Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM
Item No.
11a
BRIEFING ITEM
Date of Meeting
September 9, 2026
DATE: August 3, 2026
TO: Stephen P. Metruck, Executive Director
FROM: Chris Wimsatt, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: Q2 2026 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the Q2 2026 financial
performance results.
BACKGROUND
The Port’s overall operating revenues for Q2 2026 were $549.5 million, which is $1.6 million
above the revised budget and $29.0 million higher than the same period last year. Excluding
Aeronautical revenues, which are based on cost recovery, other Airport Non-Aero revenues were
$165.7 million, $1.6 million above budget mainly due to higher revenues from Public Parking
($2.8M), Rental Cars ($1.0M), and Airport Utilities ($544K); partially offset by lower revenues
from ADR & Terminal Leased Space ($1.7M), Airport Commercial Properties ($987K), and Ground
Transportation ($786K).
Seaport revenues were $81.7 million, $276 thousand below the revised budget mainly due to
lower NWSA Distributable Revenue ($2.2M) and Cruise ($588K), partially offset by higher
revenues from Conference & Event Center ($549K), and Grain ($440K).
Total operating expenses for the first half of 2026 were $355.6 million, which is $14.6 million
below the revised budget and $34.4 million higher than 2025. The favorable budget variance was
largely due to delay in Outside Services spending, Travel & Other Employee Expenses, and
Equipment Expense; partially offset by more Environmental Remediation Expense, less Charges
to Capital Projects.
Net operating income before depreciation was $194.0 million, which is $16.2 million above the
revised budget and $5.4 million lower than the same period last year.
COMMISSION AGENDA – Briefing Item No. 11a Page 2 of 2
Meeting Date: September 9, 2026
Template revised September 22, 2016.
The presentation outline is as follows:
1. Portwide Operating Results
2. Aviation Division Operating Results
3. Maritime Division Operating Results
4. Economic Development Division Operating Results
5. Central Services Operating Results
ATTACHMENTS TO THIS BRIEFING
(1) Q2 2026 Financial and Performance Report
(2) Presentation slides
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None
