Copa Holdings reported its financial results for the fourth quarter (Q4) and full year (FY) 2025, highlighting continued profitability and operational performance. For Q4 2025, net profit was USD 172.6 million, with earnings per share $(EPS)$ of USD 4.18, representing a 5.3% increase. Excluding non-cash maintenance adjustments and foreign-currency losses, EPS for the quarter would have been USD 4.46, a 12.3% increase. The company recorded an operating margin of 21.8% and a net margin of 17.9% during the quarter. At the end of Q4 2025, Copa Holdings held cash, short-term, and long-term investments totaling approximately USD 1.6 billion, representing 44% of the last twelve months' revenues. Adjusted net debt to EBITDA ratio stood at 0.6 times. For the full year 2025, Copa Holdings reported net profit of USD 671.6 million and EPS of USD 16.28, an 11.9% increase. The operating margin for the year was 22.6% and net margin was 18.6%, with capacity measured in available seat miles (ASMs) growing 7.8%. Revenue per available seat mile (RASM) was 11.2 cents, a 2.6% decrease. Operational highlights for Q4 2025 included the delivery of four Boeing 737 MAX 8 aircraft, bringing the year-end fleet total to 125 aircraft. Copa Airlines reported an on-time performance of 89.0% and a flight completion factor of 99.8%. The company ended the quarter with 47 unencumbered aircraft in its fleet. Looking ahead, Copa Holdings projects an operating margin between 22% and 24% and consolidated capacity growth of 11% to 13% for 2026. The company continues to focus on leveraging its Hub of the Americas in Panama, aiming to maintain strong demand trends, low unit costs, and high operational reliability in intra-Americas travel.

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