Copa Holdings (CPA) Q2 2026 earnings summary

Executive summary

• Operating profit reached $91.7 million with an 8.7% margin, down 13.1 percentage points year-over-year amid an 84.8% surge in fuel prices.

• Net profit was $68.2 million, with EPS of $1.67, a 53.9% year-over-year decrease.

• Operating revenue rose 25.7% year-over-year to $1.06 billion, driven by 16.5% capacity growth and higher yields.

• Strong liquidity maintained with $1.5 billion in cash and investments, representing 39% of last twelve-month revenues.

• Industry-leading operational reliability with 90.6% on-time performance and 99.8% flight completion.

Financial highlights

• Passenger revenue increased 25.8% year-over-year to $1.0 billion; cargo and mail revenue up 20.8%.

• Operating expenses rose 46.8% year-over-year to $967.7 million, mainly due to a 110% increase in fuel costs.

• Load factor was 86.7%, slightly down from 87.3% in 2Q25.

• RASM increased 7.9% to 11.6 cents; yield up 8.7% to 12.6 cents.

• Net margin declined to 6.4% from 17.7% year-over-year.

Outlook and guidance

• Full-year 2026 operating margin expected between 17% and 19%, with ASM capacity growth of 14–15% over 2025.

• Guidance assumes load factor of ~87%, RASM of 12.0 cents, Ex-Fuel CASM of 5.7 cents, and fuel price of $3.60/gallon.