Major U.S. Toll Road Issuers: Profiles and Comparative Analysis

Major U.S. Toll Road Issuers: Profiles and Comparative Analysis

From the New Jersey Turnpike to the North Texas Tollway: A Financial Guide to America's Largest Toll Road Authorities

Ratings, Revenues, Debt Structures, and Strategic Positioning for the Nine Largest U.S. Toll Road Issuers

Prepared by DWU AI

An AI Product of DWU Consulting LLC

February 2026

DWU Consulting LLC provides specialized infrastructure finance consulting for airports, toll roads, transit systems, ports, and public utilities. Our team brings deep expertise in financial analysis, credit evaluation, rate setting, and comparative benchmarking across transportation sectors. Please visit https://dwuconsulting.com for more information.

Introduction

The United States toll road sector is dominated by nine major issuers, collectively managing over 3,800 centerline miles of toll-financed transportation infrastructure and generating more than $8.5 billion in annual toll revenue. These authorities represent the backbone of tolled highway finance in America, funding critical regional corridors in the Northeast (New Jersey Turnpike Authority, Pennsylvania Turnpike Commission), Midwest (Illinois Tollway), Southeast (Florida Turnpike Enterprise), South-Central (North Texas Tollway Authority, Harris County Toll Road Authority, Central Texas Regional Mobility Authority), and nationally distributed systems (Oklahoma Turnpike Authority, Central Florida Expressway Authority).

Each of the nine major issuers operates under distinct governance structures, ranging from state transportation agency divisions (Florida) to county-backed authorities (Harris County) to independent commissions (Pennsylvania, Oklahoma). Their debt structures reflect decades of accumulated toll revenue bonds, senior and subordinate lien positions, and in several cases, extraordinary leverage relative to annual revenues. Credit ratings span the investment-grade spectrum from Aa1 (Harris County) to A2 (Central Texas RMA), reflecting their underlying cash flow generation, capital renewal requirements, and political/legal risk factors.

This article profiles each of the nine major issuers in detail, presents a comparative overview across key financial metrics, and analyzes the credit differentiators that explain why, for example, Harris County maintains a higher rating than the much larger Pennsylvania Turnpike Commission. Understanding these dynamics is essential for investors, rate-covenant monitors, and infrastructure professionals seeking to benchmark toll road credit quality across the nation.

Comparative Overview

The following table presents key metrics for the nine major toll road issuers as of fiscal year 2024 (or FY2025 where noted):

Key Observations:

The nine issuers collectively generate approximately $8.5 billion in annual toll revenue and manage $51.7 billion in total debt. Revenue concentration is significant: Pennsylvania (20.1%), New Jersey (19.8%), Illinois (16.5%), and Florida (15.9%) together account for 72% of system revenues. Pennsylvania carries the nation's largest toll road debt burden at $16.0 billion, yet maintains investment-grade ratings (A1 Moody's) because of extraordinary senior lien coverage ratios (2.43x) and stable traffic. Harris County, despite being the smallest issuer by revenue, carries the highest rating (Aa1) due to exceptionally low leverage (debt-to-revenue of 3.1x) and first-lien DSCR exceeding 5.2x. Geographic concentration is also notable: six of nine issuers serve major metropolitan areas (Northeast Corridor, Chicago, DFW, Houston, Orlando, Austin), while Oklahoma and Pennsylvania's rural/suburban segments diversify the portfolio geographically but with lower revenue density.

New Jersey Turnpike Authority

System Overview and Revenue Base

The New Jersey Turnpike Authority operates two distinct toll systems: the New Jersey Turnpike (122 centerline miles of limited-access highway linking Newark to the Delaware River) and the Garden State Parkway (173 centerline miles, northern New Jersey to the Jersey Shore). Combined, NJTA manages 295 centerline miles and generated $1.68 billion in toll revenue in FY2024, representing roughly 19.8% of the nine-issuer portfolio. The dual-system structure creates governance complexity: each system maintains separate toll schedules, rate-setting processes, and debt structures, yet NJTA consolidates their financial reporting and strategic planning.

