IAG’s loyalty programmes ranked as world’s most valuable outside of the US, surpassing $10bn valuation

• New report ranks IAG’s loyalty programmes as the fourth most valuable globally
  
• Report values IAG’s programmes at $10.3 billion

31 March 2026 – International Airlines Group’s loyalty programmes have been ranked as the world’s most valuable outside of the US, surpassing a $10 billion valuation in the latest global report from On Point Loyalty. The ranking places IAG’s loyalty programmes firmly within the industry’s top tier, reflecting their continued growth.

For the first time, IAG’s loyalty programmes have taken the coveted 4^th position in the global ranking, only surpassed by Delta Air Lines, American Airlines, and United Airlines.

The 2026 report shows that IAG’s loyalty programmes have doubled in value since 2020, where they were ranked 8^th place overall with a valuation of $5.1billion.

IAG Loyalty, the company behind the global loyalty currency Avios, has delivered strong growth since pre-pandemic levels, doubling profit while significantly expanding its global member base and partner ecosystem. Growth has been driven primarily by external partners, with more than 80% of revenue coming from them, highlighting the increasing diversification of the business beyond flying. This shift has supported improved profitability, with margins strengthening as the business scales. At the same time, customer engagement continues to rise, with both Avios issuance and redemption increasing year-on-year, reflecting the strength of the Avios currency and its growing relevance in customers’ everyday lives.

IAG Loyalty’s latest financial results delivered a 2025 pre-tax profit of £506.7m (€548m, $668.6m), which is double pre-Covid levels. Last year it also issued more than 200 billion Avios to customers, the most ever.

Adam Daniels, CEO, IAG Loyalty, said: “Being recognised as the most valuable loyalty programme outside three major US airlines is a testament to the incredible work of our teams, who continue to build a leading loyalty ecosystem for our customers. This report reinforces both the strength of our progress and the ambition of our growth plans, and we’re proud to be recognised in this way.”

The report highlights IAG’s own airlines that use the Avios currency, but also shows promising growth for other airlines that use Avios as their loyalty currency – Qatar Airways and Finnair, with the former close to doubling its valuation since the last report was issued in 2023 and the latter since 2020.

Evert de Boer, Managing Partner at On Point Loyalty, commented: “IAG Loyalty is undoubtedly reaping the benefits from having the right management structure and the appropriate level of segmental reporting.”

On Point Loyalty is an advisory firm specialising in loyalty strategy, programme economics, and financial optimisation of loyalty programs.

The 2026 report can be found here.

ENDS

Media Enquiries:
press@iagloyalty.com

Notes to Editors

• All 2020 evaluations were based on pre-Covid performance

IAG’s loyalty programmes valuation (AerClub, The British Airways Club, Iberia Club and Vueling Club)

2017 - 7th: 4,750m USD

2020 - 8th: 5,138m USD

2023 - 6th: 7,084m USD

2026 - 4th: 10,345m USD

About IAG Loyalty

IAG Loyalty is home to two divisions: ‘Loyalty’ and ‘Holidays’, with decades of experience in both sectors. It also manages Avios - the loyalty currency of British Airways, Iberia, Aer Lingus, Vueling, Qatar Airways, Finnair and Loganair. Its Loyalty division enables more than 70 million members worldwide to collect and redeem Avios through a diverse range of partners spanning travel, retail and financial services. Its Holidays division manages consumer Holidays brands for British Airways and Iberia which have a combined network of 10,500 hotels spanning 600 cities and 100 countries.

Its parent company, International Airlines Group (IAG), is one of the world’s largest airline groups with 600+ aircraft carrying more than 122 million customers to 285 destinations across 93 countries each year.