NYSE : CPA
Copa Holdings, S.A. — Financial statements
Industrials · Airlines · Panama
Last price 128.92 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.28B
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Financial statements
Copa Holdings, S.A. (CPA) reported revenue of 3.99B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 3.91B | 3.55B | 3.39B | 3.41B | 2.93B | 1.48B |
| Other Revenue | 80.39M | 70.85M | 52.33M | 43.54M | 38.55M | 25.96M |
| Revenue | 3.99B | 3.62B | 3.45B | 3.46B | 2.97B | 1.51B |
| Cost of Revenue | 2.49B | 2.11B | 2.02B | 1.99B | 1.90B | 906.16M |
| Gross Profit | 1.50B | 1.51B | 1.43B | 1.47B | 1.07B | 603.77M |
| Selling, General & Admin | 330.79M | 326.20M | 345.09M | 357.83M | 349.89M | 218.60M |
| Operating Expenses | 729.47M | 691.34M | 675.80M | 663.94M | 617.59M | 458.54M |
| Operating Income | 772.19M | 818.96M | 752.95M | 807.23M | 450.38M | 145.22M |
| Interest Expense | -88.87M | -81.37M | -68.05M | -146.37M | -85.74M | -74.05M |
| Interest & Investment Income | 64.04M | 62.59M | 58.91M | 50.21M | 18.03M | 10.85M |
| Currency Exchange Gain (Loss) | -6.25M | -4.63M | -33.99M | 3.08M | -9.81M | -6.17M |
| Other Non Operating Income (Expenses) | -28.56M | -26.44M | -9.93M | -109.38M | 19.62M | -27.98M |
| EBT Excluding Unusual Items | 712.54M | 769.11M | 699.89M | 604.76M | 392.48M | 47.87M |
| Gain (Loss) on Sale of Investments | 6.50M | 6.50M | 5.89M | 6.34M | -4.25M | -274.00K |
| Asset Writedown | 5.44M | |||||
| Other Unusual Items | 1.29M | |||||
| Pretax Income | 719.04M | 775.61M | 705.79M | 611.10M | 388.23M | 54.33M |
| Income Tax Expense | 92.42M | 103.96M | 97.67M | 97.00M | 40.18M | 10.49M |
| Net Income | 626.62M | 671.65M | 608.11M | 514.10M | 348.05M | 43.84M |
| Net Income to Common | 626.62M | 671.65M | 608.11M | 514.10M | 348.05M | 43.84M |
| Shares Outstanding (Basic) | 41.15M | 41.26M | 41.80M | 40.23M | 40.58M | 42.60M |
| Shares Outstanding (Diluted) | 41.15M | 41.26M | 41.80M | 40.23M | 47.36M | 42.60M |
| EPS (Basic) | 15.23 | 16.28 | 14.55 | 12.78 | 8.58 | 1.03 |
| EPS (Diluted) | 15.23 | 16.28 | 14.55 | 12.78 | 7.88 | 1.03 |
| Free Cash Flow | 231.63M | 83.28M | 370.69M | 244.61M | 126.31M | 23.55M |
| Free Cash Flow Per Share | 5.63 | 2.02 | 8.87 | 6.08 | 2.67 | 0.55 |
| Dividend Per Share | 6.64 | 6.44 | 6.44 | 3.28 | ||
| Gross Margin | 37.66% | 41.75% | 41.46% | 42.56% | 36.02% | 39.99% |
| Operating Margin | 19.36% | 22.64% | 21.85% | 23.35% | 15.19% | 9.62% |
| Profit Margin | 15.71% | 18.57% | 17.65% | 14.87% | 11.74% | 2.90% |
| Free Cash Flow Margin | 5.81% | 2.30% | 10.76% | 7.08% | 4.26% | 1.56% |
| EBITDA | 1.10B | 1.12B | 1.02B | 1.04B | 643.95M | 306.98M |
| EBITDA Margin | 27.71% | 30.91% | 29.46% | 30.01% | 21.72% | 20.33% |
| D&A For EBITDA | 332.80M | 299.25M | 262.24M | 230.17M | 193.56M | 161.75M |
| EBIT | 772.19M | 818.96M | 752.95M | 807.23M | 450.38M | 145.22M |
| EBIT Margin | 19.36% | 22.64% | 21.85% | 23.35% | 15.19% | 9.62% |
| Effective Tax Rate | 12.85% | 13.40% | 13.84% | 15.87% | 10.35% | 19.30% |
| Revenue as Reported | 3.99B | 3.62B | 3.45B | 3.46B | 2.97B | 1.51B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 266.82M | 382.55M | 613.31M | 206.38M | 122.42M | 211.08M |
