O'Hare International Airport Q3 2025 Financial Results: Record Traffic Drives Growth Amid Major Expansion Plans

Key Takeaways

• O'Hare International Airport welcomed over 80 million passengers in 2024, with 2025 continuing the strong growth trajectory with passenger traffic increasing 6.4% year-over-year through the first seven months

• July 2025 marked O'Hare's busiest month ever with 8.26 million passengers, averaging 266,000 travelers daily and surpassing the previous record set in July 2019

• The airport ranks as the 8th busiest globally and 4th in the United States, with 38.6 million enplanements recorded in calendar year 2024, representing a 7.62% increase over 2023

• Construction is officially underway on the $1.3 billion Concourse D project, the first major milestone in the $8.2 billion ORDNext modernization program expected to create nearly 100,000 jobs by 2033

• Fitch Ratings and KBRA affirmed O'Hare's A+ bond rating with a stable outlook, reflecting strong operational performance despite approximately $10.8 billion in outstanding debt

Chicago O'Hare International Airport delivered exceptional operational and financial performance during the third quarter of 2025, cementing its position as one of the world's premier aviation hubs while embarking on the most ambitious expansion program in its 70-year history. The airport's Q3 2025 results demonstrate remarkable resilience and growth, driven by record-breaking passenger volumes, expanded airline operations, and strategic infrastructure investments that position Chicago as a dominant force in global aviation.

Record-Breaking Passenger Traffic Propels Q3 Performance

O'Hare's third quarter of 2025 was characterized by unprecedented passenger activity that shattered historical records. July 2025 alone witnessed 8,263,448 passengers passing through the airport's terminals—the highest monthly total in O'Hare's history and eclipsing the previous record established in July 2019. This milestone translated to an average of 266,000 passengers daily, underscoring the robust recovery and expansion beyond pre-pandemic levels.​

The momentum continued throughout the quarter, with passenger traffic through the first seven months of 2025 reaching 48.3 million—a 6.4% increase compared to the same period in 2024. This growth trajectory positioned O'Hare to potentially exceed 80 million annual passengers for the full calendar year, maintaining its status as the eighth busiest airport globally and fourth in the United States.​

Flight operations demonstrated equally impressive growth, with July recording 78,054 takeoffs and landings, up 13.2% from July 2024. Through July, total flight operations exceeded 485,000, representing a 10.9% year-over-year increase. The Transportation Security Administration recorded its busiest days ever at O'Hare during the summer of 2025, with all ten of the airport's highest-volume screening days occurring between June and August, peaking at 117,871 passengers screened on August 4, the day after Lollapalooza concluded.​

Financial Strength Amid Massive Capital Investment

While specific Q3 2025 financial statements for O'Hare had not been publicly released at the time of reporting, the airport's financial position remained robust based on available indicators. In September 2025, KBRA assigned an A+ long-term rating with a Stable Outlook to O'Hare's General Airport Senior Lien Revenue Bonds (GARBs) Series 2025A and Series 2025B, while concurrently affirming the A+ rating on approximately $10.8 billion of currently outstanding O'Hare GARBs.​

The rating agency's assessment considered the airport's strong, diverse air trade area supporting origin-and-destination activity, its unique status as a dual connecting hub for both United Airlines and American Airlines, and the efficiency, capacity, and financial benefits afforded by completed and in-process capital projects. Moody's Investors Service maintained its A2 rating on O'Hare's general airport revenue bonds with a stable outlook, noting that the city had taken positive credit steps to adjust the Terminal Area Plan to provide maximum value to airlines.​

Total pro-forma debt was projected to reach a substantial $19.8 billion by 2031 as the airport continues executing its ambitious ORDNext capital program. However, rating agencies expressed confidence that enplanement-related growth in non-airline revenue, combined with increasing airline payments, would support the additional debt associated with capital programs.​

