Sulayman BowlesIndependent research / Texas
← Texas Infrastructure Ownership Atlas

Selected toll-road research / reviewed 2026-10-22

Asset dossier / 01Public system / portfolio

North Texas Tollway System

A public authority’s pooled system; a TollTag bill does not establish ownership of other roads.

Explore on map ↗

Ownership & control

01 / Public title & project rights

The asset and the business are different claims.

NTTA holds project and financial interests. Sam Rayburn uses a public-public operating right with reversion; parcel-level title is not established here.

Scope of this record

Eight System facilities including Dallas North Tollway, PGBT and Sam Rayburn Tollway. Third-party service revenues are excluded.

public project interestNorth Texas Tollway Authority

Public project / financial interest; see title qualification

Snapshot 2026-10-22PDF p45, Note 1; public project interests, not parcel-title opinion ↗
operatorNorth Texas Tollway Authority

Public operator

Snapshot 2026-10-22PDF p45, Note 1; public project interests, not parcel-title opinion ↗
creditor claimBondholders (creditor class; individual holders unverified)

Debt creditors; revenue security does not confer road title

Snapshot 2026-10-22Debt notes; individual holders not verified ↗
reversion rightState of Texas / TxDOT→ North Texas Tollway Authority

Sam Rayburn: public-public reversion scheduled in FY2058; not System-wide expiry

Snapshot 2026-10-22PDF p125, Note 20 ↗
billingNorth Texas Tollway Authority

TollTag collection for NTTA System

Snapshot 2026-10-22PDF p45, Note 1 ↗

Financial record

NTTA System revenue bonds; common trust accounts. Debt is not allocated to individual roads.

Reported net toll revenue$1.25BPeriod ended 2025-12-31
Operating revenue$1.35BPeriod ended 2025-12-31
Operating expense$471.66MPeriod ended 2025-12-31
Debt carrying amount$8.85BPeriod ended 2025-12-31
Recorded financial observations · USD · scope: North Texas Tollway System enterprise fund
Metric / period endReported valueBasis & evidence
Reported net toll revenue2025-12-31$1,252,886,084audited accrual; entity perimeter retainedPDF p42 ↗
Operating revenue2025-12-31$1,351,886,710audited accrual; entity perimeter retainedPDF p42 ↗
Operating expense2025-12-31$471,659,729audited accrual; entity perimeter retainedPDF p42 ↗
Debt carrying amount2025-12-31$8,854,178,927audited System bond carrying amount including unamortized premiumPDF p57–58, debt roll-forward; includes unamortized premium ↗
Reported net toll revenueNominal USD; each bar starts at zero. Fiscal periods differ across entities.
2023
$1.13BPDF p19 ↗
2024
$1.2BPDF p38 ↗
2025
$1.25BPDF p42 ↗

Public audited carrying values and rounded sponsor-reported project debt use different definitions. No statewide total, leverage ranking or return estimate is calculated.

Historical changes

No active private-concession expiry is assigned to this public record. A debt maturity is a different event.

    No historical changes have been verified for this profile in this release.

    Evidence for this profile (2 records)
    1. NTTA FY2025 audited financial report ↗

      Reviewed 2026-10-22 · Original PDF retrieved and checked in this release
    2. TxDOT FY2025 audited financial report ↗

      Note 20, public-public arrangements and concession accounting

      Reviewed 2026-10-21 · Carried forward from published primary-source extraction

    Geography: Region anchor is an editorial locator. It is not a facility coordinate, alignment or asset boundary. Reviewed 2026-10-22. Source dates and financial periods are stated separately.