| Short-Term Investments | 996.41M | 886.08M | 478.16M | 606.75M | 716.85M | 681.61M |
| Trading Asset Securities | 69.53M | 107.76M | 102.06M | 95.47M | 124.73M | |
| Cash & Short-Term Investments | 1.26B | 1.34B | 1.20B | 915.18M | 934.75M | 1.02B |
| Accounts Receivable | 221.36M | 194.05M | 164.75M | 147.89M | 117.32M | 75.31M |
| Other Receivables | 31.11M | 22.93M | 29.40M | 30.81M | 21.93M | |
| Receivables | 221.36M | 225.16M | 187.68M | 177.28M | 148.14M | 97.24M |
| Inventory | 155.22M | 148.13M | 132.34M | 116.60M | 93.33M | 74.78M |
| Prepaid Expenses | 84.27M | 4.26M | 3.65M | 3.90M | 4.38M | 5.34M |
| Other Current Assets | 38.15M | 62.38M | 53.98M | 54.99M | 55.23M | 44.01M |
| Total Current Assets | 1.76B | 1.78B | 1.58B | 1.27B | 1.24B | 1.24B |
| Property, Plant & Equipment | 4.95B | 3.95B | 3.23B | 2.82B | 2.39B | 2.20B |
| Long-Term Investments | 280.19M | 248.58M | 248.94M | 258.93M | 202.06M | 199.67M |
| Goodwill | 20.38M | 20.38M | 20.38M | 20.38M | 20.38M | |
| Other Intangible Assets | 104.42M | 83.69M | 76.37M | 67.61M | 58.17M | 61.37M |
| Long-Term Deferred Tax Assets | 21.07M | 19.87M | 20.75M | 30.15M | 30.74M | 28.20M |
| Other Long-Term Assets | 18.66M | 483.82M | 569.64M | 732.21M | 757.53M | 497.08M |
| Total Assets | 7.14B | 6.58B | 5.74B | 5.20B | 4.69B | 4.25B |
| Accounts Payable | 208.40M | 164.37M | 229.12M | 182.33M | 166.67M | 120.28M |
| Accrued Expenses | 126.43M | 130.19M | 119.76M | 106.10M | 85.56M | 61.30M |
| Current Portion of Long-Term Debt | 202.25M | 172.88M | 254.85M | 222.43M | 142.48M | 196.60M |
| Current Portion of Leases | 68.35M | 66.13M | 59.10M | 68.30M | 80.08M | 73.92M |
| Current Income Taxes Payable | 5.34M | 11.93M | 9.80M | 26.74M | 6.28M | 3.83M |
| Current Unearned Revenue | 1.04B | 811.83M | 681.34M | 666.92M | 707.10M | 592.05M |
| Other Current Liabilities | 3.07M | 1.40M | 1.30M | 5.65M | 5.39M | 5.11M |
| Total Current Liabilities | 1.66B | 1.36B | 1.36B | 1.28B | 1.19B | 1.05B |
| Long-Term Debt | 2.07B | 1.81B | 1.42B | 1.24B | 1.30B | 1.23B |
| Long-Term Leases | 224.87M | 258.38M | 270.59M | 215.35M | 158.29M | 104.73M |
| Long-Term Unearned Revenue | 81.37M | 72.62M | 69.75M | 56.23M | 60.40M | |
| Long-Term Deferred Tax Liabilities | 58.28M | 59.22M | 37.48M | 36.37M | 16.57M | 18.78M |
| Other Long-Term Liabilities | 255.19M | 242.34M | 217.63M | 234.47M | 471.77M | 482.82M |
| Total Liabilities | 4.26B | 3.81B | 3.37B | 3.07B | 3.20B | 2.95B |
| Common Stock | 30.80M | 30.76M | 30.71M | 30.67M | 28.79M | 28.75M |
| Additional Paid-In Capital | 222.94M | 220.19M | 214.54M | 209.10M | 103.47M | 98.35M |
| Retained Earnings | 2.98B | 2.84B | 2.43B | 2.10B | 1.72B | 1.37B |
| Treasury Stock | -345.15M | -300.14M | -291.44M | -204.13M | -344.54M | -176.90M |
| Comprehensive Income & Other | -15.94M | -15.94M | -15.75M | -9.33M | -11.45M | -18.67M |
| Shareholders' Equity | 2.87B | 2.78B | 2.37B | 2.12B | 1.49B | 1.30B |
| Total Liabilities & Equity | 7.14B | 6.58B | 5.74B | 5.20B | 4.69B | 4.25B |
| Total Debt | 2.56B | 2.30B | 2.00B | 1.75B | 1.68B | 1.60B |
