Copa Holdings, S.A. Class A Common Stock (CPA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.86	$1.67	-10.2%	—	$1.1B	—
Q4 25	$4.43	$4.18	-5.6%	—	$962.9M	—
Q3 25	$4	$4.2	+5.0%	—	$913.1M	—
Q2 25	$3.24	$3.61	+11.4%	—	$842.6M	—
Q1 25	$4.05	$4.28	+5.7%	—	$899.2M	—
Q4 24	$3.75	$3.99	+6.4%	—	$878.6M	—
Q3 24	$3.43	$3.5	+2.0%	—	$854.7M	—
Q2 24	$2.82	$2.88	+2.1%	—	$819.4M	—
Q1 24	$3.33	$4.19	+25.8%	—	$893.5M	—
Q4 23	$3.89	$4.47	+14.9%	—	$912.8M	—
Q3 23	$3.8	$4.39	+15.5%	—	$867.7M	—
Q2 23	$3.36	$3.92	+16.7%	—	$809.2M	—
Q1 23	$3.41	$3.99	+17.0%	—	$867.3M	—
Q4 22	$4.04	$4.49	+11.1%	—	$890.6M	—
Q3 22	$2.72	$2.91	+7.0%	—	$809.4M	—
Q2 22	$0.3	$0.32	+6.7%	—	$693.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$16.3	—	—	$3.6B	—
FY24	—	$14.6	—	—	$3.4B	—
FY23	—	$12.8	—	—	$3.5B	—
FY22	—	$8.58	—	—	$3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.2B	$2.5B	$2.7B	$2.7B	$801M	$1.5B	$3B	$3.5B	$3.4B	$3.6B
YoY change	-1.53%	+13.6%	+6.18%	+1.11%	-70.4%	+88.5%	+96.4%	+16.6%	-0.31%	+4.98%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.2B	2.5B	2.7B	2.7B	801M	1.5B	3B	3.5B	3.4B	3.6B
Cost of revenue	1.4B	1.7B	1.9B	1.8B	846.4M	1.1B	2.1B	2.2B	2.2B	2.3B
Gross profit	778.1M	854.7M	790.5M	867M	-45.4M	419.6M	897.5M	1.3B	1.2B	1.3B
Gross margin	35.1%	33.9%	29.5%	32%	-5.67%	27.8%	30.3%	36.9%	35.6%	35.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	332.7M	200.3M	210.2M	210.6M	70.4M	129.9M	224.5M	227.2M	208M	208.3M
Operating expenses	513.1M	416.3M	442.3M	431.5M	172.4M	273.1M	447.1M	467.7M	474.6M	467.5M
Operating income	265M	438.4M	348.2M	435.5M	-217.8M	146.5M	450.4M	807.2M	753M	819M
Operating margin	11.9%	17.4%	13%	16.1%	-27.2%	9.7%	15.2%	23.4%	21.8%	22.6%
Non-operating income, net	120.7M	6.7M	-198.3M	-109M	-359.9M	-26.8M	7.4M	-88.1M	-21.6M	-7.5M
Pretax income	361.7M	411.9M	122.7M	293.4M	-630.8M	54.3M	388.2M	611.1M	705.8M	775.6M
Income tax	38.3M	49.3M	34.5M	46.4M	-23.7M	10.5M	40.2M	97M	97.7M	104M
Net income	323.4M	362.6M	88.2M	247M	-607.1M	43.8M	348.1M	514.1M	608.1M	671.6M
Net margin	14.6%	14.4%	3.29%	9.12%	-75.8%	2.9%	11.7%	14.9%	17.6%	18.6%
EBITDA	441.8M	621.3M	648.1M	737.7M	60.3M	394M	736.2M	1.2B	1.2B	1.2B
EPS	8.02	8.72	2.07	5.81	-14.1	0.94	8.58	12.8	14.6	16.3
Diluted EPS	8.02	8.72	2.07	5.81	-14.1	0.94	8.58	12.8	14.6	16.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	867.7M	912.8M	893.5M	819.4M	854.7M	878.6M	899.2M	842.6M	913.1M	962.9M	1.1B	1.1B
Cost of revenue	549.8M	578.5M	558.7M	541.6M	565.5M	552.9M	566.1M	550.8M	576.4M	638M	674.8M	836.9M
Gross profit	317.9M	334.3M	334.8M	277.8M	289.2M	325.8M	333.1M	291.8M	336.7M	324.9M	377.6M	222.5M
Gross margin	36.6%	36.6%	37.5%	33.9%	33.8%	37.1%	37%	34.6%	36.9%	33.7%	35.9%	21%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	54.1M	55.1M	55.5M	52.2M	49.7M	50.5M	50.3M	49.4M	53M	55.6M	54.8M	57.4M
Operating expenses	112.9M	120M	118.8M	118.3M	115.5M	122M	119.3M	115.1M	124.4M	108.6M	119M	130.8M
Operating income	205M	214.3M	216M	159.5M	173.7M	203.8M	213.8M	176.6M	212.3M	216.2M	258.6M	91.7M
Operating margin	23.6%	23.5%	24.2%	19.5%	20.3%	23.2%	23.8%	21%	23.2%	22.5%	24.6%	8.65%
Non-operating income, net	77.4M	2.9M	-4M	-11.8M	3.5M	-9.3M	364K	5.5M	-38K	-13.3M	-1.8M	-2.7M
Pretax income	214.6M	211.1M	206.9M	140.6M	169.3M	189M	206.7M	174.2M	202.7M	192M	247.1M	77.3M
Income tax	27.2M	23.4M	30.8M	20.4M	23.3M	23.3M	30M	25.3M	29.4M	19.3M	34.6M	9.1M
Net income	187.4M	187.7M	176.1M	120.3M	146M	165.8M	176.8M	148.9M	173.3M	172.6M	212.5M	68.2M
Net margin	21.6%	20.6%	19.7%	14.7%	17.1%	18.9%	19.7%	17.7%	19%	17.9%	20.2%	6.44%
EBITDA	222M	231.8M	229.6M	174.8M	196.1M	219.3M	231M	198.2M	228.4M	225.3M	272.4M	107.4M
EPS	4.72	4.55	4.19	2.88	3.5	3.99	4.28	3.61	4.2	4.18	5.16	1.67
Diluted EPS	4.72	4.55	4.19	2.88	3.5	3.99	4.28	3.61	4.2	4.18	5.16	1.67

