Subsequent events
- On November 19, 2025, the Board of Directors of Copa Holdings ratified the fourth dividend payment for this year of US$1.61 per share. Dividends will be paid on December 15, 2025, to shareholders on record as of December 1, 2025.
- As of the date of this release, the Company has taken delivery of two additional Boeing 737 MAX 8 aircraft, bringing its total fleet to 123 aircraft. The Company expects to receive one additional aircraft before the end of the year.
Full 3Q25 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 11am ET (11am local). Details follow:
| Date: | November 20, 2025 |
| 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: 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
| 3Q25 | 3Q24 | % Change | 2Q25 | % Change | ||||||
| Revenue Passengers Carried (000s) | 3,806 | 3,449 | 10.3 | % | 3,600 | 5.7 | % | |||
| Revenue Passengers OnBoard (000s) | 5,695 | 5,187 | 9.8 | % | 5,366 | 6.1 | % | |||
| RPMs (millions) | 7,249 | 6,711 | 8.0 | % | 6,859 | 5.7 | % | |||
| ASMs (millions) | 8,238 | 7,785 | 5.8 | % | 7,856 | 4.9 | % | |||
| Load Factor | 88.0 | % | 86.2 | % | 1.8 p.p | 87.3 | % | 0.7 p.p | ||
| Yield (US$ Cents) | 11.9 | 12.2 | (2.6 | )% | 11.6 | 2.2 | % | |||
| PRASM (US$ Cents) | 10.5 | 10.5 | (0.5 | )% | 10.1 | 3.0 | % | |||
| RASM (US$ Cents) | 11.1 | 11.0 | 1.0 | % | 10.7 | 3.3 | % | |||
| CASM (US$ Cents) | 8.5 | 8.7 | (2.7 | )% | 8.4 | 1.4 | % | |||
| CASM Excl. Fuel (US$ Cents) | 5.6 | 5.7 | (0.8 | )% | 5.7 | (0.6 | )% | |||
| Fuel Gallons Consumed (millions) | 96.1 | 91.3 | 5.3 | % | 91.9 | 4.6 | % | |||
| Avg. Price Per Fuel Gallon (US$) | 2.44 | 2.60 | (6.1 | )% | 2.32 | 5.4 | % | |||
| Average Length of Haul (miles) | 1,905 | 1,946 | (2.1 | )% | 1,905 | — | % | |||
| Average Stage Length (miles) | 1,243 | 1,267 | (1.9 | )% | 1,231 | 1.0 | % | |||
| Departures | 40,441 | 37,478 | 7.9 | % | 38,985 | 3.7 | % | |||
| Block Hours | 128,263 | 120,975 | 6.0 | % | 122,526 | 4.7 | % | |||
| Average Aircraft Utilization (hours) | 11.9 | 12.0 | (0.1 | )% | 11.9 | 0.2 | % | |||
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of profit or loss
(In US$ thousands)
| Unaudited | Unaudited | % | Unaudited | % | ||||||||||
| 3Q25 | 3Q24 | Change | 2Q25 | Change | ||||||||||
| Operating Revenues | ||||||||||||||
| Passenger revenue | 861,339 | 818,381 | 5.2 | % | 797,266 | 8.0 | % | |||||||
| Cargo and mail revenue | 29,680 | 24,446 | 21.4 | % | 28,307 | 4.8 | % | |||||||
| Other operating revenue | 22,130 | 11,881 | 86.3 | % | 17,031 | 29.9 | % | |||||||
| Total Operating Revenue | 913,149 | 854,708 | 6.8 | % | 842,604 | 8.4 | % | |||||||
| Operating Expenses | ||||||||||||||
| Fuel | 236,809 | 238,714 | (0.8 | %) | 214,106 | 10.6 | % | |||||||
| Wages, salaries, benefits and other employees’ expenses | 124,266 | 117,877 | 5.4 | % | 122,289 | 1.6 | % | |||||||
| Passenger servicing | 27,495 | 26,232 | 4.8 | % | 25,190 | 9.2 | % | |||||||
| Airport facilities and handling charges | 70,736 | 65,029 | 8.8 | % | 64,652 | 9.4 | % | |||||||
| Sales and distribution | 52,994 | 49,716 | 6.6 | % | 49,429 | 7.2 | % | |||||||
| Maintenance, materials and repairs | 24,108 | 34,860 | (30.8 | %) | 29,533 | (18.4 | %) | |||||||
