Earnings
Loyalty in the earnings calls
Card, program and lounge numbers from each major US airline's latest quarter, linked to the filings.
What stands out this quarter
- United's Chase remuneration grew 15%, the same rate as Delta's Amex remuneration, and United says it is on pace for 1 million new card accounts in 2026. Delta is on track for its fifth straight year at that mark.
- American's AAdvantage sign-ups rose 27.4%, and 35% to 65% in New York, Los Angeles and Chicago, while Citi card spend grew just under 10%. Q4 will show whether those new members turn into cardholders.
- Southwest and Alaska are using cards to reach premium travelers. Southwest's first lounges will come with a new premium Chase card in 2027, and about half of Alaska's Summit cardholders are new to its card portfolio.
Tap an airline to see its quarter.
DeltaQ3 2026 · Oct 9$2.3BAmex, +15% YoY
Amex remuneration$2.3B+15% YoY 1
2026 Amex outlookOver $9BFull-year expectation 2
Total loyalty revenue+18%YoY 2
Card acquisitions and spendDouble digits8th straight quarter of double-digit spend growth 2
Non-air partner revenue+25%Travel products and partnerships, YoY 2
What they said
“We now expect remuneration of more than $9 billion this year on the way to 10 billion.”
Ed Bastian, CEO 3
“Our loyalty plan could be $75 billion or higher.”
Ed Bastian, CEO, asked about the Air Canada Aeroplan deal 3
Lounges
- New hospitality certification program across Delta's network of 60 lounges and clubs 3
- LAX: two Delta One lounges plus a Sky Club cited as part of the Los Angeles premium push 3
Program and partners
- New strategic relationship with Hyatt 2
- Expanded Starbucks partnership with more ways to earn 2
- Delta Sync partnerships with DraftKings and Sport 24 2
- Delta Concierge AI assistant rolled out to all SkyMiles members 2
- Highest-ever intro mileage offer on Reserve card; card offer with two round-trip Delta Comfort tickets 2
- J.D. Power ranked Delta Reserve, Platinum and Gold Amex cards first, second and third in airline co-brand card satisfaction 2
Sources
AmericanQ3 2026 · Oct 22+27.4%Enrollments, YoY
AAdvantage enrollments+27.4%YoY; 35% to 65% in NYC, LA, Chicago 1
Citi card spendNearly +10%YoY 1
Other revenue$1.16B+15.2% YoY; card program, partners, lounges 2
AAdvantage Business+46%Small business revenue 3
What they said
“The AAdvantage program is a differentiator for American, and we intend to keep it that way.”
Nathaniel Pieper, Chief Commercial Officer 3
“We see opportunity for even better performance in our expanded partnership with Citi going forward.”
Nathaniel Pieper, Chief Commercial Officer 3
Lounges
- Opening 10 lounges through 2027, including the largest Admirals Club in the system, in Charlotte 3
Program and partners
- Launched cash plus miles for flight bookings; early results described as encouraging 3
Sources
UnitedQ3 2026 · Oct 20+15%Chase pay, YoY
Loyalty revenue+17%YoY 1
Chase remuneration+15%YoY; dollar amount not disclosed 2
Card portfolio spend+13%YoY 2
New card accounts1MOn pace for 2026, another 1M in 2027 2
Partner revenue$0.9Bvs $0.8B a year earlier 3
What they said
“We remain on pace to generate 1 million new accounts in 2026, a material increase from 2025, thanks to changes to MileagePlus along with strong marketing from both United and Chase.”
Andrew Nocella, Chief Commercial Officer 2
“We are getting close to the sunset of our existing contract with our partner.”
Michael Leskinen, CFO, asked about valuing MileagePlus 2
Lounges
- New Houston Terminal B United Club: largest airline club in the Americas, 800 seats, outdoor terrace 1
- Other revenue growth partly from higher United Club visitor volumes 3
- Plans to open numerous more United Clubs, plus a new Dallas terminal in coming weeks 2
Program and partners
- Starlink Wi-Fi free for MileagePlus members in every cabin; on about half of flights 1
- RelaxRow (open middle seat in Economy Plus) launching in 2027 2
Sources
SouthwestQ3 2026 · Oct 2211+Lounges planned
Chase remunerationAbout +12%CEO on the call; not in filings 1
Loyalty program revenue$563Mvs $557M; not like for like 2
Lounges announced11+4 under way, at least 7 more 3
Premium Chase card2027With lounge access 2
What they said
“Premium cards have been among the strongest performing products in the co brand market and this gives Southwest an opportunity to participate in that segment for the first time.”
Bob Jordan, CEO 1
Lounges
- Southwest Icon Lounge network: first four in Austin, Baltimore, Honolulu and Nashville, at least seven more planned 3
- Built with Chase, drawing on the Chase Sapphire Reserve Lounge Network 3
Program and partners
- Effective Jan 1, 2027: new Platinum tier, faster path to status through card spend, Milestone Rewards 4
- International partner redemption launching spring 2027; points for seat selection later in 2027 1
- TAP Air Portugal and LOT Polish Airlines added as 10th and 11th airline partners 4
Sources
Alaska/HawaiianQ3 2026 · Oct 20$721MCard cash, +21%
Loyalty cash remuneration$721M+21% YoY 1
Loyalty program revenue$263M+32% YoY 1
Summit cardAbout halfof cardholders new to Atmos cards 2
Average member ageUnder 40Over half of new status members are Gen Z 3
What they said
“Loyalty continues to be one of the strongest performers.”
Andrew Harrison, Chief Commercial Officer 2
Program and partners
- Members choose how they earn (distance, price paid or segments) on flights from Jan 1, 2027 1
- Atmos Rewards debit card planned for early 2027 1
- New partners: Alterra Mountain Company, Nordstrom, Pebble Beach Resorts 3
- Huakaʻi by Hawaiian: two free checked bags on Neighbor Island flights 1
Sources
JetBlueQ2 2026 · Jul 28+21%Loyalty cash, YoY
Loyalty revenue+13%YoY 1
Loyalty cash remuneration+21%YoY 1
Premium card sign-upsNearly +40%New premium card acquisitions 1
Lounges
- JFK BlueHouse named Best Airport Lounge of 2026 (Newsweek Readers' Choice); Boston BlueHouse on track for summer 2026 1
Program and partners
- Blue Sky with United: reciprocal loyalty benefits added 1
- Refreshed premium co-brand card outperforming expectations 1
Q3 2026 results due Oct 27, 2026 at 10:00 a.m. ET. This card shows Q2. 2
Sources
Only figures the airlines published or said on their calls. Checked Oct 24, 2026.