The Turnpike corridor is one of the nation's busiest toll roads, carrying regional traffic between New York City and Philadelphia, and local traffic serving New Jersey's industrial and commercial centers. Garden State Parkway traffic is more leisure-oriented (shore traffic) but equally steady. Combined, NJTA systems carried approximately 600+ million vehicle transactions in FY2024, with E-ZPass penetration exceeding 70%, supporting efficient toll collection and data-rich traffic monitoring.

Debt Structure and Credit Profile

NJTA's total debt outstanding as of FY2024 was approximately $5.8 billion, split between senior lien bonds (rated A2 by Moody's, A by Fitch) and subordinate lien bonds (typically rated two notches lower). Senior lien DSCR of 1.92x (versus the 1.40x policy target) indicates adequate but not extraordinary coverage. The authority maintains a disciplined rate-setting protocol: 3% annual toll escalation on both systems provides reliable revenue growth and funds both principal repayment and a substantial ongoing capital program.

NJTA faces structural challenges typical of mature toll authorities in high-cost, politically divided states. The New Jersey legislature oversees rate setting, and governors frequently resist toll increases for competitive/political reasons. Additionally, NJTA's capital program is massive and critical: the agency has committed to a multi-billion-dollar New Jersey Turnpike Improvement Program (NJTP) focused on bridge reconstruction, roadway rehabilitation, and technology upgrades. This sustained capital burden drives ongoing borrowing, keeping leverage metrics elevated relative to peer authorities. However, NJTA's embedded toll base in the Northeast Corridor and the strong traffic demand for the Jersey Shore corridor provide durable revenue support. Credit stability has been sustained for decades despite political turnover.

Pennsylvania Turnpike Commission

System Overview and Strategic Position

The Pennsylvania Turnpike Commission operates 565+ centerline miles of toll highway serving both through-traffic on the east-west I-76 mainline (connecting Ohio to New Jersey) and regional commuter traffic in the Philadelphia and Pittsburgh metropolitan areas. The system carries approximately 180+ million vehicles annually and generated $1.71 billion in toll revenue in FY2025 (up 7.4% from FY2024), making it the second-largest issuer by revenue.

Pennsylvania's toll road is the nation's most leveraged: total debt outstanding stands at approximately $16.0 billion, yielding a debt-to-revenue ratio of 9.9x—the highest among the nine major issuers. This extraordinary leverage is a direct legacy of Act 44 (2007), which authorized transfers of turnpike revenues to PennDOT for state highway maintenance, effectively mortgaging future toll revenue growth to fund state operations. Despite this leverage, Pennsylvania maintains A1 ratings (Moody's) because of exceptional senior lien coverage: senior DSCR of 2.43x far exceeds policy targets and validates the sufficiency of operating revenues to service debt.

Recent Developments and Litigation Risk

In January 2025, Pennsylvania Turnpike Commission implemented Open Road Tolling (ORT) on the mainline, transitioning from plaza-based toll collection to all-electronic toll collection. ORT promises operational efficiencies, faster vehicle throughput, and reduced toll-collection costs, but carries execution risk during implementation. The authority simultaneously implemented a 5% toll increase (effective January 2025), supporting the rate covenant and funding continued capital improvements.

Pennsylvania Turnpike faces mounting litigation and political risk. Multiple pending lawsuits challenge the constitutionality of Act 44 transfers and the authority's rate-setting methodology. A 2025 legal decision regarding Act 44 compliance could force significant operational or financial restructuring. Additionally, the state legislature periodically proposes to eliminate toll roads altogether (and rebuild the system with state/federal funding), creating long-term policy uncertainty despite near-term debt service coverage. These factors explain why Pennsylvania's rating, while investment-grade, remains one step below Aa-equivalent peers.

Illinois State Toll Highway Authority

System and Revenue Profile

The Illinois State Toll Highway Authority (Illinois Tollway or ILTWY) operates 294 centerline miles of toll expressways serving the Chicago metropolitan area and regional Illinois traffic. Key corridors include I-90 (Jane Addams Memorial Tollway), I-88 (Ronald Reagan Memorial Tollway), I-94, and I-355 (Veterans Memorial Tollway), creating an integrated expressway network linking Chicago's core to its suburbs and regional commerce destinations. FY2024 toll revenue was $1.40 billion, and the authority carries $7.05 billion in debt.

