Jun 2026 (Q2 FY26) — Aug 6, 2026
Copa Holdings Q2 FY26 — Strong Demand and Hub Expansion Drive Profitable Growth
Read the full callCopa Holdings (CPA) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
Copa Holdings earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
17 of 20 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter capacity growth in ASMs | approximately 16% year-over-year | Mar 2026 | In the quarter, we grew capacity 16.5% measured in ASMs while maintaining solid load factors. | Achieved |
| Second-quarter recovery of the year-over-year fuel cost increase through higher revenues | approximately 50% | Mar 2026 | Strong demand and higher yields enables us to recover approximately 40% of the year-over-year increase in fuel expenses during the quarter. | Missed |
| Aircraft deliveries in 2026 (Boeing 737 MAX 8) | 6 aircraft | Dec 2024 | we're expecting now one less delivery that moved a couple of weeks from December to January | Delayed |
3 of Copa Holdings, S.A.'s 40 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 37 more targets are in the full ledger.
Claimed
- Operating profit of $91.7 million and 8.7% margin despite 85% fuel cost increase.
- Capacity grew 16.5% in ASMs with solid 86.7% load factor, supported by strong demand.
- Industry-leading operational reliability with 90.6% on-time performance and 99.8% flight completion.
- Strong balance sheet with $1.5 billion in cash and investments, representing 39% of LTM revenue.
- Transition to 8 connecting banks by March 2027 to improve connectivity and aircraft utilization.
Qualified
- Operating margin declined to 8.7% from 21.7% in Q2 2025 due to an 85% increase in all-in fuel cost.
- World Cup temporarily affected travel patterns in June, reducing Q2 RASM by approximately $0.001.
- Q2 EBIT margin landed at the lower end of guidance (8-12%) primarily due to RASM impact from the World Cup.
Price
$131.42 −1.13% · −$1.5
Performance +5.3% 1Y
1Y: $124.8 on 17 Oct 2025 → $131.42. High $157.19 (26 Jun 2026), low $107.81 (30 Mar 2026).
- Previous close
- $132.92
- 52-week range
- $107.81 – $157.19
- One year
- +3.37%
Overview
- Symbol
- CPA
- Sector
- Industrials
- Industry
- Air Transportation, Scheduled
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
17 of 20 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter capacity growth in ASMs | approximately 16% year-over-year | Mar 2026 | In the quarter, we grew capacity 16.5% measured in ASMs while maintaining solid load factors. | Achieved |
| Second-quarter recovery of the year-over-year fuel cost increase through higher revenues | approximately 50% | Mar 2026 | Strong demand and higher yields enables us to recover approximately 40% of the year-over-year increase in fuel expenses during the quarter. | Missed |
| Aircraft deliveries in 2026 (Boeing 737 MAX 8) | 6 aircraft | Dec 2024 | we're expecting now one less delivery that moved a couple of weeks from December to January | Delayed |
Claimed
- Operating profit of $91.7 million and 8.7% margin despite 85% fuel cost increase.
- Capacity grew 16.5% in ASMs with solid 86.7% load factor, supported by strong demand.
- Industry-leading operational reliability with 90.6% on-time performance and 99.8% flight completion.
- Strong balance sheet with $1.5 billion in cash and investments, representing 39% of LTM revenue.
- Transition to 8 connecting banks by March 2027 to improve connectivity and aircraft utilization.
Qualified
- Operating margin declined to 8.7% from 21.7% in Q2 2025 due to an 85% increase in all-in fuel cost.
- World Cup temporarily affected travel patterns in June, reducing Q2 RASM by approximately $0.001.
- Q2 EBIT margin landed at the lower end of guidance (8-12%) primarily due to RASM impact from the World Cup.
The full ledger
Open Copa Holdings, S.A.’s full ledger
A free account opens 5 company ledgers a month. All 40 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 14, 2026
Copa Holdings Q1 FY26 — Strong Profitability Amidst Fuel Headwinds
Read the full callEvery analysed call
Copa Holdings earnings calls (CPA)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 2,645 | 2,422 | 2,570 | 2,949 | 3,198 | 3,075 | 3,370 | 3,808 |
| Fixed assets | 2,698 | 2,532 | 2,147 | 2,513 | 2,884 | 3,239 | 3,458 | 4,120 |
| Total assets | 4,442 | 4,357 | 3,853 | 4,248 | 4,690 | 5,197 | 5,742 | 6,583 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 543 | 785 | 5 | 507 | 759 | 1,045 | 997 | 1,150 |
| Cash from investing | -150 | -193 | -94 | -459 | -552 | -543 | -343 | -1,318 |
| Cash from financing | -430 | -545 | 94 | 89 | -274 | -394 | -220 | -36 |
| Net cash flow | -37 | 47 | 5 | 137 | -67 | 108 | 434 | -204 |
CPA operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Load factor | 87.2%Capacity increased 14% year-over-year, while passenger traffic increased 15%, resulting in a 0.8 percentage point increase in load factor to 87.2%.Source: earnings call transcript | 86.7%Load factor was 86.7% compared to 87.3% in Q2 2025.Source: earnings call transcript | -0.5 pt |
| Fleet | 127During the quarter, we took delivery of 2 Boeing 737-MAX 8, ending Q1 with 127 aircraft.Source: earnings call transcript | 131Finally, on the fleet side, we took delivery of 4 Boeing 737-MAX 8 aircraft during the quarter, ending the period with a fleet of 131 aircraft.Source: earnings call transcript | +3.1% |
| Aircraft deliveries Boeing 737-MAX 8 | 2During the quarter, we took delivery of 2 Boeing 737-MAX 8, ending Q1 with 127 aircraft.Source: earnings call transcript | 4Finally, on the fleet side, we took delivery of 4 Boeing 737-MAX 8 aircraft during the quarter, ending the period with a fleet of 131 aircraft.Source: earnings call transcript | +100% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
No filings in the last 12 months.
No officer, director or 10% owner of CPA filed a Form 4 in this window. That is a statement about filings, not about ownership — see the note below.
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for Copa Holdings, S.A.
Free account. Everything above stays public.
Write why you follow Copa Holdings, S.A. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading