CPA - NYSE

Copa Holdings, S.A.

CPA·NYSE

$135.84

+0.11%

IndustrialsAirlines, Airports & Air Services

Copa Holdings, S.A., through its subsidiaries, provides airline passenger and cargo services. The company offers approximately 204 daily scheduled flights to 69 destinations in 29 countries in North, Central, and South America, as well as the Caribbean from its Panama City hub. As of December 31, 2021, it operated a fleet of 91 aircraft comprising 77 Boeing 737-Next Generation aircraft and 14 Boeing 737 MAX 9 aircraft. Copa Holdings, S.A. was founded in 1947 and is based in Panama City, Panama.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$5.60B

EPS16.2800

P/E Ratio8.34

Earnings Date08/05/2026

1.12B

Operating Cash Flow

13%

3Y+48.0%

5Y+21196.0%

10Y+92.0%

-1.32B

Investing Cash Flow

284%

3Y+139.0%

5Y+1306.0%

10Y+667.0%

-36.06M

Financing Cash Flow

-84%

3Y-87.0%

5Y-139.0%

10Y-85.0%

Copa Holdings, S.A. Cash Conversion Engine

CPA · NYSE

FCF Components

Net Income671.65M

Depreciation & Amortization365.14M

Stock-Based Compensation0.00

Change in Working Capital0.00

Others87.00M

Capital Expenditures-815.73M

Free Cash Flow308.05M

Cash Flow Quality Analysis

FCF Conversion Rate

45.9%

Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.

CapEx Intensity

72.6%

Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.

FCF Growth Trend

-9.5%

Declining FCF warrants attention. Investigate whether due to temporary factors or fundamental deterioration.

Working Capital Impact

+$0.00

Neutral working capital impact. Changes in current assets and liabilities balanced out.

Cash Flow Quality Insight

Capital-intensive growth: Heavy reinvestment limits current cash available but may drive future returns. Assess whether CapEx supports compelling growth opportunities with adequate ROI.