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.8B	5.7B	3.3B	4.6B	3.3B	3.5B	3.4B	4.3B	3.7B	5B	5.4B
Enterprise value	4.2B	6.3B	4.3B	5.1B	3.8B	4.1B	4.1B	5.1B	4.5B	5.9B	6.8B
Shares outstanding	42.4M	42.4M	42.5M	42.5M	42.5M	42.5M	40.6M	40.2M	41.8M	41.3M	41.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	11.9	15.7	37.9	18.6	—	80.2	9.7	8.32	6.04	7.41	8.6
P/S	1.73	2.26	1.25	1.7	4.1	2.33	1.14	1.24	1.07	1.38	1.34
P/B	2.35	3.07	1.86	2.37	2.56	2.71	2.26	2.02	1.55	1.79	1.87
EV/EBITDA	9.54	10.2	6.61	6.92	62.8	10.4	5.6	4.36	3.89	4.76	6.13
EV/Sales	1.9	2.5	1.6	1.89	4.73	2.72	1.39	1.48	1.3	1.64	1.7
Earnings yield	8.41%	6.38%	2.64%	5.38%	—	1.25%	10.3%	12%	16.6%	13.5%	11.6%
FCF yield	11.5%	9.07%	5.3%	13.5%	-1.68%	0.34%	3.2%	5.03%	9.27%	1.05%	-0.59%
PEG	—	—	—	—	—	—	—	—	—	—	-0.16

