Qantas Airways · QAN (ASX) · FY26 (to 30 June 2026)
Qantas Frequent Flyer by the numbers
Qantas Loyalty is the most transparent program on this page and one of the most profitable: A$625 million of underlying EBIT on A$2.9 billion of revenue in the year to June 2026, a 21.7% margin, with a 2030 target of up to A$1 billion. The airline group's underlying profit before tax was A$2.1 billion, so loyalty is roughly a quarter of it.
Written and reviewed by the Points Plug team. Last reviewed .
What Qantas Airways reports
- Loyalty revenue
- A$2.9 billion
- Qantas Loyalty revenue, up 12%. Points earned 242 billion (+9%), points redeemed 202 billion (+9%), more than 5 million flight reward seats redeemed.
- Members
- 18.9 million
- Qantas Frequent Flyer members, up 7%, plus 706,000 Qantas Business Rewards members (+11%).
- Loyalty segment profit
- A$625 million
- Qantas Loyalty underlying EBIT, up from A$554 million in FY25, a 21.7% margin. FY27 guidance is 5% to 7% growth and the 2030 target is A$0.8 billion to A$1.0 billion.
Card partners and deals
- Qantas points are sold to most major Australian banks and card issuers; the investor presentation does not name them or their terms.
How the miles are accounted for
- Qantas Loyalty is a reported segment with its own revenue and underlying EBIT, and Qantas publishes points earned and redeemed each year.
- The deferred revenue for unredeemed points sits in "revenue received in advance" in the annual report and is not shown in the results presentation.
What it means
Qantas is unusual in publishing the flow of points: 242 billion earned against 202 billion redeemed in FY26. The 40 billion gap is points that are accumulating in member accounts, and the growing liability behind it is why Qantas launched Classic Plus reward seats, which now account for more than a quarter of the 5 million flight rewards redeemed.
With 18.9 million members in a country of 27 million people, growth now comes from spend per member rather than sign-ups, which is why the segment's guidance is single-digit EBIT growth rather than the double-digit rates of the past two years.
What it means for your Qantas Frequent Flyer 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.
Qantas Frequent Flyer finances: FAQ
- How much profit does Qantas Loyalty make?
- A$625 million of underlying EBIT in FY26, a 21.7% margin, per the FY26 investor presentation.
- How many Qantas Frequent Flyer members are there?
- 18.9 million at 30 June 2026, up 7%.
- How many Qantas points are redeemed each year?
- 202 billion points in FY26, against 242 billion earned.
Sources
- Qantas FY26 results investor presentation · official page