COMMISSION
AGENDA MEMORANDUM
BRIEFING ITEM

Item No.
Date of Meeting

DATE:

July 24, 2025

TO:

Stephen P. Metruck, Executive Director

FROM:

Elizabeth Morrison, Interim Chief Financial Officer
Michael Tong, Director, Corporate Budget

11a
August 12, 2025

SUBJECT: Q2 2025 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the Q2 2025 financial
performance results.
BACKGROUND
The Port's overall operating revenues for Q2 2025 were $533.1 million, which is $1.2 million
above budget and $39.2 million higher than the same period last year. Excluding Aeronautical
revenues, which are based on cost recovery and revenue sharing formulas, other Airport NonAero revenues were $158.5 million, $110 thousand below budget mainly due to lower revenues
from Airport Commercial Properties ($2.7M), Public Parking ($2.2M), ADR & Terminal Leased
Space ($725K), Ground Transportation ($636K), and Employee Parking ($633K); largely offset by
higher revenues from International Place ($4.9M), Clubs & Lounges ($1.1M) and Rental Cars
($949K).
Seaport revenues were $2.7M over budget mainly due to higher NWSA Distributable Revenue
($3.1M) and revenue from Grain ($957K), partially offset by lower revenues from Maritime
Portfolio Management ($591K), Central Harbor Management ($319K), and Conference & Event
Center ($190K).
Total operating expenses for the first half of 2025 were $321.2 million, which is $12.8 million
below budget and $32.1 million higher than 2024. The favorable budget variance was largely due
to delay in Outside Services spending, Equipment Expense, and Travel & Other Employee
Expenses; partially offset by higher payroll expenses.
Net operating income before depreciation was $211.9 million, which is $14.1 million above
budget and $7.1 million higher than the same period last year.

Template revised April 12, 2018.

COMMISSION AGENDA - Briefing Item No. 11a
Meeting Date: August 12, 2025
The presentation outline is as follows:
1.
2.
3.
4.
5.

Portwide Operating Results
Aviation Division Operating Results
Maritime Division Operating Results
Economic Development Division Operating Results
Central Services Operating Results

ATTACHMENTS TO THIS BRIEFING
(1)
(2)

Q2 2025 Financial and Performance Report
Presentation slides

PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None

Template revised September 22, 2016.

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