Copa Holdings, S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Copa Holdings, S.A. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,219	2,522	2,678	2,707	801	1,510	2,965	3,457	3,446	3,618
Operating income	265	438	160	346	-461	152	450	807	753	819
Interest expense	37	15.9	15	14.1	10.7	7.57	7.45	13.3	13.9	18.1
Interest income	13	17.9	23.6	24.4	20	10.8	18	50.2	58.9	62.6
Pre-tax income	362	412	123	293	-631	54.3	388	611	706	776
Income tax	38.3	49.3	34.5	46.4	-23.7	10.5	40.2	97	97.7	104
Net income	323	363	88.2	247	-607	43.8	348	514	608	672
EBITDA	433	716	436	628	-202	392	718	1,113	1,084	1,184
EPS, basic	7.63	8.55	2.08	5.81	-14.28	1.03	8.58	12.78	14.55	16.28
EPS, diluted	7.63	8.55	2.08	5.81	-14.28	1.03	7.88	12.78	14.55	16.28

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	332	239	156	159	119	211	122	206	613	383
Short-term investments	483	705	566	692	771	806	812	709	586	956
Receivables								159	169	198
Inventory	74.5	81.8	86.5	69.1	74.3	74.8	93.3	117	132	148
Total current assets	1,069	1,195	1,060	1,234	1,219	1,239	1,236	1,268	1,577	1,778
Property, plant and equipment	2,418	2,614	2,698	2,532	2,147	2,513	2,884	3,239	3,458	4,120
Lease right-of-use assets		384	362	291	214	166	234	281	309	297
Total assets	3,641	4,422	4,442	4,357	3,853	4,248	4,690	5,197	5,742	6,583
Accounts payable	120	130	140	134	66.7	121	169	185	232	167
Short-term debt				123
Total current liabilities	868	1,165	1,149	998	813	1,053	1,194	1,278	1,355	1,359
Lease liabilities		290	273	207	147	105	158	215	271	258
Total liabilities	2,009	2,571	2,645	2,422	2,570	2,949	3,198	3,075	3,370	3,808
Total debt	1,184	1,175	1,287	1,061	1,164	1,426	1,444	1,463	1,671	1,980
Retained earnings	1,682	1,890	1,829	1,965	1,324	1,368	1,716	2,096	2,435	2,841
Total equity	1,589	1,851	1,797	1,935	1,284	1,299	1,492	2,122	2,373	2,775
Total liabilities and equity	3,641	4,422	4,442	4,357	3,853	4,248	4,690	5,197	5,742	6,583

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	323	363	88.2	247	-607	43.8	348	514	608	672
Depreciation and amortization	168	278	277	282	259	240	268	306	331	365
Cash from operations	595	836	543	785	5.28	507	759	1,045	997	1,150
Cash from investing	-180	-578	-150	-193	-93.8	-459	-552	-543	-343	-1,318
Debt issued	164	148	225	95	145	352	222	428	415	552
Dividends paid	-86.1	-107	-148	-110	-34	0	0	-134	-269	-266
Cash from financing	-249	-313	-430	-545	93.6	88.5	-274	-394	-220	-36.1
Exchange rate effect	-39.1	-37.3	-45.9	-44.1	-44.8	-44.7	-21.4	-23.8	-27.1	-26.7
Net change in cash	166	-55.6	-36.8	46.7	5.13	137	-67.3	108	434	-204
Interest paid	37.4	50.3	49.3	52.2	41.9	40.2	44.8	50.9	61	68.2
Income taxes paid	33.4	51.1	38.7	43	37.6	3.9	26.4	55.4	116	73.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $133.72 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	22.6%	Operating income / revenue.
EBITDA margin	32.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.4%	Pre-tax income / revenue.
Net margin	18.6%	Net income / revenue.
Operating cash flow margin	31.8%	Cash from operations / revenue.
Effective tax rate	13.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	10.9%	Net income / average total assets.
D&A / revenue	10.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	35.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	22.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	9.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	10.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	24.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	11.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	27.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	15.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	193.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.31x	Current assets / current liabilities.
Quick ratio	1.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.98x	(Cash + short-term investments) / current liabilities.
Debt / assets	30.1%	Total debt / total assets.
Liabilities / assets	57.8%	Total liabilities / total assets.
Net debt	$642.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.54x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	45.2x	Operating income / interest expense.
Working capital	$419.3M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	0.95x	Revenue / average property, plant and equipment.
Receivables turnover	19.7x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$16.28	Net income per basic share, as reported (split-adjusted).
Payout ratio	39.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.50B	Share price x shares outstanding.
Enterprise value	$6.14B	Market cap + total debt - cash - short-term investments.
P/E	8.19x	Market cap / net income. Only when net income is positive.
P/S	1.52x	Market cap / revenue.
P/OCF	4.78x	Market cap / cash from operations, when positive.
EV/Sales	1.70x	Enterprise value / revenue.
EV/EBIT	7.50x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.19x	Enterprise value / EBITDA, when both are positive.
Earnings yield	12.2%	Net income / market cap (the inverse of P/E).
Dividend yield	4.8%	Dividends paid over the period / market cap.
Shareholder yield	4.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.30x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Copa Holdings, S.A.'s revenue in fiscal 2025?

Copa Holdings, S.A. reported revenue of $3.62B for fiscal 2025, 5% higher than the year before.

Was Copa Holdings, S.A. profitable in fiscal 2025?

Yes. Net income was $671.6M, a net margin of 18.6%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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