High-quality cash generation is evidenced by an OCF/NI ratio of 1.69 in 2026Q1, though capital allocation remains balanced by significant dividend payments of $70.6 million despite heavy fleet-related CapEx.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | 1.28B | 1.12B | 996.85M | 1.04B | 758.54M | 507.29M | 5.28M | 782.98M | 341.53M | 727.33M | 586.59M | 329.93M | 383.56M | 830.26M | 538.03M | 498.29M | 292.8M | 282.44M | 198.1M | 221.94M | 193.47M | 119.09M | 98.63M | 73.48M | 55.54M | 33M |
| Operating CF Margin % | - | 31.06% | 28.93% | 30.22% | 25.58% | 33.6% | 0.66% | 28.92% | 12.75% | 28.84% | 26.43% | 14.64% | 14.18% | 31.83% | 23.92% | 27.22% | 20.7% | 22.49% | 15.37% | 21.61% | 22.73% | 19.57% | 24.67% | 21.5% | 18.48% | 11.36% |
| Operating CF Growth % | 130.39% | 12.73% | -4.59% | 37.74% | 49.53% | 9513.13% | -99.33% | 129.26% | -53.04% | 23.99% | 77.79% | -13.98% | -53.8% | 54.32% | 7.97% | 70.18% | 3.67% | 42.57% | -10.74% | 14.72% | 62.46% | 20.74% | 34.23% | 32.29% | 68.33% | - |
| Net Income | 707.35M | 671.65M | 608.11M | 514.1M | 348.05M | 43.84M | -607.06M | 247M | 88.09M | 370.02M | 334.54M | -224.97M | 361.67M | 427.47M | 326.48M | 310.43M | 241.06M | 240.36M | 118.66M | 161.82M | 133.84M | 83M | 68.57M | 48.49M | 20.67M | 14.82M |
| Depreciation & Amortization | 278.85M | 365.14M | 330.71M | 306.11M | 267.7M | 239.95M | 259.34M | 282.08M | 169.44M | 164.34M | 159.19M | 134.89M | 115.15M | 137.41M | 90.19M | 75.46M | 62.96M | 47.08M | 42.89M | 35.33M | 24.87M | 19.86M | 19.28M | 0 | 13.38M | 13.32M |
| Stock-Based Compensation | 0 | 0 | 5.48M | 4.36M | 5.16M | 7.1M | 5.26M | 6.15M | 7.14M | 7.42M | 7.54M | 4.03M | 4.69M | 5.97M | 7.01M | 7.66M | 4.03M | 5.28M | 5.59M | 4.81M | 3.34M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 97.67M | 97M | 40.18M | 10.85M | -23.72M | 46.44M | 34.53M | 48M | 38.27M | 32.76M | 36.64M | 61.1M | 39.87M | -25.83M | -21.93M | 3.82M | 4.65M | 2.35M | -328K | -885K | -519K | 0 | 0 | 0 |
| Other Non-Cash Items | 504.28M | 87M | -86.65M | 148.16M | 23.18M | 101.73M | 400.67M | 98.92M | 101.71M | -15.28M | -113.01M | 426.98M | 94.04M | -25.23M | -28.96M | 40.96M | 17.63M | -50.01M | 56.74M | -5.28M | 16.32M | 16.84M | 6.87M | 24.99M | 21.5M | 4.85M |
| Working Capital Changes | 0 | 0 | 41.52M | -24.95M | 74.28M | 103.82M | -29.21M | 102.39M | -59.39M | 152.82M | 160.05M | -43.76M | -228.62M | 223.55M | 103.44M | 89.62M | -10.95M | 35.91M | -30.43M | 22.91M | 15.42M | 1.78M | 3.58M | 0 | 0 | 0 |
| Change in Receivables | 0 | 0 | -15.46M | -27.56M | -51.65M | -36.05M | 70.34M | -16.98M | -3.06M | -3.35M | -9.82M | 17.15M | 11.05M | -2.09M | -164K | -53.96M | -6.14M | -3.76M | -7.64M | -13.55M | -16.98M | -11.7M | 2.29M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -43.61M | 110.43M | -85.24M | 120.1M | 69.7M | -34.28M | -209.88M | 243.97M | 88.41M | 120.68M | -5.34M | -13.03M | 25.74M | 21.07M | 21.97M | 28.04M | 2.88M | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 46.78M | 19.37M | 40.04M | 54.26M | -66.83M | -3.57M | 11.4M | 25.14M | 19.46M | -33.71M | 22.63M | -19.19M | 10.31M | 35.02M | 11.38M | 3.77M | -393K | 9.28M | 3.67M | -313K | 1.11M | 0 | 0 | 0 |
| Cash from Investing | -1.16B | -1.32B | -343.14M | -543M | -552.15M | -459.13M | -93.76M | -235.07M | -103.04M | -578.16M | -171.91M | -245.59M | -152.85M | -569.4M | -654.61M | -468.25M | -445.43M | -151.45M | -322.78M | -334.76M | -258.98M | -163.57M | -90.27M | -151.8M | -150.2M | -39.47M |
