Copa Holdings Reports Second-Quarter Financial Results
Copa Holdings (NYSE:CPA) reported strong second-quarter 2025 financial results, delivering a net profit of $148.9 million or $3.61 per share, representing a 25.2% EPS increase year-over-year. The company achieved a net margin of 17.7% and an operating margin of 21.0%, improving by 3.0 and 1.5 percentage points respectively from 2Q24.
The airline maintained robust operational metrics with a 91.5% on-time performance and 99.8% flight completion factor. Copa's fleet expanded to 115 aircraft after receiving three Boeing 737 MAX 8 aircraft. The company's strong financial position is reflected in its $1.4 billion cash position and low leverage with an Adjusted Net Debt to EBITDA ratio of 0.6x. The Board approved a dividend payment of $1.61 per share, payable September 15, 2025.
Copa Holdings (NYSE:CPA) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con un utile netto di 148,9 milioni di dollari pari a 3,61 dollari per azione, segnando un aumento dell'EPS del 25,2% su base annua. La societ脿 ha raggiunto un margine netto del 17,7% e un margine operativo del 21,0%, migliorando rispettivamente di 3,0 e 1,5 punti percentuali rispetto al 2T24.
La compagnia aerea ha mantenuto solidi indicatori operativi con un 91,5% di puntualit脿 e un 99,8% di completamento voli. La flotta di Copa 猫 cresciuta a 115 aeromobili dopo l鈥檃cquisizione di tre Boeing 737 MAX 8. La forte posizione finanziaria 猫 evidenziata da una liquidit脿 di 1,4 miliardi di dollari e da una bassa leva finanziaria con un rapporto Debito Netto Rettificato su EBITDA di 0,6x. Il Consiglio di Amministrazione ha approvato un dividendo di 1,61 dollari per azione, pagabile il 15 settembre 2025.
Copa Holdings (NYSE:CPA) report贸 s贸lidos resultados financieros en el segundo trimestre de 2025, con un beneficio neto de 148,9 millones de d贸lares o 3,61 d贸lares por acci贸n, lo que representa un aumento del 25,2% en las ganancias por acci贸n interanual. La compa帽铆a alcanz贸 un margen neto del 17,7% y un margen operativo del 21,0%, mejorando 3,0 y 1,5 puntos porcentuales respectivamente respecto al 2T24.
La aerol铆nea mantuvo s贸lidos indicadores operativos con un 91,5% de puntualidad y un 99,8% de factor de finalizaci贸n de vuelos. La flota de Copa creci贸 a 115 aeronaves tras recibir tres Boeing 737 MAX 8. La s贸lida posici贸n financiera de la compa帽铆a se refleja en su posici贸n de efectivo de 1,4 mil millones de d贸lares y bajo apalancamiento con una ratio Deuda Neta Ajustada a EBITDA de 0,6x. La Junta aprob贸 un dividendo de 1,61 d贸lares por acci贸n, pagadero el 15 de septiembre de 2025.
Copa Holdings (NYSE:CPA)電� 2025雲� 2攵勱赴 臧曤牓頃� 鞛 鞁れ爜鞚� 氚滍憸頃橂┌ 1鞏� 4,890毵� 雼煬鞚� 靾滌澊鞚�瓿� 欤茧嫻 3.61雼煬毳� 旮半頃� 鞝勲厔 霃欔赴 雽�牍� 欤茧嫻靾滌澊鞚�(EPS)鞚� 25.2% 歃濌皜頄堨姷雼堧嫟. 須岇偓電� 靾滌澊鞚惦 17.7%瓿� 鞓侅梾鞚挫澋毳� 21.0%毳� 雼劚頄堨溂氅�, 鞚措姅 2024雲� 2攵勱赴 雽�牍� 臧侁皝 3.0%韽澑韸�, 1.5%韽澑韸� 臧滌劆霅� 靾橃箻鞛呺媹雼�.
