2026 U.S. Airport Sector Outlook: Moderating Growth Restores the Durable Fundamentals of U.S. Airport Credits

U.S. airports play a critical role in the global economy by providing the safe and efficient transport of people, goods, and services. Although the sector faces cyclical macroeconomic headwinds and periodic exogenous shocks, it has historically demonstrated strong financial resilience. Notably, no major publicly owned commercial airport that issues general airport revenue bonds (GARB) has ever defaulted.¹ In KBRA’s view, this untarnished track record reflects the industry’s unique combination of strengths. For one, airports enable airlines to efficiently and economically serve passengers. Moreover, the industry exhibits significant barriers to entry—including substantial capital requirements, a complex regulatory framework, and political considerations—while most airports operate with limited competition in their local market. The sector also relies on established and proven structures for revenue generation and debt repayment. Experienced, highly…