Skift Take

Running a profitable airline in the U.S. is increasingly about loyalty, not just logistics. All of the ‘Big Three’ lean heavily on frequent flyer programs and co-branded credit cards to help drive revenue - but who came out on top in Q2?

Pranjal Pande and Gordon Smith, Skift

As earnings season draws to a close, we’re taking a closer look at the most lucrative arm of many major U.S. airlines: loyalty programs.

Despite profitability softening and fears of domestic overcapacity, loyalty revenue showed no sign of slowing down in the second quarter. In fact, it’s on track to hit record numbers. To help make sense of it all, we’ve examined the performance of each of the U.S. ‘Big Three’ carriers. 

Delta Air Lines: SkyMiles

When Delta announced sweeping changes to its SkyMiles program in September 2023, the social media backlash was colossal. The changes increased the thresholds for earning status in 2025 and curbed access to Delta's lounges. This led to concerns among some analysts that membership and revenues could drop as members voted with their feet. Instead, the program has continued to thrive. 

In the second quarter, loyalty revenue rose 8% year-on-year to $1.81 billion, cementing the program’s continued success in attracting and retaining members. Delta clocked $1.9 billion from its lucrative deal with American Express in the quarter, up 9% from the previous year. 

The result bodes well for its goal of generating $7 bi