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Copa Holdings’ Hidden Strength — Revenue Jumps 25.7% Despite An 85% Fuel Surge!

Copa Holdings reported its second quarter financial results amid a challenging environment characterized by significantly higher fuel costs. The company recorded an operating profit of $91.7 million with an operating margin of 8.7%, down from 21.7% in the same period last year. The operating margin contraction was primarily driven by an 85% increase in all-in fuel prices, which rose from $2.32 to $4.28 per gallon year-over-year. Approximately 40% of bookings for the quarter had been sold prior to this fuel price surge, limiting the company’s ability to fully pass on increased costs. Despite these pressures, the airline grew available seat miles (ASMs) by 16.5%, maintaining an 86.7% load factor compared to 87.3% in Q2 2025. Revenue performance was mixed, with operating revenues increasing by 25.7% to $1.1 billion and passenger yields rising 8.7%. Unit revenue (RASM) increased by 7.9% to $0.