O'Hare International Airport
Large HubChicago, IL · ORD
Recent News
Updated Mar 8, 2026Chicago O'Hare became the worst-hit airport on March 7, 2026 with 272 cancellations and 1,187 delays (1,459 total disruptions representing 25-30% of daily operations). Thunderstorms compounded structural congestion, prompting FAA ground delay programs and proving FAA's summer 2026 capacity cap warnings correct.
Chicago O'Hare International Airport entered eighth place among the world's busiest airports in February 2026 with 3.71 million seats, posting a notable 15 percent year-on-year increase. The growth was supported by expanded international services and sustained large domestic networks.
American Airlines challenged United Airlines over Chicago O'Hare expansion plans in early March 2026, accusing United of using growth announcements as a ploy to block competition. The dispute comes as AA announced new LAX routes and increased Chicago operations challenging United's hub dominance.
Airport Profile
Key Financial Data (FY 2024)
Enplaned Passengers (T-100)
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
Airline Use Agreements
Rate Books
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