Illinois Tollway's revenue base is strong—the Chicago metro area is the nation's third-largest metropolitan area—and traffic recovers quickly post-recession due to regional economic diversity. I-PASS electronic toll collection penetration exceeds 87%, among the highest in the nation, enabling efficient toll collection, real-time traffic data, and premium pricing for congestion-managed lanes.

Major Headwinds: Litigation and Rate Mandate Risk

Illinois Tollway faces unprecedented headwinds in 2025–2026. In October 2025, a negligence verdict totaling $104.6 million was issued against the authority, related to a fatal accident. While the authority expects to challenge and potentially settle the verdict, this represents a material contingent liability and raises questions about asset preservation and rate-revenue sufficiency. More significantly, Illinois Senate Bill 2111 (passed in 2024) mandates aggressive toll increases: +45¢ per passenger vehicle transaction and +30% per heavy truck, effective January 2027. These increases are unprecedented in scale and timing, signaling state-legislated financial stress and the need for enhanced toll revenue.

Despite these headwinds, Illinois Tollway maintains Aa3 ratings (Moody's) and is expected to retain investment-grade status. The strong Chicago metro traffic base, the severity of the legislated toll increase, and the authority's Move Illinois capital program ($14 billion over 15 years) collectively signal the state's commitment to toll-funded infrastructure. However, the combination of litigation risk, rate mandate risk, and capital intensity warrants close monitoring by investors and rate-covenant stakeholders.

Florida Turnpike Enterprise

Governance and Revenue Characteristics

Florida's Turnpike Enterprise (FTE) is operationally a division of the Florida Department of Transportation (FDOT), not a standalone authority. This structural integration provides implicit state backing and operational support, but FTE maintains financial autonomy and bond-issuer status. FTE operates 515 centerline miles of toll highway, including the Florida Turnpike mainline (from the Miami-Dade/Broward area northward to central Florida), the Homestead Extension (serving southern Florida), and several connector segments. FY2024 toll revenue was $1.35 billion.

FTE's competitive advantage is its geographic positioning in the nation's most rapidly growing state. Florida's population has grown by 1.5+ million residents over the past decade, with much of that growth concentrated in Southeast Florida (Miami-Dade, Broward, Palm Beach) and Southwest Florida (Lee, Collier), both served by FTE toll corridors. This demographic tailwind supports steady traffic growth and toll revenue growth without aggressive rate increases. FTE employs CPI-indexed rate escalation, historically ranging 2.5%–3.0% annually, providing steady but not excessive rate pressure on users.

Credit Profile and Capital Program

FTE maintains excellent credit ratings: Aa2 (Moody's), AA (S&P), and AA (Fitch), with all three agencies noting stable outlooks. Senior DSCR of approximately 2.35x supports the investment-grade rating and demonstrates strong coverage. Total debt is approximately $3.89 billion, yielding a relatively modest debt-to-revenue ratio of 2.9x compared to national peers. The SunPass universal toll collection system provides operational efficiency and data-rich traffic monitoring, with user account penetration exceeding 4 million accounts statewide.

FTE is investing heavily in network expansion and capital renewal: the I-4 Ultimate project (a major reconstruction initiative at I-4's intersection with the Suncoast Parkway) and Homestead Extension improvements represent multi-billion-dollar commitments. These capital projects will drive borrowing and debt growth, but the strong revenue base and state support suggest FTE will remain among the nation's highest-rated toll issuers.

North Texas Tollway Authority

System Scope and Growth Profile

The North Texas Tollway Authority (NTTA) operates 245 centerline miles (1,000+ lane-miles) of toll facilities in the Dallas-Fort Worth metropolitan area. NTTA is distinctly a "lanes and systems" operator rather than a single corridor authority: it manages the President George Bush Turnpike (PGBT) and its extensions, the Dallas North Tollway (DNT), the Sam Rayburn Tollway (SRT), State Highway 121, State Highway 183 Airport Freeway, and several connector segments. This multi-system, multi-corridor approach reflects NTTA's role as the primary toll operator for the DFW metroplex.