| Capital Expenditures | -1.29B | -953.15M | -626.16M | -800.17M | -650.69M | -495.32M | -60.48M | -163.29M | -365.91M | -319.94M | -150.3M | -184.27M | -504.36M | -285.2M | -372.44M | -306.33M | -348.73M | -202.67M | -215.91M | -304.01M | -193.33M | -63.3M | -65.76M | 0 | 0 | 0 |
| CapEx % of Revenue | 34.13% | 26.35% | 18.17% | 23.15% | 21.95% | 32.8% | 7.55% | 6.03% | 13.67% | 12.69% | 6.77% | 8.18% | 18.64% | 10.93% | 16.56% | 16.73% | 24.65% | 16.14% | 16.75% | 29.59% | 22.71% | 10.4% | 16.45% | - | - | - |
| Acquisitions | -26.29M | 163K | 0 | 0 | 112.81M | 11.59M | 16.42M | 51.36M | 30.18M | 172.64M | 49.34M | -210.95M | 184.53M | 191.03M | 194.89M | 0 | 0 | 0 | 0 | 2.35M | 3.13M | -22.28M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 169.78M | 0 | 143.08M | 203.51M | 0 | 140.54M | 14.25M | -1.7M | 169.03M | -143.75M | -3.85M | 97.52M | 26.33M | -88.66M | -194.89M | 4.01M | 8.8M | 810K | 954K | -32.6M | -35.79M | -32.5M | -13.11M | -151.8M | -150.2M | -39.47M |
| Cash from Financing | 91.3M | -36.06M | -219.65M | -394.03M | -273.69M | 88.54M | 93.61M | -545.33M | -323.94M | -204.76M | -248.63M | -91.65M | -142.42M | -197.58M | -54.3M | 5.78M | 95.52M | -87.85M | 59.52M | 228.29M | 141.5M | 38.92M | 29.75M | 105.3M | 100.4M | 14.47M |
| Debt Issued (Net) | 347.57M | 297.58M | 136.8M | -73.94M | -106.06M | 129.05M | 127.6M | -434.9M | -282.59M | -206.72M | -162.56M | -91.91M | -127.23M | -137.02M | 138.14M | 78.19M | 143.38M | -71.59M | 75.73M | 241.86M | 149.81M | 48.99M | 39.76M | 0 | 0 | 0 |
| Equity Issued (Net) | -53.71M | -8.71M | -87.31M | -105.93M | -167.64M | -40.51M | 0 | 0 | 0 | 0 | 0 | -117.96M | -18.43M | 0 | 0 | 0 | 53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -336.43M | -265.85M | -269.14M | -134.15M | 0 | 0 | -33.99M | -110.44M | -147.6M | -106.79M | -86.12M | -147.59M | -170.77M | -64.7M | -192.61M | -72.41M | -47.91M | -16.25M | -16.21M | -13.56M | -8.31M | -10.07M | -10M | 0 | 0 | 0 |
| Share Repurchases | -53.71M | -8.71M | -87.31M | -105.93M | -167.64M | -40.51M | 0 | 0 | 0 | 0 | 0 | -117.96M | -18.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 133.87M | -59.09M | 0 | -80M | 0 | 0 | 0 | 0 | 0 | 587K | 56K | 0 | 0 | 4.13M | 176K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 105.3M | 100.4M | 14.47M |
| Net Change in Cash | 209.4M | -230.76M | 406.94M | 83.95M | -88.66M | 92.02M | -39.67M | 2.57M | -85.44M | -92.89M | 126.97M | -18.78M | 82.33M | 63.02M | -167.71M | 36.11M | -54.97M | 41.85M | -65.05M | 115.98M | 75.77M | -5.56M | 38.12M | 105.3M | 100.4M | 14.47M |
| Free Cash Flow | 108.42M | 308.05M | 340.51M | 214.91M | 126.31M | 23.55M | -38.79M | 619.69M | -24.38M | 407.39M | 436.29M | 145.66M | -120.79M | 545.06M | 165.59M | 191.96M | -55.93M | 79.77M | -17.81M | -82.07M | 138K | 55.79M | 32.87M | 73.48M | 55.54M | 33M |
| FCF Margin % | 2.88% | 8.51% | 9.88% | 6.22% | 4.26% | 1.56% | -4.84% | 22.89% | -0.91% | 16.15% | 19.66% | 6.46% | -4.47% | 20.9% | 7.36% | 10.48% | -3.95% | 6.35% | -1.38% | -7.99% | 0.02% | 9.17% | 8.22% | 21.5% | 18.48% | 11.36% |
| FCF Growth % | -71.1% | -9.53% | 58.44% | 70.15% | 436.33% | 160.72% | -106.26% | 2641.79% | -105.98% | -6.62% | 199.53% | 220.58% | -122.16% | 229.17% | -13.74% | 443.23% | -170.12% | 547.92% | 78.3% | -59572.46% | -99.75% | 69.74% | -55.27% | 32.29% | 68.33% | - |
| FCF per Share | 2.63 | 7.47 | 8.15 | 5.35 | 2.67 | 0.55 | -0.91 | 14.66 | -0.58 | 9.60 | 10.30 | 3.32 | -2.72 | 12.28 | 3.73 | 4.31 | -1.27 | 1.82 | -0.41 | -1.89 | 0.00 | 1.30 | 0.77 | 1.71 | 1.29 | 0.77 |
| FCF Conversion (FCF/Net Income) | 0.15x | 1.67x | 1.64x | 2.03x | 2.18x | 11.57x | -0.01x | 3.17x | 3.87x | 2.01x | 1.81x | -1.37x | 1.06x | 1.94x | 1.65x | 1.61x | 1.21x | 1.13x | 1.67x | 1.37x | 1.45x | 1.43x | 1.44x | 1.52x | 2.69x | 2.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.17M | 40.38M | 40.11M | 26.78M | 21.13M | 16.02M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.84M | 14.91M | 16.55M | 11.28M | 7.41M | 4.29M | 0 | 0 | 0 |
Capital Intensity and Cyclicality
According to the provided financial data, CPA consistently reports operating cash flow that exceeds net income, with an OCF/NI ratio reaching 1.69 in 2026Q1, suggesting that the company's earnings are supported by high-quality cash generation rather than non-cash accounting accruals or aggressive revenue recognition practices.
The persistent premium of operating cash flow over net income indicates that the company's core business model is highly efficient at converting sales into liquid assets. Investors should monitor this relationship closely, as any sustained compression in this ratio could signal a deterioration in the underlying quality of earnings or a shift in working capital efficiency.
As reported in the quarterly cash flow statements, CPA's free cash flow trajectory remains highly volatile, swinging from a negative 5.2% margin in 2026Q1 to a positive 36.6% margin in 2025Q4, primarily driven by the lumpy nature of capital expenditures related to fleet expansion.
The erratic FCF profile appears to be a direct consequence of the company's heavy investment cycle rather than operational weakness. While the negative FCF periods may concern some, they appear to be deliberate capital allocation choices aimed at modernizing the fleet to maintain long-term competitive advantages.
Based on the reported figures, CPA's capital intensity is significant, with CapEx/Revenue ratios reaching as high as 87.7% in 2023Q4, reflecting a strategic commitment to fleet renewal that is essential for maintaining the operational efficiency of the PTY hub model against regional competitors.
The high level of capital expenditure suggests that the company is prioritizing long-term asset quality over short-term cash preservation. This aggressive investment strategy warrants further investigation to determine if the resulting fuel efficiency gains are sufficient to offset the ongoing pressure on free cash flow.
Financial statements indicate that CPA continues to prioritize shareholder returns, with $70.6 million in dividends paid during 2026Q1, even while simultaneously funding substantial capital expenditures, which suggests management maintains a high degree of confidence in the company's underlying cash-generating capacity and liquidity position.
The simultaneous pursuit of fleet expansion and dividend payments implies a balanced approach to capital allocation that rewards shareholders while securing future operational capacity. However, investors should monitor whether this dual-track strategy remains sustainable if regional economic conditions deteriorate and impact the company's cash flow stability.
Quick answers to the most common questions about buying CPA stock.
Copa Holdings, S.A. (CPA) generated $1.12B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Copa Holdings, S.A. (CPA) generated $308.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Copa Holdings, S.A. (CPA) spent $953.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Copa Holdings, S.A. (CPA) returned $265.9M to shareholders via cash dividends and spent $8.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.