Revenue growth accelerated to 17.0% year-over-year in 2026Q1, supported by a resilient 35.9% gross margin that highlights the company's operational discipline.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 3.77B | 3.62B | 3.45B | 3.46B | 2.97B | 1.51B | 801M | 2.71B | 2.68B | 2.52B | 2.22B | 2.25B | 2.71B | 2.61B | 2.25B | 1.83B | 1.41B | 1.26B | 1.29B | 1.03B | 851.16M | 608.61M | 399.84M | 341.79M | 300.64M | 290.37M |
| Revenue Growth % | 9.25% | 4.98% | -0.31% | 16.59% | 96.37% | 88.5% | -70.41% | 1.11% | 6.18% | 13.64% | -1.53% | -16.69% | 3.71% | 15.96% | 22.86% | 29.41% | 12.64% | -2.54% | 25.46% | 20.69% | 39.85% | 52.22% | 16.98% | 13.69% | 3.54% | - |
| Cost of Goods Sold | 2.44B | 2.33B | 2.22B | 2.18B | 2.07B | 1.09B | 846.44M | 1.84B | 1.89B | 1.67B | 1.44B | 1.48B | 1.66B | 1.59B | 1.42B | 1.11B | 832.5M | 567M | 526.87M | 360.95M | 534.86M | 381.07M | 221.92M | 0 | 0 | 0 |
| COGS % of Revenue | - | 64.44% | 64.38% | 63.12% | 69.73% | 72.21% | 105.67% | 67.98% | 70.48% | 66.11% | 64.94% | 65.58% | 61.33% | 60.98% | 63.04% | 60.59% | 58.84% | 45.14% | 40.88% | 35.14% | 62.84% | 62.61% | 55.5% | - | - | - |
| Gross Profit | 1.33B | 1.29B | 1.23B | 1.27B | 897.53M | 419.59M | -45.43M | 867.02M | 790.52M | 854.7M | 778.13M | 775.72M | 1.05B | 1.02B | 831.47M | 721.57M | 582.3M | 689.07M | 761.91M | 666.32M | 316.3M | 227.5M | 177.91M | 0 | 0 | 0 |
| Gross Margin % | 35.29% | 35.56% | 35.62% | 36.88% | 30.27% | 27.79% | -5.67% | 32.02% | 29.52% | 33.89% | 35.06% | 34.42% | 38.67% | 39.02% | 36.96% | 39.41% | 41.16% | 54.86% | 59.12% | 64.86% | 37.16% | 37.38% | 44.5% | - | - | - |
| Gross Profit Growth % | - | 4.8% | -3.72% | 42.05% | 113.91% | 1023.53% | -105.24% | 9.68% | -7.51% | 9.84% | 0.31% | -25.85% | 2.78% | 22.41% | 15.23% | 23.92% | -15.49% | -9.56% | 14.35% | 110.66% | 39.03% | 27.87% | - | - | - | - |
| Operating Expenses | 467.2M | 467.48M | 474.61M | 467.72M | 447.14M | 267.63M | 415.5M | 520.86M | 630.96M | 416.32M | 513.13M | 523.08M | 525.03M | 500.23M | 428.93M | 336.59M | 292.66M | 367.38M | 451.91M | 384.23M | 150.18M | 118.35M | 344.09M | 283.49M | 269.8M | 0 |
| OpEx % of Revenue | - | 12.92% | 13.77% | 13.53% | 15.08% | 17.72% | 51.87% | 19.24% | 23.56% | 16.51% | 23.12% | 23.21% | 19.41% | 19.18% | 19.07% | 18.38% | 20.69% | 29.25% | 35.06% | 37.4% | 17.64% | 19.45% | 86.06% | 82.94% | 89.74% | - |
| Selling, General & Admin | 212.84M | 208.29M | 207.97M | 227.17M | 224.47M | 129.88M | 70.39M | 210.62M | 210.16M | 200.26M | 286.05M | 294.44M | 99.11M | 103.69M | 89.38M | 51.26M | 46.33M | 316.5M | 350.5M | 301.82M | 100.31M | 74.75M | 48.72M | 0 | 0 | 0 |
| SG&A % of Revenue | - | 5.76% | 6.03% | 6.57% | 7.57% | 8.6% | 8.79% | 7.78% | 7.85% | 7.94% | 12.89% | 13.06% | 3.66% | 3.98% | 3.97% | 2.8% | 3.27% | 25.2% | 27.2% | 29.38% | 11.79% | 12.28% | 12.18% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 259.19M | 266.64M | 240.55M | 222.68M | 137.75M | 345.1M | 310.24M | 420.8M | 216.06M | 227.07M | 228.64M | 425.91M | 396.55M | 339.55M | 285.33M | 246.32M | 50.88M | 101.41M | 82.4M | 49.87M | 43.59M | 295.38M | 283.49M | 269.8M | 0 |
