--- title: "Copa Holdings Reports First-Quarter Financial Results | CPA Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/286326819.md" description: "Copa Holdings, S.A. (NYSE: CPA) reported its first-quarter financial results for 2026, showcasing strong profitability with a net profit of $212.5 million, or $5.16 per share, marking a 20.5% increase year-over-year. The operating margin was 24.6%, and the net margin was 20.2%. Capacity grew by 14%, and passenger traffic increased by 15%. The company ended the quarter with $1.5 billion in cash and investments. A dividend of $1.71 per share was announced, payable on June 15, 2026. The company also ordered 40 Boeing 737 MAX aircraft to support future growth." datetime: "2026-05-13T14:45:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286326819.md) - [en](https://longbridge.com/en/news/286326819.md) - [zh-HK](https://longbridge.com/zh-HK/news/286326819.md) --- # Copa Holdings Reports First-Quarter Financial Results | CPA Stock News PANAMA CITY, May 13, 2026 (GLOBE NEWSWIRE) -- Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2026 (1Q26), reflecting continued industry-leading profitability, disciplined execution, and the resilience of its business model amid a higher jet fuel price environment. Key highlights include: - Net profit of US$212.5 million or US$5.16 per share, a 20.5% year‑over‑year increase in earnings per share. - Operating margin of 24.6% and net margin of 20.2%, increases of 0.8 and 0.5 percentage points, respectively, compared to 1Q25. - Capacity, measured in available seat miles (ASMs), grew by 14.0% year over year, and passenger traffic in RPMs increased by 15.0%. As a result, load factor increased by 0.8 percentage points to 87.2%. - Revenue per available seat mile (RASM) of 11.8 cents, an increase of 2.7% compared to 1Q25. - Operating cost per available seat mile (CASM) increased 1.6% year over year to 8.9 cents, while CASM excluding fuel (Ex-fuel CASM) decreased 1.0% to 5.8 cents. - The Company ended the quarter with approximately US$1.5 billion in cash, short-term and long-term investments, representing 40% of the last-twelve-months’ revenues. - Adjusted Net Debt to EBITDA ratio ended 1Q26 at 0.7 times. - The Company repurchased US$45 million worth of shares during the quarter under the Company’s current US$200 million repurchase authorization. This represents approximately 1% of total outstanding shares as of the end of the quarter. - In 1Q26, the Company took delivery of 2 Boeing 737-MAX 8 aircraft to end the quarter with a total fleet of 127 aircraft. - Copa Airlines had an on-time performance for the quarter of 91.6% and a flight completion factor of 99.7%, once again positioning itself among the very best in the industry. **Subsequent events** - On May 13, 2026, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.71 per share, payable on June 15, 2026, to shareholders of record as of May 29, 2026. - In April, at an event held in Panama, the Company publicly announced a Boeing 737 MAX aircraft order consisting of 40 firm orders and 20 purchase options. Deliveries are expected between 2030 and 2034, supporting long‑term capacity growth while preserving flexibility within the Company’s existing fleet plan. - During the second quarter, the Company took delivery of two additional Boeing 737 MAX 8 aircraft, increasing its total fleet to 129 aircraft. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 1 The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The financial information presented in this release, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2025 (1Q25). **Full 1Q26 Earnings Release available for download at:** ir.copaair.com/financial-information/quarterly-results **Conference Call and Webcast** The Company will hold its financial results conference call tomorrow at 11am ET (10am local). Details follow: **Date:** May 14, 2026 **Time:** 11:00 AM US ET (10:00 AM Local Time) **Join by phone:** Click here **Webcast (listen-only):** ir.copaair.com/events-and-presentations **About Copa Holdings** Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit: copaair.com. **Investor Relations** investor.relations@copaair.com **Cautionary statement regarding forward-looking statements** This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice. CPA-G **Copa Holdings, S. A. and Subsidiaries** **Consolidated Operating and Financial Statistics** **1Q26** **1Q25** **% Change** **4Q25** **% Change** Revenue