Copa Holdings Sa Financials

CPA

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Copa Holdings Sa (CPA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CPA FY2025 2026-04-22

Copa’s recent earnings expansion comes from strong cash conversion and self-funded asset growth, not balance-sheet leverage.

From FY2023 through FY2025, operating cash flow consistently outran net income, which suggests earnings were backed by real cash rather than paper gains. In FY2025, that cash engine largely funded a step-up in investment: operating cash flow reached $1.15B while investing outflows were -$1.32B, so the lower cash balance reads more like capital deployment than weaker earnings quality.

Revenue changed only modestly between FY2023 and FY2025, yet net margin widened from 14.9% to 18.6%; that points to a business extracting more profit from a similar sales base rather than relying on volume alone. Because gross margin is unavailable, the cleanest read is efficiency below the gross-profit line, not a proven pricing story.

The balance sheet still looks lightly levered for a company investing this heavily: long-term debt ended FY2025 at $258M against equity of $2.78B. With the current ratio at 1.3x and retained earnings still compounding after dividends and buybacks, shareholder returns appear to be funded mainly by internally generated capital rather than new borrowing.

Financial Health Signals

Financial health score pending refresh

We are recalculating Copa Holdings Sa's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

6/8

Copa Holdings Sa passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.71x

For every $1 of reported earnings, Copa Holdings Sa generates $1.71 in operating cash flow ($1.2B OCF vs $671.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.6B

YoY+5.0%

5Y CAGR+35.2%

10Y CAGR+4.8%

Copa Holdings Sa generated $3.6B in revenue in fiscal year 2025. This represents an increase of 5.0% from the prior year.

EBITDA

N/A

Net Income

$671.6M

YoY+10.4%

Copa Holdings Sa reported $671.6M in net income in fiscal year 2025. This represents an increase of 10.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$382.6M

YoY-37.6%

5Y CAGR+26.3%

10Y CAGR+6.5%

Copa Holdings Sa held $382.6M in cash against $258.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

41M

YoY-0.1%

Copa Holdings Sa had 41M shares outstanding in fiscal year 2025. This represents a decrease of 0.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

18.6%

YoY+0.9pp

5Y CAGR+94.3pp

10Y CAGR+29.2pp

Copa Holdings Sa's net profit margin was 18.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.9 percentage points from the prior year.

Return on Equity

24.2%

YoY-1.4pp

5Y CAGR+71.5pp

10Y CAGR+41.5pp

Copa Holdings Sa's ROE was 24.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$8.7M

YoY-90.0%

10Y CAGR-22.9%

Copa Holdings Sa spent $8.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 90.0% from the prior year.

Capital Expenditures

N/A

CPA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.6B+5.0%	$3.4B-0.3%	$3.5B+16.6%	$3.0B+96.4%	$1.5B+88.5%	$801.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$17.0M+3.7%	$16.4M+34.4%	$12.2M+83.7%	$6.6M-2.6%	$6.8M	N/A
Income Tax	$104.0M+6.4%	$97.7M+0.7%	$97.0M+141.5%	$40.2M+283.1%	$10.5M+144.2%	-$23.7M
Net Income	$671.6M+10.4%	$608.1M+18.3%	$514.1M+47.7%	$348.1M+693.8%	$43.8M+107.2%	-$607.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CPA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.6B+14.6%	$5.7B+10.5%	$5.2B+10.8%	$4.7B+10.4%	$4.2B+10.2%	$3.9B
Current Assets	$1.8B+12.8%	$1.6B+24.4%	$1.3B+2.6%	$1.2B-0.2%	$1.2B+1.6%	$1.2B
Cash & Equivalents	$382.6M-37.6%	$613.3M+197.2%	$206.4M+68.6%	$122.4M-42.0%	$211.1M+77.3%	$119.1M
Inventory	$148.1M+11.9%	$132.3M+13.5%	$116.6M+24.9%	$93.3M+24.8%	$74.8M+0.6%	$74.3M
Accounts Receivable	$197.6M+17.0%	$169.0M+6.1%	$159.2M	N/A	N/A	N/A
Goodwill	$104.1M+7.6%	$96.8M+10.0%	$88.0M+12.0%	$78.6M-3.9%	$81.7M-14.5%	$95.6M
Total Liabilities	$3.8B+13.0%	$3.4B+9.6%	$3.1B-3.9%	$3.2B+8.5%	$2.9B+14.7%	$2.6B
Current Liabilities	$1.4B+0.3%	$1.4B+6.0%	$1.3B+7.1%	$1.2B+13.3%	$1.1B+29.5%	$813.4M
Long-Term Debt	$258.4M-4.5%	$270.6M+25.7%	$215.4M+36.1%	$158.3M+51.1%	$104.7M-28.7%	$146.9M
Total Equity	$2.8B+17.0%	$2.4B+11.8%	$2.1B+42.2%	$1.5B+14.8%	$1.3B+1.2%	$1.3B
Retained Earnings	$2.8B+16.7%	$2.4B+16.2%	$2.1B+22.1%	$1.7B+25.4%	$1.4B+3.3%	$1.3B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$6.6B+14.6%	$5.7B+10.5%	$5.2B+10.8%	$4.7B+10.4%	$4.2B+10.2%	$3.9B-11.6%	$4.4B-1.9%	$4.4B
Current Assets	$1.8B+12.8%	$1.6B+24.4%	$1.3B+2.6%	$1.2B-0.2%	$1.2B+1.6%	$1.2B-1.2%	$1.2B+16.5%	$1.1B
Cash & Equivalents	$382.6M-37.6%	$613.3M+197.2%	$206.4M+68.6%	$122.4M-42.0%	$211.1M+77.3%	$119.1M-25.0%	$158.7M+1.6%	$156.2M
Inventory	$148.1M+11.9%	$132.3M+13.5%	$116.6M+24.9%	$93.3M+24.8%	$74.8M+0.6%	$74.3M+7.6%	$69.1M-20.1%	$86.5M
Accounts Receivable	$197.6M+17.0%	$169.0M+6.1%	$159.2M	N/A	N/A	N/A	N/A	N/A
Goodwill	$104.1M+7.6%	$96.8M+10.0%	$88.0M+12.0%	$78.6M-3.9%	$81.7M-14.5%	$95.6M-11.6%	$108.1M+6.9%	$101.2M
Total Liabilities	$3.8B+13.0%	$3.4B+9.6%	$3.1B-3.9%	$3.2B+8.5%	$2.9B+14.7%	$2.6B+6.1%	$2.4B-8.4%	$2.6B
Current Liabilities	$1.4B+0.3%	$1.4B+6.0%	$1.3B+7.1%	$1.2B+13.3%	$1.1B+29.5%	$813.4M-18.5%	$997.6M-13.2%	$1.1B
Long-Term Debt	$258.4M-4.5%	$270.6M+25.7%	$215.4M+36.1%	$158.3M+51.1%	$104.7M-28.7%	$146.9M-29.0%	$206.8M-24.3%	$273.2M
Total Equity	$2.8B+17.0%	$2.4B+11.8%	$2.1B+42.2%	$1.5B+14.8%	$1.3B+1.2%	$1.3B-33.7%	$1.9B+7.7%	$1.8B
Retained Earnings	$2.8B+16.7%	$2.4B+16.2%	$2.1B+22.1%	$1.7B+25.4%	$1.4B+3.3%	$1.3B-32.6%	$2.0B+7.5%	$1.8B