顷车靷姅 91.5%鞚� 鞝曥嫓 鞖错暛毳�瓿� 99.8%鞚� 牍勴枆 鞕勲鞙� 霌� 瓴碃頃� 鞖挫榿 歆�響滊ゼ 鞙犾頄堨姷雼堧嫟. 氤挫瀴 737 MAX 8 頃车旮� 3雽�毳� 於旉皜搿� 霃勳瀰頃橂┌ Copa鞚� 頃车旮� 氤挫湢 雽�靾橂姅 115雽赌搿� 電橃柎雮姷雼堧嫟. 須岇偓鞚� 韮勴儎頃� 鞛 靸來儨電� 14鞏� 雼煬鞚� 順勱笀 氤挫湢瓿�鞕� 臁办爼 靾滊秬毂� 雽�牍� EBITDA 牍勳湪 0.6氚办潣 雮潃 攵�毂勲箘鞙棎靹� 頇曥澑霅╇媹雼�. 鞚挫偓須岆姅 2025雲� 9鞗� 15鞚� 歆�旮� 鞓堨爼鞚� 欤茧嫻 1.61雼煬 氚半嫻旮�鞚� 鞀轨澑頄堨姷雼堧嫟.
Copa Holdings (NYSE:CPA) a publi茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025, affichant un b茅n茅fice net de 148,9 millions de dollars soit 3,61 dollars par action, ce qui repr茅sente une augmentation de 25,2 % du BPA d'une ann茅e sur l'autre. La soci茅t茅 a r茅alis茅 une marge nette de 17,7 % et une marge op茅rationnelle de 21,0 %, en am茅lioration de 3,0 et 1,5 points de pourcentage respectivement par rapport au 2T24.
La compagnie a茅rienne a maintenu des indicateurs op茅rationnels solides avec un taux de ponctualit茅 de 91,5 % et un taux de r茅alisation des vols de 99,8 %. La flotte de Copa s鈥檈st 茅tendue 脿 115 appareils apr猫s la r茅ception de trois Boeing 737 MAX 8. La solide position financi猫re de l鈥檈ntreprise se refl猫te dans sa tr茅sorerie de 1,4 milliard de dollars et son faible endettement avec un ratio Dette Nette Ajust茅e sur EBITDA de 0,6x. Le conseil d鈥檃dministration a approuv茅 un dividende de 1,61 dollar par action, payable le 15 septembre 2025.
Copa Holdings (NYSE:CPA) meldete starke Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Nettoergebnis von 148,9 Millionen US-Dollar bzw. 3,61 US-Dollar je Aktie, was einer Steigerung des Gewinns je Aktie (EPS) um 25,2 % im Jahresvergleich entspricht. Das Unternehmen erzielte eine Netto-Marge von 17,7% und eine operative Marge von 21,0%, was einer Verbesserung von 3,0 bzw. 1,5 Prozentpunkten gegen眉ber dem 2. Quartal 2024 entspricht.
Die Fluggesellschaft hielt robuste operative Kennzahlen mit einer 91,5%igen P眉nktlichkeitsrate und einem Flugabschlussfaktor von 99,8%. Die Flotte von Copa wuchs auf 115 Flugzeuge nach der Aufnahme von drei Boeing 737 MAX 8. Die starke finanzielle Lage zeigt sich in einer Barmittelposition von 1,4 Milliarden US-Dollar und einer niedrigen Verschuldung mit einem bereinigten Netto-Schulden-zu-EBITDA-Verh盲ltnis von 0,6x. Der Vorstand genehmigte eine Dividendenzahlung von 1,61 US-Dollar je Aktie, zahlbar am 15. September 2025.
- None.
- RASM declined 2.8% compared to 2Q24
- Ex-fuel CASM increased 3.2% year-over-year
Insights
Copa Holdings delivered impressive Q2 results with 25.2% EPS growth and strong margins despite lower unit revenue, demonstrating exceptional operational efficiency.
Copa Holdings' Q2 2025 results reveal a company firing on all cylinders with a net profit of
The company's profitability metrics tell a compelling story. Copa achieved a net margin of
Cost control appears to be a key driver of Copa's performance. The company reduced its operating cost per available seat mile (CASM) by
Copa's balance sheet strength is equally impressive, ending the quarter with approximately
The airline's operational excellence continues to be recognized, with a
The
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听尘颈濒濒颈辞苍 or US$3.61 per share, which represents an earnings per share (EPS) increase of25.2% compared to 2Q24. - Net margin of
17.7% and an operating margin of21.0% , 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) increased3.2% year over year to 5.8 cents. - The Company ended the quarter with approximately US
$1.4听产颈濒濒颈辞苍 in cash, short-term and long-term investments, which represent39% of the last twelve months鈥� 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 鈥� 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 鈥� for the tenth consecutive year 鈥� as the 鈥淏est Airline in Central America and the Caribbean鈥� and as the 鈥淏est Airline Staff in Central America and the Caribbean.鈥�
- Copa Airlines had an on-time performance for the quarter of
91.5% and a flight completion factor of99.8% , once again positioning itself among the very best in the industry.
