O'Hare International Airport
Large HubChicago, IL · ORD
Recent News
Updated Mar 15, 2026O'Hare International Airport recorded 272 cancellations and 1,187 delays on March 7, 2026—the highest single-airport disruption rate in the United States. Thunderstorms compounded structural congestion, representing approximately 25-30% of daily operations.
Michael McMurray unveiled renderings and video of O'Hare's new Concourse D at the City Club of Chicago in February 2026. The design features tree-like columns supporting a sky-lit roof, paying tribute to the orchards that once occupied the land.
The O'Hare 21 redevelopment timeline has been pushed back to 2034, compared to the original 2026 completion date announced in 2018. Mayor Johnson and airlines agreed to a new phasing plan building Satellite 1, then the Global Terminal, and Satellite 2 last.
Chicago's O'Hare International Airport began major construction on the new $1.3 billion Concourse D, with excavation work ongoing and vertical construction set to begin in spring 2026. The 19-gate concourse is scheduled to open in late 2028.
Airport Profile
Key Financial Data (FY 2024)
Enplaned Passengers (FAA CATS)
Cost per Enplanement (CPE)
Revenue
Expense
Ratemaking Overview
Settlement & True-Up
Annual Adjustments-to-Actual within 180 days after close of each Fiscal Year
Annual reconciliation of actual capital costs and O&M expenses with rates charged
Extraordinary Coverage Protection (ECP)
Not available
Landing Fee Methodology
Not available
Terminal Rental Rate
Fixed Terminal Charges calculated per Section 8.4-8.9; based on terminal cost center and ratable space allocation
Common Use & Gate Allocation
Additional Bonds Test
Additional Senior Lien Bonds may be issued upon delivery to Trustee of: (i) a Certificate stating that Revenues and Other Available Moneys in the most recent completed Fiscal Year satisfied the 1.25x covenant, assuming maximum Annual Debt Service on all Outstanding Senior Lien Obligations and the proposed Series; OR (ii) a Certificate stating that Revenues and Other Available Moneys are projected to satisfy the 1.25x covenant for each of the next three Fiscal Years following issuance, or through two Fiscal Years after project completion. PFC rate changes and pledged Other Available Moneys must be taken into account. Completion Bonds and Refunding Bonds may be issued by satisfying the debt service coverage requirement or applicable alternative requirements.
Rate Covenant
Revenues and Other Available Moneys for the Fiscal Year, together with the Cash Balance in the Revenue Fund on January 1, must be at least equal to 1.25 times the sum of (a) Operation and Maintenance Expenses for the Fiscal Year, plus (b) Aggregate Debt Service for the Bond Year commencing during that Fiscal Year.
Flow of Funds
Revenues deposited to Revenue Fund. Disbursements: (a) Monthly: 1/12 of annual O&M Expense Projection to Operation and Maintenance Fund. (b) Semi-annually (before each Jan 1 and Jul 1): First, Debt Service Fund (to meet Deposit Requirements); Second, Operation and Maintenance Reserve Fund (1/2 annual requirement); Third, Maintenance Reserve Fund (lesser of $1.5M or amount to reach $3M); Fourth, Junior Lien Obligation Debt Service Fund (as required); Fifth, Supplemental O&M Reserve Fund (1/2 annual requirement); Sixth, Airport General Fund (remaining balance). If Revenue Fund insufficient, deposits made on next date after higher priority deposits. Maintenance Reserve Fund mandatorily applied to cover Debt Service Fund deficiencies. Excess amounts at Fiscal Year-end transferred to Revenue Fund. Airport General Fund moneys free from lien for any lawful airport purpose.
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