Copa Holdings Reports Second-Quarter Financial Results

by | August 7, 2025 3:13 am | US Markets

PANAMA CITY, Aug. 06, 2025 (GLOBE NEWSWIRE) — Copa Holdings1, S.A. (NYSE:CPA), today announced financial results for the second quarter of 2025 (2Q25), delivering another quarter of solid profitability and operational excellence. Key highlights include:

  • Net profit of US$148.9 million or US$3.61 per share, which represents an earnings per share (EPS) increase of 25.2% compared to 2Q24.
  • Net margin of 17.7% and an operating margin of 21.0%, an increase of 3.0 percentage points and 1.5 percentage points, respectively, compared to 2Q24.
  • Revenue per available seat mile (RASM) of 10.7 cents, down 2.8% compared to 2Q24.
  • Operating cost per available seat mile (CASM) decreased by 4.6% compared to 2Q24 to 8.5 cents, and CASM excluding fuel (Ex-fuel CASM) increased 3.2% year over year to 5.8 cents.
  • The Company ended the quarter with approximately US$1.4 billion in cash, short-term and long-term investments, which represent 39% of the last twelve months’ revenues.
  • The Company closed 2Q25 with an Adjusted Net Debt to EBITDA ratio of 0.6 times.
  • The Company took delivery of three Boeing 737 MAX 8 aircraft, ending the quarter with a consolidated fleet of 115 aircraft – 67 Boeing 737-800, 32 Boeing 737 MAX-9, 9 Boeing 737-700, 6 Boeing 737 MAX-8, and 1 Boeing 737-800 freighter.
  • In June, Copa Airlines was recognized by Skytrax – for the tenth consecutive year – as the “Best Airline in Central America and the Caribbean” and as the “Best Airline Staff in Central America and the Caribbean.”
  • Copa Airlines had an on-time performance for the quarter of 91.5% and a flight completion factor of 99.8%, once again positioning itself among the very best in the industry.

Subsequent events

  • On August 6, 2025, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.61 per share. Dividends will be paid on September 15, 2025, to shareholders of record as of August 29, 2025.

Full 2Q25 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 (10 am local). Details follow:

Date: August 7, 2025
Time: 11:00 AM US ET (10:00 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 air service to countries in North, Central, and South America and the Caribbean. For more information, visit: copaair.com

Investor Relations
investor.relations@copaair.com

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

  2Q25 2Q24 % Change 1Q25 % Change YTD25 YTD24 % Change
Revenue Passengers Carried (000s) 3,600   3,303   9.0 % 3,512   2.5 % 7,112   6,575   8.2 %
Revenue Passengers OnBoard (000s) 5,366   4,970   8.0 % 5,208   3.0 % 10,574   9,760   8.3 %
RPMs (millions) 6,859   6,446   6.4 % 6,743   1.7 % 13,602   12,573   8.2 %
ASMs (millions) 7,856   7,424   5.8 % 7,801   0.7 % 15,657   14,545   7.7 %
Load Factor 87.3 % 86.8 % 0.5 p.p 86.4 % 0.9 p.p 86.9 % 86.4 % 0.4 p.p
Yield (US$ Cents) 11.6   12.1   (4.1) % 12.7   (8.8) % 12.2   13.0   (6.7) %
PRASM (US$ Cents) 10.1   10.5   (3.6) % 11.0   (7.8) % 10.6   11.3   (6.2) %
RASM (US$ Cents) 10.7   11.0   (2.8) % 11.5   (6.9) % 11.1   11.8   (5.5) %
CASM (US$ Cents) 8.5   8.9   (4.6) % 8.8   (3.5) % 8.6   9.2   (6.1) %
CASM Excl. Fuel (US$ Cents) 5.8   5.6   3.2 % 5.8   (1.0) % 5.8   5.8   (0.6) %
Fuel Gallons Consumed (millions) 91.9   87.6   4.9 % 91.0   1.0 % 182.8   172.0   6.3 %
Avg. Price Per Fuel Gallon (US$) 2.32   2.79   (17.0) % 2.54   (8.8) % 2.43   2.84   (14.7) %
Average Length of Haul (miles) 1,905   1,952   (2.4) % 1,920   (0.7) % 1,912   1,912   — %
Average Stage Length (miles) 1,231   1,253   (1.8) % 1,260   (2.3) % 1,245   1,249   (0.4) %
Departures 38,985   36,313   7.4 % 37,829   3.1 % 76,814   71,533   7.4 %
Block Hours 122,526   116,062   5.6 % 121,611   0.8 % 244,137   228,226   7.0 %
Average Aircraft Utilization (hours) 11.9   11.9   0.6 % 12.1   (1.2) % 12.0   11.7   2.1 %
 

Copa Holdings, S. A. and Subsidiaries
Consolidated statement of profit or loss
(In US$ thousands)

    Unaudited   Unaudited   % Unaudited   %   Unaudited   Unaudited %
    2Q25   2Q24   Change 1Q25   Change   YTD25   YTD24 Change
Operating Revenues                            
Passenger revenue   797,266     781,497     2.0 % 859,025     (7.2 %)   1,656,291     1,640,222   1.0 %
Cargo and mail revenue   28,307     25,184     12.4 % 25,694     10.2 %   54,001     47,095   14.7 %
Other operating revenue   17,031     12,722     33.9 % 14,462     17.8 %   31,493     25,553   23.2 %
Total Operating Revenue   842,604     819,403     2.8 % 899,181     (6.3 %)   1,741,785     1,712,870   1.7 %
                             
Operating Expenses                            
Fuel   214,106     246,011     (13.0 %) 232,160     (7.8 %)   446,266     491,363   (9.2 %)
Wages, salaries, benefits and other employees’ expenses