Delta SkyMiles named world’s most valuable airline loyalty programme in $31bn ranking

New report places Delta ahead of American Airlines and United, underlining the growing financial importance of airline rewards schemes as stand-alone assets

Delta Air Lines’ SkyMiles has been ranked the world’s most valuable airline loyalty programme, with an estimated valuation of $31.8 billion, according to a new report.

American Airlines’ AAdvantage was placed second at $26.7 billion, followed by United Airlines’ MileagePlus at $25.3 billion, in a ranking that reflects the growing importance of loyalty schemes to airline finances.

The report said rewards programmes, once treated largely as marketing tools, are now increasingly seen as core financial assets within the aviation sector, with predictable cash flows and strong profitability.

“The value that loyalty programs can bring for airlines has never been greater,” said Evert de Boer, Managing Partner at On Point Loyalty, which carried out the research.

“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.”

On Point Loyalty said its 2026 report analysed more than 170 airlines worldwide, combining publicly available information with its own valuation models and incorporating more than 50 variables, including airline financial performance, programme structure and wider macroeconomic and regulatory factors.

The fourth-placed programme was IAG Avios, used by Aer Lingus, British Airways, Iberia and Vueling, with a valuation of $10.3 billion. Southwest Airlines’ Rapid Rewards ranked fifth at $8.9 billion.

Miles & More, used by Lufthansa and several partner airlines, was sixth at $8.7 billion, followed by Flying Blue, for Air France, KLM and Transavia, at $7.5 billion. 

Air Canada’s Aeroplan was valued at $7.4 billion, while Qantas Frequent Flyer stood at $7 billion. 

PhoenixMiles, used by Air China and several affiliated carriers, completed the top 10 at $5.9 billion.

READ MORE: ‘Air India and Lufthansa expand codeshare to nearly 100 routes across Europe and India‘. The Star Alliance partners have widened their long-standing cooperation, adding Austrian Airlines and opening up dozens of new one-ticket connections between 12 Indian and 26 European cities, alongside extended links into the Americas and Australia. 

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_{Main image: Delta Air Lines}