Copa Holdings Reports Fourth-Quarter and Full-Year 2025 Financial Results

Rhea-AI Summary

Copa Holdings (NYSE: CPA) reported 4Q25 net profit of US$172.6 million (US$4.18 per share) and full‑year 2025 net profit of US$671.6 million (US$16.28 per share).

Key metrics: 4Q25 operating margin 21.8% (22.5% ex non‑cash adjustment), RASM 11.3¢, CASM 8.8¢, cash and investments ~US$1.6 billion (44% of LTM revenues), adjusted net debt/EBITDA 0.6x. Board approved a 2026 quarterly dividend of US$1.71 per share; first payment March 13, 2026.

Positive

• Full‑year net profit of US$671.6M and EPS of US$16.28 (+11.9% EPS YoY)
• Adjusted 4Q25 EPS would have been US$4.46 (+12.3% vs 4Q24)
• US$1.6B in cash, short‑term and long‑term investments (44% of LTM revenues)
• Adjusted net debt to EBITDA of 0.6x, indicating strong leverage position
• Board approved a US$1.71 quarterly dividend per share for 2026

Negative

• Full‑year RASM declined 2.6% year‑over‑year to 11.2 cents
• 4Q25 RASM decreased 0.3% year‑over‑year to 11.3 cents
• Ex‑fuel CASM rose 0.7% year‑over‑year in 4Q25 to 5.9 cents

Key Figures

4Q25 Net profit: US$172.6 million 4Q25 EPS: US$4.18 per share Adj. 4Q25 EPS: US$4.46 per share +5 more

8 metrics

4Q25 Net profit US$172.6 million Fourth quarter 2025

4Q25 EPS US$4.18 per share 4Q25, +5.3% YoY EPS

Adj. 4Q25 EPS US$4.46 per share Excl. US$7.2M maintenance & US$6.0M FX loss

4Q25 Operating margin 21.8% Down 1.4 percentage points vs 4Q24

2025 EPS US$16.28 per share Full year 2025, EPS +11.9% YoY

Cash & investments US$1.6 billion End of 4Q25, 44% of LTM revenues

Adj. Net Debt/EBITDA 0.6x End of 4Q25

2026 quarterly dividend US$1.71 per share To be paid Mar, Jun, Sep, Dec 2026

Market Reality Check

Price: $150.86 Vol: Volume 224,335 vs 20-day ...

low vol

$150.86 Last Close

Volume Volume 224,335 vs 20-day average 384,404 ahead of the earnings release. low

Technical Price $150.86 is trading above the 200-day MA of $117.25 into results.

Peers on Argus

CPA was nearly flat (-0.12%) while key airline peers like AAL, LUV, JBLU and ALK...

CPA was nearly flat (-0.12%) while key airline peers like AAL, LUV, JBLU and ALK showed larger single-day declines, indicating stock-specific resilience rather than a broad sector-driven move.

Previous Earnings Reports

5 past events · Latest: Jan 08 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 08	Earnings schedule	Neutral	+0.5%	Scheduled 4Q25 earnings release and conference call timing details.
Nov 19	Quarterly earnings	Positive	+2.6%	Strong 3Q25 profit, higher EPS, solid margins and improved traffic metrics.
Oct 07	Earnings schedule	Neutral	+3.4%	Announced 3Q25 earnings release and related conference call logistics.
Aug 06	Quarterly earnings	Positive	+3.7%	Robust 2Q25 profit, margin expansion, strong operations and dividend approval.
Jul 03	Earnings schedule	Neutral	-0.3%	Set date and time for 2Q25 financial results and earnings call.

Pattern Detected

Earnings-related releases have generally coincided with modest positive moves, especially when accompanied by strong profitability metrics.

Recent Company History

Over the last few quarters, Copa has paired strong profitability with disciplined capacity growth. 2Q25 and 3Q25 results showed solid net profits, high operating margins, and expanding fleets, with share prices rising after those reports. Multiple earnings release schedules in Jul 2025, Oct 2025, and Jan 2026 produced small but mostly positive reactions. Today’s 4Q25 and full-year 2025 results, highlighting high margins, cash levels and a new US$1.71 quarterly dividend, follow this pattern of sustained financial strength.