Revenue streams at O'Hare derive from multiple sources including landing fees, terminal area charges, concession revenues, parking fees, and rental car operations. The airport's concession revenue per enplaned passenger has shown steady improvement, supported by Terminal 5's completed expansion which added enhanced retail and dining options. The ongoing construction of new facilities is expected to further boost non-aeronautical revenues as passenger volumes continue their upward trajectory.​

The $8.2 Billion ORDNext Expansion Program

The third quarter of 2025 marked a transformative milestone for O'Hare with the official commencement of construction on Concourse D in August, representing the first major concourse built at the airport in more than 30 years. The $1.3 billion project, designed by Skidmore, Owings & Merrill in collaboration with Ross Barney Architects, JGMA, and Arup, will add 19 new gates designed for narrow-body aircraft, with flexibility to adapt 18 of those gates into nine larger gates capable of accommodating wide-body aircraft.​

Concourse D features an innovative architectural design inspired by the apple orchard that once stood on the site, with tree-like structural columns and a curved roof that reduces building volume by 21% compared to traditional designs, significantly lowering air-conditioning demand and improving energy efficiency. The design reduces exterior surface area and glazing requirements by 17% while cutting structural steel needs by more than 40%.​

The project includes approximately $300 million in related infrastructure improvements, including a new central cooling facility located in the center of the airfield, along with pavement and utility work to support the future Concourse E. Vertical construction is scheduled to begin in spring 2026, with completion targeted for late 2028.​

Concourse D represents the first phase of the broader ORDNext program, which evolved from the original O'Hare 21 Terminal Area Plan announced in 2018. The comprehensive program includes replacing Terminal 2 with the new O'Hare Global Terminal designed by Studio ORD led by architect Jeanne Gang, constructing the 24-gate Concourse E, and building a new underground tunnel system to connect passengers, employees, and baggage operations between the expanded facilities.​

After initial cost overruns led to concerns from hub carriers United Airlines and American Airlines in 2023, a revised agreement reached in May 2024 accelerated the Global Terminal project while delaying Concourse E. This phasing approach prioritizes the most mission-critical elements first, ensuring Chicago maintains its status as a global aviation hub.​

Airline Competition Intensifies at Dual-Hub Airport

O'Hare's unique position as a dual-hub airport for both United Airlines and American Airlines created significant competitive dynamics during Q3 2025. United Airlines, the airport's largest carrier, reported Q3 2025 total operating revenue of $15.2 billion, up 2.6% year-over-year, with landing fees and other rent expenses of $1.0 billion, up 15.7% compared to Q3 2024, reflecting increased operations at O'Hare and other hubs.​

A contentious gate reallocation process came to a head in October 2025, with United gaining five additional gates while American lost four, based on a "use it or lose it" clause in the 2018 lease agreement. Despite losing gates, American Airlines CEO Robert Isom declared on the company's October 25 earnings call that "Chicago can support two hub carriers" and committed to rebuilding O'Hare operations to more than 500 daily departures in 2026, with AAdvantage sign-ups in Chicago jumping 20% year-over-year.​

United wasted no time capitalizing on its expanded footprint, announcing plans for over 2,000 additional flights in October and November, along with 10 new routes for 2026. In August 2025, United operated 35,235 flights to and from O'Hare, while maintaining its position as the dominant carrier with capacity increases of 9% in domestic seats.​

This intense competition between the nation's two largest carriers at O'Hare ultimately benefits passengers through lower fares, expanded route networks, and improved service levels. Aviation expert Brett Snyder noted that "competition results in lower fares; that's the key takeaway," with O'Hare's dual-hub status creating unique competitive dynamics not found at most major U.S. airports.​

International Connectivity Expands

O'Hare's global reach continued expanding during Q3 2025, with the airport serving 149 destinations worldwide and operating more than seven nonstop routes exceeding 6,000 nautical miles (11,100+ kilometers). These ultra-long-haul services connect Chicago with distant hubs across Asia, the Middle East, and Oceania, underscoring O'Hare's continued role as a major global gateway.​

The airport ranked as the #3 U.S. port by trade value at $295 billion, up 9% from 2023, handling 5.5% of all U.S. trade. With more than 333,000 flights in 2024, including 38,000 international operations, O'Hare's position as a critical node in the global supply chain remained unchallenged.​