CPA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.2B+15.4%	$996.8M-4.6%	$1.0B+37.7%	$758.5M+49.5%	$507.3M+9513.1%	$5.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.3B-284.2%	-$343.1M+36.8%	-$543.0M+1.7%	-$552.2M-20.3%	-$459.1M-389.7%	-$93.8M
Financing Cash Flow	-$36.1M+83.6%	-$219.6M+44.3%	-$394.0M-44.0%	-$273.7M-409.1%	$88.5M-5.4%	$93.6M
Dividends Paid	$265.9M-1.2%	$269.1M+100.6%	$134.2M	$0	$0-100.0%	$34.0M
Share Buybacks	$8.7M-90.0%	$87.3M-17.6%	$105.9M-36.8%	$167.6M+313.8%	$40.5M	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CPA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	18.6%+0.9pp	17.6%+2.8pp	14.9%+3.1pp	11.7%+8.8pp	2.9%+78.7pp	-75.8%
Return on Equity	24.2%-1.4pp	25.6%+1.4pp	24.2%+0.9pp	23.3%+20.0pp	3.4%+50.7pp	-47.3%
Return on Assets	10.2%-0.4pp	10.6%+0.7pp	9.9%+2.5pp	7.4%+6.4pp	1.0%+16.8pp	-15.8%
Current Ratio	1.31+0.1	1.16+0.2	0.99-0.0	1.04-0.1	1.18-0.3	1.50
Debt-to-Equity	0.09-0.0	0.11+0.0	0.100.0	0.11+0.0	0.08-0.0	0.11
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.31+0.1	1.16+0.2	0.99-0.0	1.04-0.1	1.18-0.3	1.50+0.3	1.24+0.3	0.92
Debt-to-Equity	0.09-0.0	0.11+0.0	0.100.0	0.11+0.0	0.08-0.0	0.110.0	0.11-0.0	0.15
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Copa Holdings Sa's annual revenue?

Copa Holdings Sa (CPA) reported $3.6B in total revenue for fiscal year 2025. This represents a 5.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Copa Holdings Sa's revenue growing?

Copa Holdings Sa (CPA) revenue grew by 5% year-over-year, from $3.4B to $3.6B in fiscal year 2025.

Is Copa Holdings Sa profitable?

Yes, Copa Holdings Sa (CPA) reported a net income of $671.6M in fiscal year 2025, with a net profit margin of 18.6%.

How much debt does Copa Holdings Sa have?

As of fiscal year 2025, Copa Holdings Sa (CPA) had $382.6M in cash and equivalents against $258.4M in long-term debt.

What is Copa Holdings Sa's net profit margin?

Copa Holdings Sa (CPA) had a net profit margin of 18.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Copa Holdings Sa's return on equity (ROE)?

Copa Holdings Sa (CPA) has a return on equity of 24.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Copa Holdings Sa's operating cash flow?

Copa Holdings Sa (CPA) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Copa Holdings Sa's total assets?

Copa Holdings Sa (CPA) had $6.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Copa Holdings Sa buy back shares?

Yes, Copa Holdings Sa (CPA) spent $8.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Copa Holdings Sa have outstanding?

Copa Holdings Sa (CPA) had 41M shares outstanding as of fiscal year 2025.

What is Copa Holdings Sa's current ratio?

Copa Holdings Sa (CPA) had a current ratio of 1.31 as of fiscal year 2025, which is considered adequate.

What is Copa Holdings Sa's debt-to-equity ratio?

Copa Holdings Sa (CPA) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Copa Holdings Sa's return on assets (ROA)?

Copa Holdings Sa (CPA) had a return on assets of 10.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Copa Holdings Sa's Piotroski F-Score?

Copa Holdings Sa (CPA) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Copa Holdings Sa's earnings high quality?

Copa Holdings Sa (CPA) has an earnings quality ratio of 1.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.