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CPA

Copa Holdings, S.A.

CPA

Copa Holdings, S.A. • NYSE
$121.80 ▲ 1.64% (+1.97)
Market Cap $5.03 B
52w High $130.00
52w Low $82.54
Dividend Yield 6.44%
P/E 7.58
Volume 231.02K
Outstanding Shares 41.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $913.149M ▲ $88.053M ▲ $173.35M ▲ 18.984% ▲ $4.21 ▲ $320.173M ▲
Q2-2025 $842.604M ▼ $82.383M ▼ $148.908M ▼ 17.672% ▼ $3.61 ▼ $285.887M ▼
Q1-2025 $899.181M ▲ $85.535M ▲ $176.766M ▲ 19.659% ▲ $4.28 ▲ $316.261M ▲
Q4-2024 $877.052M ▲ $85.326M ▲ $166.182M ▲ 18.948% ▲ $3.99 ▲ $296.054M ▲
Q3-2024 $854.708M $83.587M $146.026M 17.085% $3.5 $275.605M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $991.51M ▼ $6.278B ▲ $3.61B ▲ $2.668B ▲
Q2-2025 $1B ▲ $6.001B ▲ $3.441B ▲ $2.56B ▲
Q1-2025 $916.345M ▼ $5.748B ▲ $3.266B ▼ $2.481B ▲
Q4-2024 $1.199B ▲ $5.742B ▲ $3.369B ▲ $2.373B ▲
Q3-2024 $1.034B $5.508B $3.192B $2.316B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $173.35M ▲ $267.193M ▼ $-286.012M ▼ $31.471M ▲ $12.652M ▼ $-78.021M ▲
Q2-2025 $148.908M ▲ $278.805M ▲ $-215.245M ▲ $7.791M ▲ $71.351M ▲ $-111.697M ▼
Q1-2025 $0 ▼ $205.477M ▼ $-518.052M ▼ $-135.918M ▼ $-448.493M ▼ $205.477M ▲
Q4-2024 $166.182M ▲ $337.457M ▲ $-20.567M ▲ $48.298M ▲ $338.068M ▲ $-288.704M ▼
Q3-2024 $146.026M $188.615M $-63.879M $-50.127M $74.609M $188.615M

Five-Year Company Overview

Income Statement

Income Statement Copa’s earnings profile has shifted from survival mode during the pandemic to solid, mature profitability today. Revenue has more than recovered and is now holding at a high level, even if growth has recently flattened out. Profitability has improved far more than sales: operating profit and net income have climbed steadily, showing that management has tightened costs and is running the network more efficiently. Margins look strong for an airline, and earnings per share have grown sharply, helped by this margin expansion rather than just by flying more. The main watchpoints are the cyclical nature of air travel in Latin America and exposure to fuel prices and currencies, but the recent track record shows a business that has regained its footing and now generates healthy profits.

Balance Sheet

Balance Sheet The balance sheet has been rebuilding steadily after the pandemic shock. Total assets have grown, reflecting fleet investment and a larger, more capable operation. Equity has risen meaningfully, showing that profits are being retained and the financial cushion has thickened. Debt has increased, but not in an alarming way given the capital‑intensive nature of airlines; leverage appears manageable relative to the size of the business and its earnings power. Cash on hand has improved versus prior years, offering better liquidity coverage than before, although it remains modest compared with total assets. Overall, the financial structure looks stronger and more resilient than it did coming out of 2020, while still dependent on continued cash generation to support fleet plans and debt levels.

Cash Flow

Cash Flow Copa is now consistently turning its profits into cash. Operating cash flow has been strong for several years, indicating that reported earnings are backed by real money coming in the door. At the same time, the company is spending heavily on its fleet and other long‑term assets, which keeps free cash flow positive but not excessive. In other words, most of the cash generated is being reinvested into the business rather than building large idle balances. This reinvestment supports future capacity, efficiency, and product quality, but it also means the company relies on continued smooth operations and demand to comfortably fund capex, debt service, and shareholder returns. Any significant industry downturn or spike in costs could tighten this balance.

Competitive Edge

Competitive Edge Copa holds a strong niche in the Americas, anchored by its Panama City hub, which efficiently connects North, Central, and South America. This “hub of the Americas” structure lets the airline serve many city pairs that would not support nonstop service on their own, creating a network effect that is hard to replicate. The airline is known for low unit costs and excellent punctuality, both powerful advantages in a region where reliability and price matter a great deal. Operating a mostly single‑type Boeing 737 fleet helps keep training and maintenance simpler and cheaper. These strengths are balanced by structural risks: dependence on regional economic health, exposure to fuel price swings, competition from both low‑cost and full‑service carriers, and infrastructure and regulatory constraints in Latin America. Still, Copa’s cost discipline, operational reliability, and strategic hub give it a defensible competitive position within its chosen geography.

Innovation and R&D

Innovation and R&D While Copa is not an R&D‑heavy technology firm, it has been active in practical, operations‑focused innovation. The airline uses advanced data and software tools to cut delays, optimize maintenance, and make aircraft available more often, all of which support higher profitability. Its work with cloud migration, a modern passenger service system, and improved website and marketing tools reflects a clear push toward digital transformation rather than incremental tinkering. On the customer side, real‑time travel information, personalized communications, and a smoother booking experience make the product stickier and can support higher ancillary revenue. Fleet modernization with more efficient aircraft is another form of innovation, improving fuel burn and environmental performance. The overall picture is a company that systematically applies technology to reduce costs and upgrade the customer journey, even if it does not brand this as formal “R&D.”

Summary

Copa has transitioned from a pandemic‑hit carrier to a profitable, well‑run regional airline with a distinctive hub‑and‑spoke model in the Americas. Earnings and cash generation are solid, margins are comparatively strong for the industry, and the balance sheet has been rebuilt with growing equity and manageable leverage. The business is reinvesting heavily in its fleet and digital capabilities, which supports future efficiency and growth but keeps free cash flow usage high. Competitively, Copa benefits from its geographic position, cost discipline, and punctuality, all reinforced by practical, technology‑driven innovation. Key uncertainties remain typical airline risks: economic cycles in Latin America, fuel and currency volatility, competition, and regulatory or infrastructure limits. Overall, the company now looks like a disciplined operator with a clear niche, using its financial recovery to strengthen both its network and its technology base.

NEWS

November 19, 2025 · 4:30 PM UTC

Copa Holdings Reports Third-Quarter Financial Results

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November 12, 2025 · 4:30 PM UTC

Copa Holdings Announces Monthly Traffic Statistics for October 2025

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October 27, 2025 · 8:00 AM UTC

Artelo Biosciences Names Veteran Life Sciences Executive Mark Spring, CPA, as Chief Financial Officer

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October 14, 2025 · 8:00 AM UTC

Atossa Appoints Mark Daniel, CPA, as Chief Financial Officer to Lead Finance, Systems, and Capital Strategy for Commercial Readiness

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October 13, 2025 · 5:56 PM UTC

Copa Holdings Announces Monthly Traffic Statistics for September 2025

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