Historical Comparison

earnings

+2.0 %

Average Historical Move

Historical Analysis

In the past year, five earnings-related announcements saw an average move of 1.98%, with most reactions modestly positive to strong profit updates.

Typical Pattern

Across recent quarters, Copa has reported strong profits, solid margins, fleet growth and recurring dividends, with earnings dates communicated via regular schedule releases.

Market Pulse Summary

This announcement details strong 4Q25 and full-year 2025 profitability, high operating and net margi...

Analysis

This announcement details strong 4Q25 and full-year 2025 profitability, high operating and net margins, and a sizable cash position of US$1.6 billion. The Board also approved a quarterly US$1.71 dividend for 2026, alongside continued fleet growth and top-tier on-time performance. In context of prior quarters, investors may watch how margins, capacity growth and leverage evolve, as well as execution on initiatives like onboard Wi‑Fi and ongoing traffic trends in 2026.

Key Terms

available seat miles, revenue per available seat mile, RASM, operating cost per available seat mile, +1 more

5 terms

available seat miles technical

"Capacity, measured in ASMs, grew by 9.9% year over year in 4Q25."

Available seat miles measure the total capacity of an airline to carry passengers, calculated by multiplying the number of seats available on all flights by the distance those flights cover. It indicates how much space an airline has to generate revenue from passenger travel. For investors, higher available seat miles generally suggest a larger operation and potential for increased earnings.

revenue per available seat mile technical

"Revenue per available seat mile (RASM) of 11.3 cents in 4Q25..."

Revenue per available seat mile (RASM) measures how much money an airline earns for each seat it offers to fly one mile, calculated by dividing total passenger revenue by the number of seats multiplied by miles flown. It matters to investors because it shows how well an airline turns its capacity into income—like measuring dollars earned per empty chair on a bus route—and helps compare pricing power and operational efficiency across carriers.

RASM technical

"Revenue per available seat mile (RASM) of 11.3 cents in 4Q25..."

RASM (revenue per available seat mile) measures how much money an airline earns for each seat it can fly one mile, combining ticket sales and other onboard revenue divided by total seat-miles offered. It tells investors how effectively an airline turns its flying capacity into income—similar to checking how much a restaurant makes per available table hour—so rising RASM usually signals better pricing or demand, while falling RASM can warn of weaker revenue performance.

operating cost per available seat mile technical

"Operating cost per available seat mile (CASM) increased by 1.6%..."

Operating cost per available seat mile measures how much an airline spends to fly one seat (whether occupied or empty) one mile, combining fuel, labor, maintenance and other running expenses. Investors use it like a per-unit price tag—lower figures mean the airline runs more efficiently and can better withstand fuel changes or fare competition, while higher figures signal thinner profit margins or less competitive operations.

CASM technical

"Operating cost per available seat mile (CASM) increased by 1.6%..."

CASM is the average operating cost to carry one available seat one mile on an airline, found by dividing total operating expenses by the number of seats flown multiplied by miles. Think of it like the cost to run one seat on a bus for one mile. Investors watch CASM because it shows how efficiently an airline controls costs and how much margin exists between ticket prices and operating expenses, affecting profitability and competitiveness.

AI-generated analysis. Not financial advice.

PANAMA CITY, Feb. 11, 2026 (GLOBE NEWSWIRE) -- Copa Holdings¹, S.A. (NYSE: CPA) today announced financial results for the fourth quarter (4Q25) and full year 2025, closing another year of industry-leading profitability and operational excellence. Key highlights include:

Fourth Quarter 2025

• Net profit of US$172.6 million, or US$4.18 per share, representing a 5.3% year‑over‑year increase in earnings per share. Excluding a US$7.2 million non‑cash, maintenance‑related adjustment to the provision for future leased‑aircraft return obligations, as well as a US$6.0 million foreign‑currency loss mainly due to volatility in the Brazilian real, EPS for the quarter would have been US$4.46, a 12.3% increase compared to 4Q24.
• Operating margin of 21.8% and net margin of 17.9% for the quarter, a decrease of 1.4 and 1.0 percentage points, respectively, compared to 4Q24. Excluding the non‑cash maintenance‑related adjustment, the Company would have reported an operating margin for the quarter of 22.5%.
• Capacity, measured in ASMs, grew by 9.9% year over year in 4Q25.
• Revenue per available seat mile (RASM) of 11.3 cents in 4Q25, a decrease of 0.3% compared to 4Q24.
• Operating cost per available seat mile (CASM) increased by 1.6% compared to 4Q24 to 8.8 cents, and CASM excluding fuel (Ex-fuel CASM) increased 0.7% year over year to 5.9 cents. Excluding the non‑cash maintenance‑related adjustment, the Company would have reported an Ex-fuel CASM of 5.8 cents.
• The Company ended the quarter with approximately US$1.6 billion in cash, short-term and long-term investments, which represent 44% of the last twelve months’ revenues.
• The Company closed 4Q25 with an Adjusted Net Debt to EBITDA ratio of 0.6 times.
• During the quarter, the Company took delivery of four Boeing 737 MAX 8 aircraft to end the year with a total fleet of 125 aircraft.
• Copa Airlines had an on-time performance for the quarter of 89.0% and a flight completion factor of 99.8%, once again positioning itself among the very best in the industry.
  

Full Year 2025

• Net profit of US$671.6 million or US$16.28 per share, an 11.9% year-over-year increase in earnings per share.
• Operating margin of 22.6% and net margin of 18.6% for 2025, an increase of 0.8 and 1.0 percentage points, respectively, compared to 2024.
• Capacity, measured in ASMs, grew 7.8% compared to 2024.
• Revenue per available seat mile (RASM) of 11.2 cents, a decrease of 2.6% compared to 2024.
• Operating cost per available seat mile (CASM) decreased by 3.6% compared to 2024 to 8.6 cents, and CASM excluding fuel (Ex-fuel CASM) decreased 0.7% year over year to 5.8 cents.
  

Subsequent events

• On February 11, 2026, the Board of Directors of Copa Holdings approved a 2026 quarterly dividend payment of US$1.71 per share. Dividends will be distributed in March, June, September, and December. The first quarterly dividend of US$1.71 per share will be paid on March 13, 2026, to shareholders on record as of February 27, 2026.
• Copa Airlines was recognized by Cirium for the eleventh time as the most on-time airline in Latin America in 2025. Copa Airlines’ on-time performance of 90.75% for the year was the highest of any carrier in the Americas and the second best in the world, reaffirming its position as one of the leading airlines in the industry.
• In January, the Company announced that it will start offering Wi-Fi onboard beginning October 2026. Further details will be shared throughout the year.
• In January 2026, the Company took delivery of one additional Boeing 737 MAX 8 aircraft, bringing its total fleet to 126 aircraft.

Full 4Q25 Earnings Release available for download at:

https://copa.gcs-web.com/financial-information/quarterly-results

Conference Call and Webcast

The Company will hold its financial results conference call tomorrow at 11 am ET (11 am local). Details follow:

Date:	February 12, 2026
Time:	11:00 AM US ET (11:00 AM Local Time)
Join by phone:	Click here
Webcast (listen-only):	Click here

About Copa Holdings

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit: www.copaair.com.

Investor Relations
investor.relations@copaair.com

Cautionary statement regarding forward-looking statements

This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.