Passengers Carried (000s) 4,096 3,512 16.6 % 3,935 4.1 % Revenue Passengers OnBoard (000s) 6,007 5,208 15.3 % 5,834 3.0 % RPMs (millions) 7,755 6,743 15.0 % 7,359 5.4 % ASMs (millions) 8,892 7,801 14.0 % 8,513 4.5 % Load Factor 87.2 % 86.4 % 0.8 p.p 86.4 % 0.8 p.p Yield (US$ Cents) 12.9 12.7 1.6 % 12.4 4.3 % PRASM (US$ Cents) 11.3 11.0 2.6 % 10.7 5.2 % RASM (US$ Cents) 11.8 11.5 2.7 % 11.3 4.6 % CASM (US$ Cents) 8.9 8.8 1.6 % 8.8 0.9 % CASM Excl. Fuel (US$ Cents) 5.8 5.8 (1.0 )% 5.9 (2.9 )% Fuel Gallons Consumed (millions) 102.7 91.0 12.9 % 98.6 4.1 % Avg. Price Per Fuel Gallon (US$) 2.73 2.54 7.5 % 2.50 9.2 % Average Length of Haul (miles) 1,893 1,920 (1.4 )% 1,870 1.2 % Average Stage Length (miles) 1,260 1,260 — % 1,236 1.9 % Departures 43,033 37,829 13.8 % 41,942 2.6 % Block Hours 138,479 121,611 13.9 % 133,488 3.7 % Average Aircraft Utilization (hours) 12.2 12.1 1.3 % 11.9 3.1 % **Copa Holdings, S. A. and Subsidiaries** **Consolidated statement of profit or loss** **(In US$ thousands)** **Unaudited** **Unaudited** **%** **Unaudited** **%** **1Q26** **1Q25** **Change** **4Q25** **Change** **Operating Revenues** Passenger revenue 1,004,173 859,025 16.9 % 913,623 9.9 % Cargo and mail revenue 29,760 25,694 15.8 % 32,036 (7.1 %) Other operating revenue 18,490 14,462 27.8 % 17,228 7.3 % **Total Operating Revenue** **1,052,423** **899,181** **17.0** **%** **962,888** **9.3** **%** **Operating Expenses** Fuel 282,462 232,160 21.7 % 249,177 13.4 % Wages, salaries, benefits and other employees' expenses 137,670 117,517 17.1 % 137,906 (0.2 %) Passenger servicing 28,135 25,024 12.4 % 27,523 2.2 % Airport facilities and handling charges 79,184 65,657 20.6 % 68,996 14.8 % Sales and distribution 54,812 50,261 9.1 % 55,604 (1.4 %) Maintenance, materials and repairs 46,612 39,434 18.2 % 46,075 1.2 % Depreciation and amortization 100,726 86,284 16.7 % 97,385 3.4 % Flight operations 41,104 33,749 21.8 % 38,413 7.0 % Other operating and administrative expenses 23,083 35,274 (34.6 %) 32,221 (28.4 %) **Total Operating Expense** **793,787** **685,360** 15.8 % **753,300** **5.4** **%** **Operating Profit/(Loss)** **258,636** **213,822** 21.0 % **209,588** **23.4** **%** _Operating Margin_ _24.6_ _%_ _23.8_ _%_ _0.8 p.p_ _21.8_ _%_ _2.8 p.p_ **Non-operating Income (Expense):** Finance cost (25,837 ) (23,233 ) 11.2 % (27,478 ) (6.0 %) Finance income 16,083 15,792 1.8 % 16,545 (2.8 %) Gain (loss) on foreign currency fluctuations 1,518 1,370 10.8 % (6,021 ) nm Net change in fair value of derivatives (1,066 ) (2,434 ) (56.2 %) 178 nm Other non-operating income (expense) (2,279 ) 1,428 nm (857 ) 166.0 % **Total Non-Operating Income/(Expense)** **(11,581** **)** **(7,077** **)** 63.6 % **(17,633** **)** **(34.3** **%)** **Profit before taxes** **247,054** **206,744** 19.5 % **191,955** **28.7** **%** Income tax expense (34,588 ) (29,978 ) 15.4 % (19,332 ) 78.9 % **Net Profit/(Loss)** **212,467** **176,766** **20.2** **%** **172,623** **23.1** **%** _Net Margin_ _20.2_ _%_ _19.7_ _%_ _0.5 p.p_ _17.9_ _%_ _2.3 p.p_ **EPS** Basic Earnings Per Share (EPS) **5.16** **4.28** **20.5** **%** **4.18** **23.3** **%** **Shares used for calculation:** Shares for calculation of Basic EPS (000s) 41,183 41,292 \-0.3 % 41,248 \-0.2 % **Copa Holdings, S. A. and Subsidiaries** **Consolidated statement of financial position** **(In US$ thousands)** **March 2026** **December 2025** **ASSETS** **(Unaudited)** **(Audited)** Cash and cash equivalents 374,223 382,554 Short-term investments 959,457 955,604 **Total cash, cash equivalents and short-term investments** **1,333,680** **1,338,159** Accounts receivable, net 204,725 194,425 Accounts receivable from related parties 3,019 3,217 Expendable parts and supplies, net 152,247 148,127 Prepaid expenses 89,588 55,209 Prepaid income tax 4,836 6,172 Other current assets 29,291 32,769 **483,706** **439,919** **TOTAL CURRENT ASSETS** **1,817,386** **1,778,078** Long-term investments 190,157 248,579 Long-term prepaid expenses 5,991 5,434 Property and equipment, net 4,461,063 4,120,055 Right of use assets 279,918 296,761 Intangible, net 104,477 104,071 Net defined benefit assets 3,157 3,220 Deferred tax assets 20,308 19,873 Other Non-Current Assets 12,060 6,952 **TOTAL NON-CURRENT ASSETS** **5,077,131** **4,804,946** **TOTAL ASSETS** **6,894,517** **6,583,024** **LIABILITIES** Loans and borrowings 218,254 172,885 Current portion of lease liability 66,901 66,132 Accounts payable 210,249 164,320 Accounts