NYSE$CPA
Copa Holdings SA · Q1 2026 earnings
Q1 2026 earnings · · After market close · Investor relations
Briefing
Copa Holdings Q1 profit $212.5M as EPS rises 20.5% to $5.16 on 17% revenue growth
Copa Holdings reported Q1 2026 operating revenue of $1.05 billion, up 17.0% year over year on 14.0% ASM growth, with net profit of $212.5 million and diluted EPS of $5.16, up 20.5%. Operating margin expanded to 24.6% and net margin to 20.2%, while load factor rose 0.8 points to 87.2% and RASM increased 2.7% to 11.8 cents. CASM ex-fuel fell 1.0% to 5.8 cents despite a 7.5% increase in average fuel price to $2.73 per gallon. The company ended the quarter with about $1.5 billion in cash and investments, repurchased $45 million of stock, and took delivery of two Boeing 737 MAX 8 aircraft for a 127-aircraft fleet.
- Q1 revenue was $1.05B (+17.0% YoY); net profit $212.5M with EPS of $5.16 (+20.5%).
- Operating margin 24.6% and net margin 20.2%; load factor 87.2% with RASM up 2.7%.
- CASM ex-fuel declined 1.0% to 5.8 cents despite fuel price rising 7.5% to $2.73/gallon.
- Liquidity remained strong at $1.5B cash/investments; adjusted net debt/EBITDA 0.7x.
- Board ratified a $1.71 per share dividend payable June 15, 2026.
Headline financials
Revenue & EPS history
Copa · Revenue · Quarterly
$1.05B
Revenue by segment
Copa · $1.05B total across 3 segments · Q1 2026
- Passenger revenue$1B—95.4%
- Cargo and mail$29.8M—2.8%
- Other operating revenue$18.5M—1.8%
Forward guidance
For Q2 2026 Copa expects an operating margin of 8%–12% on 16% ASM growth, with fuel up 80%–90% year over year and roughly half recovered via higher revenues. Full-year 2026 ASM growth is guided at 11%–13% with ex-fuel CASM near 5.7 cents and load factor around 87%.
Tailwinds
- Robust regional demand and industry-leading Q1 profitability.
- Expects to recover up to 100% of higher fuel costs by year-end if yield trends hold.
Headwinds
- Q2 margin guide reflects sharp year-over-year fuel price increase (80%–90%).
- March fuel spike created an estimated $20M year-over-year headwind in Q1.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q1 2026
+1.4%
Avg return
Earnings day
+2.7%
Avg return
5 days after
+1.5%
Avg return
30 days after
75%
42 / 56 earnings
Positive
+18.6%
Q1 2019
Best reaction
-15.9%
Q2 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +0.3% | -0.0% | +4.7% | |
| Q3 2023 | +3.8% | +3.5% | +10.9% | |
| Q2 2023 | -8.5% | -10.0% | -8.5% | |
| Q1 2023 | +11.5% | +11.3% | +18.0% | |
| Q4 2022 | -2.7% | -2.5% | -10.0% | |
| Q3 2022 | +4.5% | +11.5% | +9.6% | |
| Q2 2022 | +9.0% | +9.2% | +5.0% | |
| Q1 2022 | -2.1% | -2.1% | -10.5% | |
| Q4 2021 | +3.6% | +0.9% | -17.0% | |
| Q3 2021 | +5.6% | +5.7% | +1.1% | |
| Q2 2021 | +8.6% | +7.8% | +7.8% | |
| Q1 2021 | +2.8% | +3.0% | -8.9% | |
| Q4 2020 | -1.8% | -0.3% | +17.4% | |
| Q3 2020 | +3.1% | +9.4% | +5.4% | |
| Q2 2020 | +11.4% | +14.3% | +27.3% | |
| Q1 2020 | +1.7% | +2.6% | +37.3% | |
| Q4 2019 | +2.1% | +2.8% | -45.0% | |
| Q3 2019 | +2.9% | +2.8% | -1.4% | |
| Q2 2019 | +9.6% | +4.8% | +0.7% | |
| Q1 2019 | +18.6% | +11.5% | +13.3% | |
| Q4 2018 | +0.7% | -2.4% | -10.7% | |
| Q3 2018 | +5.1% | -4.9% | -2.5% | |
| Q2 2018 | -13.8% | -13.6% | -21.5% | |
| Q1 2018 | +0.4% | -2.2% | -13.0% | |
| Q4 2017 | +4.1% | +5.7% | -1.4% | |
| Q3 2017 | +1.6% | +0.6% | +9.9% | |
| Q2 2017 | -1.1% | -0.5% | +4.4% | |
| Q1 2017 | -3.2% | -0.5% | -7.9% | |
| Q4 2016 | +5.6% | +4.0% | +11.4% | |
| Q3 2016 | +3.0% | -5.8% | +2.2% | |
| Q2 2016 | +18.1% | +18.1% | +19.5% | |
| Q1 2016 | -15.6% | — | — | |
| Q4 2015 | +8.6% | — | — | |
| Q3 2015 | +1.7% | — | — | |
| Q2 2015 | -14.0% | — | — | |
| Q1 2015 | -14.7% | — | — | |
| Q4 2014 | +7.0% | — | — | |
| Q3 2014 | -4.9% | — | — | |
| Q2 2014 | -15.9% | — | — | |
| Q1 2014 | +4.3% | — | — | |
| Q4 2013 | +6.9% | — | — | |
| Q3 2013 | +0.6% | — | — | |
| Q2 2013 | -0.6% | — | — | |
| Q1 2013 | +4.0% | — | — | |
| Q4 2012 | +0.9% | — | — | |
| Q3 2012 | +2.4% | — | — | |
| Q2 2012 | +0.0% | — | — | |
| Q4 2011 | +0.4% | — | — | |
| Q1 2012 | +0.3% | — | — | |
| Q3 2011 | -8.6% | — | — | |
| Q2 2011 | +0.8% | — | — | |
| Q4 2010 | +0.2% | — | — | |
| Q1 2011 | +1.0% | — | — | |
| Q3 2010 | +2.4% | — | — | |
| Q2 2010 | +1.3% | — | — | |
| Q1 2010 | +3.4% | — | — | |
| Q3 2009 | — | — | — | |
| Q2 2009 | — | — | — | |
| Q1 2009 | — | — | — | |
| Q3 2008 | — | — | — | |
| Q2 2008 | — | — | — | |
| Q1 2008 | — | — | — | |
| Q3 2007 | — | — | — | |
| Q2 2007 | — | — | — | |
| Q1 2007 | — | — | — | |
| Q3 2006 | — | — | — | |
| Q2 2006 | — | — | — | |
| Q1 2006 | — | — | — |
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