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Copa Holdings (CPA) investor relations material
Copa Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved industry-leading profitability with a 23.2% operating margin, up 2.9 points year-over-year, and a 19% net margin, up 1.9 points year-over-year, driven by cost discipline and strong demand in Latin America.
Net profit reached $173.4 million, up 18.7% year-over-year, with EPS rising 20.1% to $4.20 per share.
Capacity (ASMs) increased 5.8% year-over-year, with load factor up 1.8 points to 88%.
Operational excellence maintained with 89.7% on-time performance and 99.8% flight completion.
Fleet expanded to 121 aircraft as of September 30, 2025, with further deliveries post-quarter and plans for continued growth.
Financial highlights
Total operating revenue grew 6.8% year-over-year to $913.1 million, with operating profit up 22.2% to $212.3 million.
RASM increased 1% to $0.111; CASM decreased 2.7% to $0.085, and ex-fuel CASM fell 0.8% to $0.056.
Realized gain from engine exchange transactions and lease extension benefit contributed to cost performance.
Ended quarter with $1.3 billion in cash and investments (38% of LTM revenues), $2.2 billion in debt (all aircraft-related), and a 0.7x adjusted net debt-to-EBITDA ratio.
Fourth dividend payment of $1.61/share scheduled for December 15, 2025.
Outlook and guidance
2025 operating margin guidance narrowed to 22%-23%, with full-year capacity growth projected at 8%.
2025 assumptions: load factor ~87%, RASM ~$0.112, ex-fuel CASM ~$0.058, fuel price $2.40/gal.
2026 preliminary outlook: ASM growth 11%-13%, ex-fuel CASM $0.057-$0.058.
Long-term growth expected at 7%-8% annually, supported by over 40 aircraft deliveries in the next four years.
Expectation to receive one additional aircraft before year-end, expanding the fleet to 124.
What drove the maintenance cost decrease?
Drivers for other operating revenue growth?
Cash flow impact of fleet additions
2026 growth mix: impact on unit revenue trends?
Hub of Americas capacity for future growth
Capital allocation flexibility for market shifts
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Next Copa Holdings earnings date
Investor Day 202511 Dec, 2025
Next Copa Holdings earnings date
Investor Day 202511 Dec, 2025
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Frequently asked questions
Copa Holdings S.A. is an airline company that operates Copa Airlines and Copa Airlines Colombia, focusing on providing passenger and cargo services. The company's primary operations are centered on connecting various destinations across North and South America and the Caribbean, through its strategically located hub at Tocumen International Airport in Panama City. Copa Airlines is known for its efficient service and on-time performance, offering flights to a broad network of destinations through extensive route network. The company is headquartered in Panama City, Panama, and its shares are listed on the New York Stock Exchange (NYSE).
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