CPA

MKT CAP:$5B

Copa Holdings, S.A.

Market Cap

$5B

Industrials·Airlines, Airports & Air Services· Panama·NYSE

Industrials·Airlines,·NYSE

Stock Price

$119.71-$2.12 (-1.74%)

Apr 22, 2026

Company Details

Copa Holdings, S.A., through its subsidiaries, provides airline passenger and cargo services. The company offers approximately 204 daily scheduled flights to 69 destinations in 29 countries in North, Central, and South America, as well as t...

CEO

Pedro Heilbron

IPO Date

Dec 15, 2005

Website

copa.gcs-web.com

Key Metrics TTM

Revenue

$3.6B

+5.0% YoY

Net Income

$672M

EPS (Diluted)

$16.28

Free Cash Flow

$368M

Revenue / Share

$87.60

Gross Margin

32.0%

Operating Margin

22.5%

Net Margin

18.6%

FCF Margin

10.2%

P/S

1.4x

P/E

7.3x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$3.6B+5.0%EPS $16.28

Q4 2025

Feb 26, 2026

$963M+9.8%EPS $4.18

Q3 2025

Nov 20, 2025

$913M+6.8%EPS $4.21

Q2 2025

Aug 7, 2025

$843M+2.8%EPS $3.61

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$572M	$120M	$45M
Q2 22	$693M	$127M	$42M
Q3 22	$809M	$235M	$144M
Q4 22	$891M	$318M	$220M
Q1 23	$867M	$288M	$193M
Q2 23	$809M	$282M	$195M
Q3 23	$868M	$288M	$205M
Q4 23	$917M	$311M	$219M
Q1 24	$893M	$304M	$216M
Q2 24	$819M	$246M	$160M
Q3 24	$855M	$257M	$174M
Q4 24	$877M	$290M	$204M
Q1 25	$899M	$299M	$214M
Q2 25	$843M	$259M	$177M
Q3 25	$913M	$300M	$212M
Q4 25	$963M	$297M	$210M

Valuation

Quarter	P/S	P/E
Q1 22	3.2x	—
Q2 22	2.4x	27.2x
Q3 22	1.9x	18.3x
Q4 22	1.6x	14.1x
Q1 23	1.5x	10.9x
Q2 23	1.4x	14.3x
Q3 23	1.4x	11.8x
Q4 23	1.4x	9.4x
Q1 24	1.4x	8.5x
Q2 24	1.4x	7.2x
Q3 24	1.4x	7.7x
Q4 24	1.4x	8.0x
Q1 25	1.4x	8.0x
Q2 25	1.4x	7.7x
Q3 25	1.4x	7.4x
Q4 25	1.4x	7.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$169M	$169M
Q2 22	$158M	$158M
Q3 22	$216M	$216M
Q4 22	$215M	-$417M
Q1 23	$203M	$203M
Q2 23	$217M	$217M
Q3 23	$344M	$344M
Q4 23	$280M	-$520M
Q1 24	$201M	$201M
Q2 24	$270M	$270M
Q3 24	$189M	$189M
Q4 24	$337M	-$289M
Q1 25	$205M	$205M
Q2 25	$279M	-$112M
Q3 25	$267M	-$78M
Q4 25	$372M	$352M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$632M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$800M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$626M
Q1 25	$0
Q2 25	$391M
Q3 25	$345M
Q4 25	$20M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+1665.1%	+278.0%
Q2 22	+273.4%	+147.8%
Q3 22	+166.0%	+125.3%
Q4 22	+100.1%	+73.8%
Q1 23	+51.7%	+28.0%
Q2 23	+16.7%	-5.6%
Q3 23	+7.2%	-0.5%
Q4 23	+3.0%	+4.0%
Q1 24	+3.0%	+0.5%
Q2 24	+1.3%	+7.4%
Q3 24	-1.5%	+2.8%
Q4 24	-4.3%	-3.6%
Q1 25	+0.6%	+1.2%
Q2 25	+2.8%	+0.9%
Q3 25	+6.8%	+2.9%
Q4 25	+9.8%	+12.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$5M	0.6%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$4M	0.5%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$5M	0.6%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$76M
Q2 22	—	—	$85M
Q3 22	—	—	$91M
Q4 22	—	—	$98M
Q1 23	—	—	$95M
Q2 23	—	—	$88M
Q3 23	—	—	$83M
Q4 23	—	—	$92M
Q1 24	—	—	$88M
Q2 24	—	—	$86M
Q3 24	—	—	$84M
Q4 24	—	—	$85M
Q1 25	—	—	$86M
Q2 25	—	—	$82M
Q3 25	$35M	$53M	—
Q4 25	—	—	$88M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$249M	$771M	$1.0B
Q2 22	$134M	$801M	$935M
Q3 22	$199M	$753M	$952M
Q4 22	$122M	$812M	$935M
Q1 23	$242M	$773M	$1.0B
Q2 23	$282M	$834M	$1.1B
Q3 23	$237M	$755M	$992M
Q4 23	$206M	$709M	$915M
Q1 24	$171M	$631M	$801M
Q2 24	$201M	$748M	$949M
Q3 24	$275M	$759M	$1.0B
Q4 24	$613M	$586M	$1.2B
Q1 25	$165M	$752M	$916M
Q2 25	$236M	$764M	$1.0B
Q3 25	$249M	$743M	$992M
Q4 25	$383M	$956M	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	42M	-1.5%	-1.2%
Q2 22	41M	-1.9%	-3.2%
Q3 22	40M	-3.9%	-7.2%
Q4 22	40M	-0.1%	-7.3%
Q1 23	40M	+1.6%	-4.3%
Q2 23	40M	0.0%	-2.5%
Q3 23	40M	-1.2%	+0.4%
Q4 23	40M	+1.2%	+1.6%
Q1 24	42M	+4.6%	+4.6%
Q2 24	42M	-0.8%	+3.8%
Q3 24	42M	+0.0%	+5.0%
Q4 24	42M	-0.1%	+3.7%
Q1 25	41M	-1.0%	-1.8%
Q2 25	41M	-0.1%	-1.1%
Q3 25	41M	-0.3%	-1.4%
Q4 25	41M	+0.4%	-1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$93.3K	6K
Q2 22	$113.2K	6K
Q3 22	$132.1K	6K
Q4 22	$122.6K	7K
Q1 23	$119.4K	7K
Q2 23	$111.4K	7K
Q3 23	$119.4K	7K
Q4 23	$120.3K	8K
Q1 24	$117.2K	8K
Q2 24	$107.5K	8K
Q3 24	$112.1K	8K
Q4 24	$110.9K	8K
Q1 25	$113.7K	8K
Q2 25	$106.5K	8K
Q3 25	$115.5K	8K
Q4 25	$112.4K	9K

Revenue / Employee