CPA-G

Copa Holdings, S. A. and Subsidiaries Consolidated Operating and Financial Statistics
	4Q25		4Q24		% Change	3Q25		% Change	YTD25		YTD24		% Change
Revenue Passengers Carried (000s)	3,935		3,444		14.3%	3,806		3.4%	14,853		13,467		10.3%
Revenue Passengers OnBoard (000s)	5,834		5,168		12.9%	5,695		2.5%	22,103		20,115		9.9%
RPMs (millions)	7,359		6,682		10.1%	7,249		1.5%	28,210		25,966		8.6%
ASMs (millions)	8,513		7,747		9.9%	8,238		3.3%	32,408		30,077		7.8%
Load Factor	86.4	%	86.3	%	0.2 p.p	88.0	%	-1.5 p.p	87.0	%	86.3	%	0.7 p.p
Yield (US$ Cents)	12.4		12.5		(0.6)%	11.9		4.5%	12.2		12.7		(4.1)%
PRASM (US$ Cents)	10.7		10.8		(0.4)%	10.5		2.6%	10.6		10.9		(2.9)%
RASM (US$ Cents)	11.3		11.3		(0.3)%	11.1		2.0%	11.2		11.5		(2.6)%
CASM (US$ Cents)	8.8		8.7		1.6%	8.5		4.0%	8.6		9.0		(3.6)%
CASM Excl. Fuel (US$ Cents)	5.9		5.9		0.7%	5.6		5.1%	5.8		5.8		(0.7)%
Fuel Gallons Consumed (millions)	98.6		91.2		8.1%	96.1		2.5%	377.5		354.5		6.5%
Avg. Price Per Fuel Gallon (US$)	2.50		2.38		5.0%	2.44		2.5%	2.45		2.66		(8.0)%
Average Length of Haul (miles)	1,870		1,940		(3.6)%	1,905		(1.8)%	1,899		1,928		(1.5)%
Average Stage Length (miles)	1,236		1,260		(1.9)%	1,243		(0.5)%	1,242		1,257		(1.2)%
Departures	41,942		37,596		11.6%	40,441		3.7%	159,197		146,607		8.6%
Block Hours	133,488		121,549		9.8%	128,263		4.1%	505,888		470,751		7.5%
Average Aircraft Utilization (hours)	11.9		12.0		(0.9)%	11.9		(0.8)%	11.9		11.9		0.8%

Copa Holdings, S. A. and Subsidiaries Consolidated statement of profit or loss (In US$ thousands)
		Unaudited		Unaudited		%	Unaudited		%	Unaudited		Audited		%
		4Q25		4Q24		Change	3Q25		Change	YTD25		YTD24		Change
Operating Revenues
Passenger revenue		913,623		834,758		9.4%	861,339		6.1%	3,431,253		3,293,362		4.2%
Cargo and mail revenue		32,036		28,966		10.6%	29,680		7.9%	115,718		100,507		15.1%
Other operating revenue		17,228		14,896		15.7%	22,130		(22.1%)	70,851		52,330		35.4%
Total Operating Revenue		962,888		878,620		9.6%	913,149		5.4%	3,617,822		3,446,198		5.0%
Operating Expenses
Fuel		249,177		219,232		13.7%	236,809		5.2%	932,251		949,309		(1.8%)
Wages, salaries, benefits and other employees' expenses		137,906		123,575		11.6%	124,266		11.0%	501,979		470,644		6.7%
Passenger servicing		27,523		25,748		6.9%	27,495		0.1%	105,233		109,243		(3.7%)
Airport facilities and handling charges		68,996		64,655		6.7%	70,736		(2.5%)	270,041		252,798		6.8%
Sales and distribution		55,604		50,548		10.0%	52,994		4.9%	208,289		207,968		0.2%
Maintenance, materials and repairs		46,075		34,567		33.3%	35,074		31.4%	156,741		105,936		48.0%
Depreciation and amortization		97,385		85,085		14.5%	93,028		4.7%	365,136		330,710		10.4%
Flight operations		38,413		34,675		10.8%	36,349		5.7%	141,276		129,521		9.1%
Other operating and administrative expenses		32,221		36,787		(12.4%)	24,093		33.7%	117,916		137,119		(14.0%)
Total Operating Expense		753,300		674,871		11.6%	700,844		7.5%	2,798,862		2,693,247		3.9%
Operating Profit/(Loss)		209,588		203,749		2.9%	212,305		(1.3%)	818,959		752,951		8.8%
Operating Margin		21.8	%	23.2	%	-1.4 p.p	23.2	%	-1.4 p.p	22.6	%	21.8	%	0.8 p.p
Non-operating Income (Expense):
Finance cost		(27,478	)	(21,498	)	27.8%	(24,396	)	12.6%	(98,393	)	(84,493	)	16.5%
Finance income		16,545		16,064		3.0%	14,878		11.2%	62,592		58,912		6.2%
Gain (loss) on foreign currency fluctuations		(6,021	)	(11,489	)	(47.6%)	(892	)	575.3%	(4,633	)	(33,991	)	(86.4%)
Net change in fair value of derivatives		178		2,706		(93.4%)	(381	)	nm	(4,325	)	4,469		nm
Other non-operating income (expense)		(857	)	(501	)	71.1%	1,235		nm	1,409		7,940		(82.3%)
Total Non-Operating Income/(Expense)		(17,633	)	(14,718	)	19.8%	(9,556	)	84.5%	(43,349	)	(47,163	)	(8.1%)
Profit before taxes		191,955		189,031		1.5%	202,749		(5.3%)	775,610		705,789		9.9%
Income tax expense		(19,332	)	(23,262	)	(16.9%)	(29,399	)	(34.2%)	(103,962	)	(97,674	)	6.4%
Net Profit/(Loss)		172,623		165,769		4.1%	173,350		(0.4%)	671,648		608,114		10.4%
Net Margin		17.9	%	18.9	%	-1.0 p.p	19.0	%	-1.1 p.p	18.6	%	17.6	%	1.0 p.p
Basic Earnings Per Share (EPS)		4.18		3.98		5.3%	4.20		(0.5)%	16.28		14.55		11.9%
Shares for calculation of Basic EPS (000s)		41,248		41,696		(1.1)%	41,248		—%	41,258		41,796		(1.3)%

