Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2026 (1Q26), reflecting continued industry-leading profitability, disciplined execution, and the resilience of its business model amid a higher jet fuel price environment. Key highlights include:
- 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:
