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It has been about a month since the last earnings report for Copa Holdings (CPA - Free Report) . Shares have lost about 8.9% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Copa Holdings due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Copa Holdings, S.A. before we dive into how investors and analysts have reacted as of late.

Copa Holdings Q2 Earnings Top EstimatesCopa Holdings, S.A. reported second-quarter 2026 earnings of $1.67 per share, down 53.9% year over year. The figure missed the Zacks Consensus Estimate of $1.88 by 11.2%, mainly due to a sharp increase in jet fuel costs.

Quarterly revenues rose 25.7% year over year to $1.06 billion but missed the consensus mark of $1.07 billion by 0.6%. Passenger yields increased 8.7%, while revenue per available seat mile rose 7.9% year over year.

CPA's Segmental Revenue DetailsPassenger revenues, which accounted for 94.6% of the top line, increased 25.8% year over year to $1.00 billion. The upside was owing to a 15.7% increase in revenue passenger miles and an 8.7% increase in passenger yield. The improvement reflected higher traffic and stronger pricing across the network.

Cargo and mail revenues climbed 20.8% year over year to $34.18 million, owing to higher cargo volumes, which includes the full-year effect of a second freighter. Other operating revenues rose 32.4% year over year to $22.54 million, mainly owing to an increase in ConnectMiles revenues from non-air partners.

Copa's Traffic Growth Trails CapacityRevenue passenger miles, a measure of traffic, increased 15.7% year over year. Available seat miles, which measure capacity, rose at a faster rate of 16.5%.

As capacity growth outpaced traffic, load factor declined 0.6 percentage points from the year-ago reported quarter to 86.7%. Copa Holdings carried 4.14 million revenue passengers, up 14.9% year over year, while onboard passengers increased 15.1% year over year to 6.18 million.

Passenger revenue per available seat mile rose 8% year over year to 11.0 cents. Revenue per available seat mile (RASM) rose 7.9% year over year to 11.6 cents.

CPA's Fuel Bill Pressures MarginsOperating expenses surged 46.8% year over year to $967.68 million. Fuel expense more than doubled to $449.55 million as the average price per gallon jumped 84.8% year over year to $4.28 and consumption increased 14.2%.

The cost escalation reduced operating profit by 50% year over year to $91.66 million. Operating margin contracted 13.1 percentage points to 8.7%, while net margin fell 11.2 percentage points to 6.4%.

Copa Holdings Cost Discipline Limits Non-Fuel PressureCost per available seat mile, or CASM, increased 26% year over year to 10.6 cents because of the fuel-price spike. Excluding fuel, CASM edged down 0.1% year over year to 5.7 cents, reflecting disciplined control over the airline’s underlying cost base.

Wages, salaries, benefits and other employee expenses rose 7.4% year over year to $131.36 million. Depreciation and amortization increased 21.6% year over year, flight operations costs climbed 30.7%, and airport facilities and handling charges rose 19.6%.

CPA's Liquidity Supports Fleet ExpansionCopa Holdings ended June with $1.54 billion in cash, short-term investments and long-term investments. The total represented 39% of revenues over the trailing 12 months, while net debt to EBITDA stood at 0.9 times.

Net cash flow from operating activities totaled $617.90 million for the first six months of 2026. Investing activities used $799.51 million, including advance payments on aircraft purchase contracts and property and equipment spending.

Copa's Operations and Connectivity AdvanceThe company took delivery of four Boeing 737 MAX 8 aircraft during the quarter and ended June with a fleet of 131 aircraft. Copa Holdings posted an on-time performance of 90.6% and a flight completion factor of 99.8%.

The company operated its first aircraft equipped with Starlink Internet on July 4, 2026, and expects fleetwide installation by the first half of 2027. The airline also plans to shift from six to eight connecting banks at its Panama City hub beginning in March 2027.

CPA's Dividend Remains in FocusCopa Holdings’ board ratified a dividend payment of $1.71 per share for the third time in 2026.The dividend is scheduled for payment on Sept. 15, 2026, to shareholders of record as of Aug. 31.

The payment follows $140.66 million in dividends paid during the first half of 2026. CPA also used $45.00 million for share repurchases over the same period.

CPA’s 2026 OutlookDemand across the network continues to be strong, despite fuel prices being high and volatile as compared to prior-year levels. Based on demand trends and current fuel cost projections, Copa Holdings is updating its full-year 2026 outlook and now expects an operating margin in the range of 17% to 19% (prior view: 8% to 12%) and a capacity increase in ASMs within the range of 14% to 15% (prior view: 16%).Top of Form

For 2026, CPA’s management expects unit revenues (RASM) of 12 cents and a fuel price of $3.60 per gallon. The load factor for the current year is expected to be 87%. Non-fuel unit costs are anticipated to be 5.7 cents.

Copa Holdings expects to end 2026 with 132 (prior view: 133) aircraft and 2027 with 142 (prior view: 144) aircraft.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -12.39% due to these changes.

VGM ScoresAt this time, Copa Holdings has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a score of A on the value side, putting it in the top 20% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Copa Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Key Takeaways Copa Holdings' July traffic rose 17.4%, outpacing 16.2% capacity growth and lifting load factor to 89.7%.Volaris' July traffic jumped 18.5% as capacity rose 14.4%, pushing load factor up 3 points to 87.9%.Ryanair carried 22.2 million passengers in July, up 7% year over year, while load factor held at 96%. The ongoing uncertainty in the Middle East has resulted in a sharp jump in oil prices. This upward movement in oil prices is naturally hurting the bottom line of airlines because fuel expenses represent a key input cost for airlines. With most U.S. carriers having abandoned fuel hedging strategies, such oil supply disruption has left them fully exposed to price spikes.

High labor costs continue to bother the bottom-line growth of airlines. With U.S. airlines grappling with labor shortages, the bargaining power of various labor groups has naturally increased. As a result, we have seen pay-hike deals being inked in the space.

Despite headwinds like high inflation, elevated fuel and labor costs, the industry has been benefiting from buoyant air travel demand, both on the domestic and international fronts. Upbeat passenger volumes have always been acting as a tailwind. Higher bookings contribute to the airlines’ top-line performance. Stocks in the Zacks Transportation - Airline industry have shown resilience, particularly among companies focusing on growth strategies and operational efficiency.

Given this backdrop, let’s take a look at the July 2026 traffic reports issued by Copa Holdings (CPA - Free Report) , LATAM Airlines Group (LTM - Free Report) , Controladora Vuela Compania de Aviacion (VLRS - Free Report) , also known as Volaris and Ryanair Holdings (RYAAY - Free Report) .

July 2026 Traffic Reports: CPA, LTM, VLRS, RYAAYCopa HoldingsBased in Panama City, Panama, Copa Holdings is gaining from upbeat passenger volumes. Driven by high passenger volumes, Copa Holdings’ revenue passenger miles (RPM: a measure of air traffic) improved on a year-over-year basis in July 2026.

To match the demand swell, CPA is increasing its capacity. In July, available seat miles (a measure of capacity) increased 16.2% year over year. RPM improved 17.4% year over year. Since traffic outpaced capacity expansion, the load factor (the percentage of seats filled by passengers) rose to 89.7% from 88.8% in July.

Copa Holdings currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

LATAM AirlinesLATAM Airlines reported a year-over-year increase in revenue passenger-kilometers (RPK: a measure of air traffic) for July 2026.

LATAM Airlines reported an 8.2% year-over-year increase in consolidated capacity, measured in available seat-kilometers (ASK). The uptick was driven by a 10.8% increase in international operations. During the month, LATAM Airlines launched its new long-haul routes connecting Sao Paulo (GRU), Brazil, with Punta Cana, Dominican Republic, and Cape Town, South Africa, making the latter LATAM group's second destination on the African continent. This was complemented by a 7.1% increase in domestic capacity offered by LATAM Airlines Brazil and a 1.6% increase in domestic operations of the affiliates in Chile, Colombia, Ecuador and Peru.

LTM’s consolidated traffic, measured in revenue passenger-kilometers (RPK), grew 5.6% year over year, owing to an 8.3% increase in international operations, followed by LATAM Airlines Brazil's domestic market, which recorded a 4.4% year-over-year increase.

In July 2026, LATAM Airlines transported 8.06 million passengers, an increase of 2% year over year. So far this year, LATAM Airlines has transported 52.04 million passengers across its network, reflecting an increase of 5.2% year over year. LATAM Airlines currently carries a Zacks Rank #3 (Hold).

VolarisMexican carrier, Volaris, recently reported a year-over-year increase in revenue passenger miles (RPMs), a measure of air traffic, for July.

VLRS reported a 14.4% year-over-year increase in consolidated capacity (measured in available seat miles).Consolidated traffic, measured in revenue passenger-miles (RPM), grew 18.5% year over year. Since traffic growth has outpaced capacity expansion, the load factor (percentage of seats filled by passengers) increased 3 percentage points year over year to 87.9%.

On the domestic front, RPMs increased 16% and ASMs (Available Seat Miles) increased 16.2% from the July 2025 levels. The domestic load factor in July was 90%, a decline of 0.2 percentage points from the year-ago levels.

Internationally, RPM increased 22.4% year over year, while ASM rose 11.9% year over year. Since traffic growth outpaced capacity expansion, the international load factor increased 7.3 percentage points on a year-over-year basis to 84.9%.

During July 2026, VLRS transported 3.31 million passengers, representing a 19.8% year-over-year increase.Volaris currently carries a Zacks Rank #3 (Hold).

Ryanair HoldingsEuropean carrier, Ryanair, reported solid traffic numbers for July 2026, driven by upbeat air-travel demand. The number of passengers transported on Ryanair flights was 22.2 million in July 2026, reflecting a 7% year-over-year increase. Apart from a year-over-year surge, RYAAY’s traffic in July was much more than the June reading of 21.2 million, May reading of 20.7 million, April reading of 19.3 million, March reading of 15.8 million, the February reading of 13.3 million and the January reading of 12.7 million, highlighting continued momentum from the beginning of the year.

Ryanair’s load factor remained flat year over year at 96% in July 2026, reflecting stable and consistent demand for the carrier’s services. It also improved from the load factor of 95% reported in both June and May 2026, 93% reported in both April and March 2026, 92% reported in February 2026 and 91% reported in January 2026.

RYAAY operated more than 1,20,800 flights in July 2026. This marks an improvement from 1,16,800 flights operated in June 2026, 1,14,000 flights operated in May 2026, 1,08,000 flights operated in April 2026, 88,000 flights operated in March 2026, 75,000 flights operated in February 2026 and 73,000 flights operated in January2026, reflecting expanded capacity to meet strong passenger demand. RYAAY currently carries a Zacks Rank #5 (Strong Sell).

NRC establishes scope, schedule, and multidisciplinary review team for the first phase of the readiness assessment of Terra Innovatum’s planned SOLO™ Construction Permit Application

First phase will assess the Environmental Report and nine PSAR chapters covering key safety, reactor design, environmental, and licensing topics

Early NRC review of defined draft application materials is intended to help Terra Innovatum identify and address potential questions and information needs before formal CPA submission

NEW YORK, Aug. 19, 2026 (GLOBE NEWSWIRE) -- Terra Innovatum Global N.V. (“Terra Innovatum”, “Terra”, or the “Company”) (NASDAQ: NKLR), a developer of advanced micro-modular nuclear reactors, today announced that the U.S. Nuclear Regulatory Commission (“NRC”) has commenced the first phase of a limited-scope preapplication readiness assessment of defined portions of the Company’s planned Construction Permit Application (“CPA”) for its first-of-a-kind (“FOAK”) SOLO™ Micro-Modular Reactor.

Supporting a High-Quality Construction Permit Application

The readiness assessment is an important pre-submission step in Terra Innovatum’s licensing strategy, enabling NRC staff to review selected draft materials before the Company files its CPA and providing an opportunity to identify and address potential information needs, technical questions or policy matters early in the process.

The NRC issued its formal readiness assessment plan following Terra Innovatum’s July 20, 2026, request for a two-phase assessment of its planned CPA. The first phase commenced with an August 10, 2026, entrance meeting and is expected to continue for approximately six weeks.

First Phase Assessment Scope

During the first phase, NRC staff will assess the Company’s Environmental Report, prepared consistent with 10 CFR Part 51 and the National Environmental Policy Act (“NEPA”), and the following nine chapters of the Preliminary Safety Analysis Report (“PSAR”):

Chapter 1: The FacilityChapter 2: Site CharacteristicsChapter 4: Reactor Description (partial)Chapter 6: Engineered Safety FeaturesChapter 11: Radiation Protection and Waste ManagementChapter 15: Financial QualificationsChapter 16: Other License ConsiderationsChapter 17: Decommissioning and Possession-Only License AmendmentsChapter 18: Highly Enriched to Low-Enriched Uranium Conversions The NRC has established a multidisciplinary team from its advanced reactor licensing, reactor science, reactor engineering, environmental review and financial assessment organizations to conduct the first-phase assessment.

The assessment enables NRC staff to become familiar with selected draft application materials before formal submission and provides Terra Innovatum an opportunity to address potential information gaps and significant technical or policy matters in advance of its CPA.

Management Commentary

“The commencement of this readiness assessment is an important step in our disciplined strategy to advance SOLO™ through the rigorous U.S. regulatory process,” said Cesare Frepoli, Chief Operating Officer and Director of Licensing and Regulatory Affairs of Terra Innovatum. “The first phase covers key safety, environmental, reactor design, and licensing materials that represent a meaningful portion of our planned Construction Permit Application. Early, substantive engagement with the NRC staff provides an opportunity to identify and address potential questions before formal submission, supporting our objective of delivering a high-quality, review-ready CPA.”

Building on Ongoing NRC Engagement

The NRC’s August 5 readiness assessment plan builds on Terra Innovatum’s preapplication engagement with the agency since 2025, including public meetings, and submissions of white papers and topical reports across multiple technical and programmatic areas.

Following the first phase, NRC staff plans to hold an exit meeting with Terra Innovatum and issue a publicly available report summarizing its observations and feedback within 45 calendar days. The NRC also expects to issue a separate assessment plan for the application materials before the second phase begins.

The readiness assessment is a preapplication activity, separate from the NRC’s formal acceptance review process. It does not constitute NRC approval of the SOLO™ design or of any future CPA, or predetermine whether a future CPA will be accepted for docketing or how the NRC may evaluate it following docketing.

ABOUT TERRA INNOVATUM & SOLO™
Terra Innovatum’s mission is to make nuclear power accessible. We deliver simple and safe micro-reactor solutions that are scalable, affordable and deployable anywhere 1 MWe at a time.

Terra Innovatum is a pioneering force in the energy sector, dedicated to delivering innovative and sustainable power solutions. Terra Innovatum plans to leverage cutting-edge nuclear technology through the SOLO™ Micro-Modular Reactor (SMR™) to provide efficient, safe, and environmentally conscious energy. With a mission to address global energy shortages, Terra Innovatum combines extensive expertise in nuclear industry design, manufacturing, and installation licensing to offer disruptive energy solutions. Committed to propelling technological advancements, Terra Innovatum and SOLO™ are dedicated to fostering prosperity and sustainability for humankind.

Conceptualized in 2018 and engineered over six years by experts in nuclear safety, licensing, innovation, and R&D, SOLO™ addresses pressing global energy demands with a market-ready solution. Built from readily available commercial off-the-shelf components, the intended licensing strategy for SOLO™ is designed to support timely deployment and minimize supply chain risks, with the aim of ensuring final cost predictability. Designed to adapt with evolving fuel options, SOLO™ supports both LEU+ and HALEU, offering a platform ready to transition to future fuel supplies.

SOLO™ will offer a wide range of versatile applications, providing CO2-free, behind-the-meter, and off-grid power solutions for data centers, mini-grids serving remote towns and villages, and large-scale industrial operations in hard-to-abate sectors like cement production, oil and gas, steel manufacturing, and mining. It also has the ability to supply heat for industrial applications and other specialized processes, including water treatment, desalination and co-generation. Thanks to its modular design, SOLO™ can be scaled to deliver up to 1GW or more of CO2-free power with a minimal footprint, making it an ideal solution for rapidly replacing fossil fuel-based thermal plants. Beyond electricity and heat generation, SOLO™ can also contribute to critical applications in the medical sector by producing radioisotopes essential for oncology research and cancer treatment.

To learn more, visit: https://investors.terrainnovatum.com/.
Follow us on X: https://x.com/TerraInnovatum
and LinkedIn: https://www.linkedin.com/company/terra-innovatum-solo/.

CONTACTS

Giordano Morichi
Founding Partner, Managing Director of Global Business Development and Investor Relations
Terra Innovatum Global N.V.
E: [email protected]
W: www.terrainnovatum.com

Investor and Media Relations
Simon Willcocks, Alliance Advisors IR
E: [email protected]

FORWARD LOOKING STATEMENTS
This press release includes “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, opinions and projections prepared by Terra Innovatum’s management. Forward-looking statements generally relate to future events or future financial or operating performance, including pro forma and estimated financial information, and other “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). The recipient can identify forward-looking statements because they typically contain words such as “outlook,” “believes,” “expects,” “will,” “projected,” “continue,” “increase,” “may,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negatives or variations of these words or other comparable words and/or similar expressions (but the absence of these words and/or similar expressions does not mean that a statement is not forward-looking).

These forward-looking statements specifically include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, expected timing for regulatory approvals and commercialization and the potential success of Terra Innovatum’s strategy and expectations. Forward-looking statements, opinions and projections are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of Terra Innovatum’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Terra Innovatum’s control. These uncertainties and risks may be known or unknown.

Factors that may cause actual results to differ materially from current expectations include, but are not limited to: changes in domestic and foreign business, market, financial, political and legal conditions; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Terra Innovatum’s ability to manage future growth; Terra Innovatum’s ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on Terra Innovatum’s future business; and the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries and other risks and uncertainties described under the heading “Risk Factors” in documents Terra Innovatum files from time to time with the Securities and Exchange Commission including Form 10-Q for the quarter ended June 30, 2026. If any of these risks materialize or Terra Innovatum’s assumptions prove incorrect, actual results could differ materially from the results implied by the forward-looking statements contained herein. In addition, forward-looking statements reflect Terra Innovatum’s expectations and views as of the date of this press release. Terra Innovatum anticipates that subsequent events and developments will cause its assessments to change. However, while Terra Innovatum may elect to update these forward-looking statements in the future, it specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on the forward-looking statements, which speak only as of the date they are made.

Copa Holdings May Be the Airline Stock Built to Break OutCopa NYSE: CPA reported second-quarter operating profit of $91.7 million and an operating margin of 8.7%, as sharply higher fuel costs weighed on results despite continued demand strength and a 16.5% increase in capacity.

Net profit totaled $68.2 million, or $1.67 per share, while net margin was 6.4%, according to CFO Peter Donkersloot. The company said its results reflected an 85% year-over-year increase in average all-in jet fuel prices, which rose to $4.28 per gallon from $2.32 per gallon in the second quarter of 2025.

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5 High-Yield Stocks With Analyst Support and Room to Run“Our second quarter results demonstrate the resilience of our business model in a significantly higher fuel price environment,” Executive Chairman and CEO Pedro Heilbron said. He added that the company continues to expect high load factors and solid financial performance for the full year as booking trends remain strong.

Revenue Growth and Fuel-Price Pressure Operating revenue rose 25.7% from a year earlier to $1.1 billion. Passenger yields increased 8.7%, while revenue per available seat mile, or RASM, rose 7.9% to $0.116. Load factor was 86.7%, compared with 87.3% a year earlier.

MarketBeat Week in Review – 05/18 - 05/22Executive Vice President Robert Carey said the FIFA World Cup temporarily affected travel patterns during June. June load factor declined 2.3 percentage points year over year, creating modest pressure on unit revenue. Copa estimated that the event reduced second-quarter RASM by about $0.001.

Fuel costs were the principal factor behind the decline in profitability from the prior-year period. Operating margin was down from 21.7% in the second quarter of 2025. Donkersloot said roughly 40% of second-quarter bookings had already been sold before fuel prices increased, limiting the company’s ability to immediately pass the higher costs through to fares.

Still, stronger demand and higher yields enabled Copa to recover about 40% of the year-over-year increase in fuel expense during the quarter, according to the company. Excluding fuel, cost per available seat mile remained flat at $0.057. Including fuel, unit cost increased 26% to $0.106.

Demand Trends Support Updated Outlook Copa raised its full-year capacity outlook and now expects available seat miles to grow between 14% and 15% in 2026. The company projects a full-year operating margin of 17% to 19%, assuming a load factor of about 87%, RASM of $0.12, ex-fuel CASM of $0.0570, and an all-in fuel price of $3.60 per gallon.

Carey said the company was seeing approximately 10% RASM growth in the second half, with broadly similar year-over-year performance expected in the third and fourth quarters. As of the call, Copa was about 75% booked for the third quarter and about 25% sold for the fourth quarter.

July traffic figures supported management’s view of strong underlying demand. Copa reported a nearly 90% load factor during the month, one of its highest ever, while capacity increased 16% year over year. Carey said that load factor was achieved in a higher-yield environment.

During the analyst question-and-answer session, Heilbron said demand was healthy across Copa’s network rather than concentrated in a single region. He said Brazil and North America were somewhat stronger, but characterized differences across markets as marginal.

Heilbron also said the company believes some of the fare increases associated with elevated fuel prices can be sustained even if fuel costs decline. He noted that average yields in Copa’s region and network had been below 2019 levels before the increase in fuel prices, without accounting for inflation.

Network, Fleet and Hub Expansion Copa took delivery of four Boeing 737 MAX 8 aircraft during the quarter, ending the period with a fleet of 131 aircraft. The company expects one additional MAX 8 delivery during the remainder of 2026.

Management attributed the higher capacity forecast partly to aircraft deliveries arriving on time or slightly ahead of schedule, faster deployment of those aircraft and increased utilization. The company expects 12 aircraft deliveries in 2027, offset by the planned retirement of two Boeing 737-700 aircraft undergoing 20-year maintenance checks.

Copa also plans to launch service to Porlamar, Isla Margarita, Venezuela, in November. The addition will bring the company’s network to 88 destinations in 32 countries across the Americas. Heilbron said Copa expects to announce an 89th destination before the end of August, with service planned to begin in December.

Beginning in March 2027, Copa will transition its Panama City hub from six to eight connecting banks. Management said the change is intended to improve connectivity, increase aircraft utilization and make more efficient use of airport infrastructure. Carey said the revised structure should create additional capacity for growth while keeping average connection times broadly unchanged.

The company also began operating Starlink-equipped flights in July, becoming the first airline in Latin America to offer the high-speed internet service, according to Copa. The airline expects the fleetwide rollout to be completed in the first half of 2027. Business-class travelers, preferred members at the Gold, Platinum and Presidential levels, and Starlink subscribers will receive complimentary access, while other passengers will pay for the service.

Balance Sheet and Shareholder Returns Copa ended the quarter with approximately $1.5 billion in cash and investments, equal to 39% of trailing 12-month revenue. Total debt, including lease liabilities, was about $2.7 billion, all related to aircraft financing. The company reported an average debt cost of 3.7% and a net debt-to-EBITDA ratio of 0.9 times.

The board ratified a quarterly dividend of $1.71 per share, payable Sept. 15 to shareholders of record as of Aug. 31. Donkersloot also said Copa had executed $45 million of its authorized share repurchase program year to date, with about $60 million remaining under the current authorization.

About Copa (NYSE:CPA)Copa Holdings, SA NYSE: CPA is a Panama‐based aviation holding company that provides passenger and cargo air transportation across the Americas and the Caribbean. Through its principal subsidiary, Copa Airlines, the company operates a modern fleet of Boeing 737 aircraft, offering scheduled flights that connect passengers through its Tocumen International Airport hub in Panama City. The company also offers dedicated cargo services under the Copa Cargo brand, leveraging belly hold capacity on its passenger flights to transport freight throughout its network.

The roots of Copa Holdings trace back to 1947, when Compañía Panameña de Aviación began operations as the flag carrier of Panama.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Copa Holdings, S.A. (CPA) Q2 2026 Earnings Call Transcript

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a great growth stock is not easy at all.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects, makes it pretty easy to find cutting-edge growth stocks.

Copa Holdings (CPA - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this holding company for Panama's national airline a great growth pick right now.

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Copa Holdings is 89.4%, investors should actually focus on the projected growth. The company's EPS is expected to grow 1.9% this year, crushing the industry average, which calls for EPS growth of 0%.

Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.

Right now, year-over-year cash flow growth for Copa Holdings is 10.4%, which is higher than many of its peers. In fact, the rate compares to the industry average of 0%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 448.5% over the past 3-5 years versus the industry average of 26.9%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Copa Holdings. The Zacks Consensus Estimate for the current year has surged 0.4% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made Copa Holdings a Zacks Rank #2 stock, it has earned itself a Growth Score of B based on a number of factors, including the ones discussed above.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination positions Copa Holdings well for outperformance, so growth investors may want to bet on it.

, /PRNewswire/ -- Arbe Robotics Ltd. (Nasdaq: ARBE) (TASE: ARBE), a global leader in ultra-high-resolution radar solutions, today announced the appointment of Assaf Pereg, CPA, as the incoming Chief Financial Officer, effective August 30, 2026. Mr. Pereg succeeds Karine Pinto-Flomenboim, who will be departing the Company.

Arbe appoints Assaf Pereg, CPA, as CFO Assaf Pereg brings close to two decades of financial leadership experience with both public and private technology companies in Israel and internationally. He joins Arbe from Ibex Medical Analytics Ltd, where he served as SVP Finance. Prior to that, Mr. Pereg served as the Global VP Finance of Nano Dimension Ltd., where he led the global finance organization. Previously, he served as Chief Financial Officer of Aquarius Engines Ltd., Become Technological Solutions Ltd., and CyberInt Technologies Ltd., and held senior finance roles at Top Image Systems Ltd. and Radcom Ltd.

He began his career at PricewaterhouseCoopers. Mr. Pereg is a Certified Public Accountant (Israel) and holds an MBA in financial management and a B.A. in accounting and economics from Tel Aviv University.

Ram Machness, CEO of Arbe, commented, "We are delighted to welcome Assaf to Arbe's management team. He joins at a pivotal point for the Company, as we move from development into scaled production and extend our radar technology into new markets beyond automotive. Assaf brings deep, hands-on financial experience with publicly listed companies, and that experience will be valuable as we continue to execute on our growth strategy. Finally, I would like to thank Karine for her valuable contribution to Arbe over the years and great partnership and wish her every success in her future endeavors."

Assaf Pereg, incoming CFO of Arbe, added, "I am excited to be joining Arbe to lead its next phase of growth. Arbe has built a differentiated radar technology with significant potential, and is now at the stage where that technology is translating into commercial programs and growing revenue. I look forward to joining the Arbe team as we realize that potential."

About Arbe

Arbe (NASDAQ: ARBE), a global leader in ultra-high-resolution radar solutions, is redefining radar as a core sensing platform for next-generation mobility and advanced sensing applications. Arbe's complete radar technology stack includes proprietary automotive-grade RF transmitter and receiver chips, a high-definition radar processing chip, the Phoenix radar system with 2,304 virtual channels, and advanced AI algorithms that transform radar data into a perception-ready layer. By delivering an exceptional level of detail, real-time processing, and scalable system performance, Arbe enables OEMs, Tier-1s, and technology partners to build more capable perception systems for passenger vehicles, robotaxis, heavy machinery, defense, and additional advanced sensing markets.

Headquartered in Tel Aviv, Israel, Arbe also operates offices in the United States, Germany, and China. For more information, visit https://arberobotics.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The words "expect," "believe," "estimate," "intend," "plan," "anticipate," "may," "should," "strategy," "future," "will," "project," "potential" and similar expressions indicate forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These risks and uncertainties include our ability to transition to a scaled production company, to expand our presence in Level 4 robotaxi, robotruck and autonomous commercial and off-road vehicle markets, and to advance OEM and Tier 1 programs, to successfully develop and market our products in various other markets including perimeter-security, and other defense initiatives and physical AI fields; whether and when we secure the orders we anticipate and the extent of any orders we receive in the various markets we are targeting; our ability to meet expectations with respect to our financial guidance and outlook; the timing and completion of key product and project orders and milestones; expectations regarding our collaborations and business with third parties; the effect of tariffs and trade policies of the United States, China and other countries, whether announced or implemented; the effect on the Israeli economy generally and on the Company's business resulting from terrorism and hostilities in Israel and with its neighboring countries including the effects of the continuing conflict with Hamas in Gaza despite the ceasefire and any intensification of hostilities with others, including Iran and Hezbollah, and the effect of the call-up of a significant portion of its working population, including the Company's employees; the effect of any potential boycott both of Israeli products and business and of stocks in Israeli companies; the effect of any action Iran or Hezbollah may take against Israel in the event the ceasefires with Iran and Hezbollah end; the effect of any downgrading of the Israeli economy and the effect of changes in the exchange rate between the US dollar and the Israeli shekel; and the risks and uncertainties described in "Cautionary Note Regarding Forward-Looking Statements," "Item 3. Key Information – D. Risk Factors" and "Item 5. Operating and Financial Review and Prospects" and in the Company's Annual Report on Form 20-F for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission (the "SEC") on March 27, 2026, as well as other documents filed by the Company with the SEC. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Information contained on, or that can be accessed through, the Company's website or any other website or any social media is expressly not incorporated by reference into and is not a part of this press release.

SOURCE Arbe Robotics

August 05, 2026 17:00 ET  | Source: Copa Holdings, S.A.

PANAMA CITY, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the second quarter (2Q26), reflecting the resilience of the Company's business model and disciplined execution amid a significantly higher jet fuel price environment. Key highlights include:

Operating profit of US$91.7 million and an operating margin of 8.7%, a 13.1 percentage point decrease year over year.Net profit of US$68.2 million or US$1.67 per share, a 53.9% year‑over‑year decrease in earnings per share.Operating revenue increased 25.7% year over year.Passenger yields increased 8.7% year over year to 12.6 cents, and revenue per available seat mile (RASM) increased 7.9% to 11.6 cents compared to 2Q25, while capacity in ASMs increased by 16.5% year over year.Load factor of 86.7%, compared to 87.3% in 2Q25.Operating cost per available seat mile excluding fuel (Ex-Fuel CASM) decreased 0.1% year over year to 5.7 cents.The Company ended the quarter with approximately US$1.5 billion in cash, short-term and long-term investments, which represent 39% of the last twelve-month revenues.The Company ended 2Q26 with a Net Debt-to-EBITDA ratio of 0.9x.During the quarter, the Company took delivery of 4 Boeing 737-MAX 8 aircraft to end the quarter with a total fleet of 131 aircraft.Copa Airlines had an on-time performance for the quarter of 90.6% and a flight completion factor of 99.8%, once again positioning the airline among the best in the industry. Subsequent events

On August 5, 2026, the Board of Directors of Copa Holdings ratified its third dividend payment for the year of US$1.71 per share. Dividends will be paid on September 15, 2026, to shareholders on record as of August 31, 2026.On July 4, 2026, Copa Airlines operated its first flight equipped with Starlink onboard internet, becoming the first airline in Latin America to offer high-speed Starlink connectivity. The Company expects to complete the installation of Starlink Wi-Fi across its entire fleet by the first half of 2027.In July, Copa Airlines published schedules reflecting its transition from six to eight connecting banks at its Hub of the Americas® in Panama City. This new bank structure, starting in March 2027, will provide passengers with greater flight options and improved connectivity while increasing aircraft utilization and better use of airport facilities, thereby further consolidating the leadership position of the Hub of the Americas® in the region. __________________________________
1 The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The financial information presented in this release, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the second quarter of 2025 (2Q25).

Full 2Q26 Earnings Release available for download at:

ir.copaair.com/financial-information/quarterly-results

Conference Call and Webcast

The Company will hold its financial results conference call tomorrow at 11am ET (10am local). Details follow:

About Copa Holdings

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to over 30 countries in North, Central, and South America and the Caribbean. For more information, visit: www.copaair.com.

Investor Relations
[email protected]

Cautionary statement regarding forward-looking statements

This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.

CPA-G

 Copa Holdings, S. A. and Subsidiaries
Consolidated Operating and Financial Statistics                 2Q26 2Q25 % Change 1Q26 % Change YTD26 YTD25 % ChangeRevenue Passengers Carried (000s)4,138  3,600  14.9% 4,096  1.0% 8,234  7,112  15.8%Revenue Passengers OnBoard (000s)6,176  5,366  15.1% 6,014  2.7% 12,190  10,574  15.3%RPMs (millions)7,936  6,859  15.7% 7,755  2.3% 15,691  13,602  15.4%ASMs (millions)9,150  7,856  16.5% 8,892  2.9% 18,042  15,657  15.2%Load Factor86.7% 87.3% -0.6 p.p 87.2% -0.5 p.p 87.0% 86.9% 0.1 p.pYield (US$ Cents)12.6  11.6  8.7% 12.9  (2.4)% 12.8  12.2  5.0%PRASM (US$ Cents)11.0  10.1  8.0% 11.3  (3.0)% 11.1  10.6  5.1%RASM (US$ Cents)11.6  10.7  7.9% 11.8  (2.2)% 11.7  11.1  5.2%CASM (US$ Cents)10.6  8.4  26.0% 8.9  18.5% 9.8  8.6  13.7%CASM Excl. Fuel (US$ Cents)5.7  5.7  (0.1)% 5.8  (1.5)% 5.7  5.7  (0.6)%Fuel Gallons Consumed (millions)105.0  91.9  14.2% 102.7  2.3% 207.6  182.8  13.6%Avg. Price Per Fuel Gallon (US$)4.28  2.32  84.8% 2.73  56.8% 3.51  2.43  44.8%Average Length of Haul (miles)1,918  1,905  0.7% 1,893  1.3% 1,906  1,912  (0.4)%Average Stage Length (miles)1,255  1,231  2.0% 1,260  (0.4)% 1,257  1,245  1.0%Departures44,301  38,985  13.6% 43,033  2.9% 87,334  76,814  13.7%Block Hours142,113  122,526  16.0% 138,479  2.6% 280,592  244,137  14.9%Average Aircraft Utilization (hours)12.1  11.9  1.4% 12.2  (1.0)% 12.2  12.0  1.4%                         Copa Holdings, S. A. and Subsidiaries
Consolidated statement of profit or loss
(In US$ thousands)                   Unaudited Unaudited % Unaudited % Unaudited Unaudited %  2Q26 2Q25 Change 1Q26 Change YTD26 YTD25 ChangeOperating Revenues                Passenger revenue 1,002,609  797,266  25.8% 1,004,173  (0.2%) 2,006,782  1,656,291  21.2%Cargo and mail revenue 34,183  28,307  20.8% 29,760  14.9% 63,944  54,001  18.4%Other operating revenue 22,541  17,031  32.4% 18,490  21.9% 41,031  31,493  30.3%Total Operating Revenue 1,059,334  842,604  25.7% 1,052,423  0.7% 2,111,757  1,741,785  21.2%                 Operating Expenses                Fuel 449,552  214,106  110.0% 282,462  59.2% 732,013  446,266  64.0%Wages, salaries, benefits and other employees' expenses 131,364  122,289  7.4% 137,670  (4.6%) 269,034  239,807  12.2%Passenger servicing 29,028  25,190  15.2% 28,135  3.2% 57,162  50,214  13.8%Airport facilities and handling charges 77,315  64,652  19.6% 79,184  (2.4%) 156,499  130,309  20.1%Sales and distribution 57,388  49,429  16.1% 54,812  4.7% 112,200  99,691  12.5%Maintenance, materials and repairs 42,071  36,158  16.4% 46,612  (9.7%) 88,682  75,592  17.3%Depreciation and amortization 107,539  88,440  21.6% 100,726  6.8% 208,266  174,724  19.2%Flight operations 42,825  32,766  30.7% 41,104  4.2% 83,930  66,515  26.2%Other operating and administrative expenses 30,593  26,329  16.2% 23,083  32.5% 53,676  61,602  (12.9%)Total Operating Expense 967,676  659,359  46.8% 793,787  21.9% 1,761,463  1,344,719  31.0%                 Operating Profit/(Loss) 91,658  183,245  (50.0%) 258,636  (64.6%) 350,294  397,067  (11.8%)Operating Margin 8.7% 21.7% -13.1 p.p 24.6% -15.9 p.p 16.6% 22.8% -6.2 p.p                 Non-operating Income (Expense):                Finance cost (28,179) (23,285) 21.0% (25,837) 9.1% (54,017) (46,518) 16.1%Finance income 16,533  15,377  7.5% 16,083  2.8% 32,616  31,170  4.6%Gain (loss) on foreign currency fluctuations (858) 910  nm 1,518  nm 660  2,280  (71.0%)Net change in fair value of derivatives (1,040) (1,688) (38.4%) (1,066) (2.5%) (2,106) (4,122) (48.9%)Other non-operating income (expense) (832) (397) 109.6% (2,279) (63.5%) (3,111) 1,031  nmTotal Non-Operating Income/(Expense) (14,377) (9,083) 58.3% (11,581) 24.1% (25,958) (16,160) 60.6%                 Profit before taxes 77,282  174,162  (55.6%) 247,054  (68.7%) 324,336  380,906  (14.9%)                 Income tax expense (9,107) (25,253) (63.9%) (34,588) (73.7%) (43,694) (55,231) (20.9%)                 Net Profit/(Loss) 68,175  148,908  (54.2%) 212,467  (67.9%) 280,642  325,675  (13.8%)Net Margin 6.4% 17.7% -11.2 p.p 20.2% -13.8 p.p 13.3% 18.7% -5.4 p.p                 EPS                Basic Earnings Per Share (EPS) 1.67  3.61  -53.9% 5.16  -67.7% 6.84  7.89  -13.4%                 Shares for calculation of Basic EPS (000s) 40,905  41,246  -0.8% 41,183  -0.7% 41,043  41,269  -0.5%                           Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
       June 2026 December 2025ASSETS (Unaudited) (Audited)Cash and cash equivalents 266,825  382,554 Short-term investments 996,411  955,604 Total cash, cash equivalents and short-term investments 1,263,236  1,338,159 Accounts receivable, net 217,862  194,425 Accounts receivable from related parties 3,495  3,217 Expendable parts and supplies, net 155,225  148,127 Prepaid expenses 84,268  55,209 Prepaid income tax 7,530  6,172 Other current assets 30,615  32,769   498,994  439,919 TOTAL CURRENT ASSETS 1,762,231  1,778,078 Long-term investments 280,188  248,579 Long-term prepaid expenses 5,748  5,434 Property and equipment, net 4,687,049  4,120,055 Right of use assets 263,880  296,761 Intangible, net 104,418  104,071 Net defined benefit assets 3,806  3,220 Deferred tax assets 21,074  19,873 Other Non-Current Assets 9,101  6,952 TOTAL NON-CURRENT ASSETS 5,375,264  4,804,946 TOTAL ASSETS 7,137,495  6,583,024 LIABILITIES    Loans and borrowings 202,245  172,885 Current portion of lease liability 68,349  66,132 Accounts payable 207,122  164,320 Accounts payable to related parties 1,279  1,333 Air traffic liability 875,027  737,616 Frequent flyer deferred revenue 167,970  155,584 Taxes Payable 80,132  62,931 Accrued expenses payable 46,298  66,016 Income tax payable 5,340  11,929 Other Current Liabilities 3,067  1,361 TOTAL CURRENT LIABILITIES 1,656,829  1,440,107      Loans and borrowings long-term 2,069,350  1,807,556 Lease Liability 224,871  258,383 Deferred tax Liabilities 58,279  59,217 Other long - term liabilities 255,189  242,337 TOTAL NON-CURRENT LIABILITIES 2,607,689  2,367,494 TOTAL LIABILITIES 4,264,518  3,807,600 EQUITY    Class A - 34,288,050 issued and 29,881,298 outstanding 23,329  23,290 Class B - 10,938,125 7,466  7,466 Additional Paid-In Capital 222,940  220,190 Treasury Stock (345,147) (300,143)Retained Earnings 2,699,685  2,168,911 Net profit 280,642  671,648 Other comprehensive loss (15,939) (15,939)TOTAL EQUITY 2,872,977  2,775,423 TOTAL EQUITY LIABILITIES 7,137,495  6,583,024   Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the six months ended
(In US$ thousands)
         2026
 2025
 (Unaudited) (Unaudited)Net cash flow from operating activities 617,897   484,282 Investing activities   Net Acquisition of Investments (71,640)  (294,697)Net cash flow related to advance payments on aircraft purchase contracts (340,399)  (60,204)Acquisition of property and equipment (375,769)  (390,502)Proceeds from sale of property and equipment 118   26,448 Acquisition of intangible assets (11,823)  (14,342)Net cash flow used in investing activities (799,513)  (733,297)Financing activities   Proceeds from new borrowings 377,005   165,000 Payments on loans and borrowings (93,082)  (122,890)Payment of lease liability (32,371)  (28,504)Share repurchase (45,004)  (8,706)Dividends paid (140,661)  (133,027)Net cash flow from/(used in) financing activities 65,887   (128,127)Net (decrease) in cash and cash equivalents (115,729)  (377,142)Cash and cash equivalents as of January 1 382,554   613,313 Cash and cash equivalents as of June 30,$266,825  $236,171     Short-term investments 996,411   764,137 Long-term investments 280,188   368,332 Total cash and cash equivalents and investments as of June 30,$1,543,424  $1,368,640      Copa Holdings, S. A. and Subsidiaries
Non-IFRS Financial Measures Reconciliation

This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel and Net Debt to EBITDA. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit, and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:

               Reconciliation of Operating Costs per ASM              Excluding Fuel (CASM Excl. Fuel)2Q26
 2Q25
 1Q26
 YTD26
 YTD25
               Operating Costs per ASM as Reported (in US$ Cents)10.6  8.4  8.9  9.8  8.6 Aircraft Fuel Cost per ASM (in US$ Cents)4.9  2.7  3.2  4.1  2.9 Operating Costs per ASM excluding fuel (in US$ Cents)5.7  5.7  5.8  5.7  5.7  Reconciliation of Net Debt to EBITDA2Q26
 2Q25
 1Q26
         Net Debt$1,021,390  $682,680  $893,509          LTM Operating Profit/(Loss) (in US$ thousands)$772,187  $774,526  $863,774 LTM Depreciation and amortization (in US$ thousands)$398,678  $342,606  $379,579 LTM EBITDA (in US$ thousands)$1,170,865  $1,117,132  $1,243,353          Net Debt to EBITDA 0.9   0.6   0.7             

ir.copaair.com copaair.com

The upcoming report from Copa Holdings (CPA - Free Report) is expected to reveal quarterly earnings of $1.88 per share, indicating a decline of 47.9% compared to the year-ago period. Analysts forecast revenues of $1.07 billion, representing an increase of 26.5% year over year.

The current level reflects an upward revision of 2.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

Given this perspective, it's time to examine the average forecasts of specific Copa Holdings metrics that are routinely monitored and predicted by Wall Street analysts.

The consensus estimate for 'Operating Revenues- Passenger revenue' stands at $1.02 billion. The estimate indicates a change of +27.4% from the prior-year quarter.

It is projected by analysts that the 'Load Factor' will reach 87.2%. Compared to the present estimate, the company reported 87.3% in the same quarter last year.

The combined assessment of analysts suggests that 'PRASM (Passenger revenue per ASM)' will likely reach N/A. Compared to the current estimate, the company reported N/A in the same quarter of the previous year.

According to the collective judgment of analysts, 'Yield' should come in at N/A. The estimate compares to the year-ago value of N/A.

The consensus among analysts is that 'ASMs (Available seat miles)' will reach 9.13 billion. The estimate is in contrast to the year-ago figure of 7.86 billion.

Analysts forecast 'CASM Excl. Fuel' to reach N/A. The estimate compares to the year-ago value of N/A.

The collective assessment of analysts points to an estimated 'CASM' of N/A. The estimate is in contrast to the year-ago figure of N/A.

Based on the collective assessment of analysts, 'RPMs (Revenue passengers miles)' should arrive at 7.96 billion. The estimate is in contrast to the year-ago figure of 6.86 billion.

Analysts expect 'RASM' to come in at N/A. Compared to the current estimate, the company reported N/A in the same quarter of the previous year.

The average prediction of analysts places 'Fuel Gallons Consumed' at 105 millions of gallons. Compared to the present estimate, the company reported 92 millions of gallons in the same quarter last year.

Analysts' assessment points toward 'Total Number of Aircraft' reaching 130 . Compared to the present estimate, the company reported 115 in the same quarter last year.

Analysts predict that the 'Operating Expense- Fuel' will reach $444.40 million.

View all Key Company Metrics for Copa Holdings here>>>

Shares of Copa Holdings have demonstrated returns of -5.6% over the past month compared to the Zacks S&P 500 composite's +1.7% change. With a Zacks Rank #2 (Buy), CPA is expected to beat the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is Copa Holdings (CPA - Free Report) . CPA is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 6.79. This compares to its industry's average Forward P/E of 10.34. Over the last 12 months, CPA's Forward P/E has been as high as 6.96 and as low as 5.19, with a median of 6.04.

Another notable valuation metric for CPA is its P/B ratio of 1.93. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.93. Within the past 52 weeks, CPA's P/B has been as high as 1.95 and as low as 1.38, with a median of 1.70.

Finally, we should also recognize that CPA has a P/CF ratio of 5.10. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 6.43. Over the past year, CPA's P/CF has been as high as 5.14 and as low as 3.65, with a median of 4.27.

These are only a few of the key metrics included in Copa Holdings's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, CPA looks like an impressive value stock at the moment.

Copa Holdings (CPA - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 5. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis holding company for Panama's national airline is expected to post quarterly earnings of $1.88 per share in its upcoming report, which represents a year-over-year change of -47.9%.

Revenues are expected to be $1.07 billion, up 26.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 14.44% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Copa Holdings?For Copa Holdings, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.09%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Copa Holdings will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Copa Holdings would post earnings of $4.43 per share when it actually produced earnings of $5.16, delivering a surprise of +16.48%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Copa Holdings appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Transportation - Airline industry, Allegiant Travel (ALGT - Free Report) , is soon expected to post earnings of $1.27 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +3.3%. Revenues for the quarter are expected to be $1.03 billion, up 49.4% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Allegiant Travel has been revised 103.6% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

When combined with a Zacks Rank of #2 (Buy), this Earnings ESP makes it difficult to conclusively predict that Allegiant Travel will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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The Best of Both Worlds: Healthcare's Rare Blend of Defense and AI Upside It's hard to believe that AI names can also be defensive in today's market, but that's what healthcare offers during the "great rotation." Bryan Hayes explains how investors can find quality at a reasonable price under the AI theme.

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Mag 7 Earnings Preview: Did GOOGL's Results Raise Stakes? The market reaction to Alphabet's Q2 results has significantly raised the bar for its Magnificent Seven peers that are on deck to report results this week, namely Microsoft and Meta Platforms on Wednesday, July 29th, and Apple and Amazon on Thursday, July 30th.

The market reaction to Alphabet's Q2 results has significantly raised the bar for its Magnificent Seven peers that are on deck to report results this week, namely Microsoft and Meta Platforms on Wednesday, July 29th, and Apple and Amazon on Thursday, July 30th.

How Many Stocks Should You Own? Three stocks or one hundred? Which are you? Plus 3 stocks with low PEG ratios. Tracey Ryniec sorts through the questions in the latest Zacks Value Trader podcast.

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Forget AI Chips and Mag 7: Buy AI Infrastructure Stocks Now Investors aiming to buy into the artificial intelligence boom driving the economy and Wall Street for the foreseeable future might want to consider best-in-class, AI-boosted infrastructure stocks.

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Q2 Earnings: Guidance Upgrades Push These 3 Stocks Higher Companies raising guidance, particularly on the earnings front, always deserve some level of attention from investors. Recently, JNJ, GM, and ABT have all raised their outlooks.

Companies raising guidance, particularly on the earnings front, always deserve some level of attention from investors. Recently, JNJ, GM, and ABT have all raised their outlooks.

Top Research Reports for Intel, Dell & Progressive Intel's AI infrastructure push, Dell's AI server boom and Progressive's premium growth highlight the latest top research reports and key opportunities.

Intel's AI infrastructure push, Dell's AI server boom and Progressive's premium growth highlight the latest top research reports and key opportunities.

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Zacks #1 Rank Top Movers for Jul 27, 2026 Zacks #1 Rank Top Movers Zacks #1 Rank Top Movers for 07/27/26 Value Growth Momentum VGM Income Company Symbol Price %Chg Signet Jewe... SIG 96.70 +5.93% Sportsman's... SPWH 1.18 +5.36% JAKKS Pacif... JAKK 25.75 +5.10% AMC Enterta... AMC 2.37 +4.41% LATAM Airli... LTM 52.28 +4.25% Zacks #1 Rank Top Movers7/16 The Zacks #1 Rank List is the best place to start your stock search each morning. It's made up of the top 5% of stocks with the most potential. Each weekday, you can quickly see the Zacks #1 Rank Top Movers from Value to Growth, Momentum and Income, even VGM Score.

Go to Zacks Rank #1 Top Movers

Full Zacks #1 Rank List8/16 You can see the full Zacks #1 Rank List or narrow it down to Zacks #1 Rank Stocks with a Value, Growth, Momentum or Income Style Score of A or B. Plus, you can see the Zacks #1 Rank Stocks with a VGM of A or B. You can also sort the list with criteria you choose, view Additions and Deletions by day, and Performance.

Go to the Zacks #1 Rank List

Zacks #1 Rank Additions Company (Symbol) Research Texas Instruments (TXN) Analyst Report Signet Jewelers (SIG) Analyst Report Richardson Electroni... (RELL) Snapshot Report JAKKS Pacific (JAKK) Analyst Report Coursera (COUR) Snapshot Report Investment Ideas Earnings Analysis More Analysis Reported Earnings Surprises View All Positive Negative Symbol Time Expected Reported %Surprise GLPEY 02:48 0.34 0.60 +76.47 NBN 07:49 3.40 4.05 +19.12 BMRC 08:31 0.52 0.58 +11.54 BCAL 08:21 0.41 0.44 +7.32 ENSG 06:04 1.80 1.92 +6.67 EPS Positive Surprises for Jul 27, 2026

Symbol Time Expected Reported %Surprise CZWI 08:31 0.41 0.11 -73.17 PERF 06:30 0.02 0.01 -50.00 BSRR 08:02 0.89 0.77 -13.48 PDLB 07:29 0.37 0.35 -5.41 EPS Negative Surprises for Jul 27, 2026

Upcoming Earnings ESP View More Symbol ESP Most Accurate Estimate Consensus Estimate AAPL 2.46% 1.93 1.88 AMZN 0.30% 1.82 1.81 V 0.12% 3.23 3.23 NUE 0.16% 4.58 4.57 Featured Stock Picks

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Key Takeaways Copa Holdings' June RPM rose 13.3% year over year as passenger demand remained strong.CPA increased available seat miles 16.4% year over year to match rising travel demand.Copa Holdings' load factor fell to 85.2% from 87.5% as capacity growth outpaced traffic. Copa Holdings, S.A.(CPA - Free Report) , based in Panama City, Panama, is gaining from upbeat passenger volumes. The latest positive update from the Latin American carrier came when it reported robust traffic numbers for June 2026 on the back of upbeat air travel demand. Driven by high passenger volumes, revenue passenger miles (RPM: a measure of air traffic) improved on a year-over-year basis in June.

To match the demand swell, CPA is increasing its capacity. In June, available seat miles (a measure of capacity) increased 16.4% year over year. RPM also improved 13.3% year over year. Although traffic improved year over year, it has failed to outpace capacity expansion. As a result, the load factor (the percentage of seats filled by passengers) fell to 85.2% from 87.5% in June 2025.

CPA’s Zacks Rank & Price PerformanceCPA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of Copa Holdings have gained 22.2% so far this year, outperforming the 3.1% increase of the Zacks Airline industry.

CPA Stock’s YTD Price Comparison Image Source: Zacks Investment Research

June 2026 Traffic of Other Airline CompaniesApart from LATAM Airlines, other airline companies that have reported traffic numbers for June 2026 are LATAM Airlines Group (LTM - Free Report) , Controladora Vuela Compania de Aviacion (VLRS - Free Report) and Ryanair Holdings (RYAAY - Free Report) .

LATAM AirlinesLATAM Airlines reported a 7.5% year-over-year increase in consolidated capacity, measured in available seat-kilometers (ASK). The uptick was driven by a 9.1% increase in international operations, coupled with a 5.8% capacity expansion in LATAM Airlines Brazil’s domestic market and a 5.3% increase in domestic operations of LATAM Airlines’ affiliates in Chile, Colombia, Ecuador and Peru. During the month, LATAM Airlines Brazil initiated operations on the Sao Paulo (GRU), Brazil – Brussels, Belgium route, adding Brussels as the group’s tenth destination in Europe.

LTM’s consolidated traffic, measured in revenue passenger-kilometers (RPK), grew 3.6% year over year, owing to a 5.3% increase in international operations.

Although traffic improved on a year-over-year basis, it failed to outpace capacity expansion. As a result, the load factor fell 3 percentage points to 80.8% in June 2026.

In June 2026, LATAM Airlines transported 6.95 million passengers, a mere decrease of 0.4% year over year. So far this year, LATAM Airlines has transported 43.97 million passengers across its network, reflecting an increase of 5.8% year over year.

VolarisMexican carrier, Volaris, recently reported a year-over-year increase in revenue passenger miles (RPMs), a measure of air traffic, for June. VLRS reported a 8.7% year-over-year increase in consolidated capacity (measured in available seat miles).Consolidated traffic, measured in revenue passenger-miles (RPM), grew 8.4% year over year. Although traffic has improved year over year, it has failed to outpace capacity expansion. As a result, the load factordecreased 0.3 percentage points year over year to 83.6%.

On the domestic front, RPMs increased 2.4%, and ASMs (Available Seat Miles) increased 4.8%, from the June 2025 levels. The domestic load factor in June was 87.2%, a decline of 2.0 percentage points from the year-ago levels.

Internationally, RPM increased 18.4% year over year, while ASM rose 14.4% year over year. Since traffic growth outpaced capacity expansion, the international load factor increased 2.7 percentage points on a year-over-year basis to 78.8%.

During the month of June 2026, VLRS transported 2.68 million passengers, representing a 11.2% year-over-year increase.

Ryanair HoldingsEuropean carrier Ryanair reported solid traffic numbers for June 2026, driven by upbeat air-travel demand. The number of passengers transported on Ryanair flights was 21.2 million in June 2026, reflecting a 7% year-over-year increase. Apart from a year-over-year surge, RYAAY’s traffic in June was much more than the May reading of 20.7 million, the April reading of 19.3 million, the March reading of 15.8 million, the February reading of 13.3 million and the January reading of 12.7 million, highlighting continued momentum from the beginning of the year.

Ryanair’s load factor remained flat year over year as well as sequentially at 95% in June 2026, reflecting stable and consistent demand for the carrier’s services. It also improved from the load factor of 93% reported in both the months of April and March 2026, 92% reported in February 2026 and 91% reported in January 2026.

RYAAY operated more than 1,16,800 flights in June 2026. This marks an improvement from 1,14,000 flights operated in May 2026, 1,08,000 flights operated in April 2026, 88,000 flights operated in March 2026, 75,000 flights operated in February 2026 and 73,000 flights operated in January2026, reflecting expanded capacity to meet strong passenger demand.

On July 13, 2026, Copa Holdings SA (CPA) shares fell 4.3% today, bringing the current price to $144.05. Over the past week, the stock has decreased by 6.9%, whi

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

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What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

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To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Copa Holdings (CPA - Free Report) Copa Holdings is based in Panama City, Panama. The company, through its main subsidiaries — Copa Airlines and Copa Colombia — offers airline passenger and cargo services. Copa Airlines was founded in 1947. Copa Columbia was purchased in 2005.

CPA is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. CPA has a Growth Style Score of A, forecasting year-over-year earnings growth of 1.6% for the current fiscal year.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $2.33 to $16.54 per share. CPA boasts an average earnings surprise of +6.5%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, CPA should be on investors' short list.

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What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

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Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Copa Holdings (CPA - Free Report) Copa Holdings is based in Panama City, Panama. The company, through its main subsidiaries — Copa Airlines and Copa Colombia — offers airline passenger and cargo services. Copa Airlines was founded in 1947. Copa Columbia was purchased in 2005.

CPA is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 9.03; value investors should take notice.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $2.33 to $16.54 per share. CPA boasts an average earnings surprise of +6.5%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, CPA should be on investors' short list.

In the latest trading session, Copa Holdings (CPA - Free Report) closed at $155.53, marking a -1.06% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.18%. Elsewhere, the Dow saw an upswing of 0.59%, while the tech-heavy Nasdaq appreciated by 2.07%.

Shares of the holding company for Panama's national airline have appreciated by 10.01% over the course of the past month, outperforming the Transportation sector's gain of 2.8%, and the S&P 500's loss of 2.9%.

The investment community will be closely monitoring the performance of Copa Holdings in its forthcoming earnings report. The company is expected to report EPS of $1.9, down 47.37% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $1.07 billion, reflecting a 27.12% rise from the equivalent quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $15.96 per share and a revenue of $4.38 billion, signifying shifts of -1.97% and +21.16%, respectively, from the last year.

Any recent changes to analyst estimates for Copa Holdings should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 1.43% higher within the past month. Copa Holdings is holding a Zacks Rank of #3 (Hold) right now.

Investors should also note Copa Holdings's current valuation metrics, including its Forward P/E ratio of 9.85. For comparison, its industry has an average Forward P/E of 11.9, which means Copa Holdings is trading at a discount to the group.

Also, we should mention that CPA has a PEG ratio of 1.2. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Transportation - Airline industry had an average PEG ratio of 1.15 as trading concluded yesterday.

The Transportation - Airline industry is part of the Transportation sector. Currently, this industry holds a Zacks Industry Rank of 208, positioning it in the bottom 15% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow CPA in the coming trading sessions, be sure to utilize Zacks.com.

Copa Today

$158.32 +6.39 (+4.21%)

As of 10:36 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$104.33▼

$157.00Dividend Yield4.32%

P/E Ratio9.26

Price Target$168.91

Copa Holdings NYSE: CPA is an airline stock with structural advantages, placement, and capital returns that make it a nearly perfect investment. Its positioning is as a leading Latin American service provider, offering emerging-market exposure in the critical infrastructure and services play; its structural advantage is a hub-and-spoke footprint centered on The Hub of the Americas. The Hub of the Americas is the company’s headquarters at Tocumen International Airport, a centralized location that enables ultra-efficient operations across the system.

The setup enables the region's leading service record and the #2 record globally, with an average on-time rate of about 90% and completion rates trending in the 99% range. In addition to the hub-and-spoke setup, Tocumen boasts a centralized location for quick connections, connections further enhanced by terminal placement. Passengers don’t have to worry about customs or transit when transitioning from one flight to the next. In addition, the company operates a single-type fleet, further controlling costs by limiting maintenance hassles, training needs, and parts inventory.

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Copa Holdings Accelerates Growth in Q1 2026Copa Holdings had a strong Q1, with revenue growing by 17% to just over $1 billion, evidence of its strength. The top line exceeded MarketBeat’s reported consensus by a wide margin, accelerating from the prior quarter and year due to increases in capacity and demand. The bullish detail is that passenger traffic increased by 15% on a 14% increase in capacity, helping to drive margin strength, further compounded by improved revenue per mile.

Margin news is also strong. The company managed to widen its operating and net margins despite higher costs, particularly fuel costs. GAAP earnings grew at an accelerated 20.5% pace, exceeding the consensus estimate by 73 cents or nearly 1650 basis points (bps). Looking ahead, the company issued a cautious Q2 forecast, citing fuel cost headwinds, but remained positive for the year, forecasting 17% revenue growth.

Bullish Cash Flow and Capital Return Outlook Drive CPA Price ActionCopa Dividend PaymentsDividend Yield4.49%

Annual Dividend$6.84

Dividend Increase Track Record2 Years

Annualized 5-Year Dividend Growth51.76%

Dividend Payout Ratio39.88%

Recent Dividend PaymentJun. 15

CPA Dividend History

Copa Holdings' highly efficient business enables a healthy cash flow and capital returns, including dividends and share buybacks. Dividends are approximately 40% of earnings and reliable in 2026, yielding approximately 4.5% with shares trading near historically high levels.

Distribution increases are expected, given the revenue and growth outlook, and will likely continue at a robust, double-digit pace in the upcoming years. Share buybacks are less aggressive but provide value, reducing the count by an average of 0.3% over the trailing 12 months (TTM).

Institutional activity is mixed, with the balance bullish but relatively flat on a trailing 12-month basis as of mid-year. However, they provide solid support, owning about 70% of the shares, and the analysts are more bullish.

MarketBeat reveals increasing coverage, firming sentiment, and rising price targets, with a consensus Buy rating and a forecast for fresh all-time highs. Short interest does not appear to be an issue. It is slightly elevated at around 4% but not alarming, more likely linked to hedging activities than outright bearish behavior.

Copa Holdings Advances: Approaches Critical ThresholdCopa Holdings’ price action is bullish in Q2. The market is advancing and on track to test resistance at the existing all-time high. Bullish signals in the MACD and stochastic suggest the restest will come soon, potentially by year’s end, and new highs are possible. Setting new highs will be significant, as they will be the first fresh highs in over a decade, opening the door to a much larger movement.

In this scenario, the base case is worth the dollar value of the existing trading range, which runs from $120. A move to $280 is possible, assuming a fresh high is set. If not, CPS shares may remain range-bound indefinitely, but that is not expected, given the growth and capital return outlook.

Copa Holdings' business is supported by robust demand in a major emerging market region. Latin America is a leading growth pillar internationally, driven by industrialization and middle-class expansion, which are fueling demand for business and leisure travel. Consistent capital returns are expected over time. The biggest risk for Copa is geopolitical. Not only can conflicts outside the region impair travel demand, but internal issues could disrupt business. Numerous international agreements enable easy, free-flowing traffic among many of the nations served.

Copa Holdings’ balance sheet is not among its risks. The company maintains low leverage and ample cash, which equates to 40% of TTM revenue as of the end of Q1. The likely outcome is that Copa Holdings will continue to execute its strategy, investing in growth while returning capital to investors.

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PANAMA CITY, June 11, 2026 (GLOBE NEWSWIRE) -- Copa Holdings, S.A. (NYSE: CPA) today released preliminary passenger traffic statistics for May 2026:

Copa Holdings (Consolidated) May
2026May
2025% ChangeASM (mm)(1) 3,087.22,655.216.3%RPM (mm)(2) 2,723.62,327.217.0%Load Factor(3) 88.2%87.6%0.6p.p.      Available seat miles - represents the aircraft seating capacity multiplied by the number of miles the seats are flown.Revenue passenger miles - represents the number of miles flown by revenue passengersLoad factor - represents the percentage of aircraft seating capacity that is utilized For May 2026, Copa Holdings' capacity (ASMs) increased by 16.3%, while system-wide passenger traffic (RPMs) increased by 17.0% compared to 2025. As a result, the system load factor for the month was 88.2%, 0.6 percentage points higher than in May 2025.

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit ir.copaair.com.

CPA-G

Investor Relations
[email protected]

A month has gone by since the last earnings report for Copa Holdings (CPA - Free Report) . Shares have added about 2.6% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Copa Holdings due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Copa Holdings, S.A. before we dive into how investors and analysts have reacted as of late.

Copa Holdings Q1 Earnings Top EstimatesCopa Holdings reported impressive first-quarter 2026 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year.

Quarterly earnings of $5.16 outpaced the Zacks Consensus Estimate of $4.43 and improved 20.5% year over year. Revenues of $1.05 billion beat the Zacks Consensus Estimate of $1.03 billion and inched up 17% year over year, due to a 15.3% increase in onboard passengers.

Passenger revenues (which contributed 95.4% to the top line) grew 16.9% year over year to $1.00 billion. The upside was owing to a 15% increase in revenue passenger miles and 1.6% higher yields, reflecting strong regional demand.

Cargo and mail revenues of $29.76 million grew 15.8% year over year, owing to higher cargo volumes. Other operating revenues of $18.49 million improved 27.8% year over year, owing to an increase in ConnectMiles revenues from non-air partners.

Quarterly results reflect a solid and persistent demand environment across the region, constant discipline in lowering unit costs, a passenger???friendly product and its relentless focus on operational excellence.

CPA’s Other Financial Details

On a consolidated basis, Copa Holdings’ traffic (measured in revenue passenger miles) grew 15%, and capacity (measured in available seat miles) increased 14% from the year-ago quarter. Since traffic growth outpaced capacity expansion, the load factor (percentage of seats filled by passengers) increased 0.8 percentage points to 87.2% in the reported quarter.

Passenger revenue per available seat mile rose 2.6% year over year to 11.3 cents. Revenue per available seat mile (RASM) rose 2.7% year over year to 11.8 cents.

Cost per available seat mile excluding fuel (CASM ex-fuel) fell 1% year over year to 5.8 cents, reflecting CPA’s continued cost discipline, while CASM rose 1.6% year over year to 8.9 cents in the first quarter owing to higher fuel prices.

The average fuel price per gallon increased 7.5% year over year to $2.73. While the average fuel price increase for the reported quarter was moderate, higher prices in the second half of March led to a nearly $20 million year-over-year net impact on the company’s first-quarter results.

Operating expenses increased 15.8% year over year to $793.8 million in the first quarter, owing to capacity growth, higher maintenance-related costs and an increase in the average price of jet fuel. Expenses on wages, salaries, benefits and other employee expenses rose 17.1% year over year. Sales and distribution costs increased 9.1% year over year. Passenger servicing costs grew 12.4% from the year-ago quarter. Airport facilities and handling charges grew 20.6% year over year. Expenses on fuel rose 21.7% year over year.

CPA repurchased shares worth $45 million during the reported quarter, under the existing $200 million repurchase authorization.

Copa Holdings exited the first quarter with cash and cash equivalents of $374.22 million compared with $382.55 million at the prior-quarter end.

In the first quarter of 2026, CPA took delivery of two Boeing 737-MAX 8 aircraft and ended the quarter with a total fleet of 127 aircraft. During the second quarter of 2026 (so far), CPA took delivery of two additional Boeing 737 MAX 8 aircraft, increasing its total fleet to 129 aircraft.

CPA’s Outlook

For the second quarter of 2026, Copa Holdings anticipates an operating margin in the range of 8% to 12%, with capacity growth in ASMs of 16% year over year. These results are affected by a projected year-over-year increase in the all-in jet fuel price per gallon in the range of 80% to 90%, for which the company anticipates recovering almost 50% through higher revenues. This partial pass-through is a result of the already advanced booking levels.

For 2026, CPA’s management continues to expect consolidated capacity to be up 11%-13% year over year. The load factor for the current year is expected to be 87%. Non-fuel unit costs are anticipated to be 5.7 cents. CPA anticipates to recover a substantial portion of its increased fuel price expenses for the full year, reaching up to 100% by the end of the year.

Copa Holdings expects to end 2026 with 133 aircraft and 2027 with 144 aircraft.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a flat trend in estimates review.

VGM ScoresCurrently, Copa Holdings has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of A on the value side, putting it in the top quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook Copa Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerCopa Holdings is part of the Zacks Transportation - Airline industry. Over the past month, Allegiant Travel (ALGT - Free Report) , a stock from the same industry, has gained 7%. The company reported its results for the quarter ended March 2026 more than a month ago.

Allegiant Travel reported revenues of $732.43 million in the last reported quarter, representing a year-over-year change of +4.8%. EPS of $3.77 for the same period compares with $1.81 a year ago.

Allegiant Travel is expected to post a loss of $0.66 per share for the current quarter, representing a year-over-year change of -153.7%. Over the last 30 days, the Zacks Consensus Estimate has changed -16.1%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Allegiant Travel. Also, the stock has a VGM Score of A.

Copa Holdings (CPA - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 13. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis holding company for Panama's national airline is expected to post quarterly earnings of $4.43 per share in its upcoming report, which represents a year-over-year change of +3.5%.

Revenues are expected to be $1.03 billion, up 15% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 47.82% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Copa Holdings?For Copa Holdings, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +6.17%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Copa Holdings will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Copa Holdings would post earnings of $4.44 per share when it actually produced earnings of $4.18, delivering a surprise of -5.86%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Copa Holdings appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Transportation - Airline industry, Surf Air Mobility Inc. (SRFM - Free Report) , is soon expected to post loss of $0.44 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +66.4%. This quarter's revenue is expected to be $25.27 million, up 7.5% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Surf Air Mobility Inc. has been revised 20.5% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Surf Air Mobility Inc. will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Key Takeaways CPA is expected to post 15% revenue growth in Q1, driven by stronger passenger demand. Copa Holdings beat earnings estimates in three of the past four quarters. CPA faces pressure from higher operating costs, supply-chain issues and geopolitical tensions. Copa Holdings (CPA - Free Report) is scheduled to report first-quarter 2026 results on May 13, after market close.

The Zacks Consensus Estimate for CPA’s first-quarter 2026 earnings per share has been revised downwards by 7.7% over the past 60 days to $4.43. The consensus mark for earnings implies a 3.5% increase from the year ago actuals. The Zacks Consensus Estimate for CPA’s first-quarter 2026 revenues is pegged at $1.03 billion, indicating 15% growth year over year.

CPA has an impressive earnings surprise history, having outperformed the Zacks Consensus Estimate in three of the preceding four quarters (missing once in the remaining), with an average beat being 5.74%.

Let’s see how things have shaped up for CPA this earnings season.

Factors Likely to Have Influenced CPA’s Q1 PerformanceWe expect the CPA’stop line in the to-be-reported quarter to have been bolstered by an improvement in air-travel demand.

Passenger revenues, which account for the bulk of the top line, are likely to have increased in the to-be-reported quarter. The Zacks Consensus Estimate for passenger revenues is pegged at $987.3 million, up 15% from the first-quarter 2025 actuals. Meanwhile, the consensus mark for revenues from the cargo & mail segment and other operating revenues is pegged at $28.1 million and $16.4 million, indicating a year-over-year increase of 9.4% and 13.1%, respectively.

On the contrary, the company’s performance in the to-be-reported quarter is expected to have been significantly impacted by rising operating expenses. Ongoing geopolitical tensions in the Middle East and supply-chain disruptions are likely to have weighed on CPA’s bottom line.

What Our Model Says About CPAOur proven model predicts an earnings beat for Copa Holdings this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

CPA has an Earnings ESP of +6.17% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Highlights of CPA’s Q4 ResultsCopa Holdings reported fourth-quarter 2025 earnings per share of $4.18, which missed the Zacks Consensus Estimate of $4.44 but improved 4.7% year over year. Revenues of $962.9 million missed the Zacks Consensus Estimate of $967.6 million but inched up 9.7% year over year, driven by a 12.9% increase in onboard passengers.

Passenger revenues (which contributed 94.8% to the top line) grew 9.4% year over year to $913.62 million. The upside was driven by a 10.1% increase in revenue passenger miles (RPMs), partially offset by a 0.6% decrease in passenger yield.

Q1 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report)  reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis. Revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis. 

J.B. Hunt Transport Services (JBHT - Free Report) posted first-quarter 2026 earnings per share of $1.49, up 27% from $1.17 a year ago. The result topped the Zacks Consensus Estimate by $0.04, reflecting a 2.8% surprise.

Operating revenues totaled $3.06 billion, rising 4.6% year over year. Revenues beat the consensus mark of $2.94 billion, resulting in a 3.9% surprise, as demand proved resilient across several service offerings, led by Intermodal volume growth and higher revenues per load in select highway-related businesses.

Copa Holdings, S.A. (NYSE:CPA) will release earnings for its first quarter after the closing bell on Wednesday, May 13.

Analysts expect the Panama City, Panama-based company to report quarterly earnings of $4.42 per share, up from $4.28 per share in the year-ago period. The consensus estimate for Copa's quarterly revenue is $1.03 billion (it reported $899.18 million last year), according to Benzinga Pro.

On Tuesday, Copa Holdings posted 16.7% capacity and traffic growth in April.

Shares of Copa Holdings fell 0.9% to close at $115.96 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.

Considering buying CPA stock? Here’s what analysts think:

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May 13, 2026 18:45 ET  | Source: Copa Holdings, S.A.

PANAMA CITY, May 13, 2026 (GLOBE NEWSWIRE) -- Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2026 (1Q26), reflecting continued industry-leading profitability, disciplined execution, and the resilience of its business model amid a higher jet fuel price environment. Key highlights include:

Net profit of US$212.5 million or US$5.16 per share, a 20.5% year‑over‑year increase in earnings per share.Operating margin of 24.6% and net margin of 20.2%, increases of 0.8 and 0.5 percentage points, respectively, compared to 1Q25.Capacity, measured in available seat miles (ASMs), grew by 14.0% year over year, and passenger traffic in RPMs increased by 15.0%. As a result, load factor increased by 0.8 percentage points to 87.2%.Revenue per available seat mile (RASM) of 11.8 cents, an increase of 2.7% compared to 1Q25.Operating cost per available seat mile (CASM) increased 1.6% year over year to 8.9 cents, while CASM excluding fuel (Ex-fuel CASM) decreased 1.0% to 5.8 cents.The Company ended the quarter with approximately US$1.5 billion in cash, short-term and long-term investments, representing 40% of the last-twelve-months’ revenues.Adjusted Net Debt to EBITDA ratio ended 1Q26 at 0.7 times.The Company repurchased US$45 million worth of shares during the quarter under the Company’s current US$200 million repurchase authorization. This represents approximately 1% of total outstanding shares as of the end of the quarter.In 1Q26, the Company took delivery of 2 Boeing 737-MAX 8 aircraft to end the quarter with a total fleet of 127 aircraft.Copa Airlines had an on-time performance for the quarter of 91.6% and a flight completion factor of 99.7%, once again positioning itself among the very best in the industry. Subsequent events

On May 13, 2026, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.71 per share, payable on June 15, 2026, to shareholders of record as of May 29, 2026.In April, at an event held in Panama, the Company publicly announced a Boeing 737 MAX aircraft order consisting of 40 firm orders and 20 purchase options. Deliveries are expected between 2030 and 2034, supporting long‑term capacity growth while preserving flexibility within the Company’s existing fleet plan.During the second quarter, the Company took delivery of two additional Boeing 737 MAX 8 aircraft, increasing its total fleet to 129 aircraft. ____________________
1 The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The financial information presented in this release, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2025 (1Q25).