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	35.1%	33.9%	29.5%	32%	-5.67%	27.8%	30.3%	36.9%	35.6%	35.6%	21%
Operating margin	11.9%	17.4%	13%	16.1%	-27.2%	9.7%	15.2%	23.4%	21.8%	22.6%	8.65%
Net margin	14.6%	14.4%	3.29%	9.12%	-75.8%	2.9%	11.7%	14.9%	17.6%	18.6%	15.7%
ROE	19.8%	19.6%	4.91%	12.8%	-47.3%	3.37%	23.3%	24.2%	25.6%	24.2%	23.1%
ROA	8.88%	8.2%	1.99%	5.67%	-15.8%	1.03%	7.42%	9.89%	10.6%	10.2%	7.35%
ROIC	11.8%	15.6%	9.14%	15%	-12.2%	6.27%	18%	23%	20.4%	19%	16.3%
Return on tangible assets	9.24%	8.51%	2.08%	5.96%	-16.6%	1.07%	7.68%	10.2%	11%	10.5%	8.91%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.24	1.03	0.92	1.24	1.5	1.18	1.04	0.99	1.16	1.31	1.06
Quick ratio	1.15	0.96	0.85	1.17	1.41	1.11	0.96	0.9	1.07	1.2	0.97
Debt / equity	0.72	0.85	0.93	0.71	1.09	1.23	1.13	0.82	0.84	0.83	0.89
Debt / assets	0.33	0.36	0.37	0.31	0.36	0.38	0.36	0.34	0.35	0.35	0.36
Net debt / EBITDA	0.84	1.01	1.45	0.7	8.37	1.49	1.02	0.71	0.7	0.77	1.56
Interest coverage	10.8	9.06	3.41	6.11	-7.64	1.71	5.43	4.86	9.35	8.88	7.79
Effective tax rate	10.6%	12%	28.1%	15.8%	0%	19.3%	10.3%	15.9%	13.8%	13.4%	12.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	52.4	59.4	63.1	63.7	18.8	35.5	73.1	85.9	82.5	87.7	96.9
EPS (basic)	8.02	8.72	2.07	5.81	-14.1	0.94	8.58	12.8	14.6	16.3	16.3
EPS (diluted)	8.02	8.72	2.07	5.81	-14.1	0.94	8.58	12.8	14.6	16.3	15.2
Book value per share	38.6	43.6	42.3	45.5	30.2	30.6	36.8	52.8	56.8	67.3	70.2
FCF per share	10.5	12.2	4.17	14.6	-1.3	0.28	2.66	5.34	8.15	1.27	-1.88
Cash per share	19.2	22.3	17	20	20.9	23.9	23	22.7	28.7	32.4	30.9
Capex per share	2.32	6.42	4.31	1.08	0.32	7.8	12.8	14.1	10.8	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.43%	10.8%	6.84%	1.7%	1.67%	22%	17.5%	16.4%	13.1%	—	—
Capex / operating cash flow	13.6%	30.4%	49.1%	6.41%	-3.91%	70.5%	64.5%	56.4%	40.8%	—	—
Payout ratio	26.6%	29.5%	167.4%	44.7%	-5.6%	0%	0%	26.1%	44.3%	39.6%	43.6%
Dividend yield	2.24%	1.88%	4.42%	2.41%	1.04%	0%	0%	3.14%	7.33%	5.34%	5.22%

Yield

5.22%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.71

ex-dividend Aug 31, 2026

Payout ratio

44%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$1.71
May 29, 2026	$1.71
Feb 27, 2026	$1.71
Dec 1, 2025	$1.61
Aug 29, 2025	$1.61