Copa Holdings, S. A. and Subsidiaries Consolidated statement of financial position (In US$ thousands)
		December 2025			December 2024
ASSETS		(Unaudited)			(Audited)
Cash and cash equivalents		382,554			613,313
Short-term investments		955,604			585,919
Total cash, cash equivalents and short-term investments		1,338,159			1,199,232
Accounts receivable, net		194,425			166,014
Accounts receivable from related parties		3,217			2,976
Expendable parts and supplies, net		148,127			132,341
Prepaid expenses		55,209			42,926
Prepaid income tax		6,172			11,678
Other current assets		32,769			21,710
		439,919			377,646
TOTAL CURRENT ASSETS		1,778,078			1,576,878
Long-term investments		248,579			248,936
Long-term prepaid expenses		5,434			8,237
Property and equipment, net		4,120,055			3,458,261
Right of use assets		296,761			309,303
Intangible, net		104,071			96,753
Net defined benefit assets		3,220			1,058
Deferred tax assets		19,873			20,749
Other Non-Current Assets		6,952			22,113
TOTAL NON-CURRENT ASSETS		4,804,946			4,165,410
TOTAL ASSETS		6,583,024			5,742,288
LIABILITIES
Loans and borrowings		172,885			254,854
Current portion of lease liability		66,132			59,103
Accounts payable		164,320			229,104
Accounts payable to related parties		1,333			1,624
Air traffic liability		737,616			621,895
Frequent flyer deferred revenue		155,584			132,065
Taxes Payable		62,931			55,505
Accrued expenses payable		66,016			62,673
Income tax payable		11,929			9,801
Other Current Liabilities		1,361			1,270
TOTAL CURRENT LIABILITIES		1,440,107			1,427,894
Loans and borrowings long-term		1,807,556			1,415,953
Lease Liability		258,383			270,594
Deferred tax Liabilities		59,217			37,476
Other long - term liabilities		242,337			217,626
TOTAL NON-CURRENT LIABILITIES		2,367,494			1,941,649
TOTAL LIABILITIES		3,807,600			3,369,543
EQUITY
Class A - 34,229,801 issued and 30,200,428 outstanding		23,290			23,244
Class B - 10,938,125		7,466			7,466
Additional Paid-In Capital		220,190			214,542
Treasury Stock		(300,143	)		(291,438	)
Retained Earnings		2,168,911			1,826,565
Net profit		671,648			608,114
Other comprehensive loss		(15,939	)		(15,748	)
TOTAL EQUITY		2,775,423			2,372,745
TOTAL EQUITY LIABILITIES		6,583,024			5,742,288

