Minneapolis-Saint Paul International Airport
Large HubMinneapolis, MN · MSP
Recent News
Updated Mar 28, 2026Minneapolis-St. Paul International Airport's 2026 capital improvement program totaling $501 million includes ongoing work on the Concourse G expansion and additional gates and concessions at Terminal 2. The Terminal 2 North Expansion, a 168,000-square-foot project adding two gates, is underway with completion expected in early 2027.
Work is underway on a $240 million two-gate expansion at Terminal 2, which began in spring 2024 and will continue through 2026, with gates opening in early 2027. The expansion adds 168,000 square feet, including two new gates, additional passenger seating, restrooms, and concessions space to accommodate growing passenger demand.
Delta Air Lines opened a new Sky Club at MSP Airport in January 2026, located at the end of G Concourse. The lounge features modern amenities and design inspired by Minnesota's natural landscape, though it lacks shower facilities unlike similar facilities at other Delta hubs.
Airport Profile
Key Financial Data (FY 2025)
Enplaned Passengers (FAA CATS)
Cost per Enplanement (CPE)
Revenue
Expense
Ratemaking Overview
Residual allocation: net remaining revenues after all non-aeronautical offsets allocated to signatory airlines by usage metrics
Settlement & True-Up
Monthly settlement with annual reconciliation and true-up
Annual true-up between estimated and actual costs; adjustments to signatory airlines by proportional usage
Extraordinary Coverage Protection (ECP)
Not available
Landing Fee Methodology
Landing fee of $3.85 per 1,000 lbs; allocated to airlines based on landed weight usage
Terminal Rental Rate
Terminal building rent per net rentable square foot; compensatory rate methodology
Common Use & Gate Allocation
Additional Bonds Test
Two-part test: (a) Historical: Certificate from Authorized Commission Representative showing Subordinate Revenues for any 12 consecutive months in most recent 24 months, after adjustments, will equal or exceed Subordinate Maximum Aggregate Annual Debt Service. (b) Projected: Consultant's certificate showing estimated Subordinate Revenues (together with any Transfer not exceeding 10% of debt service) will equal or exceed 110% of Subordinate Aggregate Annual Debt Service for (i) each fiscal year from issuance until first full fiscal year with no capitalized interest, and (ii) for period from first full fiscal year following issuance with no capitalized interest through later of fifth full fiscal year or third full fiscal year with no capitalized interest. May exclude debt service paid with irrevocably committed PFCs or other specifically committed funds.
Rate Covenant
Subordinate Revenues, together with any Transfer (not to exceed 10% of Subordinate Aggregate Annual Debt Service), will be at least 110% of Subordinate Aggregate Annual Debt Service on Outstanding Subordinate Obligations. Subordinate Revenues = Revenues minus Maintenance and Operation Expenses minus Senior Aggregate Annual Debt Service on Senior Parity Bonds minus reserve and replenishment requirements on Senior Parity Bonds. Debt Service excludes amounts paid from PFCs and Subordinate Capitalized Interest.
Flow of Funds
All Revenues deposited to Operating Fund. Application priority: (a) Maintenance and Operation Expenses, (b) Commission Debt Service Fund for General Obligation Revenue Bonds (current principal/interest) and Senior Debt Service Funds (equal basis), (c) Commission Debt Service Fund for GO bonds (reserve) and Senior Debt Service Reserve Funds (equal basis), (d) Reimbursement of Commission Debt Service Fund Deficiencies, (e) Subordinate Obligation Debt Service, (f) Subordinate Obligation Debt Service Reserve Funds, (g) Maintenance and Operation Reserve Account, (h) Commission Construction Fund, (i) Health Self-Insurance Trust Fund, (j) Coverage Account. PFCs deposited to PFC Account in Operating Fund, used per federal regulations.
Source Documents
Official Statements
Financial Statements
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