October 2023

More Capex, More Debt ‐ Evolving Balance Sheets of US Airports

U.S. airport passengers are back, or at least back to 2019 pre-pandemic levels, and the airport sector is undertaking a massive wave of capital expansions to meet rising demand. The trend will see balance sheets grow and prices climb, per a research report from Fitch Ratings in October. Large hub airports will lead the capital expansions, with more than $150 billion in capex planned through 2027.


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