| Net Cash (Debt) | -1.30B | -966.80M | -801.27M | -831.16M | -747.93M | -586.86M |
| Net Cash Per Share | -31.63 | -23.43 | -19.17 | -20.66 | -15.79 | -13.78 |
| Filing Date Shares Outstanding | 40.93M | 41.25M | 41.32M | 42.28M | 39.55M | 42.09M |
| Total Common Shares Outstanding | 40.93M | 41.25M | 41.32M | 42.28M | 39.55M | 42.09M |
| Working Capital | 105.40M | 419.34M | 221.60M | -10.51M | 42.25M | 185.69M |
| Book Value Per Share | 70.19 | 67.29 | 57.43 | 50.19 | 37.72 | 30.87 |
| Tangible Book Value | 2.77B | 2.67B | 2.28B | 2.03B | 1.41B | 1.22B |
| Tangible Book Value Per Share | 67.64 | 64.76 | 55.09 | 48.11 | 35.74 | 28.93 |
| Land | 6.30M | 6.30M | 6.30M | 6.30M | 6.30M | |
| Machinery | 5.16B | 4.28B | 3.73B | 3.20B | 2.96B | |
| Construction In Progress | 3.60M | 7.37M | 11.62M | 2.38M | 15.58M | |
| Leasehold Improvements | 90.01M | 85.28M | 75.98M | 74.27M | 65.27M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 626.62M | 671.65M | 608.11M | 514.10M | 348.05M | 43.84M |
| Depreciation & Amortization | 398.68M | 365.14M | 330.71M | 306.11M | 267.70M | 239.95M |
| Asset Writedown & Restructuring Costs | -5.44M | |||||
| Loss (Gain) From Sale of Investments | -3.81M | -3.81M | -7.05M | -7.04M | 5.89M | 369.00K |
| Stock-Based Compensation | 5.69M | 5.69M | 5.48M | 4.36M | 5.16M | 7.10M |
| Provision & Write-off of Bad Debts | -137.00K | -137.00K | -158.00K | 496.00K | 765.00K | 1.42M |
| Other Operating Activities | 230.72M | 85.62M | 18.23M | 251.71M | 56.69M | 116.23M |
| Change in Accounts Receivable | -30.42M | -30.42M | -15.46M | -27.56M | -51.65M | -36.05M |
| Change in Accounts Payable | -65.10M | -65.10M | 46.78M | 19.37M | 40.04M | 54.26M |
| Change in Unearned Revenue | 139.24M | 139.24M | 17.29M | -26.66M | 110.89M | 90.54M |
| Change in Other Net Operating Assets | -17.43M | -17.43M | -7.10M | 9.90M | -24.99M | -4.93M |
| Operating Cash Flow | 1.28B | 1.15B | 996.85M | 1.04B | 758.54M | 507.29M |
| Capital Expenditures | -1.05B | -1.07B | -626.16M | -800.17M | -632.23M | -483.73M |
| Sale of Property, Plant & Equipment | -26.17M | 163.00K | 12.96M | 5.09M | 7.43M | 81.34M |
| Sale (Purchase) of Intangibles | -28.40M | -30.92M | -30.18M | -29.70M | -18.46M | -11.59M |
| Investment in Securities | -142.43M | -365.49M | 139.94M | 53.67M | -14.27M | -115.95M |
| Other Investing Activities | -135.27M | 144.92M | 160.30M | 228.11M | 105.38M | 70.80M |
| Investing Cash Flow | -1.38B | -1.32B | -343.14M | -543.00M | -552.15M | -459.13M |
| Long-Term Debt Issued | 552.20M | 414.59M | 428.31M | 222.48M | 352.28M | |
| Long-Term Debt Repaid | -313.70M | -277.79M | -582.25M | -328.54M | -223.22M | |
| Lease Payments | -62.96M | -59.09M | -61.14M | -80.00M | -79.02M | -80.99M |
| Net Debt Issued (Repaid) | 476.44M | 238.50M | 136.80M | -153.94M | -106.06M | 129.05M |
| Repurchase of Common Stock | -45.00M | -8.71M | -87.31M | -105.93M | -167.64M | -40.51M |
| Common Dividends Paid | -273.49M | -265.85M | -269.14M | -134.15M | ||
| Financing Cash Flow | 157.95M | -36.06M | -219.65M | -394.03M | -273.69M | 88.54M |
| Foreign Exchange Rate Adjustments | -26.66M | -26.66M | -27.12M | -23.81M | -21.36M | -44.67M |
