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Jun 30
Copa Q2 2025 Earnings Report
Copa Holdings reported its second-quarter financial results for 2025, demonstrating solid profitability and operational excellence.
Key Takeaways
Copa Holdings delivered a strong second quarter in 2025, with net profit increasing by 23.8% to $148.9 million and EPS rising by 25.2% to $3.61. The company achieved a robust operating margin of 21.0% and a net margin of 17.7%, both showing significant improvements year-over-year. Despite a slight decrease in RASM, CASM decreased by 4.6%, contributing to improved profitability.
Net profit reached $148.9 million, a 23.8% increase from Q2 2024.
Basic Earnings Per Share (EPS) was $3.61, up 25.3% compared to the same period last year.
Operating margin improved by 1.5 percentage points to 21.0%, and net margin increased by 3.0 percentage points to 17.7%.
Operating cost per available seat mile (CASM) decreased by 4.6% to 8.5 cents, while CASM excluding fuel increased by 3.2% to 5.8 cents.
Copa
Copa
Copa Revenue by Segment
Revenue by Segment
Passenger Revenue
CapyFin.comCargo and Mail Revenue
CapyFin.comOther Operating Revenue
CapyFin.com Forward Guidance
The earnings report does not contain explicit forward guidance for future financial performance. However, the company's continued strong operational metrics and strategic fleet expansion suggest a positive outlook.
Positive Outlook
- Continued strong operational performance with high on-time performance and flight completion factor.
- Strategic fleet expansion with the delivery of new Boeing 737 MAX 8 aircraft.
- Recognition as 'Best Airline in Central America and the Caribbean' for the tenth consecutive year, enhancing brand reputation.
- Healthy cash position of approximately $1.4 billion, representing 39% of the last twelve months’ revenues.
- Low Adjusted Net Debt to EBITDA ratio of 0.6 times, indicating strong financial health.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- RASM decreased by 2.8% compared to 2Q24, which could indicate pricing pressure or changes in capacity.
- CASM excluding fuel increased by 3.2% year over year, suggesting rising operational costs outside of fuel.
- Maintenance, materials and repairs expenses increased significantly by 232.3% compared to 2Q24.
- Net change in fair value of derivatives was negative, impacting non-operating income.