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Singapore Airlines · C6L (SGX) · FY2025/26 (to 31 March 2026)

Singapore Airlines KrisFlyer by the numbers

KrisFlyer brought in S$1.6 billion of revenue in the year to March 2026, up 13%, with 11.8 million members and a deferred revenue balance for unredeemed miles of S$1.4 billion. Singapore Airlines does not report the program as a segment, so its profit is not published.

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

What Singapore Airlines reports

Loyalty revenue
S$1.6 billion
KrisFlyer programme revenue, up 13% year on year (annual report p.31). More than 30 non-airline partners were added in the year.
Deferred revenue for unredeemed miles
S$1,415 million
Current deferred revenue at 31 March 2026, up from S$1,261 million a year earlier. The group says it "relates to KrisFlyer and KrisPay miles expected to be redeemed"; a non-current split is not shown.
Members
11.8 million
KrisFlyer members, up 15.2%. Members transacting across SIA, Scoot, KrisShop, Kris+ and Pelago rose 30.4%.

Card partners and deals

  • Card programs launched or expanded in the year include China Minsheng Bank (June 2025) and Shinhan Card (May 2025); commercial terms are not disclosed.

How the miles are accounted for

  • Note 2(o) of the financial statements: "A portion of passenger revenue attributable to the award of frequent flyer benefits is deferred until they are utilised. The deferment of the revenue is estimated based on historical trends of breakage."
  • KrisFlyer is not a reported segment, so there is no published loyalty profit line.

What it means

The deferred balance grew S$155 million in a year, faster than membership, which means members are holding more miles per head. Singapore Airlines expects "the majority of these miles to be redeemed by the end of their validity dates": KrisFlyer miles expire three years after they are earned, and that hard expiry is what lets the airline size the liability with confidence.

The program's growth story in the annual report is about partners rather than flights: more than 30 non-airline partners added in the year, new bank cards in China and Korea, and a 30% rise in members transacting across the group's non-airline businesses. That is the same third-party revenue model the US programs run, at a smaller scale.

Group context: revenue of S$20.5 billion, operating profit of S$2.4 billion and net profit of S$1.2 billion for FY2025/26.

What it means for your Singapore Airlines KrisFlyer 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.

Singapore Airlines KrisFlyer finances: FAQ

How much revenue does KrisFlyer generate?
S$1.6 billion in FY2025/26, up 13%, per the Singapore Airlines annual report.
How many KrisFlyer members are there?
11.8 million at the end of FY2025/26, up 15.2%.
What is Singapore Airlines' miles liability?
S$1,415 million of current deferred revenue for KrisFlyer and KrisPay miles at 31 March 2026.

Sources

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