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

[email protected]

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

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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).