Subsequent events
- On August听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:
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: | |
| Webcast (listen-only): | |
| 听 | |
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:
Investor Relations
Cautionary statement regarding forward-looking statements
This release includes 鈥渇orward-looking statements鈥� 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鈥檚 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鈥� 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
| 听 | 2Q25 | 2Q24 | % Change | 1Q25 | % Change | YTD25 | YTD24 | % Change | ||||||||
| Revenue Passengers Carried (000s) | 3,600 | 听 | 3,303 | 听 | 9.0 | % | 3,512 | 听 | 2.5 | % | 7,112 | 听 | 6,575 | 听 | 8.2 | % |
| Revenue Passengers OnBoard (000s) | 5,366 | 听 | 4,970 | 听 | 8.0 | % | 5,208 | 听 | 3.0 | % | 10,574 | 听 | 9,760 | 听 | 8.3 | % |
| RPMs (millions) | 6,859 | 听 | 6,446 | 听 | 6.4 | % | 6,743 | 听 | 1.7 | % | 13,602 | 听 | 12,573 | 听 | 8.2 | % |
| ASMs (millions) | 7,856 | 听 | 7,424 | 听 | 5.8 | % | 7,801 | 听 | 0.7 | % | 15,657 | 听 | 14,545 | 听 | 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 | 听 | 12.1 | 听 | (4.1) | % | 12.7 | 听 | (8.8) | % | 12.2 | 听 | 13.0 | 听 | (6.7) | % |
| PRASM (US$ Cents) | 10.1 | 听 | 10.5 | 听 | (3.6) | % | 11.0 | 听 | (7.8) | % | 10.6 | 听 | 11.3 | 听 | (6.2) | % |
| RASM (US$ Cents) | 10.7 | 听 | 11.0 | 听 | (2.8) | % | 11.5 | 听 | (6.9) | % | 11.1 | 听 | 11.8 | 听 | (5.5) | % |
| CASM (US$ Cents) | 8.5 | 听 | 8.9 | 听 | (4.6) | % | 8.8 | 听 | (3.5) | % | 8.6 | 听 | 9.2 | 听 | (6.1) | % |
| CASM Excl. Fuel (US$ Cents) | 5.8 | 听 | 5.6 | 听 | 3.2 | % | 5.8 | 听 | (1.0) | % | 5.8 | 听 | 5.8 | 听 | (0.6) | % |
| Fuel Gallons Consumed (millions) | 91.9 | 听 | 87.6 | 听 | 4.9 | % | 91.0 | 听 | 1.0 | % | 182.8 | 听 | 172.0 | 听 | 6.3 | % |
| Avg. Price Per Fuel Gallon (US$) | 2.32 | 听 | 2.79 | 听 | (17.0) | % | 2.54 | 听 | (8.8) | % | 2.43 | 听 | 2.84 | 听 | (14.7) | % |
| Average Length of Haul (miles) | 1,905 | 听 | 1,952 | 听 | (2.4) | % | 1,920 | 听 | (0.7) | % | 1,912 | 听 | 1,912 | 听 | 鈥� | % |
| Average Stage Length (miles) | 1,231 | 听 | 1,253 | 听 | (1.8) | % | 1,260 | 听 | (2.3) | % | 1,245 | 听 | 1,249 | 听 | (0.4) | % |
| Departures | 38,985 | 听 | 36,313 | 听 | 7.4 | % | 37,829 | 听 | 3.1 | % | 76,814 | 听 | 71,533 | 听 | 7.4 | % |
| Block Hours | 122,526 | 听 | 116,062 | 听 | 5.6 | % | 121,611 | 听 | 0.8 | % | 244,137 | 听 | 228,226 | 听 | 7.0 | % |
| Average Aircraft Utilization (hours) | 11.9 | 听 | 11.9 | 听 | 0.6 | % | 12.1 | 听 | (1.2) | % | 12.0 | 听 | 11.7 | 听 | 2.1 | % |
| 听 | ||||||||||||||||
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of profit or loss
(In US$ thousands)
| 听 | 听 | Unaudited | 听 | Unaudited | 听 | % | Unaudited | 听 | % | 听 | Unaudited | 听 | Unaudited | % | ||||||||
| 听 | 听 | 2Q25 | 听 | 2Q24 | 听 | Change | 1Q25 | 听 | Change | 听 | YTD25 | 听 | YTD24 | Change | ||||||||
| Operating Revenues | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Passenger revenue | 听 | 797,266 | 听 | 听 | 781,497 | 听 | 听 | 2.0 | % | 859,025 | 听 | 听 | (7.2 | %) | 听 | 1,656,291 | 听 | 听 | 1,640,222 | 听 | 1.0 | % |
| Cargo and mail revenue | 听 | 28,307 | 听 | 听 | 25,184 | 听 | 听 | 12.4 | % | 25,694 | 听 | 听 | 10.2 | % | 听 | 54,001 | 听 | 听 | 47,095 | 听 | 14.7 | % |
| Other operating revenue | 听 | 17,031 | 听 | 听 | 12,722 | 听 | 听 | 33.9 | % | 14,462 | 听 | 听 | 17.8 | % | 听 | 31,493 | 听 | 听 | 25,553 | 听 | 23.2 | % |
| Total Operating Revenue | 听 | 842,604 | 听 | 听 | 819,403 | 听 | 听 | 2.8 | % | 899,181 | 听 | 听 | (6.3 | %) | 听 | 1,741,785 | 听 | 听 | 1,712,870 | 听 | 1.7 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Operating Expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Fuel | 听 | 214,106 | 听 | 听 | 246,011 | 听 | 听 | (13.0 | %) | 232,160 | 听 | 听 | (7.8 | %) | 听 | 446,266 | 听 | 听 | 491,363 | 听 | (9.2 | %) |
| Wages, salaries, benefits and other employees' expenses | 听 | 122,289 | 听 | 听 | 114,878 | 听 | 听 | 6.5 | % | 117,517 | 听 | 听 | 4.1 | % | 听 | 239,807 | 听 | 听 | 229,193 | 听 | 4.6 | % |
| Passenger servicing | 听 | 25,190 | 听 | 听 | 27,579 | 听 | 听 | (8.7 | %) | 25,024 | 听 | 听 | 0.7 | % | 听 | 50,214 | 听 | 听 | 57,263 | 听 | (12.3 | %) |
| Airport facilities and handling charges | 听 | 64,652 | 听 | 听 | 62,768 | 听 | 听 | 3.0 | % | 65,657 | 听 | 听 | (1.5 | %) | 听 | 130,309 | 听 | 听 | 123,115 | 听 | 5.8 | % |
| Sales and distribution | 听 | 49,429 | 听 | 听 | 52,210 | 听 | 听 | (5.3 | %) | 50,261 | 听 | 听 | (1.7 | %) | 听 | 99,691 | 听 | 听 | 107,704 | 听 | (7.4 | %) |
| Maintenance, materials and repairs | 听 | 36,158 | 听 | 听 | 10,883 | 听 | 听 | 232.3 | % | 39,434 | 听 | 听 | (8.3 | %) | 听 | 75,592 | 听 | 听 | 36,510 | 听 | 107.0 | % |
| Depreciation and amortization | 听 | 88,440 | 听 | 听 | 79,462 | 听 | 听 | 11.3 | % | 86,284 | 听 | 听 | 2.5 | % | 听 | 174,724 | 听 | 听 | 162,827 | 听 | 7.3 | % |
| Flight operations | 听 | 32,766 | 听 | 听 | 31,914 | 听 | 听 | 2.7 | % | 33,749 | 听 | 听 | (2.9 | %) | 听 | 66,515 | 听 | 听 | 62,944 | 听 | 5.7 | % |
| Other operating and administrative expenses | 听 | 32,954 | 听 | 听 | 34,190 | 听 | 听 | (3.6 | %) | 35,274 | 听 | 听 | (6.6 | %) | 听 | 68,227 | 听 | 听 | 66,461 | 听 | 2.7 | % |
| Total Operating Expense | 听 | 665,984 | 听 | 听 | 659,896 | 听 | 听 | 0.9 | % | 685,360 | 听 | 听 | (2.8 | %) | 听 | 1,351,344 | 听 | 听 | 1,337,378 | 听 | 1.0 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Operating Profit/(Loss) | 听 | 176,620 | 听 | 听 | 159,507 | 听 | 听 | 10.7 | % | 213,822 | 听 | 听 | (17.4 | %) | 听 | 390,442 | 听 | 听 | 375,492 | 听 | 4.0 | % |
| Operating Margin | 听 | 21.0 | % | 听 | 19.5 | % | 听 | 1.5 p.p | 23.8 | % | 听 | -2.8 p.p | 听 | 22.4 | % | 听 | 21.9 | % | 0.5 p.p | |||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Non-operating Income (Expense): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Finance cost | 听 | (23,285 | ) | 听 | (20,632 | ) | 听 | 12.9 | % | (23,233 | ) | 听 | 0.2 | % | 听 | (46,518 | ) | 听 | (39,472 | ) | 17.9 | % |