| Depreciation and amortization | 93,028 | 82,797 | 12.4 | % | 88,440 | 5.2 | % | |||||||
| Flight operations | 36,349 | 31,901 | 13.9 | % | 32,766 | 10.9 | % | |||||||
| Other operating and administrative expenses | 35,059 | 33,871 | 3.5 | % | 32,954 | 6.4 | % | |||||||
| Total Operating Expense | 700,844 | 680,998 | 2.9 | % | 659,359 | 6.3 | % | |||||||
| Operating Profit/(Loss) | 212,305 | 173,710 | 22.2 | % | 183,245 | 15.9 | % | |||||||
| Operating Margin | 23.2 | % | 20.3 | % | 2.9 p.p | 21.7 | % | 1.5 p.p | ||||||
| Non-operating Income (Expense): | ||||||||||||||
| Finance cost | (24,396 | ) | (23,523 | ) | 3.7 | % | (23,285 | ) | 4.8 | % | ||||
| Finance income | 14,878 | 15,565 | (4.4 | %) | 15,377 | (3.2 | %) | |||||||
| Gain (loss) on foreign currency fluctuations | (892 | ) | (2,491 | ) | (64.2 | %) | 910 | nm | ||||||
| Net change in fair value of derivatives | (381 | ) | (762 | ) | (50.0 | %) | (1,688 | ) | (77.4 | %) | ||||
| Other non-operating income (expense) | 1,235 | 6,787 | (81.8 | %) | (397 | ) | nm | |||||||
| Total Non-Operating Income/(Expense) | (9,556 | ) | (4,425 | ) | 116.0 | % | (9,083 | ) | 5.2 | % | ||||
| Profit before taxes | 202,749 | 169,285 | 19.8 | % | 174,162 | 16.4 | % | |||||||
| Income tax expense | (29,399 | ) | (23,259 | ) | 26.4 | % | (25,253 | ) | 16.4 | % | ||||
| Net Profit/(Loss) | 173,350 | 146,026 | 18.7 | % | 148,908 | 16.4 | % | |||||||
| Net Margin | 19.0 | % | 17.1 | % | 1.9 p.p | 17.7 | % | 1.3 p.p | ||||||
| Basic Earnings Per Share (EPS) | 4.20 | 3.50 | 20.1 | % | 3.61 | 16.3 | % | |||||||
| Shares for calculation of Basic EPS (000s) | 41,248 | 41,728 | (1.2) % | 41,246 | — | % | ||||||||
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
| September 2025 | December 2024 | ||||
| ASSETS | (Unaudited) | (Audited) | |||
| Cash and cash equivalents | 248,823 | 613,313 | |||
| Short-term investments | 742,687 | 585,919 | |||
| Total cash, cash equivalents and short-term investments | 991,509 | 1,199,232 | |||
| Accounts receivable, net | 225,586 | 166,014 | |||
| Accounts receivable from related parties | 3,111 | 2,976 | |||
| Expendable parts and supplies, net | 145,910 | 132,341 | |||
| Prepaid expenses | 69,207 | 42,926 | |||
| Prepaid income tax | 8,161 | 11,678 | |||
| Other current assets | 30,957 | 21,711 | |||
| 482,931 | 377,647 | ||||
| TOTAL CURRENT ASSETS | 1,474,441 | 1,576,879 | |||
| Long-term investments | 337,601 | 248,936 | |||
| Long-term prepaid expenses | 2,589 | 8,237 | |||
| Property and equipment, net | 4,024,385 | 3,458,261 | |||
| Right of use assets | 310,596 | 309,302 | |||
| Intangible, net | 101,541 | 96,754 | |||
| Net defined benefit assets | 2,106 | 1,058 | |||
| Deferred tax assets | 18,498 | 20,749 | |||
| Other Non-Current Assets | 6,669 | 22,113 | |||
| TOTAL NON-CURRENT ASSETS | 4,803,986 | 4,165,410 | |||
| TOTAL ASSETS | 6,278,427 | 5,742,289 | |||
| LIABILITIES | |||||
| Loans and borrowings | 204,453 | 254,854 | |||
| Current portion of lease liability | 64,892 | 59,103 | |||
| Accounts payable | 164,694 | 229,104 | |||
| Accounts payable to related parties | 1,409 | 1,624 | |||
