Copa Holdings Strengthens Its Leadership in Latin America with Solid Financial Results in Third Quarter of 2025
Copa Holdings, the parent company of Copa Airlines and Wingo, has presented its financial results for the third quarter of 2025, highlighting a robust performance in both profitability and operational efficiency. The company reported a net profit of US$173.4 million, equivalent to US$4.20 per share. This represents a year-on-year increase of 18.7% and 20.1%, respectively, compared to the US$146.0 million or US$3.50 per share earned in the same period of 2024.
The operating margin stood at 23.2%, while the net margin reached 19.0%, exceeding the previous year’s results with increases of 2.9 and 1.9 percentage points, respectively.
Operational Efficiency and Commercial Performance
The airline managed to improve its load factor by 1.8 percentage points, reaching 88.0%. Meanwhile, capacity, measured in available seat miles (ASM), grew by 5.8% compared to the third quarter of 2024.
In terms of revenue, RASM (Revenue per Available Seat Mile) stood at 11.1 cents, reflecting a 1.0% year-on-year increase. On the other hand, CASM (Cost per Available Seat Mile) decreased by 2.7%, settling at 8.5 cents, and CASM excluding fuel decreased by 0.8%, closing at 5.6 cents.
→ Copa Airlines Launches Flights to Tucumán, Strengthening Its Presence in Argentina
Financial Strength and Fleet Expansion
At the close of the quarter, Copa Holdings held approximately US$1.3 billion in cash, short-term and long-term investments, representing 38% of its accumulated revenues over the last twelve months. Furthermore, the adjusted net debt to EBITDA ratio stood at 0.7 times, reflecting a healthy financial position.
During this period, the company incorporated five Boeing 737 MAX 8 aircraft and added a second Boeing 737-800 freighter under an operating lease agreement. With these additions, the total fleet increased to 121 aircraft as of September 30, 2025.
Operational Excellence: Punctuality and Reliability
Copa Airlines maintained its reputation for efficiency with an on-time performance rate of 89.7% and a flight completion factor of 99.8%, solidifying its position among the most reliable airlines in the industry.
This performance reaffirms Copa’s commitment to operational and financial excellence, positioning it as one of the leading companies in the region.
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