In July 2025, ASUR (Grupo Aeroportuario del Sureste) announced an agreement to acquire Unibail-Rodamco-Westfield's airport retail concessions at key terminals at John F. Kennedy International Airport, Los Angeles International Airport, and Chicago O'Hare International Airport for $295 million, marking a strategic entry into U.S. commercial airport operations with closing expected in Q4 2025.​

Economic Impact and Employment

O'Hare's operations generated substantial economic benefits for the Chicago metropolitan area during Q3 2025. More than 46,000 employees work at O'Hare, providing essential services across airlines, concessions, ground handling, security, maintenance, and administrative functions. Mayor Brandon Johnson noted that "more travelers than ever are choosing Chicago—whether they're visiting our city or connecting to destinations across the globe".​

A comprehensive study by the Illinois Economic Policy Institute projected that completing the O'Hare 21/ORDNext modernization program as planned would create nearly 100,000 jobs by 2033 (approximately 10,000 jobs per year) and generate more than $2 in economic return for every dollar invested. The construction phase alone is expected to create 3,800 jobs for Concourse D and grow the economy by more than $18 billion through 2033.​

Once completed, the modernization program is projected to boost annual revenues at O'Hare by $280 million per year, grow the Chicago metropolitan economy by more than $500 million annually, and increase state and local tax collections by more than $60 million per year. With the Federal Aviation Administration forecasting 20% growth in enplaned passengers by the end of the decade, O'Hare's economic impact will continue expanding significantly.​

Sustainability Initiatives and Environmental Stewardship

O'Hare demonstrated strong commitment to environmental sustainability during Q3 2025. On January 1, 2025, the airport transitioned to 100% renewable energy, marking a significant milestone in carbon reduction efforts. This achievement built upon the Chicago Department of Aviation's comprehensive Sustainable Airport Manual (SAM), which guides environmentally friendly design, construction, operations, and maintenance across all airport facilities.​

The airport's sustainability initiatives include ground-mounted solar photovoltaic arrays at multiple locations, green roofs on various buildings, dual-flush toilets and high-efficiency faucets in terminals, low-VOC materials in construction, recycling programs, and wetlands mitigation. The future consolidated rental car facility is designed to use 50% less energy than traditionally designed buildings, with 80% of water demand met through recycling.​

These environmental investments not only reduce O'Hare's carbon footprint but also generate operational cost savings and position the airport as a leader in sustainable aviation infrastructure. The ongoing ORDNext projects incorporate advanced sustainability features, including controlled daylight to reduce artificial lighting needs, semi-mixed air systems for energy efficiency, and materials sourced to minimize environmental impact.​

Future Outlook and Growth Projections

Looking beyond Q3 2025, O'Hare's trajectory remains decidedly positive. The Federal Aviation Administration projects O'Hare will reach 53.6 million enplaned passengers by 2030, representing a compound annual growth rate of 2.1%. This forecast, combined with the completion of major capital projects including Concourse D by 2028 and the O'Hare Global Terminal by 2032, positions the airport for sustained long-term growth.​

The airport's on-time performance has improved significantly since modernization efforts began, with O'Hare now outperforming peer airports with 79% of flights arriving and departing on-time as of 2023, compared to 77% in 2018. This operational efficiency, combined with expanded capacity, enhanced passenger amenities, and robust airline competition, ensures O'Hare will maintain its position as one of the world's premier aviation hubs.​

Commissioner Michael McMurray of the Chicago Department of Aviation emphasized that "by breaking ground on Concourse D, we are taking a critical first step toward enhancing how the airport welcomes and serves more than 80 million passengers each year". This commitment to continuous improvement, combined with strong financial fundamentals and strategic capital investments, positions O'Hare International Airport for another decade of exceptional growth and operational excellence.​

Q&A: Understanding O'Hare's Q3 2025 Performance

Q1: What were O'Hare International Airport's key financial metrics for Q3 2025?

