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Copa Holdings (DE:C2H)
FRANKFURT:C2H
Earnings Data
Report Date
May 13, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
4.14Last Year’s EPS
3.63Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a largely positive operational and financial picture: strong profitability, high operating margins, robust liquidity, fleet growth, network expansion, and recognition for on-time performance. Key positives include full-year net profit growth (+11.9% EPS), strong cash coverage (~44% of LTM revenues), low leverage (adjusted net debt/EBITDA 0.6x), and clear shareholder returns (dividend and buyback). Offsetting items include a full-year RASM decline (-2.6%), a small Q4 rise in CASM ex-fuel (1.6% including a non-cash item), a $6M FX loss, and regional/operational uncertainties (Venezuela market re-entry and Brazil legal environment). Management provided conservative RASM guidance despite robust demand signals and substantial capacity growth, with the company expecting to achieve modest cost improvements to support margins. Overall, strengths and momentum materially outweigh the noted challenges.Company Guidance
Strong Profitability and Earnings Growth
Reported Q4 net profit of $172.6M ($4.18/share), with adjusted Q4 net profit of $184.1M ($4.46/share) excluding a $7.2M non-cash maintenance adjustment and $6M foreign currency loss. Full-year 2025 net profit was $671.6M ($16.28/share), representing an 11.9% year-over-year increase in EPS. Full-year operating income reached $819M, up 8.8% year-over-year.
Industry-Leading Operating Margins
Delivered Q4 operating margin of 21.8% (22.5% excluding non-cash maintenance adjustment) and full-year operating margin of 22.6%, up 0.8 percentage points versus 2024, underscoring disciplined cost execution and a resilient business model.
Robust Demand and Load Factor Improvement
Q4 capacity (ASMs) increased 9.9% year-over-year and passenger traffic increased 10.1%, resulting in a Q4 load factor of 86.4% (up 0.2 p.p.). Full-year ASMs grew 7.8% and RPMs increased 8.6%, with full-year load factor improving 0.7 p.p. to 87%.
Healthy Unit Costs and Cost Targets
Q4 CASM was 8.8¢ and CASM ex-fuel was 5.9¢ (a 1.6% YoY increase); excluding the $7.2M non-cash adjustment, ex-fuel CASM would have been 5.8¢ (flat YoY). Full-year CASM decreased 3.6% to 8.6¢ and CASM ex-fuel decreased 0.7% to 5.8¢, with guidance targeting ~5.7¢ CASM ex-fuel for 2026 and a long-term 5.6¢ target by 2028.
Strong Liquidity and Conservative Leverage
Ended Q4 with $1.6B in cash and investments (44% of LTM revenues), ~$500M in pre-delivery deposits, 47 unencumbered aircraft, total debt of $2.3B, and adjusted net debt/EBITDA of 0.6x. Average cost of debt remains low at 3.6% (aircraft financing).
Fleet Growth and Network Expansion
Took delivery of four Boeing 737 MAX 8 in the quarter and finished 2025 with 125 aircraft. Updated 2026 delivery plan to add eight 737 MAX 8 and expect to end 2026 with 133 aircraft. Launched new routes (Los Cabos, Puerto Plata, Santiago DR, Maracaibo, Salvador Bahia), reinforcing Hub of The Americas.
Shareholder Returns
Board approved a 2026 quarterly dividend of $1.71 per share (subject to quarterly ratification), and a $200M buyback program is ~50% executed, demonstrating capital return alongside balance sheet strength.
Operational Excellence Recognition
Copa recognized by Cirium as the most on-time airline in Latin America (90.75% on-time performance) for the eleventh time and second best in the world for 2025, highlighting operational reliability.
DE:C2H Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DE:C2H Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | €125.53 | €124.54 | -0.79% |
Nov 19, 2025 | €105.34 | €95.10 | -9.72% |
Aug 06, 2025 | €90.91 | €91.39 | +0.53% |
May 07, 2025 | €79.61 | €80.55 | +1.19% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Copa Holdings (DE:C2H) report earnings?
Copa Holdings (DE:C2H) is schdueled to report earning on May 13, 2026, After Close (Confirmed).
What is Copa Holdings (DE:C2H) earnings time?
Copa Holdings (DE:C2H) earnings time is at May 13, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Copa Holdings stock?
The P/E ratio of Copa Holdings is N/A.
What is DE:C2H EPS forecast?
DE:C2H EPS forecast for the fiscal quarter 2026 (Q1) is 4.14.