| Air traffic liability | 694,737 | 621,895 | |||
| Frequent flyer deferred revenue | 151,155 | 132,064 | |||
| Taxes Payable | 53,416 | 55,505 | |||
| Accrued expenses payable | 50,854 | 62,673 | |||
| Income tax payable | 9,686 | 9,801 | |||
| Other Current Liabilities | 1,495 | 1,272 | |||
| TOTAL CURRENT LIABILITIES | 1,396,790 | 1,427,895 | |||
| Loans and borrowings long-term | 1,631,823 | 1,415,953 | |||
| Lease Liability | 272,477 | 270,594 | |||
| Deferred tax Liabilities | 75,820 | 37,476 | |||
| Other long – term liabilities | 233,227 | 217,626 | |||
| TOTAL NON-CURRENT LIABILITIES | 2,213,347 | 1,941,649 | |||
| TOTAL LIABILITIES | 3,610,137 | 3,369,544 | |||
| EQUITY | |||||
| Class A – 34,229,467 issued and 30,199,961 outstanding | 23,290 | 23,244 | |||
| Class B – 10,938,125 | 7,466 | 7,466 | |||
| Additional Paid-In Capital | 219,021 | 214,542 | |||
| Treasury Stock | (300,143 | ) | (291,438 | ) | |
| Retained Earnings | 2,235,380 | 1,826,565 | |||
| Net profit | 499,025 | 608,114 | |||
| Other comprehensive loss | (15,748 | ) | (15,748 | ) | |
| TOTAL EQUITY | 2,668,290 | 2,372,745 | |||
| TOTAL EQUITY LIABILITIES | 6,278,427 | 5,742,289 | |||
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the nine months ended
(In US$ thousands)
| 2025 | 2024 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Net cash flow from operating activities | 751,475 | 659,392 | |||||
| Investing activities | |||||||
| Net Acquisition of Investments | (243,008 | ) | (4,243 | ) | |||
| Net cash flow related to advance payments on aircraft purchase contracts | (174,604 | ) | 102,997 | ||||
| Acquisition of property and equipment | (621,316 | ) | (405,045 | ) | |||
| Proceeds from sale of property and equipment | 42,447 | 5,878 | |||||
| Acquisition of intangible assets | (22,828 | ) | (22,162 | ) | |||
| Cash flow used in investing activities | (1,019,309 | ) | (322,575 | ) | |||
| Financing activities | |||||||
| Proceeds from new borrowings | 329,800 | 217,000 | |||||
| Payments on loans and borrowings | (174,875 | ) | (185,772 | ) | |||
| Payment of lease liability | (43,438 | ) | (46,837 | ) | |||
| Repurchase of treasury shares | (8,706 | ) | (50,402 | ) | |||
| Dividends paid | (199,437 | ) | (201,936 | ) | |||
| Cash flow used in financing activities | (96,656 | ) | (267,947 | ) | |||
| Net (decrease) increase in cash and cash equivalents | (364,490 | ) | 68,870 | ||||
| Cash and cash equivalents as of January 1 | 613,313 | 206,375 | |||||
| Cash and cash equivalents as of September 30 | $ | 248,823 | $ | 275,245 | |||
| Short-term investments | 742,687 | 758,560 | |||||
| Long-term investments | 337,601 | 219,731 | |||||
| Total cash and cash equivalents and investments as of September 30 | $ | 1,329,111 | $ | 1,253,536 | |||
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) | 3Q25 | 3Q24 | 2Q25 | |||
| Operating Costs per ASM as Reported (in US$ Cents) | 8.5 | 8.7 | 8.5 | |||
| Aircraft Fuel Cost per ASM (in US$ Cents) | 2.9 | 3.1 | 2.7 | |||
| Operating Costs per ASM excluding fuel (in US$ Cents) | 5.6 | 5.7 | 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 third quarter of 2024 (3Q24).
