Copa Holdings SA (CPA) financial statements
Copa Holdings SA reported revenue of $3.6B in fiscal 2025, up 5.6% a year over 9 years.
Net income was $672M and the operating margin 22.6%, against 11.9% in 2016.
Free cash flow was $304M, and the company returned $266M in dividends and $9M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Copa Holdings SA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.5B | $2.7B | $2.7B | $801M | $1.5B | $3.0B | $3.5B | $3.4B | $3.6B |
| Selling, general and admin | $1.8B | $1.9B | — | — | — | — | — | — | — | — |
| Operating income | $265M | $438M | $160M | $346M | -$461M | $152M | $450M | $807M | $753M | $819M |
| Interest expense | $37M | $16M | $15M | $14M | $11M | $8M | $7M | $13M | $14M | $18M |
| Pre-tax income | $362M | $412M | $123M | $293M | -$631M | $54M | $388M | $611M | $706M | $776M |
| Income tax | $38M | $49M | $35M | $46M | -$24M | $10M | $40M | $97M | $98M | $104M |
| Net income | $323M | $363M | $88M | $247M | -$607M | $44M | $348M | $514M | $608M | $672M |
| EPS (diluted) | $7.63 | $8.58 | $2.07 | — | -$14.28 | $1.03 | $7.88 | $12.78 | $14.55 | $16.28 |
| Diluted shares | 42M | 42M | 42M | 42M | 43M | 43M | 47M | 40M | 42M | 41M |
| Operating margin | 11.9% | 17.4% | 6.0% | 12.8% | -57.5% | 10.1% | 15.2% | 23.4% | 21.8% | 22.6% |
| Net margin | 14.6% | 14.4% | 3.3% | 9.1% | -75.8% | 2.9% | 11.7% | 14.9% | 17.6% | 18.6% |
Balance sheet
Fiscal years, from Copa Holdings SA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $815M | $944M | $722M | $851M | $890M | $1.0B | $935M | $915M | $1.2B | $1.3B |
| Receivables | $114M | $116M | $116M | $130M | $65M | $92M | $138M | $159M | $169M | $198M |
| Inventory | $75M | $82M | $87M | $69M | $74M | $75M | $93M | $117M | $132M | $148M |
| Total current assets | $1.1B | $1.2B | $1.1B | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B | $1.6B | $1.8B |
| Property, plant and equipment | $2.4B | $2.6B | $2.7B | $2.5B | $2.1B | $2.5B | $2.9B | $3.2B | $3.5B | $4.1B |
| Total assets | $3.6B | $4.4B | $4.4B | $4.4B | $3.9B | $4.2B | $4.7B | $5.2B | $5.7B | $6.6B |
| Total current liabilities | $868M | $1.2B | $1.1B | $998M | $813M | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B |
| Long-term debt | $961M | $876M | $975M | $938M | $1.0B | $1.2B | $1.3B | $1.2B | $1.4B | $1.8B |
| Total liabilities | $2.0B | $2.6B | $2.6B | $2.4B | $2.6B | $2.9B | $3.2B | $3.1B | $3.4B | $3.8B |
| Shareholders' equity | $1.6B | $1.9B | $1.8B | $1.9B | $1.3B | $1.3B | $1.5B | $2.1B | $2.4B | $2.8B |
| Net debt | $630M | $637M | $819M | $902M | $917M | $1.0B | $1.2B | $1.0B | $803M | $1.4B |
Cash flow
Fiscal years, from Copa Holdings SA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $595M | $836M | $543M | $785M | $5M | $507M | $759M | $1.0B | $997M | $1.2B |
| Capital spending | $103M | $129M | $149M | $88M | $60M | $218M | $273M | $630M | $656M | $847M |
| Free cash flow | $492M | $707M | $394M | $697M | -$55M | $289M | $486M | $415M | $341M | $304M |
| Stock-based compensation | $8M | $7M | $7M | $6M | $5M | $7M | $5M | $4M | $5M | $6M |
| Dividends paid | $86M | $107M | $148M | $110M | $34M | $0 | $0 | $134M | $269M | $266M |
| Share buybacks (net) | — | — | — | — | — | -$41M | -$168M | -$106M | -$87M | -$9M |
| Net borrowing | $164M | $148M | $225M | $95M | $145M | $352M | $222M | $428M | $415M | $552M |
| Free cash flow margin | 22.2% | 28.0% | 14.7% | 25.7% | -6.9% | 19.1% | 16.4% | 12.0% | 9.9% | 8.4% |
| Dividends per share | $2.03 | $2.52 | $3.48 | $2.60 | $0.80 | — | — | $3.33 | $6.44 | $6.44 |
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Open CPA in InvestinglyQuestions
What was Copa Holdings SA's revenue in 2025?
$3.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Copa Holdings SA generate?
$304M in fiscal 2025 (operating cash flow minus capital spending).
From Copa Holdings SA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.