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%
