📈 Price History

Ratio Health

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— Average

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By Category

📊 Peer Medians

About

Copa Holdings, S.A., through its subsidiaries, provides airline passenger, and cargo and mail transportation services in North America, South America, Central America, and the Caribbean. As of December 31, 2025, it operated through a fleet of 125 aircraft. The company was founded in 1947 and is based in Panama City, Panama.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding CPA

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	734.4K	$83.4M	0.13%	Mar 2026
Steve Cohen Point72 Asset Management	17.6K	$2.0M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used phrases like 'industry-leading margins', 'strong results', 'outstanding efforts of our entire team', and provided precise figures (21% operating margin, 17.7% net margin, 91.5% on-time performance) without hedging or vague language.

Q3 2025

Confident Specific

Management used precise metrics repeatedly (23.2% operating margin, 88% load factor, 5.8% ASM growth) and narrowed guidance to the upper end (22-23% vs prior 21-23%). They stated 'industry-leading profitability' without hedging or qualifiers.

Q4 2025

Confident Specific

Management led with precise operational and financial metrics (e.g., on-time performance 90.75%, operating margin 21.8% for Q4) and reiterated leadership in the region. They provided explicit guidance ranges (capacity 11%-13%, operating margin 22%-24%) and highlighted specific cost initiatives. Language like 'reaffirming the strength of our business model' and 'industry-leading results' reflects confidence.

Q1 2026 latest

Confident Specific

Management repeatedly used phrases like 'strong financial and operational results', 'industry-leading profitability', 'we feel confident', and provided specific metrics (e.g., 24.6% operating margin, 91.6% on-time performance). They acknowledged fuel volatility but expressed certainty in their ability to navigate it.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management demonstrated ability to deliver industry-leading margins despite a rising fuel cost environment, with specific Q2 guidance of 8-12% operating margin even in a seasonally weak quarter. They provided clear levers for fuel cost recovery, including yield increases already in place and a progressively higher pass-through in the second half of the year. The strong demand environment across all regions and the absence of competitive capacity pullback support the growth narrative. However, the lack of precise detail on booking momentum and FX tailwinds introduces some uncertainty. Key items to watch next quarter: actual yield realisation, fuel price trajectory, and whether competitors eventually reduce capacity in response to fuel costs. Overall, Copa’s low-cost structure and network positioning remain intact, reinforcing a positive outlook.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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📊 MIXED Record net profit of $212M, operating margin 24.6% in Q1 2026

Revenue & Profitability

Q1 2026 net profit was a record $212 million (EPS $5.16), up 20.5% year-over-year. Operating profit reached $258 million, yielding an operating margin of 24.6% (up 0.8pp). Net margin was 20.2%. Passenger yield increased 1.6% and RASM rose 2.7% to $0.118. The company maintains strong liquidity of ~$1.5 billion (40% of last 12 months revenue) and net debt-to-EBITDA of 0.7x.

Outlook

Management sees robust demand across all regions with strengthening Latin American currencies supporting travel. Jet fuel prices rose 7.5% in Q1 and are projected to increase 80-90% year-over-year in Q2. Copa expects to recover about 50% of that fuel increase via higher revenues in Q2, and up to 100% by year-end as booking visibility improves. Capacity guidance: 11-13% ASM growth for full year, with Q2 at ~16%.

Growth Drivers

Capacity grew 14% year-over-year in Q1, with passenger traffic up 15% (load factor 87.2%). Network expansion is adding Venezuelan cities (Valencia, Barquisimeto, Barcelona) to reach five destinations in that country. Fleet growth is driven by Boeing 737 MAX deliveries (2 in Q1, 2 more in Q2). A new order for 40 firm MAX aircraft (plus 20 options) ensures growth through 2030-2034.

Balance Sheet & CapEx

Cash CapEx for 2026 is guided at approximately $300 million, primarily for maintenance. Total fleet CapEx (including new aircraft) is expected to be $750-800 million. The company also carries ~$700 million in pre-delivery deposits for new aircraft. No AI or other infrastructure investments were discussed.

Margins

Operating margin was 24.6% in Q1 (industry-leading), down slightly from 25.4%? Actually up 0.8pp year-over-year. CASM ex-fuel declined 1% to $0.058. For Q2, operating margin is guided at 8-12% due to the spike in fuel costs. Full-year CASM ex-fuel is expected at $0.057. The company expects to recover a substantial portion of higher fuel costs through yield increases as the year progresses.

Key Risks

The primary risk is volatile and high jet fuel prices, which impacted Q1 by ~$20 million year-over-year and are expected to pressure Q2 margins. Fuel price pass-through is constrained by advanced bookings (40% already sold for Q2). Currency fluctuations were noted but are currently a tailwind. Management also highlighted uncertainty around fuel price direction and the potential for competitor capacity changes.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Q2 2026 saw strong revenue and capacity growth despite an 85% fuel cost surge, with operating profit of $91.7 million and robust liquidity. Guidance for 2026 was raised, reflecting continued demand strength, disciplined costs, and network expansion, including new destinations and onboard Wi-Fi.

Q1 2026 Q1 2026 2026-05-14

Q1 2026 saw record profitability, robust demand, and disciplined cost control, with capacity and network expansion supporting industry-leading margins. Guidance anticipates continued strong performance despite volatile fuel prices, with flexible fleet planning and stable demand across all regions.

Q4 2025 Q4 2025 2026-02-12

Reported strong Q4 and full-year 2025 results with robust margins, increased capacity, and network expansion. 2026 guidance anticipates 11%-13% capacity growth, stable margins, and continued cost discipline, supported by strong demand and a solid financial position.

Q3 2025 Q3 2025 2025-11-20

Delivered strong Q3 results with 23.2% operating margin and 19% net margin, driven by cost discipline and robust demand. 2025 guidance narrowed to 22%-23% margin, with 8% capacity growth and continued network expansion.

Q2 2025 Q2 2025 2025-08-07

Delivered strong Q2 results with a 21% operating margin and 17.7% net margin, supported by cost discipline and network expansion. Reaffirmed full-year margin guidance, maintained robust liquidity, and continued fleet growth, while navigating yield pressure and competitive markets.

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