Copa Holdings, S. A. and Subsidiaries Consolidated statement of cash flows For the twelve months ended (In US$ thousands)
		2025				2024
	(Unaudited)				(Audited)
Net cash flow from operating activities		1,123,779				969,729
Investing activities
Net Acquisition of Investments		(365,486	)			139,938
Net cash flow related to advance payments on aircraft purchase contracts		(106,506	)			160,302
Acquisition of property and equipment		(815,726	)			(626,161	)
Proceeds from sale of property and equipment		163				12,958
Acquisition of intangible assets		(30,921	)			(30,179	)
Cash flow used in investing activities		(1,318,476	)			(343,142	)
Financing activities
Proceeds from new borrowings		552,200				414,587
Payments on loans and borrowings		(254,616	)			(216,649	)
Payment of lease liability		(59,089	)			(61,140	)
Repurchase of treasury shares		(8,705	)			(87,308	)
Dividends paid		(265,852	)			(269,139	)
Cash flow used in financing activities		(36,062	)			(219,649	)
Net (decrease) increase in cash and cash equivalents		(230,759	)			406,938
Cash and cash equivalents as of January 1		613,313				206,375
Cash and cash equivalents as of December 31	$	382,554			$	613,313
Short-term investments		955,604				585,919
Long-term investments		248,579				248,936
Total cash and cash equivalents and investments as of December 31	$	1,586,737			$	1,448,168

Copa Holdings, S. A. and Subsidiaries
Non-IFRS Financial Measures Reconciliation

This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel and Adjusted Net Debt to EBITDA. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:

Reconciliation of Operating Costs per ASM
Excluding Fuel (CASM Excl. Fuel)	4Q25		4Q24		3Q25		YTD25		YTD24
Operating Costs per ASM as Reported (in US$ Cents)	8.8		8.7		8.5		8.6		9.0
Aircraft Fuel Cost per ASM (in US$ Cents)	2.9		2.8		2.9		2.9		3.2
Operating Costs per ASM excluding fuel (in US$ Cents)	5.9		5.9		5.6		5.8		5.8

Reconciliation of Adjusted Net Debt to EBITDA	4Q25			4Q24			3Q25
Adjusted Net Debt	$	718,218		$	552,335		$	844,534
LTM Operating Profit/(Loss) (in US$ thousands)	$	818,960		$	752,951		$	813,121
LTM Depreciation and amortization (in US$ thousands)	$	365,137		$	330,710		$	352,837
LTM EBITDA (in US$ thousands)	$	1,184,096		$	1,083,661		$	1,165,958
Adjusted Net Debt to EBITDA		0.6			0.5			0.7

_____________________
¹ The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The financial information presented in this release, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the fourth quarter of 2024 (4Q24).

FAQ

What were Copa Holdings (CPA) 4Q25 earnings and EPS results?

Copa reported 4Q25 net profit of US$172.6 million and basic EPS of US$4.18. According to the company, adjusted EPS excluding certain items would have been US$4.46, a 12.3% increase versus 4Q24.

How did Copa Holdings (CPA) perform financially for full‑year 2025?

Copa recorded full‑year net profit of US$671.6 million and EPS of US$16.28. According to the company, operating margin expanded to 22.6% and capacity grew 7.8% versus 2024.

What is Copa Holdings' (CPA) cash position and leverage at year‑end 4Q25?

The company ended 4Q25 with approximately US$1.6 billion in cash and investments, representing 44% of LTM revenues. According to the company, adjusted net debt to EBITDA was 0.6x.

Did Copa Holdings (CPA) announce dividends or capital returns for 2026?

Yes. The Board approved a 2026 quarterly dividend of US$1.71 per share, with the first payment on March 13, 2026. According to the company, dividends will be paid quarterly in March, June, September and December.

What operational metrics did Copa Airlines report for 4Q25 and 2025?

Copa reported 4Q25 on‑time performance of 89.0% and a flight completion factor of 99.8%. According to the company, Copa was recognized as Latin America's most on‑time airline in 2025 with 90.75% yearly on‑time performance.