United Airlines Holdings Frequent flyer deferred revenue increased by 3.0% to $3.83B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 10.3%, from $3.47B to $3.83B. Over 5 years (FY 2020 to FY 2025), Frequent flyer deferred revenue shows an upward trend with a 32.6% CAGR.
An increase reflects growth in loyalty program engagement, while a decrease may indicate high redemption activity or changes in valuation models.
The estimated liability for frequent flyer miles earned by customers that have not yet been redeemed. It represents the...
Standard for airlines and hospitality companies with loyalty programs.
other_contract_with_customer_liability_current_frequent_flyer| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $2.10B | $2.13B | $2.24B | $2.52B | $2.59B | $2.64B | $2.69B | $2.83B | $2.84B | $2.97B | $3.10B | $3.09B | $3.25B | $3.31B | $3.40B | $3.47B | $3.55B | $3.64B | $3.72B | $3.83B |
| QoQ Change | — | +1.4% | +5.2% | +12.4% | +2.9% | +2.0% | +1.9% | +5.2% | +0.3% | +4.5% | +4.2% | -0.3% | +5.4% | +1.9% | +2.7% | +2.1% | +2.3% | +2.5% | +2.2% | +3.0% |
| YoY Change | — | — | — | — | +23.4% | +24.1% | +20.3% | +12.6% | +9.7% | +12.4% | +14.9% | +9.0% | +14.5% | +11.6% | +10.0% | +12.5% | +9.2% | +9.9% | +9.3% | +10.3% |