Large Hub

, · SAN

← All Airports

Recent News

Updated Mar 1, 2026
SAN launches 'SAN Assist' program for non-visible disabilities

San Diego International Airport launched SAN Assist on February 24, 2026, providing personalized assistance for travelers with non-visible disabilities such as autism, chronic illness, or sensory sensitivities. Services include one-on-one travel guides and pre-travel familiarization tours available from 6 a.m. to 10 p.m. daily.

FOX 5 San Diego·Feb 24, 2026
San Diego International reports record 25.32M passengers in 2025

San Diego International Airport welcomed 25.32 million passengers in 2025, marking its busiest year ever with a 0.3% increase over 2024. The milestone was driven by 14 new or resumed nonstop routes including international flights to Panama City and Amsterdam, plus 8% growth in international traffic.

The San Diego Union-Tribune·Feb 18, 2026
Atif Saeed named new CEO of San Diego airport authority

San Diego International Airport hired Atif Saeed as its new CEO, succeeding the retiring Kimberly Becker who will stay through mid-March 2026 to assist with the transition. Saeed comes from Philadelphia International Airport and will lead the airport through its $3.8 billion Terminal 1 renovation.

The San Diego Union-Tribune·Feb 5, 2026
TSA PreCheck Touchless ID expansion to include San Diego by spring 2026

San Diego International Airport is among 50 airports set to receive TSA PreCheck Touchless ID technology by the end of spring 2026, expanding from the current 15 airports. The facial recognition system allows passengers to move through security without presenting identification.

Upgraded Points·Jan 9, 2026

Airport Profile

Bond TypeGARB
Rate MethodologyHybrid Residual
AUA StatusActive
Agreement Period2019-01-01 – 2029-12-31

Key Financial Data (FY 2025)

CPE$18.52
Signatory Landing Fee$3.8800
Enplanements12,600,000
Total Operating Revenue$434.2M
Total Operating Expense$330.1M
Operating Income$104.1M
Total Debt$4.5B
Rate Covenant1.25x
Unrestricted Cash$659.6M
Landed Weight (1000 lbs)15,100,000

Enplaned Passengers (T-100)

10.5M-17.9%

Cost per Enplanement (CPE)

$18.52+6.7%

Revenue

$434.2M+8.6%

Expense

$330.1M+5.0%

Ratemaking Overview

Overall MethodologyHybrid Residual
Ratesetting TypeResidual

Settlement & True-Up

Not available

Extraordinary Coverage Protection (ECP)

ECP TypeNone

Not available

Landing Fee Methodology

MethodologyResidual

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Common Use GatesYes
Common Use BaggageYes

Additional Bonds Test

Not fully specified in extracted text; references exist to Additional Senior Bonds issuance conditions under the Master Senior Indenture

Rate Covenant

Covenant Ratio1.25x

Net Revenues in each Fiscal Year must be at least equal to: (i) interest on and principal of Outstanding Senior Bonds required to be funded; (ii) required deposits to any Senior Debt Service Reserve Fund; (iii) reimbursement owed to any Credit Provider or Liquidity Provider; (iv) interest on and principal of any indebtedness other than Senior Bonds, including Subordinate Obligations; and (v) payments of any reserve requirement for debt service for any indebtedness other than Senior Bonds. Additionally, Net Revenues must be equal to at least 125% of total Senior Aggregate Annual Debt Service on Outstanding Senior Bonds.

Flow of Funds

All Revenues deposited in Revenue Account. Priority waterfall: (1) Operation and Maintenance Subaccount - monthly deposit of 1/12 of estimated annual O&M expenses; (2) Senior Debt Service Funds - monthly transfers by 15th of month for 1/6 interest, 1/12 principal, 1/12 sinking installments; (3) Senior Debt Service Reserve Funds - amounts required to replenish reserves; (4) Subordinate Obligations Debt Service Funds - monthly by 20th for subordinate debt payments; (5) Subordinate Obligations Debt Service Reserve Funds - monthly by 20th for replenishment; (6) Operation and Maintenance Reserve Subaccount - monthly by 20th; (7) Renewal and Replacement Subaccount - monthly by 20th. Remaining revenues transferred to Revenue Fund at fiscal year end unless otherwise directed.

1.Operation and Maintenance Subaccount — On or prior to 20th of each month, deposit 1/12 of estimated annual O&M expenses per approved budget. Insufficient balances supplemented immediately from Revenue Account.
2.Senior Debt Service Funds — On or prior to 15th of each month, transfer: (a) 1/6 of interest due on next payment date (full amount by 15th of prior month); (b) 1/12 of principal maturing on next payment date (full amount by 15th of prior month); (c) 1/12 of sinking installments for Senior Term Bonds (full amount by 15th of prior month). May include qualified swap payments if provided in Supplemental Indenture.
3.Senior Debt Service Reserve Funds — Transfer sufficient amounts without priority and on equal basis (except timing) to respective Senior Debt Service Reserve Funds at required times and amounts to replenish or reimburse Credit Provider of Senior Debt Service Reserve Fund Surety Policy.
4.Subordinate Obligations Debt Service Funds — On or prior to 20th of each month, transfer: (a) 1/6 of interest due on next payment date (full amount by 20th of prior month); (b) 1/12 of principal maturing (full amount by 20th of prior month); (c) 1/12 of sinking installments for Subordinate Term Obligations (full amount by 20th of prior month).
5.Subordinate Obligations Debt Service Reserve Funds — On or prior to 20th of each month upon any deficiency, deposit: (a) 1/12 of aggregate amount of each unreplenished prior withdrawal; (b) full amount of any deficiency due to required valuations of investments until balance equals debt service reserve requirement.
6.Operation and Maintenance Reserve Subaccount — On or prior to 20th of each month, payment of amounts required to be deposited in O&M Reserve Subaccount payable from Net Revenues as specified in Master Senior Indenture.
7.Renewal and Replacement Subaccount — On or prior to 20th of each month, payment of amounts required to be deposited in Renewal and Replacement Subaccount as specified in Master Senior Indenture.

Source Documents

Official Statements

SAN-2014-CFC-OS.pdf
SAN-2025AB-OS.pdf
SAN-Sub-2010ABC-OS.pdf

Financial Statements

SAN 2024 FS.pdf
SAN 2025 FS.pdf

Airline Use Agreements

SAN-2019-2029-AUA.pdf

Budgets

FY-2026-Adopted-Budget-and-FY-2027-Approved-Conceptual-Budget.pdf
SAN-2025-Budget.pdf
FY-2024-Adopted-Budget-and-FY-2025-Approved-Conceptual-Budget.pdf
SAN-FY25-FY26-Budget-Book_final.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