United Airlines: The Loyalty Business Inside an Airline

United Airlines Holdings, Inc. — A full-service network airline flying a global hub-and-spoke system, with a high-margin loyalty and co-brand credit card business layered on top.

United still earns about 90.5% of its revenue flying passengers, but its highest-margin stream is the much smaller loyalty business: selling MileagePlus miles and marketing to partners, above all Chase for its co-brand credit card.