Frequent Flyer Program — Contract with Customer, Liability
United Airlines Holdings Frequent Flyer Program — Contract with Customer, Liability increased by 2.0% to $7.93B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 4.5%, from $7.59B to $7.93B. Over 4 years (FY 2021 to FY 2025), Frequent Flyer Program — Contract with Customer, Liability shows an upward trend with a 5.5% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
An increase suggests higher future redemption demand or growth in program engagement, while a decrease may indicate higher redemption rates or changes in program valuation.
Detailed definition
This represents the total deferred revenue obligation arising from loyalty program miles earned by customers that have n...
Peer comparison
Standard across major airlines with loyalty programs, often compared as a percentage of total passenger revenue.
ual_segment_frequent_flyer_program_contract_with_customer_liabilityHistorical Data
| 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 | $6.19B | $6.22B | $6.28B | $6.42B | $6.50B | $6.58B | $6.68B | $6.86B | $7.02B | $7.08B | $7.14B | $7.28B | $7.35B | $7.37B | $7.44B | $7.59B | $7.67B | $7.70B | $7.78B | $7.93B |
| QoQ Change | — | +0.5% | +1.0% | +2.1% | +1.2% | +1.3% | +1.5% | +2.8% | +2.4% | +0.7% | +0.9% | +1.9% | +1.0% | +0.2% | +0.9% | +2.0% | +1.0% | +0.5% | +1.0% | +2.0% |
| YoY Change | — | — | — | — | +5.0% | +5.8% | +6.3% | +6.9% | +8.1% | +7.6% | +7.0% | +6.1% | +4.7% | +4.2% | +4.2% | +4.3% | +4.2% | +4.5% | +4.5% | +4.5% |
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Frequently Asked Questions
- What is United Airlines Holdings's frequent flyer program — contract with customer, liability?
- United Airlines Holdings (UAL) reported frequent flyer program — contract with customer, liability of $7.93B in Q1 2026.
- How has United Airlines Holdings's frequent flyer program — contract with customer, liability changed year-over-year?
- United Airlines Holdings's frequent flyer program — contract with customer, liability increased by 4.5% year-over-year, from $7.59B to $7.93B.
- What is the long-term trend for United Airlines Holdings's frequent flyer program — contract with customer, liability?
- Over 4 years (2021 to 2025), United Airlines Holdings's frequent flyer program — contract with customer, liability has grown at a 5.5% compound annual growth rate (CAGR), from $24.79B to $30.74B.
- What does frequent flyer program — contract with customer, liability mean?
- The total value of outstanding loyalty program obligations owed to customers.