| Operating Income | 863.77M | 818.96M | 752.95M | 807.23M | 450.38M | 151.96M | -460.93M | 346.15M | 159.56M | 438.38M | 265M | 252.63M | 521.09M | 517.55M | 402.54M | 384.99M | 289.65M | 321.69M | 310.01M | 282.09M | 166.12M | 109.19M | -166.18M | 58.3M | 30.84M | 290.37M |
| Operating Margin % | 22.91% | 22.64% | 21.85% | 23.35% | 15.19% | 10.06% | -57.54% | 12.79% | 5.96% | 17.38% | 11.94% | 11.21% | 19.26% | 19.84% | 17.9% | 21.03% | 20.47% | 25.61% | 24.05% | 27.46% | 19.52% | 17.94% | -41.56% | 17.06% | 10.26% | 100% |
| Operating Income Growth % | - | 8.77% | -6.72% | 79.23% | 196.39% | 132.97% | -233.16% | 116.94% | -63.6% | 65.43% | 4.9% | -51.52% | 0.68% | 28.57% | 4.56% | 32.91% | -9.96% | 3.77% | 9.9% | 69.81% | 52.14% | 165.71% | -385.06% | 89.02% | -89.38% | - |
| EBITDA | 916.92M | 1.18B | 1.08B | 1.11B | 718.09M | 391.9M | -201.59M | 628.23M | 436.13M | 605.71M | 432.81M | 403.18M | 636.23M | 654.97M | 492.72M | 461.33M | 354.11M | 372.57M | 352.9M | 317.42M | 191M | 129.05M | -146.9M | 72.34M | 44.22M | 303.7M |
| EBITDA Margin % | 24.31% | 32.73% | 31.45% | 32.21% | 24.22% | 25.96% | -25.17% | 23.2% | 16.29% | 24.02% | 19.5% | 17.89% | 23.52% | 25.11% | 21.9% | 25.2% | 25.03% | 29.66% | 27.38% | 30.9% | 22.44% | 21.2% | -36.74% | 21.16% | 14.71% | 104.59% |
| EBITDA Growth % | 15.4% | 9.27% | -2.67% | 55.04% | 83.23% | 294.4% | -132.09% | 44.05% | -28% | 39.95% | 7.35% | -36.63% | -2.86% | 32.93% | 6.81% | 30.28% | -4.95% | 5.57% | 11.18% | 66.19% | 48% | 187.85% | -303.08% | 63.59% | -85.44% | - |
| D&A (Non-Cash Add-back) | 0 | 365.14M | 330.71M | 306.11M | 267.7M | 239.95M | 259.34M | 282.08M | 276.56M | 167.32M | 167.81M | 150.55M | 115.15M | 137.41M | 90.19M | 76.34M | 64.46M | 50.88M | 42.89M | 35.33M | 24.87M | 19.86M | 19.28M | 14.04M | 13.38M | 13.32M |
| EBIT | 916.92M | 874M | 790.28M | 769.32M | 475.86M | 130.56M | -557.73M | 350.87M | 173.55M | 463M | 398.7M | -174.72M | 427.84M | 518.75M | 399.14M | 378.69M | 290M | 308.23M | 176.28M | 220.69M | 166.12M | 109.19M | -166.18M | 58.3M | 30.84M | 290.37M |
| Net Interest Income | -38.12M | -35.8M | -25.58M | -108.01M | -69.6M | -65.39M | -53.08M | -33.03M | -27.2M | -33.16M | -24.02M | -7.21M | -11.46M | -17.54M | -21.11M | -25.91M | -25.22M | -23.06M | -29.02M | -29.57M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 62.88M | 62.59M | 58.91M | 50.21M | 18.03M | 10.85M | 19.96M | 24.41M | 23.63M | 17.94M | 13M | 25.95M | 18.07M | 12.64M | 11.69M | 6.77M | 4.76M | 9.19M | 11.13M | 12.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 101M | 98.39M | 84.49M | 158.22M | 87.63M | 76.23M | 73.05M | 57.43M | 50.83M | 51.1M | 37.02M | 33.16M | 29.53M | 30.18M | 32.8M | 32.68M | 29.98M | 32.24M | 40.15M | 41.76M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -47.85M | -43.35M | -47.16M | -196.13M | -62.15M | -97.63M | -169.85M | -52.71M | -36.83M | -26.48M | 96.68M | -460.51M | -122.78M | -28.98M | -36.19M | -38.97M | -29.63M | -45.71M | -173.88M | -103.16M | -20M | -16.6M | 240.48M | -6.16M | -7.17M | -273.73M |
| Pretax Income | 815.92M | 775.61M | 705.79M | 611.1M | 388.23M | 54.33M | -630.78M | 293.44M | 122.73M | 411.91M | 361.68M | -207.88M | 398.31M | 488.57M | 366.34M | 346.01M | 260.02M | 275.98M | 136.13M | 178.93M | 146.13M | 92.59M | 74.3M | 52.13M | 23.67M | 16.64M |
