Delta Air Lines has been deemed the world’s most valuable airline loyalty program with a valuation of USD 31.7 billion, according to On Point Loyalty’s analysis of 170 global schemes. DL’s value is up from USD28b in 2023. 
American Airlines is in second place this year on USD27b, United is third on USD25.3b.
Qantas Frequent Flyer has increased in value from USD4.2b to USD7b, putting the program in ninth spot.
. . . Locally Air NZ’s
Airpoints (as it was then named) loyalty scheme places 43rd, slipping in value to USD618 million, from USD676m two years ago, it finds.
The average program valuation reached USD2.4b in 2026 (up from USD2b in 2023). In the 2026 report, 62 programs increased in their valuation while 21 decreased.
There were 17 new entrants, with the highest newcomer being IndiGo valued at USD534m.
Changes in valuations are typically driven by a combination of factors rather than a single variable. Key drivers include GDP per capita growth in home markets, airline credit profile and financial health, and network expansion/contraction.
