Washington Dulles International Airport
Large HubDulles, VA · IAD
Recent News
Updated Mar 1, 2026The Metropolitan Washington Airports Authority submitted a new master plan for Dulles International Airport to the National Capital Planning Commission for review on February 26. The plan includes upgrades to terminals, gates, airfield and more to accommodate projected growth from 27.2 million passengers to potentially 90 million annually in coming decades.
President Donald Trump hosted about a half-dozen infrastructure and construction companies in the Oval Office on February 25, with executives pitching proposals to overhaul Dulles International Airport. The plans could include terminal redesigns, runway changes, modifications to the distinctive people movers, and potentially renaming the airport.
Construction is underway on a new 14-gate Concourse E at Dulles International Airport, projected to be complete in 2026. The concourse will feature airport train station access and more than 15 new shopping and dining locations to accommodate passenger growth.
Washington Dulles International Airport served a record 29.01 million passengers in 2025, up 6.4% from 27.26 million in 2024. Combined with Reagan National, the two-airport system served over 53.9 million passengers in 2025, breaking the previous year's record.
Airport Profile
Key Financial Data (FY 2024)
Enplaned Passengers (T-100)
Cost per Enplanement (CPE)
Revenue
Expense
Ratemaking Overview
Net residual allocation: aeronautical net remaining revenues (after non-aeronautical revenue offsets and facility charges) allocated among signatory airlines proportional to usage metrics (operations, terminal area occupied, ramp usage)
Settlement & True-Up
Monthly billing with detailed statement of all charges; annual comprehensive reconciliation and true-up adjustment
Annual true-up: actual costs reconciled against estimated amounts; overpayments credited or underpayments billed to signatory airlines by March 31 of following fiscal year
Extraordinary Coverage Protection (ECP)
Not available
Landing Fee Methodology
Base landing fee of $4.25 per 1,000 lbs subject to annual adjustment per net residual calculation; allocated to signatory airlines
Terminal Rental Rate
Terminal rents charged per rentable square foot of assigned space on net residual basis; rates vary by terminal area and facility type
Common Use & Gate Allocation
Additional Bonds Test
Maximum Annual Debt Service on all outstanding bonds including proposed new bonds must not exceed 75% of projected Net Revenues for the fiscal year of issuance, or alternative test based on historical coverage
Rate Covenant
Airports Authority will fix and adjust fees and charges to produce Net Revenues at least sufficient for the larger of: (a) amounts needed for debt service deposits, reserve funds, and subordinated obligations, or (b) not less than 125% of Annual Debt Service on all Bonds
Flow of Funds
Net Revenues → Senior Debt Service (Principal + Interest Accounts) → Debt Service Reserve Fund (Common Reserve Account) → Subordinated Bond Funds → Remaining Net Revenues (operations/capital)
Source Documents
Rate Books
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