Copa Holdings1, S.A. (NYSE: CPA) announced financial results for the fourth quarter (4Q25) and full year 2025, closing another year of industry-leading profitability and operational excellence. Key highlights include:
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…
