Net profit of US$173.4 million or US$4.20 per share, compared to US$146.0 million or US$3.50 per share in 3Q24, representing year-over-year increases of 18.7% and 20.1%, respectively.
Operating margin of 23.2% and net margin of 19.0%, an increase of 2.9 and 1.9 percentage points, respectively, compared to 3Q24.
Load factor increased 1.8 percentage points year over year to 88.0% and capacity, measured in available-seat-miles (ASM), increased 5.8% compared to 3Q24.
Revenue per available seat mile (RASM) of 11.1 cents, up 1.0% year-over-year.
Operating cost per available seat mile (CASM) decreased 2.7% to 8.5 cents, while CASM excluding fuel decreased 0.8% to 5.6 cents.
The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term investments, representing 38% of the last twelve months' revenues.
Adjusted Net Debt to EBITDA ratio closed 3Q25 at 0.7 times.
During the quarter, the Company took delivery of five Boeing 737 MAX 8 aircraft and added a second Boeing 737-800 freighter under an operating lease agreement. Copa Holdings' fleet totaled 121 aircraft as of September 30, 2025.
Copa Airlines achieved an on-time performance of 89.7% and a flight completion factor of 99.8%, maintaining its position among the best in the industry.
Subsequent events
On November 19, 2025, the Board of Directors of Copa Holdings ratified the fourth dividend payment for this year of US$1.61 per share. Dividends will be paid on December 15, 2025, to shareholders on record as of December 1, 2025.
As of the date of this release, the Company has taken delivery of two additional Boeing 737 MAX 8 aircraft, bringing its total fleet to 123 aircraft. The Company expects to receive one additional aircraft before the end of the year.
Full 3Q25 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 11am ET (11am local). Details follow:
Date:
November 20, 2025
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: copaair.com.
Investor
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
3Q25
3Q24
% Change
2Q25
% Change
Revenue Passengers Carried (000s)
3,806
3,449
10.3
%
3,600
5.7
%
Revenue Passengers OnBoard (000s)
5,695
5,187
9.8
%
5,366
6.1
%
RPMs (millions)
7,249
6,711
8.0
%
6,859
5.7
%
ASMs (millions)
8,238
7,785
5.8
%
7,856
4.9
%
Load Factor
88.0
%
86.2
%
1.8 p.p
87.3
%
0.7 p.p
Yield (US$ Cents)
11.9
12.2
(2.6
)%
11.6
2.2
%
PRASM (US$ Cents)
10.5
10.5
(0.5
)%
10.1
3.0
%
RASM (US$ Cents)
11.1
11.0
1.0
%
10.7
3.3
%
CASM (US$ Cents)
8.5
8.7
(2.7
)%
8.4
1.4
%
CASM Excl. Fuel (US$ Cents)
5.6
5.7
(0.8
)%
5.7
(0.6
)%
Fuel Gallons Consumed (millions)
96.1
91.3
5.3
%
91.9
4.6
%
Avg. Price Per Fuel Gallon (US$)
2.44
2.60
(6.1
)%
2.32
5.4
%
Average Length of Haul (miles)
1,905
1,946
(2.1
)%
1,905
—
%
Average Stage Length (miles)
1,243
1,267
(1.9
)%
1,231
1.0
%
Departures
40,441
37,478
7.9
%
38,985
3.7
%
Block Hours
128,263
120,975
6.0
%
122,526
4.7
%
Average Aircraft Utilization (hours)
11.9
12.0
(0.1
)%
11.9
0.2
%
Copa Holdings, S. A. and Subsidiaries Consolidated statement of profit or loss (In US$ thousands)
Unaudited
Unaudited
%
Unaudited
%
3Q25
3Q24
Change
2Q25
Change
Operating Revenues
Passenger revenue
861,339
818,381
5.2
%
797,266
8.0
%
Cargo and mail revenue
29,680
24,446
21.4
%
28,307
4.8
%
Other operating revenue
22,130
11,881
86.3
%
17,031
29.9
%
Total Operating Revenue
913,149
854,708
6.8
%
842,604
8.4
%
Operating Expenses
Fuel
236,809
238,714
(0.8
%)
214,106
10.6
%
Wages, salaries, benefits and other employees' expenses
124,266
117,877
5.4
%
122,289
1.6
%
Passenger servicing
27,495
26,232
4.8
%
25,190
9.2
%
Airport facilities and handling charges
70,736
65,029
8.8
%
64,652
9.4
%
Sales and distribution
52,994
