Copa Holdings (CPA) Company Report

Copa Airlines has achieved significant financial growth since its 2005 NYSE listing, with revenues increasing sixfold, net income 10 times, and dividends 34 times higher, while consistently delivering double-digit operating margins (except 2020).
The company expects to finish 2025 with an on-time performance above 90% and has reduced fuel burn per ATK by 8.1% since 2021.
For 2025, Copa reaffirms its operating margin guidance of 22% to 23%, expecting to be at the upper end, with 8% ASM growth and a CASM ex-fuel of $0.058.
Looking to 2026, the company projects ASM growth between 11% and 13% and a CASM ex-fuel between $0.057 and $0.058, with a long-term target of $0.056 CASM ex-fuel by 2028.
Copa maintains a strong balance sheet with 0.7 times net debt to EBITDA and returns value to shareholders through a policy of paying 40% of last year's net income as dividends and a $100 million share repurchase program. The company has also grown its premium revenue share to almost 40% of total revenue and increased ancillary revenues at a 34% CAGR over the last 5-6 years.

1 day ago

Transcript

Copa Holdings Outlines Growth Strategy, Financial Targets, and Capital Allocation at Investor Day 2025

CPA

Guidance Update

Dividends

New Projects/Investments

Copa Holdings reported strong historical financial performance, with EPS growing at an 11.4% CAGR and cash from operating activities at an 11.8% CAGR since its 2005 IPO.
The company provided a 2026 ASM growth guidance of 11%-13%, with 90% driven by annualization and additional frequencies, and 10% from new markets. It aims to further reduce CASM ex-fuel to $0.057-$0.058 in 2026 and $0.056 by 2028, having achieved its 2025 target of $0.058 a year early.
Copa maintains a 40% dividend policy and is open to re-evaluating its capital allocation strategy, including buybacks, in response to market valuation.
Operational excellence remains a core focus, with Copa being the most on-time airline in Latin America for the last 10 years and on track for over 90% on-time performance this year. The company has also seen its premium revenue share grow by 22% since 2019, now comprising almost 40% of total revenue, supported by an 89% direct distribution strategy that reduced sales costs by 30%.

1 day ago

Transcript

Copa Holdings Outlines Growth Strategy and Financial Performance at Investor Day 2025

CPA

Dividends

Guidance Update

New Projects/Investments

Copa Holdings celebrated 20 years of listing on the NYSE, highlighting substantial growth with its fleet three times larger, revenues sixfold, net income ten times, and dividends 34 times higher than in 2005, alongside consistent double-digit operating margins.
The company plans for future expansion with 46 Boeing 737 MAX aircraft to be delivered over the next four years and projects 11-13% ASM growth for next year (2026), primarily from annualizing recent launches and increasing frequencies.
Copa maintains a strong financial position with $1.3 billion in cash and a 40% dividend policy, while also guiding for a CASM ex-fuel of 5.8 cents for 2024 and 2026.
Strategic initiatives have led to a 22% increase in premium revenue share since 2019 (now almost 40% of total revenue) and a 34% CAGR in ancillary revenues over the last five to six years, supported by direct customer relationships and product offerings.

1 day ago

Transcript

Copa Holdings Reports Strong Q3 2025 Financial Results and Reaffirms Full-Year Guidance

CPA

Earnings

Guidance Update

Dividends

Copa Holdings reported a net profit of US$173.4 million or US$4.20 per share for Q3 2025, representing year-over-year increases of 18.7% and 20.1%, respectively.
The company achieved an operating margin of 23.2% and a net margin of 19.0% in Q3 2025, with total operating revenues increasing 6.8% year-over-year to US$913.1 million.
Capacity, measured in available-seat-miles (ASM), increased 5.8% compared to Q3 2024, and the load factor rose by 1.8 percentage points to 88.0%.
Copa Holdings ended Q3 2025 with approximately US$1.3 billion in cash, short-term and long-term investments, and an Adjusted Net Debt to EBITDA ratio of 0.7 times.
The company reaffirmed its full-year 2025 guidance, narrowing the operating margin range to 22% to 23% and expecting full-year capacity growth of approximately 8%. Additionally, the Board of Directors ratified a US$1.61 per share dividend to be paid on December 15, 2025.