| Net Cash Flow | 30.65M | -230.76M | 406.94M | 83.95M | -88.66M | 92.02M |
| Free Cash Flow | 231.63M | 83.28M | 370.69M | 244.61M | 126.31M | 23.55M |
| Free Cash Flow Margin | 5.81% | 2.30% | 10.76% | 7.08% | 4.26% | 1.56% |
| Free Cash Flow Per Share | 5.63 | 2.02 | 8.87 | 6.08 | 2.67 | 0.55 |
| Levered Free Cash Flow | -31.31M | -250.13M | 136.63M | -141.33M | -41.22M | 85.07M |
| Unlevered Free Cash Flow | 24.23M | -199.27M | 179.16M | -49.84M | 12.37M | 131.35M |
| Free Cash Flow After Leases | 168.67M | 24.19M | 309.55M | 164.61M | 47.30M | -57.44M |
| Cash Interest Paid | 68.17M | 68.17M | 61.04M | 50.93M | 44.76M | 40.17M |
| Cash Income Tax Paid | 73.71M | 73.71M | 115.72M | 55.41M | 26.35M | 3.90M |
| Change in Working Capital | 26.28M | 26.28M | 41.52M | -24.95M | 74.28M | 103.82M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.28B | 4.98B | 3.67B | 4.49B | 3.29B | 3.53B |
| Enterprise Value | 6.58B | 6.16B | 4.49B | 5.16B | 4.06B | 3.94B |
| Last Close Price | 128.92 | 116.23 | 79.83 | 90.24 | 68.17 | 67.75 |
| PE Ratio | 8.47 | 7.41 | 6.03 | 8.73 | 9.46 | 80.40 |
| Forward PE | 8.43 | 6.77 | 5.65 | 6.49 | 7.33 | 14.74 |
| PS Ratio | 1.32 | 1.38 | 1.06 | 1.30 | 1.11 | 2.33 |
| PB Ratio | 1.84 | 1.79 | 1.54 | 2.12 | 2.21 | 2.71 |
| P/TBV Ratio | 1.91 | 1.86 | 1.61 | 2.21 | 2.33 | 2.90 |
| P/FCF Ratio | 22.78 | 59.78 | 9.89 | 18.35 | 26.06 | 149.68 |
| P/OCF Ratio | 4.11 | 4.33 | 3.68 | 4.30 | 4.34 | 6.95 |
| PEG Ratio | 1.19 | 0.86 | 4.03 | 0.25 | 0.73 | 1.45 |
| EV/Sales Ratio | 1.65 | 1.70 | 1.30 | 1.49 | 1.37 | 2.61 |
| EV/EBITDA Ratio | 5.95 | 5.51 | 4.42 | 4.97 | 6.30 | 12.83 |
| EV/EBIT Ratio | 8.52 | 7.52 | 5.96 | 6.39 | 9.01 | 27.12 |
| EV/FCF Ratio | 28.40 | 73.98 | 12.12 | 21.10 | 32.12 | 167.21 |
| Debt / Equity Ratio | 0.89 | 0.83 | 0.84 | 0.82 | 1.13 | 1.24 |
| Debt / EBITDA Ratio | 2.19 | 1.95 | 1.85 | 1.57 | 2.34 | 4.17 |
| Debt / FCF Ratio | 11.07 | 27.68 | 5.40 | 7.14 | 13.32 | 68.12 |
| Net Debt / Equity Ratio | 0.45 | 0.35 | 0.34 | 0.39 | 0.50 | 0.45 |
| Net Debt / EBITDA Ratio | 1.18 | 0.86 | 0.79 | 0.80 | 1.16 | 1.91 |
| Net Debt / FCF Ratio | 5.62 | 11.61 | 2.16 | 3.40 | 5.92 | 24.92 |
| Asset Turnover | 0.61 | 0.59 | 0.63 | 0.70 | 0.66 | 0.37 |
| Inventory Turnover | 16.77 | 15.03 | 16.21 | 18.92 | 22.57 | 12.15 |
| Quick Ratio | 0.90 | 1.15 | 1.02 | 0.85 | 0.91 | 1.06 |
| Current Ratio | 1.06 | 1.31 | 1.16 | 0.99 | 1.03 | 1.18 |
| Return on Equity (ROE) | 23.07% | 26.09% | 27.06% | 28.45% | 24.94% | 3.40% |
| Return on Assets (ROA) | 7.35% | 8.31% | 8.60% | 10.21% | 6.30% | 2.24% |
| Return on Invested Capital (ROIC) | 16.55% | 20.51% | 21.18% | 26.15% | 19.57% | 6.38% |
| Return on Capital Employed (ROCE) | 14.10% | 15.70% | 17.20% | 20.60% | 12.90% | 4.50% |
| Earnings Yield | 11.81% | 13.49% | 16.59% | 11.45% | 10.57% | 1.24% |
| FCF Yield | 4.39% | 1.67% | 10.11% | 5.45% | 3.84% | 0.67% |
| Dividend Yield | 5.31% | 5.33% | 7.26% | 3.09% | ||
| Payout Ratio | 44.91% | 39.58% | 44.26% | 26.10% | ||
| Buyback Yield / Dilution | 0.83% | 1.29% | -3.90% | 15.05% | -11.16% | -0.22% |
| Total Shareholder Return | 6.14% | 6.62% | 3.36% | 18.14% | -11.16% | -0.22% |