| Pretax Margin % | 21.64% | 21.44% | 20.48% | 17.68% | 13.09% | 3.6% | -78.75% | 10.84% | 4.58% | 16.33% | 16.3% | -9.22% | 14.72% | 18.73% | 16.29% | 18.9% | 18.38% | 21.97% | 10.56% | 17.42% | 17.17% | 15.21% | 18.58% | 15.25% | 7.87% | 5.73% |
| Income Tax | 108.57M | 103.96M | 97.67M | 97M | 40.18M | 10.49M | -23.72M | 46.44M | 34.53M | 49.31M | 38.27M | 32.76M | 36.64M | 61.1M | 39.87M | 35.59M | 18.97M | 26.89M | 17.47M | 17.11M | 12.29M | 9.59M | 5.73M | 3.64M | 3M | 1.82M |
| Effective Tax Rate % | 13.31% | 13.4% | 13.84% | 15.87% | 10.35% | 19.3% | 3.76% | 15.83% | 28.14% | 11.97% | 10.58% | -15.76% | 9.2% | 12.51% | 10.88% | 10.28% | 7.29% | 9.74% | 12.83% | 9.56% | 8.41% | 10.36% | 7.71% | 6.99% | 12.67% | 10.95% |
| Net Income | 707.35M | 671.65M | 608.11M | 514.1M | 348.05M | 43.84M | -607.06M | 247M | 88.2M | 362.6M | 323.41M | -240.63M | 361.67M | 427.47M | 326.48M | 310.43M | 241.06M | 249.09M | 118.66M | 161.82M | 133.84M | 83M | 68.57M | 48.49M | 20.67M | 14.82M |
| Net Margin % | 18.76% | 18.57% | 17.65% | 14.87% | 11.74% | 2.9% | -75.79% | 9.12% | 3.29% | 14.38% | 14.57% | -10.68% | 13.37% | 16.39% | 14.51% | 16.95% | 17.04% | 19.83% | 9.21% | 15.75% | 15.72% | 13.64% | 17.15% | 14.19% | 6.87% | 5.1% |
| Net Income Growth % | 16.18% | 10.45% | 18.29% | 47.71% | 693.85% | 107.22% | -345.77% | 180.05% | -75.68% | 12.12% | 234.4% | -166.53% | -15.39% | 30.93% | 5.17% | 28.78% | -3.22% | 109.92% | -26.67% | 20.91% | 61.25% | 21.04% | 41.42% | 134.61% | 39.48% | - |
| Net Income (Continuing) | 707.35M | 671.65M | 608.11M | 514.1M | 348.05M | 43.84M | -607.06M | 247M | 88.2M | 362.6M | 323.41M | -240.63M | 361.67M | 427.47M | 326.48M | 310.43M | 241.06M | 249.09M | 118.66M | 161.82M | 133.84M | 83M | 68.57M | 48.49M | 20.67M | 14.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 17.18 | 16.28 | 14.55 | 12.78 | 7.88 | 1.03 | -14.28 | 5.84 | 2.09 | 8.55 | 7.63 | -5.49 | 8.15 | 9.63 | 7.35 | 6.98 | 5.48 | 5.67 | 2.71 | 3.72 | 3.10 | 1.94 | 1.60 | 1.13 | 0.48 | 0.35 |
| EPS Growth % | 17.13% | 11.89% | 13.85% | 62.18% | 665.05% | 107.21% | -344.52% | 179.43% | -75.56% | 12.06% | 238.98% | -167.36% | -15.37% | 31.02% | 5.3% | 27.37% | -3.35% | 109.23% | -27.15% | 20% | 59.79% | 21.25% | 41.59% | 135.42% | 37.14% | - |
| EPS (Basic) | - | 16.28 | 14.55 | 12.78 | 8.58 | 1.03 | -14.28 | 5.84 | 2.09 | 8.55 | 7.63 | -5.49 | 8.15 | 9.63 | 7.35 | 6.98 | 5.48 | 5.67 | 2.71 | 3.77 | 3.13 | 1.94 | 1.60 | 1.13 | 0.48 | 0.35 |
| Diluted Shares Outstanding | 41.18M | 41.26M | 41.8M | 40.2M | 47.36M | 42.6M | 42.51M | 42.28M | 42.18M | 42.42M | 42.36M | 43.87M | 44.39M | 44.39M | 44.41M | 44.49M | 44M | 43.91M | 43.82M | 43.46M | 43.17M | 42.78M | 42.86M | 42.91M | 43.06M | 42.81M |
| Basic Shares Outstanding | 41.18M | 41.26M | 41.8M | 40.2M | 44.16M | 42.6M | 42.51M | 42.28M | 42.18M | 42.42M | 42.36M | 43.86M | 44.38M | 44.39M | 44.4M | 44.49M | 44M | 43.31M | 43.82M | 42.91M | 42.76M | 42.78M | 42.86M | 42.91M | 42.81M | 42.81M |
| Dividend Payout Ratio | - | 39.58% | 44.26% | 26.09% | - | - | - | 44.71% | 167.36% | 29.45% | 26.63% | - | 47.22% | 15.13% | 59% | 23.33% | 19.87% | 6.53% | 13.66% | 8.38% | 6.21% | 12.13% | 14.58% | - | - | - |
Regional Macroeconomic Volatility