Nov 20, 2025, 8:57 PM

6-K

Copa Holdings Reports Strong Q3 2025 Results and Updates 2025-2026 Outlook

CPA

Earnings

Guidance Update

Dividends

Copa Holdings reported strong Q3 2025 financial results, achieving an operating margin of 23.2% and a net profit of $173 million, or $4.20 per share.
The company reaffirmed its 2025 full-year guidance, narrowing the operating margin range to 22%-23% and projecting full-year capacity growth at approximately 8%.
For 2026, Copa Holdings preliminarily expects full-year ASM capacity growth in the range of 11%-13% and ex-fuel CASM between $0.057-$0.058.
The fleet is projected to grow to 124 aircraft by year-end 2025 and 132 aircraft by year-end 2026.
Copa Holdings announced a $1.61 per share dividend payment for December 15th and continues to execute its $200 million share buyback program.

Nov 20, 2025, 4:00 PM

Transcript

Copa Holdings Reports Strong Q3 2025 Results and Narrows Full-Year Guidance

CPA

Earnings

Guidance Update

Dividends

Copa Holdings delivered a strong Q3 2025, achieving an operating margin of 23.2% and a net profit of $173 million, or $4.20 per share.
The company reaffirmed its full-year 2025 guidance, narrowing the operating margin range to the upper end of 22%-23%, with full-year capacity growth projected at approximately 8%.
For 2026, Copa Holdings preliminarily expects full-year ASM capacity growth between 11%-13% and an ex-fuel CASM in the range of 5.7-5.8 cents, supported by a projected fleet of 132 aircraft by year-end 2026.
The company ended the quarter with a strong balance sheet, including $1.3 billion in cash and investments, and announced a dividend payment of $1.61 per share for December 15th.

Nov 20, 2025, 4:00 PM

Transcript

Copa Holdings Reports Strong Q3 2025 Results and Narrows Full-Year Guidance

CPA

Earnings

Guidance Update

Dividends

Copa Holdings reported a strong Q3 2025 with an operating margin of 23.2% (up 2.9 percentage points year-over-year) and a net margin of 19% (up 1.9 percentage points year-over-year). Net profit reached $173 million, or $4.20 per share.
Capacity (ASMs) increased 5.8% year-over-year, with the load factor rising 1.8 percentage points to 88%. Unit revenues (RASM) increased 1% to 11.1 cents, while unit costs (CASM) decreased 2.7% to 8.5 cents.
The company narrowed its 2025 operating margin guidance to the upper end of 22%-23% and projects full-year capacity growth at approximately 8%. Preliminary 2026 guidance includes 11%-13% full-year ASM capacity growth and an ex-fuel CASM of 5.7-5.8 cents.
Copa Holdings ended Q3 2025 with $1.3 billion in cash and investments and an adjusted net debt-to-EBITDA ratio of 0.7 times. A dividend of $1.61 per share will be paid on December 15th, and half of the $200 million share buyback program has been executed.
The fleet is expected to grow from 121 aircraft at Q3 2025 to 124 by year-end 2025 and 132 by year-end 2026. Long-term growth is projected to average 7-8% per year for the next four years.

Nov 20, 2025, 4:00 PM

Transcript

Copa Holdings Reports Strong Q3 2025 Financial Results

CPA

Earnings

Dividends

Revenue Acceleration/Inflection

Copa Holdings reported a net income of $173.4 million, or $4.20 per share, for Q3 2025, marking an 18.7% year-over-year increase and surpassing the $4.03 consensus.
Total revenues reached $913.1 million, up 6.8%, primarily driven by a 5.2% rise in passenger revenues to $861.33 million and an 86.3% jump in other operating revenues to $22.13 million.
The airline achieved strong profitability with an operating margin of 23.2% and a net margin of 19.0%, representing increases of 2.9 and 1.9 percentage points, respectively, compared to Q3 2024.
Operational performance remained robust with an 88.0% load factor, and the company declared a $1.61 per-share dividend to be paid on December 15, 2025.

Nov 20, 2025, 2:28 AM

Morningstar

Copa Holdings Announces September 2025 Traffic Statistics

CPA

Copa Holdings, S.A. released preliminary passenger traffic statistics for September 2025.
Capacity (ASMs) for September 2025 increased by 5.2% compared to September 2024.
System-wide passenger traffic (RPMs) for September 2025 increased by 6.4% compared to September 2024.
The system load factor for September 2025 was 86.9%, which is 1.0 percentage points higher than in September 2024.

Oct 14, 2025, 1:10 PM

6-K

Copa Holdings Announces August 2025 Traffic Statistics

CPA

Revenue Acceleration/Inflection

Copa Holdings, S.A. released preliminary passenger traffic statistics for August 2025.
Capacity, measured by Available Seat Miles (ASMs), increased by 5.8% compared to August 2024.
System-wide passenger traffic, measured by Revenue Passenger Miles (RPMs), grew by 9.8% year-over-year.
The system load factor for August 2025 reached 88.3%, an increase of 3.2 percentage points from August 2024.