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Qatar Airways Group · State-owned, not listed · FY2025/26 (to 31 March 2026)

Qatar Airways Privilege Club by the numbers

Qatar Airways is state-owned, but it publishes audited accounts, and they show the Privilege Club liability growing fast: QAR 2.8 billion of unredeemed frequent flyer liabilities at March 2026, up 26% in a year. Active membership grew more than 20%, redemptions rose 50% and Avios spent on flights rose 75%.

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

What Qatar Airways Group reports

Deferred revenue for unredeemed miles
QAR 2,807 million
"Unredeemed frequent flyer liabilities" at 31 March 2026, up from QAR 2,226 million a year earlier (financial statements, note 26).
Members
Not disclosed
The annual report says active membership grew more than 20% but gives no count.

Card partners and deals

  • New financial partners in FY2025/26 include Capital One, Capital on Tap, Kotak Mahindra Bank and National Bank of Oman, plus integration with Qatar Central Bank's Himyan card scheme.

How the miles are accounted for

  • Note 2.5 of the financial statements treats loyalty points as separate performance obligations under IFRS 15, with the ticket price allocated to them at standalone selling prices.
  • Qatar Airways does not report Privilege Club revenue or profit separately.

What it means

Since switching its currency to Avios in 2022, Qatar Airways has been adding bank partners at the pace of a much larger program, with Capital One and Kotak Mahindra among the names added in the year. Cards sell Avios to members, and the deferred balance grows accordingly.

The group had revenue of QAR 83.8 billion and net profit of QAR 7.1 billion in FY2025/26. The program is not reported as a segment, so its contribution to that profit is not published.

What it means for your Qatar Airways Privilege Club 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.

Qatar Airways Privilege Club finances: FAQ

What is Qatar Airways' frequent flyer liability?
QAR 2,807 million at 31 March 2026, per note 26 of the consolidated financial statements.
Does Qatar Airways report Privilege Club revenue?
No. The program is not a reported segment, though the annual report gives growth rates for members, redemptions and Avios spent.

Sources

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