FY2024 toll revenue was $1.19 billion, and NTTA carries $8.52 billion in total debt. The authority's debt-to-revenue ratio of 7.2x is moderate-to-high but sustainable given the high-growth corridor profile of DFW. The Dallas-Fort Worth metroplex is the nation's fifth-largest metropolitan area, and traffic growth significantly outpaces national averages (compounded annual growth exceeding 3–4% over the past decade). TxTag electronic toll collection serves 3.4 million accounts, supporting efficient toll collection and interoperability across NTTA's multi-system network.

Governance and Advisory Relationships

NTTA is an independent special district authority created by state legislation, with a governing board appointed by DFW regional governments and the state. This structure provides operational independence and professional management: NTTA has retained C&M Associates (a Houston-based transportation and revenue consultant) as its Traffic and Revenue (T&R) advisory since 2012, ensuring disciplined growth forecasting and rate-covenant compliance. Senior lien DSCR of 2.35x aligns with NTTA's policy target, indicating disciplined rate setting and strong operational management.

NTTA maintains Aa3 ratings (Moody's) and has announced substantial capital expansion plans focused on regional growth corridors. The authority has pursued both organic toll-funded expansion and private development partnerships (e.g., the PGBT Extension under P3 development). This multi-modal development approach positions NTTA as a growth play in the rapidly expanding DFW region, supporting above-average toll revenue growth and debt service capacity.

Harris County Toll Road Authority

System Profile and Exceptional Credit Quality

Harris County Toll Road Authority (HCTRA) operates 128 centerline miles of toll facilities in the Houston metropolitan area, including the Sam Houston Tollway, Beltway 8, Hardy Toll Road, and Fort Bend Tollway. With FY2024 toll revenue of $896 million, HCTRA is the smallest of the nine major issuers by revenue. Yet it commands the highest credit rating: Aa1 (Moody's), AA (S&P), and AA (Fitch)—investment-grade ratings shared only with a handful of the largest toll authorities nationwide.

HCTRA's credit excellence is rooted in exceptional financial discipline: total debt of only $2.80 billion yields a debt-to-revenue ratio of 3.1x, the lowest among the nine major issuers. More remarkably, first-lien senior DSCR exceeds 5.2x, an extraordinarily high coverage ratio indicating that first-lien revenues alone cover first-lien debt service more than five times over. This conservative leverage and exceptional coverage reflect HCTRA's governance structure: the authority is county-backed, with fiscal oversight by Harris County commissioners and the county's finance department. This institutional discipline translates into investor confidence and Aa1-equivalent ratings despite HCTRA's smaller absolute revenue base.

Toll Collection and Growth

HCTRA operates the EZ TAG toll collection system, serving 1.1 million+ transponder accounts. The agency maintains a policy target DSCR of 2.50x for senior bonds, higher than many peers, reflecting a commitment to financial conservatism. The Houston metropolitan area is a major petrochemical and energy center with significant through-traffic and regional growth, supporting steady toll traffic across HCTRA's network. The Port of Houston and Bush Intercontinental Airport are major traffic generators, providing diversified demand sources beyond residential commuter traffic.

Central Florida Expressway Authority

Tourism-Driven Traffic and Post-Pandemic Recovery

Central Florida Expressway Authority (CFX) operates 125 centerline miles of toll expressways in Orange, Seminole, and adjacent counties in the Orlando metropolitan area. Its core corridors serve the heavily developed I-4 corridor (linkage between Daytona and Tampa), State Road 417 (north-south expressway), and State Road 408 (east-west expressway serving downtown Orlando and theme park districts). FY2024 toll revenue was $705 million, up 12% year-over-year, indicating exceptional post-pandemic traffic recovery.

CFX's unique revenue driver is tourism: the vicinity of Walt Disney World, Universal Orlando, SeaWorld, and other major attractions creates steady leisure traffic in addition to regional commuter demand. The Orlando International Airport is a major traffic generator, and Orlando's role as a convention and entertainment destination ensures diverse traffic sources. Unlike most toll roads (which are sensitive to local economic conditions), CFX benefits from a national/international tourism base, providing revenue diversification and cyclical stability. SunPass and E-ZPass compatibility enables regional toll interoperability for travelers.

