Miami International Airport
Large HubMiami, FL · MIA
Recent News
Updated Mar 8, 2026American Airlines and Miami-Dade County announced a $1 billion expansion of Concourse D at MIA. The Gate D60 project will add 17 new contact gates to accommodate larger aircraft, eliminate outside boarding, and include upgraded baggage systems. Construction is set to begin in 2027 with completion targeted for 2030.
The Concourse D extension at MIA aims to achieve LEED Silver and Envision Verified certifications, the highest ratings for resilient structures. The three-level expansion is part of the $9 billion Modernization in Action Plan, with construction wrapping up in 2030.
Miami International Airport cargo shipments skyrocketed by 13.6% to nearly 3.5 million tons in 2025, marking six consecutive years of record-breaking growth. Passenger traffic reached 55.3 million travelers in 2025, just 1% below the airport's 2024 record, with January 2026 traffic up 1.5%.
American Airlines announced daily, year-round service between MIA and Milan Malpensa Airport starting March 2026 on a Boeing 787 aircraft. This is the only nonstop service between Miami and Milan, complementing American's existing Rome service and bringing MIA's transatlantic destinations to five.
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
Additional Bonds may be issued on a parity basis if: (i) proceeds plus other available funds cover estimated costs; (ii) either (a) historical Net Revenues (adjusted) divided by the largest annual Principal and Interest Requirements (including new bonds) is at least 120%, or (b) projected annual Net Revenues in each of five Fiscal Years (per Traffic Engineers) divided by Principal and Interest Requirements for each such Fiscal Year is at least 120%; and (iii) the Reserve Account is fully funded. Completion bonds may be issued without the financial test if prior bond proceeds are insufficient.
Rate Covenant
The County covenants to fix, charge, and collect rates and charges sufficient to yield Revenues that provide: (i) funds for payment of Current Expenses; (ii) deposits to the Reserve Maintenance Fund; and (iii) deposits to the Sinking Fund of not less than 120% of the Principal and Interest Requirements for each fiscal year on account of the Bonds of each Series Outstanding, plus deposits/payments to the Reserve Account or to providers of Reserve Facilities.
Flow of Funds
All Revenues are deposited in the Revenue Fund. Funds are then applied in priority: (1) Current Expenses (retain 20% operating reserve, currently 17% by Board resolution); (2) Trustee receives monthly withdrawals from Revenue Fund to deposit: (a) 1/6th of semiannual interest and 1/12th of serial principal to Bond Service Account, (b) 1/12th of Amortization Requirement (term bonds) plus premium to Redemption Account, (c) 1/60th of Reserve Account Requirement to Reserve Account (until fully funded), (d) amounts to Reserve Maintenance Fund as recommended by Consulting Engineers, and (e) remaining funds to Improvement Fund for any airport-related purpose.
Source Documents
Official Statements
Financial Statements
Airline Use Agreements
Budgets
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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