O'Hare International Airport
Large HubChicago, IL · ORD
Recent News
Updated Mar 29, 2026Southwest Airlines announced it will discontinue flights to Chicago O'Hare Airport as of June 4, 2026, instead focusing exclusively on Chicago Midway Airport. The airline stated that operating at O'Hare continues to be challenging and it is confident it can serve Chicagoland through Midway. Southwest served around a dozen destinations out of O'Hare.
The Department of Homeland Security deployed approximately 75 Immigration and Customs Enforcement officers to O'Hare International Airport starting March 23, 2026. The agents will assist with non-screening support duties including monitoring exit lanes, making routine passenger announcements, and helping with line management as TSA agents work without pay during the partial government shutdown.
The FAA proposed limiting operations at Chicago O'Hare International Airport to 2,800 daily flights throughout the Summer 2026 Scheduling Season, down from airlines' scheduled 3,080+ daily operations. The FAA held scheduling reduction meetings on March 19, 2026, with air carriers to prevent large-scale operational disruption. A final order with carrier-specific limitations will be published in the Federal Register.
Chicago Department of Aviation unveiled new renderings and a fly-through video of the upcoming 19-gate Concourse D at O'Hare International Airport in February 2026. The $1.3 billion concourse features 'The Orchard' with 30,000 square feet of lounge space and is expected to be completed in late 2028. The project broke ground in early 2025 and will add 14% more gate capacity.
Chicago O'Hare International Airport recorded 857,392 aircraft operations in 2025, more than any other airport in America, Mayor Brandon Johnson announced in January 2026. While O'Hare leads in aircraft movements, Atlanta handled more passengers at 106.3 million compared to O'Hare's 84.85 million. Chicago's dual-airport system recorded an aircraft takeoff or landing every 30 seconds in 2025.
Airport Profile
Key Financial Data (FY 2024)
Enplaned Passengers (FAA CATS)
Cost per Enplanement (CPE)
Revenue
Expense
Ratemaking Overview
Settlement & True-Up
Annual Adjustments-to-Actual within 180 days after close of each Fiscal Year
Annual reconciliation of actual capital costs and O&M expenses with rates charged
Extraordinary Coverage Protection (ECP)
Not available
Landing Fee Methodology
Not available
Terminal Rental Rate
Fixed Terminal Charges calculated per Section 8.4-8.9; based on terminal cost center and ratable space allocation
Common Use & Gate Allocation
Additional Bonds Test
Additional Senior Lien Bonds may be issued upon delivery to Trustee of: (i) a Certificate stating that Revenues and Other Available Moneys in the most recent completed Fiscal Year satisfied the 1.25x covenant, assuming maximum Annual Debt Service on all Outstanding Senior Lien Obligations and the proposed Series; OR (ii) a Certificate stating that Revenues and Other Available Moneys are projected to satisfy the 1.25x covenant for each of the next three Fiscal Years following issuance, or through two Fiscal Years after project completion. PFC rate changes and pledged Other Available Moneys must be taken into account. Completion Bonds and Refunding Bonds may be issued by satisfying the debt service coverage requirement or applicable alternative requirements.
Rate Covenant
Revenues and Other Available Moneys for the Fiscal Year, together with the Cash Balance in the Revenue Fund on January 1, must be at least equal to 1.25 times the sum of (a) Operation and Maintenance Expenses for the Fiscal Year, plus (b) Aggregate Debt Service for the Bond Year commencing during that Fiscal Year.
Flow of Funds
Revenues deposited to Revenue Fund. Disbursements: (a) Monthly: 1/12 of annual O&M Expense Projection to Operation and Maintenance Fund. (b) Semi-annually (before each Jan 1 and Jul 1): First, Debt Service Fund (to meet Deposit Requirements); Second, Operation and Maintenance Reserve Fund (1/2 annual requirement); Third, Maintenance Reserve Fund (lesser of $1.5M or amount to reach $3M); Fourth, Junior Lien Obligation Debt Service Fund (as required); Fifth, Supplemental O&M Reserve Fund (1/2 annual requirement); Sixth, Airport General Fund (remaining balance). If Revenue Fund insufficient, deposits made on next date after higher priority deposits. Maintenance Reserve Fund mandatorily applied to cover Debt Service Fund deficiencies. Excess amounts at Fiscal Year-end transferred to Revenue Fund. Airport General Fund moneys free from lien for any lawful airport purpose.
Source Documents
Official Statements
Financial Statements
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