| Finance income | 听 | 15,377 | 听 | 听 | 13,537 | 听 | 听 | 13.6 | % | 15,792 | 听 | 听 | (2.6 | %) | 听 | 31,170 | 听 | 听 | 27,284 | 听 | 14.2 | % |
| Gain (loss) on foreign currency fluctuations | 听 | 910 | 听 | 听 | (16,097 | ) | 听 | nm | 1,370 | 听 | 听 | (33.6 | %) | 听 | 2,280 | 听 | 听 | (20,010 | ) | nm | ||
| Net change in fair value of derivatives | 听 | (1,688 | ) | 听 | 2,533 | 听 | 听 | nm | (2,434 | ) | 听 | (30.7 | %) | 听 | (4,122 | ) | 听 | 2,525 | 听 | nm | ||
| Other non-operating income (expense) | 听 | 6,228 | 听 | 听 | 1,766 | 听 | 听 | 252.7 | % | 1,428 | 听 | 听 | 336.2 | % | 听 | 7,656 | 听 | 听 | 1,654 | 听 | 362.9 | % |
| Total Non-Operating Income/(Expense) | 听 | (2,458 | ) | 听 | (18,892 | ) | 听 | (87.0 | %) | (7,077 | ) | 听 | (65.3 | %) | 听 | (9,535 | ) | 听 | (28,019 | ) | (66.0 | %) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Profit before taxes | 听 | 174,162 | 听 | 听 | 140,615 | 听 | 听 | 23.9 | % | 206,744 | 听 | 听 | (15.8 | %) | 听 | 380,906 | 听 | 听 | 347,472 | 听 | 9.6 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Income tax expense | 听 | (25,253 | ) | 听 | (20,362 | ) | 听 | 24.0 | % | (29,978 | ) | 听 | (15.8 | %) | 听 | (55,231 | ) | 听 | (51,154 | ) | 8.0 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Net Profit/(Loss) | 听 | 148,908 | 听 | 听 | 120,253 | 听 | 听 | 23.8 | % | 176,766 | 听 | 听 | (15.8 | %) | 听 | 325,675 | 听 | 听 | 296,318 | 听 | 9.9 | % |
| Net Margin | 听 | 17.7 | % | 听 | 14.7 | % | 听 | 3.0 p.p | 19.7 | % | 听 | -2.0 p.p | 听 | 18.7 | % | 听 | 17.3 | % | 1.4 p.p | |||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic Earnings Per Share (EPS) | 听 | 3.61 | 听 | 听 | 2.88 | 听 | 听 | 25.3 | % | 4.28 | 听 | 听 | (15.7) | % | 听 | 7.89 | 听 | 听 | 7.07 | 听 | 11.6 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Shares for calculation of Basic EPS (000s) | 听 | 41,246 | 听 | 听 | 41,715 | 听 | 听 | (1.1) | % | 41,292 | 听 | 听 | (1.1) | % | 听 | 41,268 | 听 | 听 | 41,883 | 听 | (1.5) | % |
| 听 | ||||||||||||||||||||||
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
| 听 | 听 | June 2025 | 听 | December 2024 | ||
| ASSETS | 听 | (Unaudited) | 听 | (Audited) | ||
| Cash and cash equivalents | 听 | 236,171 | 听 | 听 | 613,313 | 听 |
| Short-term investments | 听 | 764,137 | 听 | 听 | 585,919 | 听 |
| Total cash, cash equivalents and short-term investments | 听 | 1,000,307 | 听 | 听 | 1,199,232 | 听 |
| Accounts receivable, net | 听 | 183,401 | 听 | 听 | 166,014 | 听 |
| Accounts receivable from related parties | 听 | 2,967 | 听 | 听 | 2,976 | 听 |
| Expendable parts and supplies, net | 听 | 141,190 | 听 | 听 | 132,341 | 听 |
| Prepaid expenses | 听 | 64,295 | 听 | 听 | 42,926 | 听 |