Financial Metrics and Growth Trajectory

CFX carries $3.16 billion in debt, yielding a debt-to-revenue ratio of 4.5x. Senior lien DSCR of approximately 2.20x supports Aa3 ratings (Moody's) and stable outlook. CFX employs CPI-indexed rate escalation (2.957% in FY2025), aligning toll revenue growth with inflation and supporting sustainable rate paths. The authority's capital program focuses on capacity additions and maintenance renewal, with funding sourced from toll revenue bonds and federal/state grants.

CFX is positioned for continued strong growth: Orlando's population and tourism visitation have recovered and exceeded pre-pandemic levels, and regional development continues at a rapid pace. The authority's Aa3 ratings and strong traffic recovery make it one of the more attractive toll issuers for investor benchmarking and rating agency monitoring.

Oklahoma Turnpike Authority

Statewide System and Rural Positioning

Oklahoma Turnpike Authority (OKTA) operates 600+ centerline miles of toll highway, the nation's most geographically extensive toll system among the nine major issuers. OKTA's network spans the state from the Kansas border to the Red River (Texas border), serving both through-traffic (north-south I-44 corridor and east-west US-270) and regional/local traffic in Oklahoma City, Tulsa, and surrounding areas. This statewide coverage reflects Oklahoma's geography and population distribution, with toll corridors connecting regional centers and serving as critical freight routes for trucking between regional markets.

FY2024 toll revenue was $410 million, the lowest among the nine major issuers, reflecting OKTA's rural and lower-density operational environment compared to urban-focused peers. However, OKTA's traffic base includes significant through-traffic (goods movement between the Midwest, Texas, and the Southwest), providing revenue diversity and resilience to local economic cycles.

Capital Program and Financial Position

OKTA carries approximately $2.6 billion in debt, yielding a debt-to-revenue ratio of 6.3x—moderate relative to peers. The authority maintains a statutory DSCR minimum of 2.35x and has consistently achieved senior DSCR near or above this target. PikePass electronic toll collection serves 1.1 million accounts, supporting efficient toll collection and data-rich traffic monitoring.

OKTA is undertaking its largest capital program in history: the ACCESS Oklahoma program, authorized in 2022, committed $5 billion in toll-funded improvements over several years. This capital intensity is driving debt growth, but the long-term positioning reflects OKTA's commitment to network modernization, corridor capacity additions, and technology upgrades (e.g., all-electronic toll collection on new segments). Senior lien DSCR of 1.95x and Aa3 ratings (Moody's, stable) support the pace of borrowing and capital investment.

Central Texas Regional Mobility Authority

Austin Market Dynamics and High Growth

Central Texas Regional Mobility Authority (CTRMA) operates 48.7 centerline miles of toll facilities in the Austin metropolitan area. While the smallest system by miles among the nine major issuers, CTRMA serves one of the nation's fastest-growing metropolitan areas. Austin's population has grown by over 1 million residents over the past two decades, driven by tech industry migration (Apple, Oracle, Tesla, Meta, and numerous startups), making Austin the fastest-growing large metropolitan area in the U.S. This growth dynamic drives exceptional toll traffic and revenue growth.

CTRMA's core corridors—the MoPac Expressway (Loop 1 toll section), State Road 183A, and State Road 290 East—serve both regional commuter traffic and through-traffic on north-south and east-west routes. FY2024 toll revenue was $176 million, modest in absolute terms, but growing at double-digit rates annually as the Austin metro expands. The authority has established itself as the primary toll operator for regional growth corridors, with expansion plans aligned with regional development.

High Leverage and Growth Bet

CTRMA carries $1.8 billion in debt, yielding a debt-to-revenue ratio of 10.2x—the highest among the nine major issuers. This extraordinary leverage reflects CTRMA's positioning as a growth-stage issuer: the authority financed corridor development early in the Austin growth cycle, betting on the market's exceptional growth trajectory. Senior lien DSCR of 1.95x is moderate and in line with policy targets, but the high leverage creates rating pressure: CTRMA maintains A2 ratings (Moody's), two notches below Aa-equivalent peers.

CTRMA has retained C&M Associates as its Traffic and Revenue advisor, providing disciplined growth forecasting and rate-covenant compliance oversight. The authority's positioning reflects a calculated bet on Austin's continued high growth, and the trajectory of Austin's economy and migration patterns validates the initial capital deployment. As toll revenue grows and debt is paid down, CTRMA's leverage ratio should moderate, supporting potential rating upgrades.

