Copa Holdings (CPA) Company Report

Analyst Coverage

Research analysts who have asked questions during Copa Holdings earnings calls.

Alberto Valerio

UBS Group AG

8 questions for CPA

Also covers: ASR, AZUL, CX +4 more

Jens Spiess

Morgan Stanley

8 questions for CPA

Also covers: AERO, ASR, LTM +2 more

Michael Linenberg

Deutsche Bank

8 questions for CPA

Also covers: AAL, AERO, ALGT +13 more

Daniel McKenzie

Seaport Global Securities

7 questions for CPA

Also covers: AAL, ALGT, ALK +5 more

Guilherme Mendes

J.P. Morgan Chase & Co.

7 questions for CPA

Also covers: AERO, ASR, AZUL +5 more

Duane Pfennigwerth

Evercore ISI

6 questions for CPA

Also covers: AAL, AERO, ALGT +19 more

Savanthi Syth

Raymond James

6 questions for CPA

Also covers: AAL, ACHR, ALGT +15 more

Rogério Araújo

Bank of America

5 questions for CPA

Also covers: AZUL, TIMB, VIV +1 more

Filipe Nielsen

Citigroup Inc.

4 questions for CPA

Also covers: LTM

Thomas Fitzgerald

TD Cowen

4 questions for CPA

Also covers: AAL, ALGT, ALK +8 more

Stephen Trent

Citigroup Inc.

3 questions for CPA

Also covers: AAL, AER, AL +14 more

Jake Gunning

Evercore Inc.

2 questions for CPA

Savi Syth

Raymond James

2 questions for CPA

Also covers: AAL, JBLU, JOBY +6 more

Guilherme Mendes

J.P. Morgan

1 question for CPA

Pablo Monsede

Barclays

1 question for CPA

Pablo Monsivais

Barclays

1 question for CPA

Also covers: AERO, ASR, LTM +3 more

Rafael Seminari

UBS BB

1 question for CPA

Rafael Simonetti

UBS Group AG

1 question for CPA

Also covers: PAC, VLRS

Tom Fitzgerald

TD Cowen

1 question for CPA

Also covers: ALK, JBLU, LUV +3 more

Latest news

Recent press releases and 8-K filings for CPA.

Copa Holdings Reports Strong Q4 and Full-Year 2025 Financial Results

CPA

Earnings

Guidance Update

Dividends

Copa Holdings reported a net profit of US$172.6 million and US$4.18 EPS for Q4 2025, representing a 5.3% year-over-year increase in EPS. For the full year 2025, net profit was US$671.6 million and US$16.28 EPS, an 11.9% year-over-year increase.
The company achieved an operating margin of 21.8% in Q4 2025 and 22.6% for the full year 2025, alongside capacity (ASM) growth of 9.9% in Q4 2025 and 7.8% for the full year.
Copa Holdings maintained a strong financial position, ending Q4 2025 with approximately US$1.6 billion in cash, short-term and long-term investments and an Adjusted Net Debt to EBITDA ratio of 0.6 times.
For 2026, the company provided guidance for an operating margin between 22% and 24% and consolidated capacity growth of 11% to 13% over 2025. Additionally, the Board approved a 2026 quarterly dividend payment of US$1.71 per share.

Feb 12, 2026, 10:39 PM

6-K

Copa Holdings Reports Strong Q4 and Full Year 2025 Results, Issues 2026 Guidance

CPA

Earnings

Guidance Update

Share Buyback

Copa Holdings reported a net profit of $172.6 million ($4.18 per share) for Q4 2025, a 5.3% increase in EPS year-over-year, and a full-year 2025 net profit of $671.6 million ($16.28 per share), an 11.9% increase in EPS.
The company achieved an operating margin of 21.8% in Q4 2025 and 22.6% for the full year 2025.
For 2026, Copa Holdings expects capacity (ASMs) to grow 11%-13% year-over-year and projects an operating margin between 22%-24%.
The board approved a quarterly dividend of $1.71 per share for 2026, and the company has executed approximately half of its $200 million share buyback program.
At the end of Q4 2025, the company held $1.6 billion in cash, short-term, and long-term investments, with an adjusted net debt to EBITDA ratio of 0.6 times.

Feb 12, 2026, 4:00 PM

Transcript

Copa Holdings Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance

CPA

Earnings

Guidance Update

Dividends

Copa Holdings reported a net profit of $172.6 million and $4.18 EPS for Q4 2025, and a full-year 2025 net profit of $671.6 million and $16.28 EPS, representing an 11.9% year-over-year increase in EPS.
The company achieved a Q4 2025 operating margin of 21.8% and a full-year 2025 operating margin of 22.6%, which was 0.8 percentage points higher than in 2024.
For 2026, Copa Holdings provided guidance for capacity (ASMs) growth of 11%-13% year-over-year and an operating margin in the range of 22%-24%.
The board approved a quarterly dividend payment of $1.71 per share for 2026, with the first payment scheduled for March 13, and approximately half of the $200 million share buyback program has been executed.
Copa Airlines was recognized by Cirium for the eleventh time as the most on-time airline in Latin America in 2025, achieving 90.75% on-time performance.

Feb 12, 2026, 4:00 PM

Transcript

Copa Holdings Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance

CPA

Earnings

Guidance Update

Dividends

Copa Holdings reported a net profit of $172.6 million or $4.18 per share for Q4 2025, representing a 5.3% increase in EPS year-over-year, and a full-year 2025 net profit of $671.6 million or $16.28 per share, an 11.9% increase in EPS year-over-year. The company achieved a Q4 2025 operating margin of 21.8% and a full-year 2025 operating margin of 22.6%.
For 2026, Copa Holdings expects to grow capacity (ASMs) by 11%-13% year-over-year and projects an operating margin within the range of 22%-24%. The outlook assumes a load factor of approximately 87%, unit revenues of approximately 11.2 cents, and CASM ex fuel of approximately 5.7 cents.
The company ended Q4 2025 with $1.6 billion in cash, short-term, and long-term investments and an adjusted net debt to EBITDA ratio of 0.6 times. The Board of Directors approved a quarterly dividend payment of $1.71 per share for 2026, with the first payment scheduled for March 13. Approximately half of the $200 million share buyback program has been executed.
Copa Airlines was recognized by Cirium for the eleventh time as the most on-time airline in Latin America in 2025, with an on-time performance of 90.75%. The fleet ended 2025 with 125 aircraft and is expected to grow to 133 aircraft by the end of 2026 with the addition of eight Boeing 737 MAX 8s.

Feb 12, 2026, 4:00 PM

Transcript

Copa Airlines Provides Investor Day Update

CPA

Guidance Update

Dividends

Share Buyback

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.

Dec 11, 2025, 4:00 PM

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%.

Dec 11, 2025, 4:00 PM

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.

Dec 11, 2025, 4:00 PM

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.