| Prepaid income tax | 听 | 5,788 | 听 | 听 | 11,678 | 听 |
| Other current assets | 听 | 26,028 | 听 | 听 | 21,711 | 听 |
| 听 | 听 | 423,669 | 听 | 听 | 377,647 | 听 |
| TOTAL CURRENT ASSETS | 听 | 1,423,976 | 听 | 听 | 1,576,879 | 听 |
| Long-term investments | 听 | 368,332 | 听 | 听 | 248,936 | 听 |
| Long-term accounts receivable | 听 | 3,000 | 听 | 听 | 鈥� | 听 |
| Long-term prepaid expenses | 听 | 3,182 | 听 | 听 | 8,237 | 听 |
| Property and equipment, net | 听 | 3,755,645 | 听 | 听 | 3,458,261 | 听 |
| Right of use assets | 听 | 308,900 | 听 | 听 | 309,302 | 听 |
| Intangible, net | 听 | 98,895 | 听 | 听 | 96,754 | 听 |
| Net defined benefit assets | 听 | 1,833 | 听 | 听 | 1,058 | 听 |
| Deferred tax assets | 听 | 16,772 | 听 | 听 | 20,749 | 听 |
| Other Non-Current Assets | 听 | 20,450 | 听 | 听 | 22,113 | 听 |
| TOTAL NON-CURRENT ASSETS | 听 | 4,577,008 | 听 | 听 | 4,165,410 | 听 |
| TOTAL ASSETS | 听 | 6,000,984 | 听 | 听 | 5,742,289 | 听 |
| LIABILITIES | 听 | 听 | 听 | 听 | ||
| Loans and borrowings | 听 | 219,892 | 听 | 听 | 254,854 | 听 |
| Current portion of lease liability | 听 | 62,062 | 听 | 听 | 59,103 | 听 |
| Accounts payable | 听 | 187,375 | 听 | 听 | 229,104 | 听 |
| Accounts payable to related parties | 听 | 792 | 听 | 听 | 1,624 | 听 |
| Air traffic liability | 听 | 642,594 | 听 | 听 | 621,895 | 听 |
| Frequent flyer deferred revenue | 听 | 146,645 | 听 | 听 | 132,064 | 听 |
| Taxes Payable | 听 | 62,494 | 听 | 听 | 55,505 | 听 |
| Accrued expenses payable | 听 | 42,009 | 听 | 听 | 62,673 | 听 |
| Income tax payable | 听 | 9,249 | 听 | 听 | 9,801 | 听 |
| Other Current Liabilities | 听 | 1,680 | 听 | 听 | 1,272 | 听 |
| TOTAL CURRENT LIABILITIES | 听 | 1,374,795 | 听 | 听 | 1,427,895 | 听 |
| 听 | 听 | 听 | 听 | 听 | ||
| Loans and borrowings long-term | 听 | 1,497,592 | 听 | 听 | 1,415,953 | 听 |
| Lease Liability | 听 | 271,774 | 听 | 听 | 270,594 | 听 |
| Deferred tax Liabilities | 听 | 60,613 | 听 | 听 | 37,476 | 听 |
| Other long - term liabilities | 听 | 236,096 | 听 | 听 | 217,626 | 听 |
| TOTAL NON-CURRENT LIABILITIES | 听 | 2,066,074 | 听 | 听 | 1,941,649 | 听 |
| TOTAL LIABILITIES | 听 | 3,440,868 | 听 | 听 | 3,369,544 | 听 |
| EQUITY | 听 | 听 | 听 | 听 | ||
| Class A - 34,228,377 issued and 30,196,170 outstanding | 听 | 23,287 | 听 | 听 | 23,244 | 听 |
| Class B - 10,938,125 | 听 | 7,466 | 听 | 听 | 7,466 | 听 |
| Additional Paid-In Capital | 听 | 217,789 | 听 | 听 | 214,542 | 听 |
| Treasury Stock | 听 | (300,143 | ) | 听 | (291,438 | ) |
| Retained Earnings | 听 | 2,301,791 | 听 | 听 | 1,826,565 | 听 |
| Net profit | 听 | 325,675 | 听 | 听 | 608,114 | 听 |
| Other comprehensive loss | 听 | (15,748 | ) | 听 | (15,748 | ) |
| TOTAL EQUITY | 听 | 2,560,116 | 听 | 听 | 2,372,745 | 听 |
| TOTAL EQUITY LIABILITIES | 听 | 6,000,984 | 听 | 听 | 5,742,289 | 听 |
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the six months ended
(In US$ thousands)
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| 听 | (Unaudited) | 听 | (Unaudited) | ||||
