Net profit of US$212.5 million or US$5.16 per share, a 20.5% year‑over‑year increase in earnings per share.
Operating margin of 24.6% and net margin of 20.2%, increases of 0.8 and 0.5 percentage points, respectively, compared to 1Q25.
Capacity, measured in available seat miles (ASMs), grew by 14.0% year over year, and passenger traffic in RPMs increased by 15.0%. As a result, load factor increased by 0.8 percentage points to 87.2%.
Revenue per available seat mile (RASM) of 11.8 cents, an increase of 2.7% compared to 1Q25.
Operating cost per available seat mile (CASM) increased 1.6% year over year to 8.9 cents, while CASM excluding fuel (Ex-fuel CASM) decreased 1.0% to 5.8 cents.
The Company ended the quarter with approximately US$1.5 billion in cash, short-term and long-term investments, representing 40% of the last-twelve-months' revenues.
Adjusted Net Debt to EBITDA ratio ended 1Q26 at 0.7 times.
The Company repurchased US$45 million worth of shares during the quarter under the Company's current US$200 million repurchase authorization. This represents approximately 1% of total outstanding shares as of the end of the quarter.
In 1Q26, the Company took delivery of 2 Boeing 737-MAX 8 aircraft to end the quarter with a total fleet of 127 aircraft.
Copa Airlines had an on-time performance for the quarter of 91.6% and a flight completion factor of 99.7%, once again positioning itself among the very best in the industry.
Subsequent events
On May 13, 2026, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.71 per share, payable on June 15, 2026, to shareholders of record as of May 29, 2026.
In April, at an event held in Panama, the Company publicly announced a Boeing 737 MAX aircraft order consisting of 40 firm orders and 20 purchase options. Deliveries are expected between 2030 and 2034, supporting long‑term capacity growth while preserving flexibility within the Company's existing fleet plan.
During the second quarter, the Company took delivery of two additional Boeing 737 MAX 8 aircraft, increasing its total fleet to 129 aircraft.
____________________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 first quarter of 2025 (1Q25).
Full 1Q26 Earnings Release available for download at:
ir.copaair.com/financial-information/quarterly-results
Conference Call and Webcast
The Company will hold its financial results conference call tomorrow at 11am ET (10am local). Details follow:
Date:
May 14, 2026
Time:
11:00 AM US ET (10:00 AM Local Time)
Join by phone:
Click here
Webcast (listen-only):
ir.copaair.com/events-and-presentations
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[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 SubsidiariesConsolidated Operating and Financial Statistics
1Q26
1Q25
% Change
4Q25
% Change
Revenue Passengers Carried (000s)
4,096
3,512
16.6
%
3,935
4.1
%
Revenue Passengers OnBoard (000s)
6,007
5,208
15.3
%
5,834
3.0
%
RPMs (millions)
7,755
6,743
15.0
%
7,359
5.4
%
ASMs (millions)
8,892
7,801
14.0
%
8,513
4.5
%
Load Factor
87.2
%
86.4
%
0.8 p.p
86.4
%
0.8 p.p
Yield (US$ Cents)
12.9
12.7
1.6
%
12.4
4.3
%
PRASM (US$ Cents)
11.3
11.0
2.6
%
10.7
5.2
%
RASM (US$ Cents)
11.8
11.5
2.7
%
11.3
4.6
%
CASM (US$ Cents)
8.9
8.8
1.6
%
8.8
0.9
%
CASM Excl. Fuel (US$ Cents)
5.8
5.8
(1.0
)%
5.9
(2.9
)%
Fuel Gallons Consumed (millions)
102.7
91.0
12.9
%
98.6
4.1
%
Avg. Price Per Fuel Gallon (US$)
2.73
2.54
7.5
%
2.50
9.2
%
Average Length of Haul (miles)
1,893
1,920
(1.4
)%
1,870
1.2
%
Average Stage Length (miles)
1,260
1,260
—
%
1,236
1.9
%
Departures
43,033
37,829
13.8
%
41,942
2.6
%
Block Hours
138,479
121,611
13.9
%
133,488
3.7
%
Average Aircraft Utilization (hours)
12.2
12.1
1.3
%
11.9
3.1
%
Copa Holdings, S. A. and SubsidiariesConsolidated statement of profit or loss(In US$ thousands)
Unaudited
Unaudited
%
Unaudited
%
1Q26
1Q25
Change
4Q25
Change
Operating Revenues
Passenger revenue
1,004,173
859,025
16.9
%
913,623
9.9
%
Cargo and mail revenue
29,760
25,694
15.8
%
32,036
(7.1
%)
Other operating revenue
18,490
14,462
27.8
%
17,228
7.3
%
Total Operating Revenue
1,052,423
899,181
17.0
%
962,888
9.3
%
Operating Expenses
Fuel
282,462
232,160
21.7
%
249,177
13.4
%
Wages, salaries, benefits and other employees' expenses
137,670
117,517
17.1
%
137,906
(0.2
%)
Passenger servicing
28,135
25,024
12.4
%
27,523
2.2
%
Airport facilities and handling charges
79,184
65,657
20.6
%
68,996
14.8
%
Sales and distribution
54,812
