Delta Air Lines' SkyMiles has been ranked the world's most valuable airline loyalty program, with an estimated valuation of more than USD 31 billion, according to the latest On Point Loyalty Top 100 Most Valuable Airline Loyalty Programs 2026 report.

American Airlines' AAdvantage ranks second at over USD 26 billion, followed closely by United Airlines' MileagePlus at more than USD 25 billion. Together, these programs underscore the growing role of loyalty platforms as core drivers of airline enterprise value.

Loyalty Programs Move to the Center of Airline Economics

Once considered a secondary marketing tool, airline loyalty programs have become critical financial assets within the aviation industry.

During the COVID-19 pandemic, airlines relied heavily on the predictable cash flows and profitability of their loyalty programs, using them to secure record-breaking financing transactions when traditional funding sources were constrained.

"The value that loyalty programs can bring for airlines has never been greater" said Evert de Boer, Managing Partner at On Point Loyalty.

"This edition marks the fourth time we are publishing the report, allowing us to deploy a consistent and robust framework to develop and compare valuations over time. Our report shows an overall positive trajectory for valuations, with 62 programs realizing higher valuations compared to 2023."

Comprehensive Global Analysis

The report is based on an extensive analysis of more than 170 airlines worldwide, combining publicly available data with On Point Loyalty's proprietary insights and valuation models.

Over 50 variables were incorporated into the analysis, spanning:

• Airline operational and financial performance
• Loyalty program attractiveness, structure and economics
• Country-level macroeconomic and regulatory factors

This approach enables a consistent, comparative valuation framework across global airline loyalty programs.

Top 10 Most Valuable Airline Loyalty Programs (2026)

Rank	Program	Airline(s)	Valuation (USD m)
1	SkyMiles	Delta Air Lines	31,783
2	AAdvantage	American Airlines	26,732
3	MileagePlus	United Airlines	25,329
4	IAG Avios	Aer Lingus, British Airways, Iberia, Vueling	10,345
5	Rapid Rewards	Southwest Airlines	8,941
6	Miles & More	Air Dolomiti, Austrian, Brussels Airlines, Croatia Airlines, Discover, Eurowings, ITA Airways, LOT Polish Airlines, Lufthansa, Lufthansa City, Luxair, SWISS	8,709
7	Flying Blue	Air France, KLM, Transavia	7,473
8	Aeroplan	Air Canada	7,379
9	Qantas Frequent Flyer	Jetstar, Qantas	7,012
10	PhoenixMiles	Air China, Air Macau, Beijing Airlines, Dalian Airlines, Air China Inner Mongolia, Kunming Airlines, Shenzhen Airlines	5,898

A Strategic Asset Class for Airlines and Investors

The findings reinforce a broader industry shift: airline loyalty programs are increasingly viewed as stand-alone, high-value businesses rather than ancillary marketing functions.

Their combination of recurring revenue streams, strong margins, and scalable partner ecosystems has attracted growing interest from investors and financial markets.