Minneapolis-Saint Paul International Airport

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Minneapolis, MN · MSP

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Recent News

Updated Mar 1, 2026
MSP Airport's Economic Output Hits $21.3B, Supporting 93,000 Jobs

Metropolitan Airports Commission released a new economic impact study showing MSP Airport generated $21.3 billion in economic output in 2024, up 34% from 2016's $15.9 billion. The airport served 37.2 million passengers in 2024 and supports more than 93,000 total jobs while contributing $3.3 billion in government revenues.

Minnesota's New Country·Feb 26, 2026
Flights to Puerto Vallarta Cancelled Amid Mexico Drug Cartel Violence

Several flights from MSP to Puerto Vallarta were cancelled on February 23 following the killing of Mexican drug cartel leader 'El Mencho,' which sparked civil unrest. Sun Country and Delta cancelled flights to the popular tourist destination as travelers were urged to stay at their resorts.

FOX 9 Minneapolis-St. Paul·Feb 23, 2026
TSA Launches $45 Fee for Travelers Without REAL ID Starting Feb 1

Starting February 1, 2026, travelers at MSP without REAL ID-compliant identification must pay a $45 fee to use TSA ConfirmID, the backup identity verification system. The fee covers a 10-day travel period for most travelers planning round-trip flights.

MSP Airport·Feb 1, 2026

Airport Profile

Governing EntityMetropolitan Airports Commission
Entity TypeCommission
Fiscal Year EndDecember
Bond TypeGARB
Rate MethodologyHybrid Compensatory
AUA StatusActive
S&PA+
Moody'sAa3
FitchAA-

Key Financial Data (FY 2024)

CPE$11.06
Signatory Landing Fee$4.9000
Enplanements18,064,839
Total Operating Revenue$484.6M
Total Operating Expense$457.7M
Operating Income$26.9M
Total Debt$2.2B
Rate Covenant1.1x
Unrestricted Cash$401.1M
Landed Weight (1000 lbs)21,971,355

Enplaned Passengers (T-100)

14.7M-17.6%

Cost per Enplanement (CPE)

$11.06+9.5%

Revenue

$484.6M+10.2%

Expense

$457.7M+6.9%

Ratemaking Overview

Overall MethodologyHybrid Compensatory
Ratesetting Typeagreement
Cost Center StructureCost centers for Airfield, Terminal Building, and Common Use Facilities
Revenue SharingNon-aeronautical revenues (parking, concessions, ground rent) offset against aeronautical expenses
Capital RecoveryDebt service and capital improvement fees component of landing fees

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)

ECP TypeSettlement

Not available

Landing Fee Methodology

MethodologyResidual

Landing fee of $3.85 per 1,000 lbs; allocated to airlines based on landed weight usage

Terminal Rental Rate

Rate DivisorTotal net rentable square feet in terminal complex

Terminal building rent per net rentable square foot; compensatory rate methodology

Common Use & Gate Allocation

Common Use GatesLimited common use gates for non-signatory carriers
Gate AllocationAllocation on available capacity basis; IATA procedures apply

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

Covenant Ratio1.1x

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.

1.Maintenance and Operation Expenses — Set aside in Operating Fund to pay current Maintenance and Operation Expenses of Airport System
2.Commission Debt Service Fund for GO Bonds (current) and Senior Debt Service Funds — Transfer without priority, equal basis (except timing) for (i) principal/interest on GO Revenue Bonds and (ii) to Senior Trustee for Senior Bonds debt service
3.Commission Debt Service Fund for GO Bonds (reserve) and Senior Debt Service Reserve Funds — Transfer without priority, equal basis (except timing) for (i) GO bond reserve and (ii) to Senior Trustee for Senior bond reserve or Credit Provider reimbursement
4.Commission Debt Service Fund Deficiencies — If deficiency tax certified for GO Revenue Bonds, set aside in Operating Fund to repay counties for property taxes
5.Subordinate Obligation Debt Service — To Subordinate Trustee for debt service on Subordinate Obligations
6.Subordinate Obligation Debt Service Reserve Funds — To Subordinate Trustee for reserve funds or Credit Provider reimbursement
7.Maintenance and Operation Reserve Account — Amount equal to six months of maintenance and operation expenses (within Operating Fund)
8.Commission Construction Fund — Discretionary amounts; includes Repair and Replacement Account
9.Health Self-Insurance Trust Fund — Discretionary amounts for health self-insurance
10.Coverage Account — Discretionary amounts for Maintenance and Operation Expenses, debt service/redemption on Senior Bonds, or additions/improvements/repairs

Source Documents

Official Statements

MSP-2024AB-OS.pdf

Financial Statements

MSP 2024 ACFR.pdf

Airline Use Agreements

MSP-2019-AUA.pdf
MSP-AUA-Amendments.pdf

Budgets

Budget Book 2024.pdf
Budget Book 2025.pdf
Monthly Budget Variance Report November 2025.pdf
MSP-2025-Budget.pdf

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