Copa Holdings Sa (CPA) Financials

CPA

FY2025 annual

Revenue $3.6B +5.0% YoY

Net Income $671.6M +10.4% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow $1.2B +15.4% YoY

Market Cap $5.4B as of Sep 5, 2026

Price / Sales 1.5x on $3.6B revenue, FY2025

Price / Earnings 8.0x on $671.6M net income, FY2025

Price / Book 1.9x on $2.8B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Feb 26, 2026 Currency USD FYE December

Newest figures come from the 20-F for FY2025, filed Feb 26, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CPA SEC filings page.

Copa Holdings Sa (CPA) reported $3.6B in revenue for fiscal year 2025, up 5.0% from the prior fiscal year. This page shows its 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 2026-09-05

Copa’s cash-generative growth is funded mainly by operations, but 2025 investment intensity temporarily outran internal cash generation.

Operating cash flow remained above net income, at roughly 2.0x in FY2023 and 1.7x in FY2025, so accounting earnings were converting into cash before capital allocation. In FY2025, investing outflows exceeded operating cash flow by $168M while financing cash flow was -$36M, indicating expansion was not financed by a large external-cash contribution that year.

Net margin climbed from 14.9% in FY2023 to 18.6% in FY2025 even though sales were broadly flat before the latest increase; earnings outpaced volume, but the absent gross and operating profit lines prevent attributing that margin expansion to mix, costs, or pricing.

Long-term debt edged down from $271M in FY2024 to $258M in FY2025 while assets continued rising, pointing to asset growth without debt escalation. A 0.1x debt-to-equity ratio and 1.3x current ratio further describe modest debt relative to equity and positive short-term coverage.

Financial Health Signals

Financial health score not available

Copa Holdings Sa does not currently provide enough eligible data for a peer-relative financial health score, so none is published. 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

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$382.6M

YoY-37.6%

QoQ-37.6%

Copa Holdings Sa held $382.6M in cash against $258.4M in long-term debt as of Q4 2025.

Shares Outstanding

41M

YoY-0.1%

QoQ-0.1%

Copa Holdings Sa had 41M shares outstanding in Q4 2025. This represents a decrease of 0.1% from the same quarter a year earlier. Against the prior quarter it is down 0.1%.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

CPA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CPA quarterly income statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Revenue	$3.6B+5.0%	$3.4B-0.3%	$3.5B+16.6%	$3.0B+96.4%	$1.5B+88.5%	$801.0M-70.4%	$2.7B+1.1%	$2.7B+6.2%	$2.5B+13.6%	$2.2B-1.5%	$2.3B
Interest Expense	$18.1M+30.7%	$13.9M+4.4%	$13.3M+131.3%	-$42.4M-660.3%	$7.6M-29.5%	$10.7M-24.1%	$14.1M-5.6%	$15.0M-5.7%	$15.9M-57.1%	$37.0M+11.7%	$33.2M
Income Tax	$104.0M+6.4%	$97.7M+0.7%	$97.0M+141.5%	$40.2M+283.1%	$10.5M+144.2%	-$23.7M-151.1%	$46.4M+34.5%	$34.5M-30.0%	$49.3M+28.8%	$38.3M+16.8%	$32.8M
Net Income	$671.6M+10.4%	$608.1M+18.3%	$514.1M+47.7%	$348.1M+693.8%	$43.8M+107.2%	-$607.1M-345.8%	$247.0M+180.1%	$88.2M-75.7%	$362.6M+12.1%	$323.4M+234.4%	-$240.6M
EPS (Basic)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.07-75.9%	$8.58+12.5%	$7.63+239.0%	-$5.49
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.07-75.9%	$8.58+12.5%	$7.63+239.0%	-$5.49
Diluted Shares (Avg)	41M-1.3%	42M+3.9%	40M-15.1%	47M+11.2%	43M+100118.8%	42,508-99.9%	42M+0.1%	42M+0.1%	42M+0.1%	42M-3.4%	44M

Metric	Q4'2520-F	Q4'2420-F	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

CPA Balance Sheet

CPA quarterly balance sheet

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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+0.4%	$4.4B+21.5%	$3.6B+3.5%	$3.5B
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-11.3%	$1.2B+11.7%	$1.1B+17.8%	$907.6M
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-34.6%	$238.8M-28.0%	$331.7M+62.0%	$204.7M
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+5.8%	$81.8M+9.8%	$74.5M+19.7%	$62.2M
Accounts Receivable	$197.6M+17.0%	$169.0M+6.1%	$159.2M	N/A	N/A	N/A	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+24.7%	$81.1M+16.7%	$69.5M+0.1%	$69.4M
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+2.9%	$2.6B+28.0%	$2.0B-5.6%	$2.1B
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-1.4%	$1.2B+34.3%	$867.6M-12.0%	$985.7M
Non-Current Liabilities	$2.4B+21.6%	$2.0B+12.1%	$1.8B-10.4%	$2.0B+5.7%	$1.9B+7.9%	$1.8B+23.3%	$1.4B-4.8%	$1.5B+6.4%	$1.4B+23.3%	$1.1B-0.1%	$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-5.8%	$290.1M-75.5%	$1.2B	N/A
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-2.9%	$1.9B+16.5%	$1.6B+14.5%	$1.4B
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-3.2%	$1.9B+12.4%	$1.7B+16.6%	$1.4B