Full 1Q26 Earnings Release available for download at: 

ir.copaair.com/financial-information/quarterly-results

Conference Call and Webcast

The Company will hold its financial results conference call tomorrow at 11am ET (10am local). Details follow:

Date:May 14, 2026Time:11:00 AM US ET (10:00 AM Local Time)Join by phone:Click hereWebcast (listen-only):ir.copaair.com/events-and-presentations     About Copa Holdings

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit: copaair.com.

Investor Relations
[email protected]

Cautionary statement regarding forward-looking statements

This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.

CPA-G

      Copa Holdings, S. A. and Subsidiaries
Consolidated Operating and Financial Statistics       1Q261Q25% Change4Q25% ChangeRevenue Passengers Carried (000s)4,096 3,512 16.6%3,935 4.1%Revenue Passengers OnBoard (000s)6,007 5,208 15.3%5,834 3.0%RPMs (millions)7,755 6,743 15.0%7,359 5.4%ASMs (millions)8,892 7,801 14.0%8,513 4.5%Load Factor87.2%86.4%0.8 p.p86.4%0.8 p.pYield (US$ Cents)12.9 12.7 1.6%12.4 4.3%PRASM (US$ Cents)11.3 11.0 2.6%10.7 5.2%RASM (US$ Cents)11.8 11.5 2.7%11.3 4.6%CASM (US$ Cents)8.9 8.8 1.6%8.8 0.9%CASM Excl. Fuel (US$ Cents)5.8 5.8 (1.0)%5.9 (2.9)%Fuel Gallons Consumed (millions)102.7 91.0 12.9%98.6 4.1%Avg. Price Per Fuel Gallon (US$)2.73 2.54 7.5%2.50 9.2%Average Length of Haul (miles)1,893 1,920 (1.4)%1,870 1.2%Average Stage Length (miles)1,260 1,260 —%1,236 1.9%Departures43,033 37,829 13.8%41,942 2.6%Block Hours138,479 121,611 13.9%133,488 3.7%Average Aircraft Utilization (hours)12.2 12.1 1.3%11.9 3.1%            Copa Holdings, S. A. and Subsidiaries
Consolidated statement of profit or loss
(In US$ thousands)            Unaudited Unaudited %Unaudited %  1Q26 1Q25 Change4Q25 ChangeOperating Revenues         Passenger revenue 1,004,173  859,025  16.9%913,623  9.9%Cargo and mail revenue 29,760  25,694  15.8%32,036  (7.1%)Other operating revenue 18,490  14,462  27.8%17,228  7.3%Total Operating Revenue 1,052,423  899,181  17.0%962,888  9.3%          Operating Expenses         Fuel 282,462  232,160  21.7%249,177  13.4%Wages, salaries, benefits and other employees' expenses 137,670  117,517  17.1%137,906  (0.2%)Passenger servicing 28,135  25,024  12.4%27,523  2.2%Airport facilities and handling charges 79,184  65,657  20.6%68,996  14.8%Sales and distribution 54,812  50,261  9.1%55,604  (1.4%)Maintenance, materials and repairs 46,612  39,434  18.2%46,075  1.2%Depreciation and amortization 100,726  86,284  16.7%97,385  3.4%Flight operations 41,104  33,749  21.8%38,413  7.0%Other operating and administrative expenses 23,083  35,274  (34.6%)32,221  (28.4%)Total Operating Expense 793,787  685,360  15.8%753,300  5.4%          Operating Profit/(Loss) 258,636  213,822  21.0%209,588  23.4%Operating Margin 24.6% 23.8% 0.8 p.p21.8% 2.8 p.p          Non-operating Income (Expense):         Finance cost (25,837) (23,233) 11.2%(27,478) (6.0%)Finance income 16,083  15,792  1.8%16,545  (2.8%)Gain (loss) on foreign currency fluctuations 1,518  1,370  10.8%(6,021) nmNet change in fair value of derivatives (1,066) (2,434) (56.2%)178  nmOther non-operating income (expense) (2,279) 1,428  nm(857) 166.0%Total Non-Operating Income/(Expense) (11,581) (7,077) 63.6%(17,633) (34.3%)          Profit before taxes 247,054  206,744  19.5%191,955  28.7%          Income tax expense (34,588) (29,978) 15.4%(19,332) 78.9%          Net Profit/(Loss) 212,467  176,766  20.2%172,623  23.1%Net Margin 20.2% 19.7% 0.5 p.p17.9% 2.3 p.p          EPS         Basic Earnings Per Share (EPS) 5.16  4.28  20.5%4.18  23.3%          Shares used for calculation:         Shares for calculation of Basic EPS (000s) 41,183  41,292  -0.3%41,248  -0.2%                Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)     March 2026 December 2025ASSETS(Unaudited) (Audited)Cash and cash equivalents374,223  382,554 Short-term investments959,457  955,604 Total cash, cash equivalents and short-term investments1,333,680  1,338,159 Accounts receivable, net204,725  194,425 Accounts receivable from related parties3,019  3,217 Expendable parts and supplies, net152,247  148,127 Prepaid expenses89,588  55,209 Prepaid income tax4,836  6,172 Other current assets29,291  32,769  483,706  439,919 TOTAL CURRENT ASSETS1,817,386  1,778,078 Long-term investments190,157  248,579 Long-term prepaid expenses5,991  5,434 Property and equipment, net4,461,063  4,120,055 Right of use assets279,918  296,761 Intangible, net104,477  104,071 Net defined benefit assets3,157  3,220 Deferred tax assets20,308  19,873 Other Non-Current Assets12,060  6,952 TOTAL NON-CURRENT ASSETS5,077,131  4,804,946 TOTAL ASSETS6,894,517  6,583,024 LIABILITIES   Loans and borrowings218,254  172,885 Current portion of lease liability66,901  66,132 Accounts payable210,249  164,320 Accounts payable to related parties1,409  1,333 Air traffic liability750,546  737,616 Frequent flyer deferred revenue160,478  155,584 Taxes Payable81,360  62,931 Accrued expenses payable39,970  66,016 Income tax payable27,122  11,929 Other Current Liabilities9,111  1,361 TOTAL CURRENT LIABILITIES1,565,401  1,440,107     Loans and borrowings long-term1,890,520  1,807,556 Lease Liability241,670  258,383 Deferred tax Liabilities72,940  59,217 Other long-term liabilities250,445  242,337 TOTAL NON-CURRENT LIABILITIES2,455,575  2,367,494 TOTAL LIABILITIES4,020,976  3,807,600 EQUITY   Class A - 34,257,137 issued and 29,861,335 outstanding23,316  23,290 Class B - 10,938,1257,466  7,466 Additional Paid-In Capital221,661  220,190 Treasury Stock(345,147) (300,143)Retained Earnings2,769,716  2,168,911 Net profit212,467  671,648 Other comprehensive loss(15,939) (15,939)TOTAL EQUITY2,873,541  2,775,423 TOTAL EQUITY LIABILITIES6,894,517  6,583,024          Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the three months ended
(In US$ thousands)          2026   2025  (Unaudited) (Unaudited)Net cash flow from operating activities 359,710   205,477 Investing activities   Net Acquisition of Investments 54,498   (340,191)Net cash flow related to advance payments on aircraft purchase contracts (245,026)  (115,130)Acquisition of property and equipment (163,486)  (56,216)Proceeds from sale of property and equipment 85   — Acquisition of intangible assets (5,559)  (6,515)Cash flow used in investing activities (359,488)  (518,052)Financing activities   Proceeds from new borrowings 154,605   — Payments on loans and borrowings (31,543)  (51,863)Payment of lease liability (16,033)  (14,007)Share repurchase (45,004)  (3,555)Dividends paid (70,578)  (66,493)Cash flow used in financing activities (8,553)  (135,918)Net (decrease) in cash and cash equivalents (8,331)  (448,493)Cash and cash equivalents as of January 1 382,554   613,313 Cash and cash equivalents as ofMarch 31,$374,223  $164,820     Short-term investments 959,457   751,525 Long-term investments 190,157   425,821 Total cash and cash equivalents and investments as ofMarch 31,$1,523,837  $1,342,166          Copa Holdings, S. A. and Subsidiaries
Non-IFRS Financial Measures Reconciliation

This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel and Adjusted Net Debt to EBITDA. This supplemental information is presented because we believe it is a useful indicator of our operating performance and for comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:

Reconciliation of Operating Costs per ASM   Excluding Fuel (CASM Excl. Fuel)1Q261Q254Q25    Operating Costs per ASM as Reported (in US$ Cents)8.98.88.8Aircraft Fuel Cost per ASM (in US$ Cents)3.23.02.9Operating Costs per ASM excluding fuel (in US$ Cents)5.85.85.9     Reconciliation of Adjusted Net Debt to EBITDA1Q26 1Q25 4Q25      Net Debt$893,509 $592,934 $718,218      LTM Operating Profit/(Loss) (in US$ thousands)$863,774 $750,788 $818,960LTM Depreciation and amortization (in US$ thousands)$379,579 $333,628 $365,137LTM EBITDA (in US$ thousands)$1,243,353 $1,084,417 $1,184,096      Adjusted Net Debt to EBITDA 0.7  0.5  0.6         

ir.copaair.com copaair.com

For the quarter ended March 2026, Copa Holdings (CPA - Free Report) reported revenue of $1.05 billion, up 17% over the same period last year. EPS came in at $5.16, compared to $4.28 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.03 billion, representing a surprise of +1.8%. The company delivered an EPS surprise of +16.57%, with the consensus EPS estimate being $4.43.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Copa Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Load Factor: 87.2% versus the five-analyst average estimate of 86.9%.PRASM (Passenger revenue per ASM): 11.3 cents versus 11.08 cents estimated by four analysts on average.Yield: 12.9 cents compared to the 12.77 cents average estimate based on four analysts.Avg. Price Per Fuel Gallon: $2.73 compared to the $2.77 average estimate based on four analysts.ASMs (Available seat miles): 8.89 billion versus 8.89 billion estimated by four analysts on average.CASM Excl. Fuel: 5.8 cents versus the four-analyst average estimate of 5.78 cents.CASM: 8.9 cents versus 8.98 cents estimated by four analysts on average.RPMs (Revenue passengers miles): 7.76 billion compared to the 7.71 billion average estimate based on four analysts.RASM: 11.8 cents versus the four-analyst average estimate of 11.6 cents.Fuel Gallons Consumed: 102.70 Mgal versus the three-analyst average estimate of 102.34 Mgal.Total Number of Aircraft: 127 versus 129 estimated by two analysts on average.Operating Revenues- Passenger revenue: $1 billion versus $987.37 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +16.9% change.View all Key Company Metrics for Copa Holdings here>>>

Shares of Copa Holdings have returned -4.1% over the past month versus the Zacks S&P 500 composite's +8.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.