George Bush Intercontinental Airport
Large HubHouston, TX · IAH
Recent News
Updated Mar 8, 2026George 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 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 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.
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.
Airport Profile
Key Financial Data (FY 2025)
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
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
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.
Source Documents
Official Statements
Financial Statements
Airline Use Agreements
Rate Books
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