Copa Holdings (CPA) Q4 2025 earnings summary

Executive summary

• Delivered strong financial and operational results for Q4 and full year 2025, supported by robust demand and disciplined cost management.

• Achieved net profit of $172.6M in Q4 and $671.6M for full year 2025, with EPS of $4.18 in Q4 and $16.28 for the year.

• Recognized as the most on-time airline in Latin America for the eleventh time, with a 90.75% on-time performance in 2025.

• Expanded network with new routes and increased frequencies, reinforcing the Hub of the Americas' position.

Financial highlights

• Q4 net profit: $172.6M ($4.18/share), up 5.3% EPS year-over-year; operating profit: $209.6M; operating margin: 21.8%.

• Excluding non-cash and FX items, Q4 net profit: $184.1M ($4.46/share); operating margin: 22.5%.

• Full-year 2025 net profit: $671.6M ($16.28/share), up 11.9% EPS; operating income: $819M (+8.8% YoY); operating margin: 22.6%.

• Q4 RASM: $0.113 (flat YoY); CASM: $0.088 (+1.6% YoY); ex-fuel CASM: $0.059 (+0.7% YoY).

• Ended 4Q25 with $1.6B in cash, short- and long-term investments, representing 44% of last twelve months' revenues.

Outlook and guidance

• 2026 capacity growth expected at 11%-13% YoY, with 90% from 2025 additions and increased frequencies.

• 2026 operating margin guidance: 22%-24%; load factor: ~87%; unit revenues: ~$11.2; ex-fuel CASM: ~$5.7.

• Board approved 2026 quarterly dividend of $1.71/share, to be paid in March, June, September, and December.

• All-in fuel price assumption: $2.50/gallon.

• Wi-Fi onboard service to launch in October 2026.