According to the most recent quarterly financial data, CPA achieved a significant revenue acceleration to $1.1 billion in 2026Q1, representing a 17.0% year-over-year growth rate that stands in stark contrast to the stagnant or negative growth figures observed throughout the preceding four fiscal quarters.
This sharp uptick suggests that the company's hub-and-spoke model is successfully capturing increased regional transit demand. Investors should monitor whether this growth is sustainable or if it reflects a temporary surge in load factors that may normalize in subsequent periods.
As reported in the company's income statements, CPA maintained a robust gross margin of 35.9% in 2026Q1, demonstrating consistent pricing power and operational discipline that remains significantly elevated compared to regional peers like Controladora Vuela, which struggles with single-digit margin profiles in the current environment.
The ability to sustain gross margins above 33% across the last ten quarters implies a structural advantage derived from the Tocumen hub's geographic positioning and fleet standardization. This performance suggests that the company is effectively managing fuel price volatility through its operational efficiency rather than relying solely on ticket price hikes.
Based on the provided financial figures, CPA's operating income expanded to $258.6 million in 2026Q1, indicating that the company is successfully scaling its profitability faster than its revenue growth, a trend that highlights the inherent operating leverage within its high-utilization, single-fleet business model.
The expansion of operating margins to 24.6% suggests that fixed costs are being spread across a larger base of revenue-generating seat miles. This efficiency warrants further investigation into whether the company can maintain this level of overhead control as it integrates additional 737 MAX 9 aircraft.
While current performance appears strong, historical data indicates that CPA's revenue growth experienced a contraction of 3.7% in 2024Q4, suggesting that the company remains highly susceptible to regional economic downturns and the potential for aggressive pricing from restructured competitors seeking to reclaim lost market share.
The volatility in quarterly revenue growth rates over the past two years implies that the company's top line is not immune to the broader Latin American macroeconomic environment. Investors should remain cautious regarding the potential for margin compression if regional peers initiate price wars to defend their respective transit routes.
Quick answers to the most common questions about buying CPA stock.
For fiscal year 2025, Copa Holdings, S.A. (CPA) reported total revenue of $3.62B. This represents a 1145.9% increase compared to $290.4M in 2001.
Copa Holdings, S.A. (CPA) is profitable, generating $671.6M in net income for the fiscal year ending 2025 with a net profit margin of 18.6%.
Copa Holdings, S.A. (CPA) reported an operating income of $819.0M, resulting in an operating profit margin of 22.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Copa Holdings, S.A. (CPA) generated $1.29B in gross profit for the year, representing a gross profit margin of 35.6%. This demonstrates the company's core pricing power and production efficiency.