Metric	Q4'2520-F	Q4'2420-F	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K
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+0.4%
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-11.3%
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-34.6%
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+5.8%
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+24.7%
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+2.9%
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-1.4%
Non-Current Liabilities	$2.4B+21.6%	$2.0B+12.1%	$1.8B-10.4%	$2.0B+5.7%	$1.9B+7.9%	$1.8B+23.3%	$1.4B-4.8%	$1.5B+6.4%
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-5.8%
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-2.9%
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-3.2%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

CPA Cash Flow Statement

CPA quarterly cash flow statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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-99.3%	$784.9M+44.5%	$543.0M-35.0%	$835.5M+40.5%	$594.6M+87.6%	$316.9M
Depreciation & Amortization	$365.1M+10.4%	$330.7M+8.0%	$306.1M+14.3%	$267.7M+11.6%	$239.9M-7.5%	$259.3M-8.1%	$282.1M+2.0%	$276.6M+65.3%	$167.3M-0.3%	$167.8M+11.5%	$150.5M
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+51.4%	-$192.9M-28.9%	-$149.6M+74.1%	-$578.2M-221.4%	-$179.9M-655.5%	$32.4M
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+117.2%	-$545.3M-26.8%	-$430.2M-37.5%	-$312.9M-25.9%	-$248.6M+30.4%	-$357.5M
Dividends Paid	$265.9M-1.2%	$269.1M+100.6%	$134.2M	$0	$0-100.0%	$34.0M-69.2%	$110.4M-25.2%	$147.6M+38.2%	$106.8M+24.0%	$86.1M-41.7%	$147.6M
Share Buybacks	$8.7M-90.0%	$87.3M-17.6%	$105.9M-36.8%	$167.6M+313.8%	$40.5M	N/A	N/A	N/A	N/A	N/A	$118.0M

Metric	Q4'2520-F	Q4'2420-F	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

CPA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CPA quarterly financial ratios

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Net Margin	18.6%+0.9pp	17.6%+2.8pp	14.9%+3.1pp	11.7%+8.8pp	2.9%+78.7pp	-75.8%-84.9pp	9.1%+5.8pp	3.3%-11.1pp	14.4%-0.2pp	14.6%+25.3pp	-10.7%
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%-60.1pp	12.8%+7.9pp	4.9%-14.7pp	19.6%-0.8pp	20.3%+37.7pp	-17.3%
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%-21.4pp	5.7%+3.7pp	2.0%-6.2pp	8.2%-0.7pp	8.9%+15.7pp	-6.8%
Current Ratio	1.31+0.1x	1.16+0.2x	0.990.0x	1.04-0.1x	1.18-0.3x	1.50+0.3x	1.24+0.3x	0.92-0.1x	1.03-0.2x	1.23+0.3x	0.92
Debt-to-Equity	0.090.0x	0.110.0x	0.100.0x	0.110.0x	0.080.0x	0.110.0x	0.110.0x	0.150.0x	0.16-0.6x	0.75-0.8x	1.53
Asset Turnover	0.55-0.1x	0.60-0.1x	0.670.0x	0.63+0.3x	0.36+0.1x	0.21-0.4x	0.620.0x	0.600.0x	0.570.0x	0.610.0x	0.64

Metric	Q4'2520-F	Q4'2420-F	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K
Current Ratio	1.31+0.1x	1.16+0.2x	0.990.0x	1.04-0.1x	1.18-0.3x	1.50+0.3x	1.24+0.3x	0.92-0.1x
Debt-to-Equity	0.090.0x	0.110.0x	0.100.0x	0.110.0x	0.080.0x	0.110.0x	0.110.0x	0.150.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Copa Holdings Sa CPA	FY2025	$3.6B	$671.6M	18.6%	$5.4B	—
Skywest Inc SKYW	FY2025	$4.1B	$428.3M	10.5%	$3.8B	56/100
Alaska Air Group Inc ALK	FY2025	$14.2B	$100.0M	0.7%	$4.7B	34/100
American Airline AAL	FY2025	$54.6B	$111.0M	0.2%	$8.7B	27/100
Jetblue Awys Corp JBLU	FY2025	$9.1B	-$602.0M	-6.6%	$1.7B	18/100
Southwest Airls Co LUV	FY2025	$28.1B	$441.0M	1.6%	$19.4B	33/100

Where Copa Holdings Sa Ranks

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 5.0% 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 P/E ratio?

Copa Holdings Sa (CPA) trades at 8.0x earnings, its market capitalization divided by net income of $671.6M net income, FY2025. The market capitalization is $5.4B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Copa Holdings Sa's price-to-sales ratio?

Copa Holdings Sa (CPA) trades at 1.5x sales, its market capitalization divided by revenue of $3.6B revenue, FY2025. The market capitalization is $5.4B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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.