payable to related parties 1,409 1,333 Air traffic liability 750,546 737,616 Frequent flyer deferred revenue 160,478 155,584 Taxes Payable 81,360 62,931 Accrued expenses payable 39,970 66,016 Income tax payable 27,122 11,929 Other Current Liabilities 9,111 1,361 **TOTAL CURRENT LIABILITIES** **1,565,401** **1,440,107** Loans and borrowings long-term 1,890,520 1,807,556 Lease Liability 241,670 258,383 Deferred tax Liabilities 72,940 59,217 Other long-term liabilities 250,445 242,337 **TOTAL NON-CURRENT LIABILITIES** **2,455,575** **2,367,494** **TOTAL LIABILITIES** **4,020,976** **3,807,600** **EQUITY** Class A - 34,257,137 issued and 29,861,335 outstanding 23,316 23,290 Class B - 10,938,125 7,466 7,466 Additional Paid-In Capital 221,661 220,190 Treasury Stock (345,147 ) (300,143 ) Retained Earnings 2,769,716 2,168,911 Net profit 212,467 671,648 Other comprehensive loss (15,939 ) (15,939 ) **TOTAL EQUITY** **2,873,541** **2,775,423** **TOTAL EQUITY LIABILITIES** **6,894,517** **6,583,024** **Copa Holdings, S. A. and Subsidiaries** **Consolidated statement of cash flows** **For the three months ended** **(In US$ thousands)** **2026** **2025** **(Unaudited)** **(Unaudited)** **Net cash flow from operating activities** 359,710 205,477 **Investing activities** Net Acquisition of Investments 54,498 (340,191 ) Net cash flow related to advance payments on aircraft purchase contracts (245,026 ) (115,130 ) Acquisition of property and equipment (163,486 ) (56,216 ) Proceeds from sale of property and equipment 85 — Acquisition of intangible assets (5,559 ) (6,515 ) **Cash flow used in investing activities** (359,488 ) (518,052 ) **Financing activities** Proceeds from new borrowings 154,605 — Payments on loans and borrowings (31,543 ) (51,863 ) Payment of lease liability (16,033 ) (14,007 ) Share repurchase (45,004 ) (3,555 ) Dividends paid (70,578 ) (66,493 ) **Cash flow used in financing activities** (8,553 ) (135,918 ) **Net (decrease) in cash and cash equivalents** **(8,331** **)** **(448,493** **)** Cash and cash equivalents as of January 1 382,554 613,313 **Cash and cash equivalents as of****March 31,** **$** **374,223** **$** **164,820** Short-term investments 959,457 751,525 Long-term investments 190,157 425,821 **Total cash and cash equivalents and investments as of****March 31,** **$** **1,523,837** **$** **1,342,166** **Copa Holdings, S. A. and Subsidiaries** **Non-IFRS Financial Measures Reconciliation** _This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel and Adjusted Net Debt to EBITDA. This supplemental information is presented because we believe it is a useful indicator of our operating performance and for comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:_ **Reconciliation of Operating Costs per ASM** **Excluding Fuel (CASM Excl. Fuel)** **1Q26** **1Q25** **4Q25** Operating Costs per ASM as Reported (in US$ Cents) 8.9 8.8 8.8 Aircraft Fuel Cost per ASM (in US$ Cents) 3.2 3.0 2.9 **Operating Costs per ASM excluding fuel (in US$ Cents)** **5.8** **5.8** **5.9** **Reconciliation of Adjusted Net Debt to EBITDA** **1Q26** **1Q25** **4Q25** Net Debt $ 893,509 $ 592,934 $ 718,218 LTM Operating Profit/(Loss) (in US$ thousands) $ 863,774 $ 750,788 $ 818,960 LTM Depreciation and amortization (in US$ thousands) $ 379,579 $ 333,628 $ 365,137 LTM EBITDA (in US$ thousands) $ 1,243,353 $ 1,084,417 $ 1,184,096 **Adjusted Net Debt to EBITDA** **0.7** **0.5** **0.6** ### Related Stocks - [BA.US](https://longbridge.com/en/quote/BA.US.md) - [CPA.US](https://longbridge.com/en/quote/CPA.US.md) - [ITA.US](https://longbridge.com/en/quote/ITA.US.md) - [PPA.US](https://longbridge.com/en/quote/PPA.US.md) - [BOEU.US](https://longbridge.com/en/quote/BOEU.US.md) - [JETS.US](https://longbridge.com/en/quote/JETS.US.md) - [XAR.US](https://longbridge.com/en/quote/XAR.US.md) - [BOEG.US](https://longbridge.com/en/quote/BOEG.US.md) ## Related News & Research - [China's 200-Jet Boeing Deal Sends Urgent Signal To Investors](https://longbridge.com/en/news/286481329.md) - [China says it will buy 200 Boeing jets, seek extension of US tariff truce](https://longbridge.com/en/news/287000526.md) - [KBRA Assigns Preliminary Rating to MRE 2026-1](https://longbridge.com/en/news/286824679.md) - [Hope for an Expanded China Deal Gives No Help to Boeing Stock (NYSE:BA)](https://longbridge.com/en/news/286652261.md) - [Boeing posts record April orders but misses delivery pace](https://longbridge.com/en/news/286213210.md)