George Bush Intercontinental Airport

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Houston, TX · IAH

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Recent News

Updated Mar 8, 2026
George Bush IAH opens expanded Terminal E with new international processor

George Bush Intercontinental Airport opened its newly expanded Terminal E on March 3, 2026, marking a major milestone in the $1.46 billion IAH Terminal Redevelopment Program. Air France and KLM were the first airlines to transition, with Terminal E featuring the Amadeus bag drop system and a 17-lane TSA checkpoint.

Houston.org·Mar 3, 2026
Houston METRO expands 500 Downtown Direct route to include Hobby Airport

Houston METRO expanded its 500 Downtown Direct airport shuttle service to include William P. Hobby Airport ahead of the FIFA World Cup 2026. One-way fares remain $4.50, with the route already serving Bush Intercontinental Airport and downtown Houston.

Houston Public Media·Feb 20, 2026
IAH completes $1.46B Terminal Redevelopment Program ahead of World Cup

Houston Airport System officials have nearly completed George Bush Intercontinental Airport's $1.46 billion Terminal Redevelopment Program. Major phases including Terminal D-West Pier, Terminal D updates, and the new International Central Processor are finished or nearly completed, with baggage system testing underway in February 2026.

Community Impact·Jan 29, 2026
ITA Airways announces first nonstop Houston-Rome service starting May 2026

ITA Airways announced the first ever nonstop flight from Houston to Rome on December 2, 2025, using the Airbus A330-900, starting May 1, 2026. The seasonal service will offer three flights weekly through May, increasing to five weekly flights from June 1 through October 24.

The Points Guy·Dec 2, 2025

Airport Profile

Governing EntityCity of Houston, Houston Airport System
Entity TypeCity Department
Fiscal Year EndJune
Bond TypeGARB
Rate MethodologyHybrid Compensatory
AUA StatusExtended
Agreement Period2001-08-29 – 2026-12-31
S&PA+
Moody'sA1
FitchA+

Key Financial Data (FY 2025)

CPE$11.17
Signatory Landing Fee$2.2800
Enplanements24,137,322
Total Operating Revenue$490.7M
Total Operating Expense$540.8M
Operating Income$-50.1M
Total Debt$1.7B
Rate Covenant1.25x
Unrestricted Cash$145.7M
Landed Weight (1000 lbs)30,987,256

Enplaned Passengers (T-100)

19.0M-17.7%

Cost per Enplanement (CPE)

$11.17+4.8%

Revenue

$490.7M+7.5%

Expense

$540.8M+17.7%

Ratemaking Overview

Overall MethodologyHybrid Compensatory

Settlement & True-Up

Not available

Extraordinary Coverage Protection (ECP)

ECP TypeNone

Not available

Landing Fee Methodology

MethodologyCompensatory

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

The Master Ordinance permits issuance of Additional Subordinate Lien Bonds, Additional Senior Lien Obligations and Inferior Lien Bonds for any lawful Houston Airport System purpose if certain conditions are satisfied. Specific test conditions are referenced in APPENDIX C-1 but detailed requirements not provided in excerpts.

Rate Covenant

Covenant Ratio1.25x

The City covenants to fix, charge and collect rates sufficient to yield Net Revenues at least equal to the larger of: (1) all amounts required to be deposited to Senior Lien Bond Interest and Sinking Fund, Senior Lien Bond Reserve Fund, Subordinate Lien Bond Interest and Sinking Fund, Subordinate Lien Bond Reserve Fund, Inferior Lien Bond Interest and Sinking Fund, and Inferior Lien Bond Reserve Fund; or (2) 125% of Debt Service Requirements for Outstanding Senior Lien Obligations plus 110% of Debt Service Requirements for Outstanding Subordinate Lien Bonds plus 100% of Debt Service Requirements for Outstanding Inferior Lien Bonds. Debt Service Requirements calculation excludes any portion of interest or principal irrevocably committed to be paid from Houston Airport System funds other than Net Revenues (including PFC Revenues) and excludes capitalized interest.

Flow of Funds

Revenue Fund receives all Gross Revenues. Priority waterfall: (1) Operation and Maintenance Expenses, yielding Net Revenues; (2) Senior Lien Bond Interest and Sinking Fund (debt service on Senior Lien Obligations); (3) Senior Lien Bond Reserve Fund (reestablish reserve requirement); (4) Subordinate Lien Bond Interest and Sinking Fund (debt service on Subordinate Lien Bonds); (5) Subordinate Lien Bond Reserve Fund (reestablish reserve requirement); (6) Inferior Lien Bond Interest and Sinking Fund; (7) Inferior Lien Bond Reserve Fund; (8) Operation and Maintenance Reserve Fund (maintain two months' current O&M expenses); (9) Renewal and Replacement Fund (replenish to $10M requirement); (10) Airports Improvement Fund (may be used for any lawful Houston Airport System purpose). PFC Revenues are separate and not included in Net Revenues but may be irrevocably committed to Subordinate Lien Bond Interest and Sinking Fund for eligible debt service.

1.Operation and Maintenance Expenses — Pay all Current Operation and Maintenance Expenses from Revenue Fund
2.Senior Lien Bond Interest and Sinking Fund — Pay Debt Service Requirements on Senior Lien Obligations
3.Senior Lien Bond Reserve Fund — Reestablish Senior Lien Bond Reserve Fund Requirement
4.Subordinate Lien Bond Interest and Sinking Fund — Pay Debt Service Requirements on Subordinate Lien Bonds
5.Subordinate Lien Bond Reserve Fund — Reestablish Subordinate Lien Bond Reserve Fund Requirement
6.Inferior Lien Bond Interest and Sinking Fund — Pay Debt Service Requirements on Inferior Lien Bonds (if any)
7.Inferior Lien Bond Reserve Fund — Reestablish Inferior Lien Bond Reserve Fund Requirement (if any)
8.Operation and Maintenance Reserve Fund — Maintain reserve of two months' current Operation and Maintenance Expenses
9.Renewal and Replacement Fund — Replenish Fund to meet Renewal and Replacement Fund Requirement ($10M)
10.Airports Improvement Fund — May be used for any lawful Houston Airport System purpose

Source Documents

Official Statements

IAH-2014-CFC-OS.pdf
IAH-2025AB-OS.pdf

Financial Statements

IAH 2024 ACFR.pdf
IAH 2025 ACFR.pdf

Airline Use Agreements

IAH-2001-2026-AUA-Term-E.pdf
IAH-Term-B-AUA.pdf

Rate Books

IAH Jan25 Rate Book.pdf
HOU-IAH-FY2026-Ratebook.pdf

Source: FAA CATS Form 5100-127, DOT T-100 Market Data, Airport Official Statements · Hub classification: FAA CY 2024 Enplanement Data · Prepared by DWU Consulting