A1: While comprehensive Q3 2025 financial statements were not publicly available at the time of reporting, key performance indicators demonstrated strong health. O'Hare maintained its A+ bond rating from both KBRA and Fitch with stable outlooks, despite carrying approximately $10.8 billion in outstanding debt. Passenger traffic increased 6.4% year-over-year through the first seven months of 2025, with July setting an all-time monthly record of 8.26 million passengers. Rating agencies projected that enplanement-related revenue growth combined with increasing airline payments would support the airport's ambitious capital program, with total debt expected to reach $19.8 billion by 2031.​

Q2: How did passenger traffic at O'Hare perform during Q3 2025 compared to previous periods?

A2: O'Hare experienced exceptional passenger traffic growth during Q3 2025, with July marking the busiest month in the airport's 70-year history at 8,263,448 passengers, averaging 266,000 daily. This surpassed the previous record set in July 2019, demonstrating full recovery and growth beyond pre-pandemic levels. Through the first seven months of 2025, O'Hare welcomed 48.3 million passengers, representing a 6.4% increase over the same period in 2024. All ten of the airport's busiest TSA screening days occurred during summer 2025, with the peak reaching 117,871 passengers on August 4. For calendar year 2024, O'Hare recorded 38.6 million enplanements, a 7.62% increase over 2023, ranking it 8th globally and 4th in the United States.​

Q3: What major infrastructure projects are currently underway at O'Hare Airport?

A3: The centerpiece of O'Hare's infrastructure development is the $8.2 billion ORDNext program, with construction officially beginning on the $1.3 billion Concourse D in August 2025. This 590,000-square-foot facility will add 19 new gates with flexibility to accommodate both narrow-body and wide-body aircraft, scheduled for completion in late 2028. The broader ORDNext program includes replacing Terminal 2 with the new O'Hare Global Terminal designed by Studio ORD led by architect Jeanne Gang (targeted for 2032), constructing the 24-gate Concourse E, and building underground tunnels connecting the expanded facilities. The program also encompasses approximately $300 million in related infrastructure improvements including a new central cooling facility, pavement work, and utility upgrades. These projects are expected to create nearly 100,000 jobs by 2033 and generate more than $2 in economic return for every dollar invested.​

Q4: How are United Airlines and American Airlines competing at O'Hare?

A4: O'Hare's unique status as a dual-hub airport created intense competition between United Airlines and American Airlines during Q3 2025. A contentious gate reallocation in October resulted in United gaining five additional gates while American lost four, based on a "use it or lose it" clause in the 2018 lease agreement. United, the airport's largest carrier, capitalized on the additional gates by adding over 2,000 flights in October and November and announcing 10 new routes for 2026. American Airlines CEO Robert Isom responded by committing to expand O'Hare operations to more than 500 daily departures in 2026, with AAdvantage sign-ups in Chicago increasing 20% year-over-year. In August 2025, United operated 35,235 flights at O'Hare, maintaining its dominant position. Aviation experts note this competition benefits passengers through lower fares, expanded route networks, and improved service.​

Q5: What is O'Hare's economic impact on the Chicago region?

A5: O'Hare International Airport serves as a critical economic engine for the Chicago metropolitan area and Illinois, with substantial direct and indirect economic contributions. The airport employs more than 46,000 workers across airlines, concessions, ground handling, security, maintenance, and administrative functions. O'Hare ranks as the #3 U.S. port by trade value at $295 billion, up 9% from 2023, handling 5.5% of all U.S. trade through more than 333,000 annual flights. A comprehensive economic study projected that completing the ORDNext modernization program will create nearly 100,000 jobs by 2033, grow the Chicago metropolitan economy by more than $500 million annually once completed, and increase state and local tax collections by over $60 million per year. The construction phase alone is expected to generate more than $18 billion in economic activity and create approximately 10,000 jobs annually through 2033. With passenger volumes continuing to grow and the Federal Aviation Administration forecasting O'Hare reaching 53.6 million enplanements by 2030, the airport's economic impact will expand significantly in coming years.​

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