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$867.7M	$912.8M	$893.5M	$819.4M	$854.7M	$878.6M	$899.2M	$842.6M	$913.1M	$962.9M	$1.1B	$1.1B
YoY change	+7.2%	+2.5%	+3.02%	+1.26%	-1.5%	-3.75%	+0.64%	+2.83%	+6.84%	+9.59%	+17%	+25.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	814.7M	943.9M	722.4M	851.1M	889.9M	1B	934.7M	915.2M	1.2B	1.3B
Receivables	114.1M	115.6M	116.1M	129.8M	64.6M	88.9M	131.5M	141.6M	169M	197.6M
Inventory	74.5M	81.8M	86.5M	69.1M	74.3M	74.8M	93.3M	116.6M	132.3M	148.1M
Total current assets	1.1B	1.2B	1.1B	1.2B	1.2B	1.2B	1.2B	1.3B	1.6B	1.8B
Property, plant & equipment	-992.4M	-1.1B	-1.3B	-995.6M	-777.2M	-870.6M	-992.7M	-1.1B	-1.3B	-1.4B
Goodwill & intangibles	139M	162.2M	202.3M	216.2M	191.1M	163.5M	157.1M	176M	193.5M	208.1M
Total assets	3.6B	4.4B	4.4B	4.4B	3.9B	4.2B	4.7B	5.2B	5.7B	6.6B
Accounts payable	104.2M	130M	125M	119.3M	63.5M	112.6M	166.7M	182.3M	229.1M	164.3M
Short-term debt	222.7M	405.4M	414.4M	220.3M	211.6M	270.5M	222.6M	290.7M	314M	239M
Total current liabilities	862.7M	1.2B	1.1B	997.6M	813.4M	1.1B	1.2B	1.3B	1.4B	1.4B
Long-term debt	961.4M	1.2B	1.2B	1.1B	1.2B	1.3B	1.5B	1.5B	1.7B	2.1B
Total liabilities	2B	2.6B	2.6B	2.4B	2.6B	2.9B	3.2B	3.1B	3.4B	3.8B
Shareholders' equity	1.6B	1.9B	1.8B	1.9B	1.3B	1.3B	1.5B	2.1B	2.4B	2.8B
Total debt	1.2B	1.6B	1.7B	1.4B	1.4B	1.6B	1.7B	1.7B	2B	2.3B
Net debt	852.4M	1.3B	1.5B	1.2B	1.3B	1.4B	1.6B	1.5B	1.4B	1.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	991.7M	915.2M	801.2M	948.9M	1B	1.2B	916.3M	1B	991.5M	1.3B	1.3B	1.3B
Receivables	171.8M	141.6M	194.9M	189.5M	204.1M	169M	178.1M	186.4M	228.7M	197.6M	207.7M	221.4M
Inventory	108.5M	116.6M	116.9M	116.6M	123.6M	132.3M	145M	141.2M	145.9M	148.1M	152.2M	155.2M
Total current assets	1.3B	1.3B	1.2B	1.3B	1.4B	1.6B	1.3B	1.4B	1.5B	1.8B	1.8B	1.8B
Property, plant & equipment	3.4B	-1.1B	3.5B	3.7B	3.7B	-1.3B	3.9B	4.1B	4.3B	-1.4B	4.7B	5B
Goodwill & intangibles	85.7M	176M	88.3M	92.7M	94.1M	193.5M	97.5M	98.9M	101.5M	208.1M	104.5M	104.4M
Total assets	5B	5.2B	5.2B	5.4B	5.5B	5.7B	5.7B	6B	6.3B	6.6B	6.9B	7.1B
Accounts payable	180.6M	182.3M	205.9M	197.3M	176.8M	229.1M	189.9M	188.2M	166.1M	164.3M	211.7M	208.4M
Short-term debt	329.2M	290.7M	297.6M	286.3M	264.9M	314M	292.6M	282M	269.3M	239M	285.2M	270.6M
Total current liabilities	1.4B	1.3B	1.3B	1.4B	1.3B	1.4B	1.3B	1.4B	1.4B	1.4B	1.6B	1.7B
Long-term debt	1.3B	1.5B	1.4B	1.5B	1.6B	1.7B	1.6B	1.8B	1.9B	2.1B	2.1B	2.3B
Total liabilities	3B	3.1B	3B	3.2B	3.2B	3.4B	3.3B	3.4B	3.6B	3.8B	4B	4.3B
Shareholders' equity	2B	2.1B	2.2B	2.2B	2.3B	2.4B	2.5B	2.6B	2.7B	2.8B	2.9B	2.9B
Total debt	1.7B	1.7B	1.7B	1.8B	1.9B	2B	1.9B	2.1B	2.2B	2.3B	2.4B	2.6B
Net debt	1.4B	1.5B	1.5B	1.6B	1.6B	1.4B	1.8B	1.8B	1.9B	1.9B	2B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	323.4M	362.6M	88.2M	247M	-607.1M	43.8M	348.1M	514.1M	608.1M	671.6M
Depreciation & amortization	167.8M	167.3M	276.6M	282.1M	259.3M	239.9M	267.7M	306.1M	330.7M	365.1M
Stock-based compensation	7.5M	7.4M	7.1M	6.1M	5.3M	7.1M	5.2M	4.4M	5.5M	5.7M
Change in working capital	162.6M	164.5M	-60.6M	102.4M	-29.2M	103.8M	74.3M	-24.9M	41.5M	26.3M
Operating cash flow	723.6M	894.5M	373M	717.1M	-342.3M	470.6M	805M	1B	1.1B	1.2B
Capital expenditure	-98.3M	-272.4M	-183.1M	-46M	-13.4M	-331.6M	-519.4M	-567M	-452.9M	—
Investing cash flow	-183.8M	-721.9M	-183.5M	-194.6M	-77.3M	-447.5M	-533.7M	-513.3M	-313M	-365.5M
Dividends paid	-86.1M	-106.8M	-147.6M	-110.4M	-34M	0	0	-134.2M	-269.1M	-265.9M
Share repurchases	0	0	—	0	0	-40.5M	-167.6M	-105.9M	-87.3M	-8.7M
Financing cash flow	-248.7M	-313.5M	-430.2M	-545.3M	93.6M	88.5M	-273.7M	-394M	-219.6M	-36.1M
Net change in cash	291.2M	-140.9M	-240.7M	-22.8M	-326M	111.6M	-2.4M	97.3M	576.5M	748.9M
Free cash flow	444.3M	515.6M	177.1M	621.6M	-55.2M	12M	107.9M	214.9M	340.5M	52.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	278.8M	267.2M	399M	359.7M	258.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	45.5M	51.7M	-817.6M	54.5M	—
Dividends paid	—	—	—	—	—	—	—	-66.5M	-66.4M	-66.4M	-70.6M	-70.1M
Share repurchases	—	—	—	—	—	—	—	-5.2M	0	1K	-45M	0
Financing cash flow	—	—	—	—	—	—	—	7.8M	31.5M	60.6M	-8.6M	74.4M
Net change in cash	—	—	—	—	—	—	—	332.1M	350.4M	-358.1M	405.7M	332.6M
Free cash flow	344.4M	-549.7M	201M	269.8M	483.2M	-318.9M	205.5M	-8.4M	-86.5M	119.6M	-54.4M	-55.7M

Date	Ratio
May 16, 2013	1:2
Apr 24, 2013	1:2

Copa Holdings, S.A. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history