Copa Airlines an operating profit of $212.3 million, climbing 22.2% in the third quarter of 2025.
Operating expenses climbed 2.9% to $700.8 million, while revenues outgrew and outpaced it with a 6.8% growth totalling $913.15 million. Passenger revenue increased 5.2% to $861.34 million, while cargo and mail revenue was up 21.4% to $29.68 million. Other operating revenue was up 86.3% to $22.13 million, which was driven by renewal of its co-branded credit card ConnectMiles.
Profit before taxes climbed 19.8% to $202.75 million. Net profit was up 18.7%, reaching $173.35 million. Operating and net margins reached 23.2% and 19%, respectively.
Unit costs decreased 2.7% to 8.5 cents, which was driven by lower fuel costs and maintenance costs. Excluding fuel, unit costs declined 0.8% to 5.6 cents.
Unit revenues were up 1% to 11.1 cents, which was driven by a 1.8 percentage point increase in load factor, reaching 88%. This partially offset the airline’s 2.6% decrease in yields.
Copa ended the quarter with $1.3bn in cash, short-term and long-term investments and an adjusted net debt to EBITDA ratio of 0.7x.
During the quarter, the Company took delivery of five Boeing 737 MAX 8 aircraft and added a second Boeing 737-800 freighter under an operating lease agreement. Copa Holdings’ fleet totalled 121 aircraft as of September 30, 2025.
As of today, the airline has received a further two 737 MAX 8 aircraft since the third-quarter-end, bringing its total fleet to 123 aircraft. The company expects to receive one more aircraft before the end of the year. Additionally, Copa said it expects to end 2026 with a fleet of 132 aircraft.
The company’s board ratified its fourth dividend payment for 2025 of $1.61 per share.
During the company’s earnings call, the company said it “remains confident” in its full year performance, with it reaffirming its guidance narrowing operating margin range to the upper end, with it now expected to be between 22% and 23%.