| Net cash flow from operating activities | 听 | 484,282 | 听 | 听 | 听 | 470,777 | 听 |
| Investing activities | 听 | 听 | 听 | ||||
| Net Acquisition of Investments | 听 | (294,697 | ) | 听 | 听 | (35,609 | ) |
| Net cash flow related to advance payments on aircraft purchase contracts | 听 | (60,204 | ) | 听 | 听 | 71,516 | 听 |
| Acquisition of property and equipment | 听 | (390,502 | ) | 听 | 听 | (279,052 | ) |
| Proceeds from sale of property and equipment | 听 | 26,448 | 听 | 听 | 听 | 鈥� | 听 |
| Acquisition of intangible assets | 听 | (14,342 | ) | 听 | 听 | (15,551 | ) |
| Cash flow used in investing activities | 听 | (733,297 | ) | 听 | 听 | (258,696 | ) |
| Financing activities | 听 | 听 | 听 | ||||
| Proceeds from new borrowings | 听 | 165,000 | 听 | 听 | 听 | 108,000 | 听 |
| Payments on loans and borrowings | 听 | (122,890 | ) | 听 | 听 | (108,029 | ) |
| Payment of lease liability | 听 | (28,504 | ) | 听 | 听 | (32,633 | ) |
| Repurchase of treasury shares | 听 | (8,706 | ) | 听 | 听 | (50,402 | ) |
| Dividends paid | 听 | (133,027 | ) | 听 | 听 | (134,756 | ) |
| Cash flow used in financing activities | 听 | (128,127 | ) | 听 | 听 | (217,820 | ) |
| Net (decrease) increase in cash and cash equivalents | 听 | (377,142 | ) | 听 | 听 | (5,739 | ) |
| Cash and cash equivalents as of January 1 | 听 | 613,313 | 听 | 听 | 听 | 206,375 | 听 |
| Cash and cash equivalents as of June 30 | $ | 236,171 | 听 | 听 | $ | 200,636 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Short-term investments | 听 | 764,137 | 听 | 听 | 听 | 748,239 | 听 |
| Long-term investments | 听 | 368,332 | 听 | 听 | 听 | 258,379 | 听 |
| Total cash and cash equivalents and investments as of June 30 | $ | 1,368,640 | 听 | 听 | $ | 1,207,254 | 听 |
| 听 | 听 | 听 | 听 | ||||
Copa Holdings, S. A. and Subsidiaries
Non-IFRS Financial Measures Reconciliation
This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
| Reconciliation of Operating Costs per ASM | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Excluding Fuel (CASM Excl. Fuel) | 2Q25 | 听 | 2Q24 | 听 | 1Q25 | 听 | YTD25 | 听 | YTD24 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating Costs per ASM as Reported (in US$ Cents) | 8.5 | 听 | 8.9 | 听 | 8.8 | 听 | 8.6 | 听 | 9.2 |
| Aircraft Fuel Cost per ASM (in US$ Cents) | 2.7 | 听 | 3.3 | 听 | 3.0 | 听 | 2.9 | 听 | 3.4 |
| Operating Costs per ASM excluding fuel (in US$ Cents) | 5.8 | 听 | 5.6 | 听 | 5.8 | 听 | 5.8 | 听 | 5.8 |
| 听 | |||||||||
听
1 The terms 鈥淐opa Holdings鈥� and the 鈥淐ompany鈥� 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 second quarter of 2024 (2Q24).
FAQ
What was Copa Holdings (CPA) earnings per share in Q2 2025?
How much cash does Copa Holdings (CPA) have in Q2 2025?
What is Copa Holdings' (CPA) dividend payment for Q2 2025?
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What was Copa Holdings' (CPA) operating margin in Q2 2025?