Copa Holdings, S.A. Cash Flow Statement

CPA • NYSE

Copa Holdings, S.A. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Dec 2008	Dec 2007	Dec 2006
OPERATING ACTIVITIES
Net Income	671.6M	608.1M	514.1M	348.1M	43.8M	-607.1M	247M	88.1M	370M	334.5M	-225M	361.7M	427.5M	326.5M	310.4M	241.1M	240.4M	118.7M	161.8M	133.8M
Depreciation & Amortization	365.1M	330.7M	306.1M	267.7M	239.9M	259.3M	282.1M	169.4M	164.3M	159.2M	134.9M	115.1M	137.4M	90.2M	75.5M	63M	47.1M	42.9M	35.3M	24.9M
Change in Deferred Taxes	0.0	97.7M	97M	40.2M	10.8M	-23.7M	46.4M	34.5M	48M	38.3M	32.8M	36.6M	61.1M	39.9M	-25.8M	-21.9M	3.8M	4.6M	2.4M	-328K
Stock-Based Compensation	0.0	5.5M	4.4M	5.2M	7.1M	5.3M	6.1M	7.1M	7.4M	7.5M	4M	4.7M	6M	7M	7.7M	4M	5.3M	5.6M	4.8M	3.3M
Other Non-Cash Items	87M	-86.6M	148.2M	23.2M	101.7M	400.7M	98.9M	101.7M	-15.3M	-113M	427M	94M	-25.2M	-29M	41M	17.6M	-50M	56.7M	-5.3M	16.3M
Cash Taxes Paid	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(13.8M)	(14.9M)	(16.6M)	(11.3M)
Change in Working Capital	0.0	41.5M	-25M	74.3M	103.8M	-29.2M	102.4M	-59.4M	152.8M	160.1M	-43.8M	-228.6M	223.6M	103.4M	89.6M	-11M	35.9M	-30.4M	22.9M	15.4M
Cash from Operating Activities	1.1B	996.8M	1B	758.5M	507.3M	5.3M	783M	341.5M	727.3M	586.6M	329.9M	383.6M	830.3M	538M	498.3M	292.8M	282.4M	198.1M	221.9M	193.5M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	-953.2M	-626.2M	-800.2M	-650.7M	-495.3M	-60.5M	-163.3M	-365.9M	-319.9M	-150.3M	-184.3M	-504.4M	-285.2M	-372.4M	-306.3M	-348.7M	-202.7M	-215.9M	-304M	-193.3M
Acquisitions, Net	(163K)	(0.0)	(0.0)	(112.8M)	(11.6M)	(16.4M)	(51.4M)	(30.2M)	(172.6M)	(49.3M)	-211M	(184.5M)	(191M)	(194.9M)	(0.0)	(0.0)	(0.0)	(0.0)	(2.4M)	(3.1M)
Purchase of Investments	-365.5M	-569.8M	-644.9M	-763.8M	-1.1B	-904.6M	-711M	-711.8M	-854.1M	-553M	-383M	-464.4M	-989.7M	-399.7M	-319.7M	-340.3M	-217.9M	-240.4M	-18M	-55.9M
Sale/Maturity of Investments	0.0	709.7M	698.6M	749.6M	1B	840.6M	589.6M	775.5M	567M	485.9M	435.1M	605M	603.1M	117.6M	153.7M	234.8M	268.3M	132.6M	17.5M	22.9M
Other Investing Items	0.0	143.1M	203.5M	0.0	140.5M	14.2M	-1.7M	169M	-143.7M	-3.9M	97.5M	26.3M	-88.7M	-194.9M	4M	8.8M	810K	954K	-32.6M	-35.8M
Cash from Investing Activities	-1.3B	-343.1M	-543M	-552.2M	-459.1M	-93.8M	-235.1M	-103M	-578.2M	-171.9M	-245.6M	-152.9M	-569.4M	-654.6M	-468.3M	-445.4M	-151.5M	-322.8M	-334.8M	-259M
FINANCING ACTIVITIES
Net Issuance of Common Stock	-8.7M	-87.3M	-105.9M	-167.6M	-40.5M	0.0	0.0	0.0	0.0	0.0	-118M	-18.4M	0.0	0.0	0.0	53K	0.0	0.0	0.0	0.0
Net Issuance of Debt	297.6M	136.8M	-73.9M	-106.1M	129.1M	127.6M	-434.9M	-282.6M	-206.7M	-162.6M	-91.9M	-127.2M	-137M	138.1M	78.2M	143.4M	-71.6M	75.7M	241.9M	149.8M
Cash Paid for Dividends	-265.9M	-269.1M	-134.2M	(0.0)	(0.0)	-34M	-110.4M	-147.6M	-106.8M	-86.1M	-147.6M	-170.8M	-64.7M	-192.6M	-72.4M	-47.9M	-16.3M	-16.2M	-13.6M	-8.3M
Share Repurchases	-8.7M	-87.3M	-105.9M	-167.6M	-40.5M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-118M	-18.4M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Other Financing Items	-59.1M	0.0	-80M	0.0	0.0	0.0	0.0	0.0	587K	56K	0.0	0.0	4.1M	176K	0.0	0.0	0.0	0.0	0.0	0.0
Cash from Financing Activities	-36.1M	-219.6M	-394M	-273.7M	88.5M	93.6M	-545.3M	-323.9M	-204.8M	-248.6M	-91.7M	-142.4M	-197.6M	-54.3M	5.8M	95.5M	-87.8M	59.5M	228.3M	141.5M
CASH FLOW SUMMARY
Effect of Foreign Exchange Rates	0.0	-27.1M	-23.8M	-21.4M	-44.7M	-44.8M	-44.1M	-45.9M	-37.3M	-39.1M	-11.5M	-7.3M	-261K	3.2M	297K	2.1M	-1.3M	106K	500K	-212K
Net Change in Cash	-230.8M	406.9M	84M	-88.7M	92M	-39.7M	2.6M	-85.4M	-92.9M	127M	-18.8M	82.3M	63M	-167.7M	36.1M	-55M	41.8M	-65.1M	116M	75.8M
Cash at Beginning of Period	613.3M	206.4M	122.4M	211.1M	119.1M	158.7M	156.2M	238.8M	331.7M	204.7M	221.4M	139.1M	76.1M	243.8M	207.7M	262.7M	220.8M	285.9M	169.9M	94.1M
Cash at End of Period	382.6M	613.3M	206.4M	122.4M	211.1M	119.1M	158.7M	153.3M	238.8M	331.7M	202.7M	221.4M	139.1M	76.1M	243.8M	207.7M	262.7M	220.8M	285.9M	169.9M
Free Cash Flow	308.1M	340.5M	214.9M	126.3M	23.6M	-38.8M	619.7M	-24.4M	407.4M	436.3M	145.7M	-120.8M	545.1M	165.6M	192M	-55.9M	79.8M	-17.8M	-82.1M	138K

SEC Filings

CPA - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
6-K 6-K 2025 Q4 Q4	May 18, 2026	December 31, 2025	2025	View Filing
6-K 6-K 2026 Q1 Q1	May 14, 2026	March 31, 2026	2026	View Filing
6-K 6-K 2026 Q2 Q2	May 13, 2026	April 30, 2026	2026	View Filing
6-K 6-K 2026 Q1 Q1	April 14, 2026	March 31, 2026	2026	View Filing
6-K 6-K 2026 Q1 Q1	April 13, 2026	March 31, 2026	2026	View Filing
6-K 6-K 2026 Q1 Q1	March 24, 2026	March 24, 2026	2026	View Filing
6-K 6-K 2026 Q1 Q1	March 16, 2026	February 28, 2026	2026	View Filing
6-K 6-K 2025 Q4 Q4	February 27, 2026	December 31, 2025	2025	View Filing
20-F 20-F 2025 FY FY	February 26, 2026	December 31, 2025	2025	View Filing
6-K 6-K 2025 Q4 Q4	February 13, 2026	December 31, 2025	2025	View Filing

Showing 1 to 10 of 641 filings

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