Delta SkyMiles is World’s Most Valuable Airline Loyalty Program – Aeroplan Ranks 8th
by Bruce Parkinson
Aeroplan is ranked third among global airline loyalty programs according to a recent study.
Delta Air Lines’ SkyMiles has been ranked the world’s most valuable airline loyalty program, with an estimated valuation of more than US$31 billion. Aeroplan, Air Canada’s loyalty program, punches above its weight with a ranking of 8th and an estimated valuation of US$7.379 billion.
According to the On Point Loyalty Top 100 Most Valuable Airline Loyalty Programs 2026 report, American Airlines’ AAdvantage ranks second, valued at over US$26 billion, followed closely by United Airlines’ MileagePlus at more than US$25 billion.
Loyalty Programs Move to the Centre of Airline Economics
Considered in the past a secondary marketing tool, airline loyalty programs have become critical financial assets within the aviation industry.
On Point Loyalty said in a press statement that 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 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
Following the top three of Delta SkyMiles, AAdvantage and United’s Mileage Plus, IAG Avios places fourth, followed by Southwest Airlines’ Rapid Rewards, the Lufthansa Group’s Miles & More, AF/KL’s Flying Blue, Aeroplan, Qantas Frequent Flyer and Air China’s Phoenix Miles.
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,” On Point Loyalty states.
“Their combination of recurring revenue streams, strong margins, and scalable partner ecosystems has attracted growing interest from investors and financial markets.”
