Copa Airlines has posted a third-quarter operating profit of $212.3 million, climbing 22.2% over the same period last year.
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 an earnings call, management said it “remains confident” in its full-year performance, the the company narrowing its operating margin guidance towards the upper end at 22-23%.