Convert MilesHow It WorksOur RatesSell PointsGuides

Air France-KLM · AF (Euronext Paris) · FY2025

Air France-KLM Flying Blue by the numbers

Flying Blue is the most profitable business inside Air France-KLM by margin: €218 million of operating result on €886 million of revenue, a 24.6% margin, against 6.1% for the group as a whole.

Written and reviewed by the Points Plug team. Last reviewed .

What Air France-KLM reports

Loyalty revenue
€886 million
Flying Blue segment revenue 2025, up €75m, of which €595m from third parties.
Deferred revenue for unredeemed miles
€921 million
"Frequent flyer programs" liability (current) at 31 December 2025, up from €906m. Deferred revenue on ticket sales was €4,264m.
Members
30 million+
"Over 30 million members, nearly 40 airline partners, 100+ commercial partners and more than 12 co-branded credit cards."
Loyalty segment profit
€218 million
Flying Blue operating result 2025, up €18m, a 24.6% margin; €58m in the fourth quarter alone.

Card partners and deals

  • More than 12 co-brand credit cards, including the Air France KLM World Elite Mastercard in the US; issuers are not named in the results release.

How the miles are accounted for

  • Flying Blue is reported as its own segment with revenue and operating result, unusual among airline groups.
  • The universal registration document describes the program as delivering "robust margins and long-term value".

What it means

Two thirds of the segment's revenue (€595 million) comes from third parties, mainly card and commercial partners, rather than from the airlines. That is the money that makes the margin, and it grew €75 million in 2025.

The reported current liability for miles, €921 million, is modest next to the US programs, in part because Flying Blue expires Explorer members' miles after two years without activity, which keeps the outstanding balance and the breakage estimate in check.

With more than 30 million members and 40 airline partners, Flying Blue is Europe's largest program by membership. The 2026 shift to Light, Standard and Flex award fares is the kind of pricing change a segment with a 24.6% margin target makes to keep redemption costs predictable.

What it means for your Air France-KLM Flying Blue balance

A program that earns more from selling miles to banks than from flights has an incentive to keep issuing them, and the deferred revenue line is the airline's own estimate of what an average outstanding mile will cost it to honour. Compare that with published valuations and with what Points Plug pays to see where your balance stands.

Air France-KLM Flying Blue finances: FAQ

How much does Flying Blue earn?
€886 million of revenue and €218 million of operating result in 2025, a 24.6% margin.
How many Flying Blue members are there?
More than 30 million, per the 2025 results release.
What is Air France-KLM's miles liability?
€921 million of current frequent flyer program liability at 31 December 2025.

Sources

Other programs by the numbers