DAL · 10-Q · 2026Q2 · Full report

Loyalty Program Growth

DELTA AIR LINES, INC. · 2026-07-10 · Importance 74 · Surprise 58 · No source text

Delta's SkyMiles program remains a material revenue source: total cash sales from marketing agreements related to the loyalty program were $4.5 billion and $4.0 billion for the six months ended June 30, 2026 and 2025, respectively, with the largest contract being the co‑brand credit card relationship with American Express. The loyalty program deferred revenue balance was $9.57 billion at June 30, 2026 and miles issued and sold (combined) were significant — miles earned were 2,701 for the six months ended June 30, 2026. Loyalty-related revenue is allocated to travel and other performance obligations and the majority of miles historically are redeemed within two years of being earned, affecting revenue timing. Management highlights loyalty as a driver of revenue growth, including higher customer spend on American Express cards and new card acquisitions in 2026.

Key facts

• Remuneration from American Express was $4.5 billion in the six months ended June 30, 2026, an increase of 13% compared to the prior year period. source
• Total cash sales from loyalty marketing agreements were $4.5 billion during the six months ended June 30, 2026 and $4.0 billion during the six months ended June 30, 2025. source
• Loyalty program deferred revenue balance at June 30, 2026: $9,570 million; at June 30, 2025: $9,071 million. source
• Loyalty and related revenue for the six months ended June 30, 2026: $2,565 million versus $2,209 million in prior period. source
• Loyalty travel awards revenue for the six months ended June 30, 2026: $2,277 million. source

Impact estimates