George Bush Intercontinental Airport
Large HubHouston, TX · IAH
Recent News
Updated Mar 15, 2026Houston Airports temporarily closed Runway 9/27 at George Bush Intercontinental for a 90-day resurfacing and lighting improvement project. The work includes grinding and retexturing the 10,000-foot runway and installing 380 new LED runway lights.
Select international airlines including Air France and KLM Royal Dutch Airlines transitioned to IAH's newly expanded Terminal E on February 27. The terminal features a 17-lane TSA screening area, self-service bag drop stations, and is the first in Texas to debut the Amadeus bag drop system.
The Houston Fire Department held a grand opening celebration on February 6 for its newest fire station at George Bush Intercontinental Airport. The 21,000-square-foot Station 92 features six fire-response apparatuses and will be staffed 24/7/365.
Houston Airport System is finalizing George Bush Intercontinental's $1.46 billion Terminal Redevelopment Program, the largest single investment Houston has made in IAH. The project includes the Terminal D-West Pier, new International Central Processor ticketing hall, and enhanced security checkpoints ahead of FIFA World Cup 2026.
Airport Profile
Key Financial Data (FY 2025)
Enplaned Passengers (FAA CATS)
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
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