Copa Airlines posted strong second-quarter results, reporting a net income of $148.9 million, or $3.61 per share, marking a 25.2% increase in earnings per share from the same period last year.
The airline’s operating margin reached 21%, while net margin improved to 17.7%.
Revenue per available seat mile (RASM) fell 2.8% to 10.7 cents, while operating cost per available seat mile (CASM) declined 4.6% to 8.5 cents, although ex-fuel CASM rose 3.2% to 5.8 cents.
Copa ended the quarter with approximately $1.4bn in cash and investments, representing 39% of the last 12-months revenue, closing the period with an adjusted net debt-to-EBITDA ratio of 0.6x.
The airline expanded its fleet with the delivery of three 737 MAX 8s, bringing its total to 115 aircraft, including 67 737-800s, 32 737 MAX 9s, nine 737-700s, six 737 MAX 8s, and one 737-800 freighter.
Operational performance remained industry-leading, with an on-time rate of 91.5% and a flight completion factor of 99.8%.
Additionally, the airline’s board approved a second quarterly dividend of $1.61 per share, payable on September 15, 2025, to shareholders of record as of August 29.
The Panama-based airline reaffirmed its full-year 2025 guidance, maintaining confidence in its operating performance amid steady demand and cost control.
Copa said it continues to expect an operating margin between 21% and 23%, in line with 2024’s result of 21.9%. The carrier also projects capacity growth between 7% and 8%, measured in available seat miles (ASM), slightly below the 8.6% expansion recorded last year.
The outlook assumes a load factor of roughly 87%, unit revenues (RASM) of approximately 11.2 cents, and unit costs excluding fuel (ex-fuel CASM) around 5.8 cents. Copa is also factoring in an all-in jet fuel price of $2 per gallon.