Dallas Love Field
Medium HubDallas, TX · DAL
Recent News
Updated Mar 1, 2026McKinney National Airport is on track to open as a commercial airport by year-end 2026, becoming the Dallas-Fort Worth metroplex's third commercial airport alongside DFW and Love Field. The airport will offer a performance-based cost structure designed to be a fraction of operating costs at DFW or Love Field.
Multiple infrastructure projects around Dallas Love Field Airport are on target for spring 2026 completion ahead of the FIFA World Cup 2026. The airport is working toward increasing its accreditation from Level 4 to Level 4+, and 28 underground storage tanks have been removed with eight more scheduled for removal in 2026.
Dallas Love Field's $2.5 billion Love Field Expansion Airport Program is the largest in the facility's history. The new airline use and lease agreement with Southwest Airlines approved in May 2025 includes $800 million in pre-approved terminal funding, with up to $600 million potentially used for 12 additional gates if federal restrictions are modified.
The Dallas City Council extended Southwest Airlines' lease for 18 gates at Dallas Love Field until September 2040, completing a new Use and Lease Agreement early before the current lease expires in September 2028. The airport served over 16 million passengers in the 2024 calendar year with enplanements projected to reach 10 million by end of 2026.
Airport Profile
Key Financial Data (FY 2024)
Enplaned Passengers (T-100)
Cost per Enplanement (CPE)
Revenue
Expense
Ratemaking Overview
Settlement & True-Up
Not available
Extraordinary Coverage Protection (ECP)
Not available
Landing Fee Methodology
Not available
Terminal Rental Rate
Not available
Common Use & Gate Allocation
Additional Bonds Test
Either (i) Airport Consultant projects Net Revenues for 3 consecutive Fiscal Years ≥ 1.25x Average Annual Debt Service on all Outstanding Parity Bonds plus Additional Parity Bonds, or (ii) certificate from Aviation Director and CFO showing Net Revenues for most recent complete Fiscal Year or any consecutive 12 of most recent 18 months ≥ 1.10x Maximum Annual Debt Service. Exemptions: (A) first $250M for Parking Garage and initial issuance, (B) refunding bonds that reduce maximum debt service. Other conditions: Additional Parity Bonds must mature on Principal Installment Payment Dates; Reserve Fund must equal Reserve Requirement after issuance; Corporation must not be in material default.
Rate Covenant
Net Revenues for each Fiscal Year at least equal to 1.25 times the Average Annual Debt Service on all outstanding Parity Bonds and Additional Parity Bonds scheduled to occur during each respective Fiscal Year
Flow of Funds
From Pledged Revenue Fund: (A) First, to Debt Service Fund for principal and interest on General Airport Revenue Bonds; (B) Second, to Reserve Fund to maintain Reserve Requirement; (C) Third, to Trustee and Paying Agent/Registrar fees and expenses; (D) Fourth, to Subordinate Lien Obligations; (E) Fifth, to Project Fund for Love Field improvements as agreed by City and Corporation.
Source Documents
Official Statements
Financial Statements
Airline Use Agreements
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