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NYSE · AIR TRANSPORTATION, SCHEDULED · LARGE CAP

Copa Holdings, S.a. CPA

11 fiscal years on record · USD · FY2025 reported · SEC filings only
$3.6B
▲ 5.0% YoY
$671.6M
▲ 10.4% YoY
$1.1B
▲ 15.8% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Copa Holdings provides airline passenger and cargo service through its two principal operating subsidiaries, Compañía Panameña de Aviación, S.A. ("Copa Airlines") and AeroRepública. As of December 31, 2025, it operated a fleet of 125 aircraft, comprising 76 Boeing 737-Next Generation aircraft, 32 Boeing 737 MAX 9 aircraft, 15 Boeing 737 MAX 8 aircraft and two Boeing 737-800 BCF (Boeing Converted Freighter) aircraft. Copa currently offers approximately 436 daily scheduled flights among 84 destinations in 32 countries in North, Central and South America and the Caribbean from its Panama City hub. Copa Airlines operates from its position in the Republic of Panama, while AeroRepública operates a low-cost business model, Wingo, within Colombia and various cities in the region. Copa was established in 1947 by a group of Panamanian investors and Pan American World Airways, which provided technical and economic assistance as well as capital. Copa Holdings, S.A. was incorporated as a sociedad anónima under the laws of Panama on May 6, 1998, as the holding company for Copa and related companies, to facilitate the sale by CIASA of a 49% stake in Copa Holdings to Continental Airlines.

Written from the business description in Copa Holdings, S.A.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.6B
Revenue, FY2025 · full 11-year series below
Revenue $B Net income $B
FY2025 · Revenue 3.6 · Net income 0.7
1.50B3.00B-0.25B-0.50B
20152018202120242025
Compound annual growth
+6.9%
+35.2%
+4.8%
+24.5%
+27.4%
+17.9%
+51.9%
+0.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +35.2% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

19 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 22.6% · Net 18.6%
10%20%-20%-40%-60%
201520202025
ROE
FY2025 · ROE 26.1%
10%20%-10%-20%-30%
201520202025
Three returns, three denominators.

Each USD of equity produced 26 cents of profit this year.

Cash & shareholders

USD 274.6M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 1.1
0.5B1.0B
201520202025
Net buybacks $M Dividends $M
FY2025 · Dividends 265.9 · Net buybacks 8.7
150M300MDividendsNet buybacks
201520172019202120232025

USD 265.9M in dividends and USD 8.7M in buybacks — 41% of the year's profit went back to shareholders.

Total assetsUSD 6.6B
CashUSD 382.6M
Gross debtUSD 2.0B
Net debtUSD 1.6B
Current ratio1.31×

Net debt stands at 58% of equity.

The 11-year record

11 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
CPA, 11-year financial record
Metric 20252024202320222021202020192018201720162015
Revenue $B3.63.43.53.01.50.82.72.72.52.22.3
Operating income $B0.80.80.80.50.2−0.50.30.20.40.30.3
EBITDA $B1.21.11.10.70.4−0.20.60.40.70.40.4
Income tax $B0.10.10.10.00.0−0.00.00.00.00.00.0
Net income $B0.70.60.50.30.0−0.60.20.10.40.3−0.2
Free cash flow $B1.11.01.00.70.5−0.00.80.50.80.60.3
EPS, diluted $16.2814.5512.787.881.03−14.28◌2.078.587.63−5.49
Dividend / sh $◌◌◌◌0.800.800.650.87◌0.51◌
Payout %40442600−6451672927−61
ROE %26.127.128.424.93.4−37.713.24.821.121.7−17.3

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 39 reconciliationsAUDITED

Reconciled in 11 of the 11 fiscal years we could check. 16 checks were skipped: the balance sheet is not tagged before 2015. Eight checks were skipped: EPS is not tagged before 2015.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityAir Transportation, Scheduled
Listed onNYSE
Incorporated inoutside the United States — SEC code R1
Fiscal year endsDecember 31
Data on record since2015

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