RIC Reports Banner Fiscal Year

Airport exceeds $80M in revenue; sets all-time annual passenger and cargo records

During its monthly the Capital Region Airport Commission meeting, Richmond International Airport (RIC) announced all-time annual record highs for passenger activity at 4.96 million and cargo volumes of 235.5 million. The airport also reported outperforming budget projections for Fiscal Year 2026 (FY26), generating nearly $80.4 million in revenue and remaining under expense estimates by approximately $1.7 million, according to preliminary, unaudited data.

“Balancing fiscal stewardship and sustainable growth is a critical part of our strategic plan as we work to make Richmond International Airport the region’s preferred gateway to the world,” said Perry Miller, Ph.D., A.A.E., I.A.P., president and CEO of Richmond International Airport. “We are seeing the growth of the Richmond region reflected in travel demand, and we continue to invest in modernizing our facilities to match that pace and add value and convenience for our passengers, partners, and the community.”

Passenger traffic at RIC for FY26 showed a 2.3% increase or a gain of 110,431 passengers for FY26, totaling 4.96 million. Monthly data for June marked a slight decrease with 454,038 passengers welcomed at the airport, which is 0.5% less than the same month last year.

Total cargo operations increased in June, rising 10.6% over the same period last year to reach an all-time record total of 235.5 million pounds handled in FY26 and a 5.2% compared to FY25. Aircraft operations decreased by 2.6% in June compared to the same period last year; however, total aircraft operations for FY26 were up by 3.9%. For more info, visit monthly statistics on the web. 

The monthly financial report for June showed airport revenues outperformed the FY26 budget, according to preliminary, unaudited data. Monthly operating revenues totaled $6.5 million, exceeding projections by $100,000 or 2.1%. Fiscal Year To Date 2026 (FYTD26) revenues totaled nearly $80.4 million, greater than budget by $7.4 million and 10.2%.

Monthly operating expenses were less than budget by approximately $400,000 or 8.8%, totaling $4.2 million. This was driven by a favorable variance of $900,000 in personnel expenses and $200,000 in maintenance costs, which was offset by $400,000 in consulting services expenses and $300,000 in marketing and public relations expenses. FYTD26 expenses totaled $46.0 million, under budget by $1.7 million or 3.5%. 

In other business matters, the Commission reviewed and approved resolutions that support the airport’s strategic priorities, including authorizing the airport CEO to: 

• Execute a new lease agreement was approved for Unifi Aviation, LLC, a Delaware limited liability company, consisting of 5,539 square feet in the Log Hangar and approximately 90,000 adjacent parking areas. The lease was approved for a three-year term with the option of two additional one-year extensions. The total annual lease amount for the initial term is $123,495.00.
  
  
• Execute a new lease agreement was approved for Jetstar Aviation VA, LLC, a Delaware limited liability company, consisting of 4,338 square feet of warehouse space in Cargo Building 1, 1,792 square feet of apron space, and 1,219 square feet in an adjacent parking area. The lease was approved for a three-year term with the option of two additional one-year extensions. The total annual lease amount for the initial term is $29,487.00.
  
  

• Apply to the Foreign-Trade Zones Board for a usage-driven FTZ designation on behalf of Lineage Logistics, LLC., and execute the necessary agreements to establish and operate the FTZ site at its Sandston site. Annual revenue of $12,000 is expected from operating fees.
  
  
• Apply to the Foreign-Trade Zones Board for a usage-driven FTZ designation on behalf of Total Packaging Services, LLC., and execute the necessary agreements to establish and operate the FTZ site at its Henrico site. Annual revenue of $12,000 is expected from operating fees.

The Commission also approved its updated leadership and committee membership for FY27.

About Richmond International Airport (RIC)  

Richmond International Airport’s vision is to be the region’s preferred gateway to the world by focusing on world-class customer experience and operational excellence that drives passenger choice. Activities at RIC contribute nearly 13,500 jobs and $2.97 billion to central Virginia’s economy, according to a new report from the VCU School of Business Executive MBA program. To learn more, please visit RIC on the web, Facebook, Instagram, LinkedIn, X, or YouTube.