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Airlines · Industrials · Fiscal year ends Dec 31
Copa reported revenue of $3.6B in the fiscal year ended Dec 2025, up 5.0% from the year before. Operating income was $819M, an operating margin of 22.6%, and net income was $672M. Operating cash flow of $1.2B less capital expenditure of $816M left free cash flow of $335M. Net debt was $1.6B.
Ranks among the 9 airlines companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,510 | 2,965 | 3,457 | 3,446 | 3,618 |
| Operating income | 152 | 450 | 807 | 753 | 819 |
| Interest expense | 7.6 | 7.4 | 13.3 | 13.9 | 18.1 |
| Pre-tax income | 54.3 | 388 | 611 | 706 | 776 |
| Income tax | 10.5 | 40.2 | 97.0 | 97.7 | 104 |
| Net income | 43.8 | 348 | 514 | 608 | 672 |
| Diluted EPS | 1.03 | 7.88 | 12.78 | 14.55 | 16.28 |
| Diluted shares | 42.6 | 47.4 | 40.2 | 41.8 | 41.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 211 | 122 | 206 | 613 | 383 |
| Receivables | 92.5 | 138 | 159 | 169 | 198 |
| Inventory | 74.8 | 93.3 | 117 | 132 | 148 |
| Current assets | 1,239 | 1,236 | 1,268 | 1,577 | 1,778 |
| Net PP&E | 2,513 | 2,884 | 3,239 | 3,458 | 4,120 |
| Total assets | 4,248 | 4,690 | 5,197 | 5,742 | 6,583 |
| Payables | 121 | 169 | 185 | 232 | 167 |
| Current liabilities | 1,053 | 1,194 | 1,278 | 1,355 | 1,359 |
| Short-term debt | 197 | 142 | 222 | 255 | 173 |
| Long-term debt | 1,229 | 1,302 | 1,240 | 1,416 | 1,808 |
| Total liabilities | 2,949 | 3,198 | 3,075 | 3,370 | 3,808 |
| Shareholders' equity | 1,299 | 1,492 | 2,122 | 2,373 | 2,775 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 507 | 759 | 1,045 | 997 | 1,150 |
| Capital expenditure | 207 | 255 | 600 | 626 | 816 |
| Free cash flow | 300 | 504 | 445 | 371 | 335 |
| Depreciation & amortisation | 240 | 268 | 306 | 331 | 365 |
| Stock-based compensation | 7.1 | 5.2 | 4.4 | 5.5 | 5.7 |
| Dividends paid | 0.0 | 0.0 | 134 | 269 | 266 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 96.4% | 16.6% | −0.3% | 5.0% |
| Operating income growth (YoY) | – | 196.4% | 79.2% | −6.7% | 8.8% |
| EPS growth (YoY) | – | 665.0% | 62.2% | 13.8% | 11.9% |
| Operating margin | 10.1% | 15.2% | 23.4% | 21.8% | 22.6% |
| Net margin | 2.9% | 11.7% | 14.9% | 17.6% | 18.6% |
| Return on equityBlank when equity is negative | 3.4% | 23.3% | 24.2% | 25.6% | 24.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.8% | 12.9% | 20.6% | 17.2% | 15.7% |
| Free cash flow margin | 19.9% | 17.0% | 12.9% | 10.8% | 9.3% |
| Cash conversion (CFO ÷ net income) | 11.6x | 2.18x | 2.03x | 1.64x | 1.71x |
| Receivable days | 22 | 17 | 17 | 18 | 20 |
| Interest cover | 20.1x | 60.5x | 60.8x | 54.3x | 45.2x |
| Debt ÷ equity | 1.10x | 0.97x | 0.69x | 0.70x | 0.71x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,215 | 1,322 | 1,256 | 1,057 | 1,598 |
| Current ratio | 1.18x | 1.04x | 0.99x | 1.16x | 1.31x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.