Seattle-Tacoma International Airport
Large HubSeaTac, WA · SEA
Recent News
Updated Mar 15, 2026Seattle-Tacoma International Airport is collecting donations of food and other items for TSA employees working without pay amid the government shutdown. The airport opened a food pantry and is accepting non-perishables, hygiene products and baby supplies with help from airport tenants.
Seattle-Tacoma International Airport and Alaska Airlines celebrated completion of the $546 million SEA Gateway Project in February, transforming the north end of the terminal with modern, light-filled spaces and more efficient customer journey from curb to gate.
Port of Seattle Executive Director Steve Metruck announced Wendy Reiter has been selected as the new Managing Director of Seattle-Tacoma International Airport, effective January 7, 2026. The Aviation Division's 2026-2030 capital plan totals $3.75 billion with $847 million expected in 2026 spending.
Alaska Airlines announced nonstop services from SEA to London and Reykjavik starting in 2026. With these additions, SEA will offer over 60 international services to 36 international destinations on 30 different airlines, up from 42 services pre-pandemic.
Airport Profile
Key Financial Data (FY 2024)
Enplaned Passengers (FAA CATS)
Cost per Enplanement (CPE)
Revenue
Expense
Ratemaking Overview
Settlement & True-Up
Not available
Extraordinary Coverage Protection (ECP)
Not available
Landing Fee Methodology
Not available
Terminal Rental Rate
Terminal Area Expenses / Gross Terminal Space with space category weighting
Common Use & Gate Allocation
Additional Bonds Test
Port may issue additional Intermediate Lien Parity Bonds if not in default and either: (i) Port certificate showing Available Intermediate Lien Revenues as First Adjusted during Base Period were at least 110% of Annual Debt Service for each year of the Certificate Period (covers existing and proposed bonds), OR (ii) Consultant certificate projecting same 110% coverage. If Debt Service Offsets used, must be irrevocably pledged for Certificate Period. Certificate Period = year of issuance through third full fiscal year after earlier of (a) Date of Commercial Operation or (b) no more capitalized interest. No certificate required for certain refundings meeting specified criteria or completion bonds ≤15% of prior issuance.
Rate Covenant
The Port covenants to set rates sufficient to yield: (i) Available Intermediate Lien Revenues as First Adjusted at least equal to 110% of the Amount Due, AND (ii) Available Intermediate Lien Revenues as Second Adjusted at least equal to 125% of the Amount Due. These are separate, non-cumulative calculations. Amount Due = (a) Scheduled Debt Service, plus (b) deposits to Intermediate Lien Reserve Account, plus (c) amounts due to Credit/Liquidity Facility Issuers, excluding refunding debt, capitalized interest, and Intermediate Lien Debt Service Offsets.
Flow of Funds
First: O&M not paid from other sources (CFC, Tax Levy). Second: First Lien Bond debt service. Third: First Lien reserve accounts (Common Reserve Fund). Fourth: Other prior lien bonds (junior to First Lien, senior to Intermediate). Fifth: Intermediate Lien Parity Bond debt service and Net Payments on derivative products. Sixth: Intermediate Lien Reserve Account. Seventh: Reserved Lien Revenue Bonds. Eighth: Reserved Lien reserves. Ninth: Subordinate Lien Parity Bond debt service. Tenth: Subordinate reserves. Eleventh: Repair & Renewal Fund. Twelfth: Redemption/purchase of bonds or other lawful purposes. Nonscheduled derivative payments payable after Sixth.
Source Documents
Official Statements
Financial Statements
Budgets
+4 more
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