Cross-Issuer Credit Analysis

Leverage and Solvency Comparison

Leverage—measured as total debt divided by annual toll revenue—is one of the most critical determinants of toll road credit quality. Among the nine major issuers, leverage ranges from 3.1x (Harris County, best) to 10.2x (Central Texas RMA, highest). Median leverage is approximately 6.5x, and six of nine issuers fall in the 6–9x range, reflecting the capital-intensive nature of toll road development and the reliance on toll revenue for debt service.

Pennsylvania's extraordinary 9.9x leverage (and CTRMA's 10.2x) are both explicable through historical context: Pennsylvania mortgaged future revenue through Act 44 transfers, while CTRMA financed growth-stage infrastructure ahead of market maturation. However, Pennsylvania sustains its A1 rating because senior lien coverage (2.43x) far exceeds policy minimums, indicating that the first-lien creditors have strong protection. CTRMA, by contrast, maintains A2 ratings (two notches lower) despite similar leverage, reflecting the market's perception that Austin's growth trajectory is less certain than Pennsylvania's embedded traffic base (despite Act 44's financial stress).

Coverage Ratios and Debt Service Capacity

Debt Service Coverage Ratio (DSCR)—senior lien revenues divided by senior lien debt service—is the most direct measure of toll road financial health. Among the nine issuers, senior DSCR ranges from 1.92x (New Jersey) to 5.2x (Harris County first-lien). Policy targets typically range 1.40x–2.50x, making most issuers well-capitalized for debt service.

Harris County's 5.2x first-lien DSCR is extraordinary and reflects two factors: (1) exceptionally low leverage (3.1x) leaves ample room for debt service cushion, and (2) strong traffic and toll revenue growth sustain operating cash flow well above minimum thresholds. This exceptional coverage is a primary driver of HCTRA's Aa1 rating, the highest among the nine issuers.

Pennsylvania's 2.43x coverage and Illinois Tollway's 2.10x coverage are also strong and support investment-grade ratings, but these are reached through high absolute revenues (Pennsylvania $1.71B, Illinois $1.40B) rather than through unusually conservative leverage. The coverage is adequate but provides less margin for operational adversity (e.g., recession-driven traffic decline) compared to Harris County's exceptional cushion.

Why Harris County Leads in Credit Quality

Harris County Toll Road Authority maintains the highest rating (Aa1) despite being the smallest issuer by revenue, because of its exceptional financial discipline: (1) low leverage (3.1x debt-to-revenue, versus 6–10x for most peers), (2) extraordinary first-lien coverage (5.2x, versus 2–2.5x for peers), (3) county governance backing providing implicit support, and (4) steady Houston metropolitan area growth. The combination of these factors creates a credit profile with minimal near-term risk and strong loss-absorption capacity.

Pennsylvania, by contrast, is much larger (by revenue) and serves a more critical Northeast Corridor, but carries extraordinary leverage (9.9x), faces Act 44 transfers and litigation risk, and operates in a politically contentious state environment. These factors explain why Pennsylvania's rating (A1) is two notches below Harris County's, despite similar absolute debt service capacity.

Illinois Tollway would be positioned for higher ratings (currently Aa3) except for the October 2025 negligence verdict and the January 2027 SB 2111 toll mandate, both of which introduce near-term credit uncertainty. Florida Turnpike's exceptional geographic position (state DOT integration, Florida population growth) supports its Aa2 rating and stable outlook. North Texas Tollway's Aa3 rating reflects strong growth profile and multi-system diversification, while Central Texas RMA's A2 rating reflects high leverage despite exceptional growth trajectory.

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• Traffic and Revenue Studies for Toll Roads: Methodology and Application

Disclaimer: This article is AI-generated for informational purposes only and should not be construed as legal, financial, or investment advice. DWU Consulting LLC makes no representations regarding the accuracy, completeness, or suitability of the information herein for any particular purpose. Investors and professionals should consult with qualified advisors before making decisions based on this content. All data presented reflect publicly available information and DWU Consulting's proprietary research as of February 2026.