San Francisco International Airport
Large HubSan Francisco, CA · SFO
Recent News
Updated Mar 29, 2026Multiple videos posted on social media on March 23 showed two federal immigration officers forcibly handcuffing a woman at San Francisco International Airport while her daughter stood by crying. The New York Times reported that TSA has been sharing passenger information with ICE about domestic airport travelers who may have deportation orders, intensifying fears about airports becoming immigration enforcement hubs.
Waymo began offering fully autonomous rides to San Francisco International Airport starting in January 2026. Initially, pickups and dropoffs occur at the SFO Rental Car Center, accessible via a short AirTrain ride, with plans to serve additional airport locations like the terminals in the future.
San Francisco International Airport will close Runway 1 Right from March 30 to October 2, 2026, for a $180 million resurfacing and taxiway-upgrade project. The closure will extend through peak summer travel season. SFO expects fewer than 10% of flights to be delayed, with average delays of less than 30 minutes.
Airport Profile
Key Financial Data (FY 2025)
Enplaned Passengers (FAA CATS)
Cost per Enplanement (CPE)
Revenue
Expense
Ratemaking Overview
Expenses (AO&M + Equipment/Small Capital + Debt Service + ORCIF + Annual Service Payment) allocated to 5 direct cost centers. Three interim centers (Access/Roadways, Administration, AirTrain) allocated to direct centers. Non-airline revenues credited per cost center. Terminal: Basic Rate (total costs ÷ Gross Building Area) + Rental Surcharge (unfunded public space costs net of non-airline revenues and PFCs, 50/50 split with Landing Fee). Actual billing converts to 5 weighted space categories via Equivalent Category I. Landing Fee: Airfield net expense + Other Leased Areas/West of Bayshore residuals + 50% of Rental Surcharge − GT&P net revenue, divided by Composite Landed Weight. Settlement: annual reconciliation of actual vs estimated per Section 5.5.
Settlement & True-Up
Not available
Extraordinary Coverage Protection (ECP)
Not available
Landing Fee Methodology
Residual. Airfield Area net expenses (O&M + Debt Service + Equipment + Small Capital + ORCIF, less non-airline revenues and PFCs) plus Other Leased Areas and West of Bayshore residuals, plus 50% of Terminal Rental Surcharge net of GT&P net revenue, divided by Composite Landed Weight. Per Exhibit O Attachment 5.
Terminal Rental Rate
Residual. Two-component pricing: (1) Total Terminal Area costs divided by Gross Building Area = Basic Rate per sq ft. (2) Unfunded public space costs (net of PFCs and non-airline revenues) = Rental Surcharge, split 50/50 between terminal and landing fee. Terminal surcharge allocated to Airline Leased Space. Effective rate = Basic Rate + Surcharge Rate. Actual billing uses 5 weighted space categories (Cat I=1.00, II=0.75, III=0.50, IV=0.25, V=0.10) converting to Equivalent Category I sq ft per Exhibit O Attachment 4.
Common Use & Gate Allocation
Additional Bonds Test
Historical: Revenues for any 12 consecutive months of last 18 months, adjusted for known rate changes, must produce Net Revenues of at least 1.25x combined existing + proposed Aggregate Annual Debt Service. Projected: Airport Consultant certifies projected Revenues for each of first 2 full FYs after issuance will produce at least 1.25x combined AADS.
Rate Covenant
Net Revenues plus Transfer plus amounts credited to Coverage Account shall equal at least 1.25x Aggregate Annual Debt Service on all outstanding Second Series Bonds
Flow of Funds
Gross revenue pledge with waterfall
Source Documents
Official Statements
Financial Statements
+4 more
Budgets
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