Copa Holdings
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Copa Holdings (CPA) investor relations material

Copa Holdings Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

4Q25 non-cash maintenance adjustment impact
Capital allocation for future fleet expansion
Competitive implications of Wi-Fi onboard plan
Venezuela expansion pace and guidance impact
Detail CASM ex-fuel initiatives beyond growth
World Cup 2026: Network adjustments and demand
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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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