✈ The ‘new airline math’ of frequent flyer programs, testy turf wars & more! ✈

February 11, 2026

New airline math

by Ben Mutzabaugh, Managing Editor for Aviation

Hello TPG readers!

Always dreamt of cashing out your miles for a bucket-list trip to a far-flung destination?

Increasingly, U.S. carriers are considering that more than ever as they look to add new destinations. It all underscores just how important — and profitable — frequent flyer programs and cobranded credit cards have become to airlines.

To maintain the appeal of these programs, airlines want to add aspirational destinations that capture the imagination of top-tier travelers. That’s led to a proliferation of routes that would seem to have a thin business case on paper. But they drum up lots of attention — and wanderlust — from customers.

TPG’s Sean Cudahy breaks down what’s going on with this latest trend that, to some, may feel a bit like the tail wagging the dog.

Elsewhere, the turf war between American Airlines and United Airlines in Chicago shows no sign of slowing down. The latest came from American, which said it will build a brand-new Admirals Club at O’Hare International Airport (ORD), where American and United each operate major hubs. It’s the latest in a volley of new routes and “line in the sand” proclamations as each carrier tries to position itself as Chicago’s preferred airline.

And speaking of turf wars, there’s one transcon route to keep an eye on. Delta Air Lines said it would bring back coast-to-coast service between New York and Orange County, California, and offer lie-flat seats in first class on the route. That would put Delta in direct competition with American, which already flies the route with its premium-heavy Airbus A321Ts, which feature lie-flat seats of their own.

I’ll leave it there for this week. Until next time …

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Photo Credit: BEN MUTZABAUGH/THE POINTS GUY.

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