2026年全球航空品牌50强报告

BrandFinanceBridgingthegapbetweenMarketingandFinanceBrandFinancewassetupin1996withtheaimof'bridgingthegapbetweenmarketingandfinanceI.For30years,wehavehelpedcompaniesandorganisationsofalltypestoconnecttheirbrandstothebottomline.QuantifyingthefinancialvalueofbrandsWeputthousandsoftheworld’sbiggestbrandstothetesteveryyear.Rankingbrandsacrossallsectorsandcountries,wepublishover100reportsannually.UniquecombinationofexpertiseOurteamshaveexperienceacrossawiderangeofdisciplinesfrommarketingandmarketresearch,tobrandstrategyandvisualidentity,totaxandaccounting.PridingourselvesontechnicalcredibilityBrandFinance,acharteredaccountancyfirmregulatedbytheInstituteofCharteredAccountantsinEnglandandWales,isthefirstbrandvaluationconsultancytojointheInternationalValuationStandardsCouncil.Ourexpertscraftedstandards(ISO10668andISO20671)andourmethodology,certifiedbyAustrianStandards,isofficiallyapprovedbytheMarketingAccountabilityStandardsBoard.Theworld'sForbusinessenquiries,pleasecontact:Formediaenquiries,pleasecontact:+442073899400BrandFinanceAirlines502026/airlines3DavidHaigh,Chairman&CEO,BrandFinanceValuationAnalysis9MostValuableAirlineBrands202610FastestGrowingBrandValue:Vietjet14SustainabilityAnalysis21MalaysiaAirlines24CaptainNasaruddinA.Bakar,President&GroupCEOSaudia27KhaledTash,SaudiaGroup,ChiefMarketingOfficerTurkishAirlines30ProfessorMuratŞeker,ChairmanoftheBoardofDirectorsandtheExecutiveCommitteeVietJet33NguyenThanhSon,ChiefExecutiveOfficerInsights36Low-costcarriersmovefromsupportacttogrowthengine37SavioD’Souza,GlobalSectorHeadofAirlines,BrandFinanceGroupbrandvalue:Scale,structureandstrategictrade-offs41PrashanthJayasekera,AssociateDirector,BrandFinanceBeyondbalancesheets:Thenextchallengeforairlinebrands44BrandFinanceAirlines49Airports50©2026Allrightsreserved.BrandFinancePlc.+$18.6billion:Deltaremainstheworld’smostvaluableairlinebrand+ANAnamedstrongestairlinebrand;JapanAirlinesrisestothird+Vietjetmorethandoublesitsbrandvaluetobecomethefastestgrowingairlinebrandasmostvaluableairportbrand+ChangiAirportstandsunrivalledasthestrongestairportbrandgloballyBrandFinanceAirlines502026/airlines5Chairman&CEO,BrandFinanceThisyearmarksBrandFinance’s30thanniversary.Throughoutourhistoryasacompany,therehasbeenoneenduringtruism:brandsoperateinaworldshapedbycontinualchange.RapidadvancementsinAI,geopoliticalfragmentation,economicuncertainty,andrisingexpectationsofcorporatebehaviourhaveallplacednewpressuresonorganisations.Whilethechallengeshaveevolved,theimportanceofbuildingandmaintainingbrandstrengthhasremainedconstant.Lookingbackto1996,theglobalbrandlandscapewasdominatedbytraditionalconsumernames.Sincethen,theriseoftechnologyanddigitalservices,themovefromproductstoecosystems,theincreasingprominenceofB2Bbrands,andthegrowthofplacebrandinghavefundamentallyreshapedhowvalueiscreated.Today,thecommercialcontributionofastrongbrandiswellrecognised.Itdrivesdemand,supportspremiumpricing,attractsandretainstalent,increasesresilienceduringuncertainty,andprovidesconfidencetoinvestors.Despitethisawareness,manyorganisationsstillstruggletoquantifybrandvalueorexplainitsroleinbusinessperformance.Thislackofclarityoftencreatesagapbetweenmarketingambitionandfinancialdecision-making,limitingtheabilitytoinvestforthelongterm.AtBrandFinance,ourmissionfor30yearshasbeentoclosethatgap.Bybringingtogetherrobustvaluationmethodologiesandin-depthresearch,wehelpleadersunderstandthefinancialimpactoftheirbrandandmakebetter-informeddecisions.Whetheryouarelookingtostrengthenbrandperformance,evaluatemarketinginvestment,supportatransaction,orbringgreateralignmentacrossyourorganisation,ourteamisheretohelp.Asyouexplorethisyear’sfindings,Iencourageyoutoconsiderhowtheinsightscansupportclearerdecision-makingwithinyourorganisation.Strongbrandsarebuiltthroughinformedchoicesandconsistentinvestment,andourteamisreadytohelpyoutranslatethedataintopracticalnextstepsforyourstrategy. BrandFinanceAirlines502026/airlines7Theairlinesectorenters2026fromapositionofrenewedstrength,evenasitfacesabackdropofheightenedgeopoliticaluncertaintyintheMiddleEast.Ongoingconflictsintheregioniscontributingtovolatilityinglobaloilmarkets,raisingtheprospectoffluctuatingfuelcosts,airspacedisruptions,andoperationalreroutingforcarriers,particularlyonlong-haulnetworks.Yet,thisisnotunfamiliarterritoryfortheindustry.Inrecentyears,airlineshavenavigatedsevereexternalshocks,fromthecollapseindemandduringtheCOVID-19pandemictoperiodsofgeopoliticaltensionandfuelpricespikes,consistentlydemonstratinganabilitytoadaptthroughdisciplinedcostmanagementandnetworkoptimisation.Againstthiscontext,thesector’sunderlyingfundamentalsremainrobustas2025markedatransitionfromrecoverytostructurallyimprovedperformance,withglobalpassengerdemandremainingstrong,particularlyacrossinternationalandlong-haultravel.Record-highloadfactorspointtotightercapacitydisciplineandmoreefficientassetutilisation,whileresilientleisuredemand,agradualreturnofcorporatetravel,andrelativelylowerfuelcostshavesupportedrevenuesapproachinghistorichighs.Profitabilityisstabilisingacrossmostmajormarkets,withespeciallystronggrowthinAsia-Pacific,Europe,andpartsofAfrica,signallingabroad-basedrecoveryinglobalconnectivity.Crucially,thisgrowthisbeingdrivenlessbyvolumeexpansionandmorebyimprovedrevenuequality.Airlineshavesustainedpricingpowerthroughdisciplinedcapacitymanagement,particularlyonconstrainedlong-haulroutes,enablinghigheryieldsevenastrafficnormalises.Astructuralshifttowardspremiumandlong-haultravelisfurtherenhancingBrandFinanceAirlines502026/airlines8margins,withagreatershareofrevenuesnowderivedfromhigher-yieldcabinsandintercontinentalnetworks.Thisreflectsnotjustareturntotravel,butawillingnessamongconsumerstopayforquality,flexibility,andexperience,reinforcingtheroleofbrandstrengthinsupportingpricingresilience.Atthesametime,airlinesareoperatingwithgreaterfinancialandoperationaldisciplinethaninpreviouscycles.Capacitygrowthremainstargeted,withcarriersprioritisingnetworkoptimisation,routeprofitability,anddeployinglargeraircraftratherthanaggressiveexpansion.Thismeasuredapproachishelpingtosustainmarginsdespiteongoingsupplychainconstraintsandaircraftdeliverydelays,whichcontinuetolimitrapidcapacityadditions.Beyondticketrevenues,ancillaryandloyalty-drivenincomestreamsarebecomingincreasinglycentraltoairlinebusinessmodels.Frequent-flyerprogrammes,co-brandedfinancialproducts,andàlacarteservicesarenotonlydiversifyingrevenuebutalsodeepeningcustomerengagementandlifetimevalue.Thesestreamsprovideamorestableearningsbase,particularlyincompetitiveoruncertainenvironments.Asthesectormovesbeyondrecovery,thecompetitivebattlegroundisshifting.Airlinesthatcancombinecapacitydisciplinewithstrongbrandpositioning,premiumserviceofferings,anddata-drivencustomerengagementwillbebestplacedtosustainpricingpowerandlong-termvaluegrowth,markingaclearevolutionfromcyclicalrecoverytostructurallystrongerperformance.Analysis+MostValuableAirlineBrands2026+FastestGrowingBrandValue:VietjetBrandFinanceAirlines502026/airlines10AirlineBrands2026Thecombinedtotalbrandvalueoftheworld’stop50airlinebrandshasrisentoUSD147billionin2026,up11%from2025.Thisgrowthreflectsboththeongoingpost-pandemicrecoveryandstrategicinvestmentsinoperationalexcellence,networkexpansion,andpremiumserviceofferings.Strongpassengerdemand,particularlyforlong-haulandpremiumtravel,underpinnedrevenuegrowthacrosskeyregions.NorthAmericancarriersremaindominantatthetopoftheranking,withDeltaandUnitedAirlinescontinuingtolead,whileEmiratesmaintainsitspositionasthemostvaluableairlinebrandoutsidetheUS.Delta(brandvalueup25%toUSD18.6billion)retainsitspositionastheworld’smostvaluableairlinebrand,supportedbyindustry-leadingreliabilityandastrongreputationforcustomersatisfaction.NamedthemostpunctualmajorNorthAmericanairlinein2025byCirium,Deltareinforceddemandandrepeatbusinessbydeliveringhighon-timeperformance.Itsfocusonserviceexcellenceandoperationalconsistencycontinuestodrivepassengerloyalty,enhancingbrandperceptionandreinforcingitscompetitivepositioninbothdomesticandinternationalmarkets.UnitedAirlines(brandvalueup7%toUSD13.1billion)remainsinsecondplace,reflectingstronggrowthininternationalandpremiumtravelalongsidetargetedcustomerexperienceimprovements.Strategicinvestmentsinin-flighttechnology,loyaltyprogrammes,andpremiumofferingshavestrengthenedUnitedAirlines’abilitytoattractand|retainhigh-valuecustomers.Revenuegrowthacrossmultiplesegments,combinedwitharesilientfinancialposition,hassupportedyear-over-yearbrandvaluegainsevenamidbroadereconomicuncertainty.Emirates(brandvalueup27%toUSD10.6billion)movesuponepositiontorankthirdin2026andremainsthemostvaluableairlinebrandoutsideNorthAmerica,demonstratingtheglobalappealofitspremiumservicemodel.Theairlinedeliveredrecordhalf-yearprofits(1H)in2025,drivenbysustaineddemandonlong-haulinternationalroutesandstrongpremiumcabinsales.©BrandFinancePlc.2026$18.6bn#1#1DELTA+25%#2UNTE。aUnitedAirlines$10.6bnEmirates+27%AmericanAirlinesAmericanAirlines$8.5bn-27%southwestSouthwestAirlines$6.7bn+5%$6.1bn+33%$5.2bn+34%ChinaSouthern$4.4bn+7%AIRCANADAAIRCANADA$4.1bnAirCanada+28%$3.6bn#10Lufthansa+15%BrandFinanceAirlines502026/airlines11ValuationAnalysisStrategicinvestmentsinservicequalityandoperationalcapacityatitsDubaihubhavereinforcedEmirates’networkstrengthandluxurypositioning,contributingtoitscontinuedbrandvaluegrowth.AmericanAirlines(brandvaluedown27%toUSD8.5billion)slipstofourthasthebrandexperiencedadeclineinbrandvalueduetoprofitabilityandmarginpressures.Whilepassengerdemandremainedresilient,risingcostsinlabour,fuel,andmaintenancecompressedoperatingmargins.Pricecompetitionlimitedfaregrowth,reducingunitrevenuesandconstrainingpricingpower.Despitesolidloadfactorsandoveralltraveldemand,thesefinancialpressuresresultedinayear-on-yearreductioninbrandvalue.SouthwestAirlines(brandvalueup5%toUSD6.7billion)remainsinfifthpositionunderpinnedbyresilientdemandandastrongercommercialfoundation.Recordrevenuesandpassengervolumes,alongsiderisingancillaryincome,supportedyear-on-yearbrandvaluegains.Atthesametime,theairlineisrepositioningitstraditionallyno-frillsmodelthroughits“Southwest.EvenBetter.”transformation,introducing initiativessuchasassignedseating,extra-legroomoptions,andupgradedonboardfeatures.Thismarksashifttowardsamoreflexible,higher-yieldofferingwhilepreservingitscorevalueproposition.Consistentlystrongcustomersentimentcontinuestoreinforcebrandstrength,withSouthwestrankinghighestinJ.D.Power’seconomysegmentforthefourthconsecutiveyear.Overall,theseachievementsreflectabalancedmodelthatcombinesdeepcustomerloyaltywithstrategicserviceenhancements.MaintainingsixthplaceisBritishAirways(brandvalueup33%toUSD6.1billion),supportedbyimprovedoperatingperformanceandaclearfocusonpremiumdemand.Revenueandprofitabilityincreasedyearonyear,drivenbyhighercapacity,resilientleisuretravel,andstrengthinpremiumcabins.Theairline’sleadershipontheLondontoUScorridor,theworld’slargestpremiumairtravelmarket,continuestounderpinrevenuequalityandbrandvalue.BrandFinanceAirlines502026/airlines12ValuationAnalysisAtthesametime,operationalinvestmentandtighterexecutionhaveimprovedreliability,withon-timeperformancerisingnotably.ThesegainshighlighttheimpactofBritishAirways’ongoingtransformationprogramme,asthebrandstrengthensitscustomerpropositionandrebuildstrustinacompetitivelong-haulmarket.QatarAirways(brandvalueup34%toUSD5.2billion)movesuponespottoseventh,supportedbyexpandingpassengervolumes,networkscale,andaresilientcargobusiness.Revenuesincreasedyearonyearastheairlinecarriedmorepassengersacrossitsextensivelong-haulnetwork,withDohacontinuingtoserveasakeyglobalhubforconnectivity.Thisscaleadvantage,combinedwithongoingrouteexpansionandstrategicpartnerships,hasreinforcedQatarAirways’positioninhigh-yieldinternationaltravel.Cargoalsoremainsameaningfulcontributor,withdouble-digitgrowthdrivenbyoperationalagility,digitalisation,andstrongreliabilityinvolatilemarketconditions.Atthesametime,continuedinvestmentinproductqualityandtherolloutofits“QatarAirways2.0”strategyarestrengtheningtheairline’spremiumpositioning.ChinaSouthern(brandvalueup7%toUSD4.4billion)slipstoeighthplacedespiteaslightuptickinbrandvalue,supportedbyrecoveringtraveldemandandcontinuednetworkexpansion.Thereboundininternationaltravel,alongsideincreasedfrequenciesandnewroutes,hasstrengthenedtheairline’spositionacrosskeylong-haulandregionalcorridors.Improvedcostdisciplinehasalsosupportedperformance,withstablefuelpricesandfavourablecurrencymovementshelpingtoenhancemargins.Atthesametime,ongoingfleetmodernisation,includingtheintroductionoffuel-efficientaircraftsuchastheAirbusA350andBoeing787-9,isimprovingoperationalefficiencyandloweringunitcosts.CombinedwithgrowingcargooperationsandstronghubconnectivitythroughGuangzhouandBeijing,thesefactorsreflectamorebalancedBrandFinanceAirlines502026/airlines13ValuationAnalysisrecovery,underpinnedbybothdemandmomentumandstructuralcostimprovements.AirCanada(brandvalueup28%toUSD4.1billion)remainsinninthplace,supportedbystrongdemandacrossbothdomesticandinternationalmarkets.Sustainedgrowthinleisuretravelcontinuestounderpinperformance,asconsumersprioritisetravelexperiences,drivinghighertrafficacrossshort-haulandlong-haulroutes.Theairlineisalsoexpandingitsglobalnetwork,addingcapacitytohigh-demandcorridorsinAsia-Pacific,Europe,andNorthAmerica,whichisstrengtheningitsrevenueoutlookandcompetitiveposition.Thismeasuredexpansion,focusedonkeyinternationalmarketssuchasChina,reflectsastrategytargetinghigher-growthsegmentsandsupportsAirCanada’slong-termambitiontoscalerevenuesandstrengthenitspositionasaleadingglobalcarrier.Lufthansa(brandvalueup15%toUSD3.6billion)risestwoplacestocompletethetop10,supportedbysteadyimprovementsintraffic,capacity,andoperationalperformance.Passengervolumes|increasedalongsidemodestcapacityexpansion,drivingrevenuegrowthattheairlinelevel.Theabsenceofprior-yearstrikedisruptionsalsocontributedtoamorestableoperatingenvironment,allowingperformancegainstotranslatemoreeffectivelyintofinancialresults.Additionalincomestreams,includingancillaryrevenues,providedfurthersupporttotop-linegrowth.Atagrouplevel,demandremainedstrong,particularlyforleisuretravel,whileongoingturnaroundinitiativesimprovedpunctualityandoperationalreliability.Collectively,thesegainsshowcasetheairline’sabilitytoconvertoperationalstabilityintostrongerbrandandmarketperformance.BrandFinanceAirlines502026/airlines14FastestGrowingBrandValueVietjetisthefastest-growingairlinebrandin2026,withitsbrandvaluesoaring117%toUSD906million.Thejumpreflectsnotjuststrongrevenuegrowth,butalsosmartexpansion,diverseincomestreams,andefficientoperations.AmajorfactorhasbeenVietjet’sinternationalexpansion.NewroutesconnectingVietnamwithAustralia,India,Indonesia,Kazakhstan,andRussiahaveattractedmorepassengersthanever,withloadfactorsreaching86%andnearly22milliontravellerscarriedbyQ32025.ThissurgehighlightsVietjet’sgrowingappealastraveldemandcontinuestorebound.Ancillaryrevenueshavealsocontributedsignificantly,makingup41%oftotalairrevenue.Incomefrombaggage,seatselection,andonboardservicesshowshowVietjet’slow-costmodelhasevolvedtoofferpassengersmorechoicewhilesupportingtheairline’sresilience.Operationalefficiencyroundsoutthepicture.Withtheyoungestfleetintheregionandoptimised,fuel-efficientoperations,theairlinekeepscostslowwhilemaintaininghealthyprofitability.Takentogether,routegrowth,strongpassengerdemand,diverserevenuestreams,andoperationaldisciplinehavepropelledVietjet’srapidrise,firmlyestablishingitasthefastest-growingairlinebrandof2026. AnalysisBrandFinanceAirlines502026/airlines16Japanesefull-servicecarrierANA(brandvalueup23%toUSD2.9billion)dethronedSouthwestAirlinestobecomethestrongestairlinebrandintheworld,©BrandFinancePlc.2026Thismilestonereflectsacombinationofstrategicexpansion,operationalexcellence,andstrongmarketpositioning.TheconsolidationofNipponCargoAirlinesinAugust2025significantlyincreasedcargocapacity,strengtheningANA’sabilitytocapturehigh-demandAsia–NorthAmericashipmentsdespiteBrandStrengthiscalculatedwithinbrands,addressablemarkets.Somebrandsfocusontheirlocalmarketswhereassomeareinternational.Whenaveragingbrandstrength,internationalbrands’strengthwilloftenbecomelowerthansinglemarketbrandsThismilestonereflectsacombinationofstrategicexpansion,operationalexcellence,andstrongmarketpositioning.TheconsolidationofNipponCargoAirlinesinAugust2025significantlyincreasedcargocapacity,strengtheningANA’sabilitytocapturehigh-demandAsia–NorthAmericashipmentsdespiteBrandStrengthiscalculatedwithinbrands,addressablemarkets.Somebrandsfocusontheirlocalmarketswhereassomeareinternational.Whenaveragingbrandstrength,internationalbrands’strengthwilloftenbecomelowerthansinglemarketbrandsbecausemaintainingaleadershippositioncanbedifficultacrossmultiplemarkets.#1ANA/ANA90.2 southwestSouthwestAirlines89.1SAPAnAsnLSNESJapanAirlines89.1JJ88.988.3AirAsia87.7ANTASQantas86.6AmericanAirlinesAmericanAirlines86.2Indigo86.2ADELTA86.1 ©BrandFinancePlc.2026Weakerperformanceoooo●StrongerperformanceFactorJapanUSChinationsKnowledgeCredibilityBraAppealSelectionmerBehAdvocacyCustoPriceAcceptanceBrandFinanceAirlines502026/airlines17marketchallenges.Internationalpassengerdemandalsosurged,supportedbyrobustinboundtourismtoJapanandgrowingoutboundleisuretravel.Theairlineexpandeditsinternationalnetworkwithnewroutes,includingHaneda–Milan,Stockholm,andIstanbul,contributingtohigherrevenue,whiledomestictrafficexceededprior-yearlevelsthroughinitiativessuchasthe“ANASUPERVALUESale”andtargetedfareadjustments.BrandFinance’smarketresearchdatashowsANA’sbrandstrengthcomesfromimprovementsacrossseveralkeymetrics,includingreputation,preference,recommendation,andemotionalconnection.SouthwestAirlines(brandvalueup5%toUSD6.7billion)slipstosecondwithaBSIscoreof89.1/100andaAAAbrandstrengthrating.Theslightdipinbrandstrengthreflectschangesincustomerperceptions,particularlyaroundpricingpolicies.Initiativessuchasendingthe“bagsflyfree”policyandintroducingbasiceconomyoptionshaveaffectedpriceacceptance,temperinghowpassengersperceivethebrand’svalueproposition.Despitethis,Southwestcontinuestobenefitfromstrongcustomerloyalty,operationalreliability,andawell-recognisedpositionintheUSdomesticmarket.Whilepolicyshiftshavecreatedshort-termchallengesinbrandsentiment,theairline’sconsistentservicedeliveryandfocusoncustomerexperienceremainkeypillarssupportingitsoverallbrandstrength.JapanAirlines(brandvalueup15%toUSD2.9billion)movesupsixpositionstobecomethethirdstrongestairlinebrandintheworld,withaBSIscoreof89.1/100andaAAAbrandstrengthrating.Therisereflectsthebrand’sgrowingrecognitioninkeymarkets,especiallyNorthAmerica,whereexpandedinternationalserviceshavestrengthenedJAL’spresence.InnovationslikeJALMaaS,whichseamlesslylinksairandrailtravel,havemadejourneyssmootherforpassengers,whileeffortstopromoteregionaltourismshowcaseJapan’sdestinationstoawideraudience.Bycombiningsmarternetworks,serviceinnovation,andtargetedmarketengagement,JapanAirlineshasbuiltabrandthatisbothpracticalandaspirational,earningtrustandloyaltyfromtravellersathomeandabroad.©BrandFinancePlc.2026ANA/90.2SAPAnASRLsnESJapanAirlines89.188.3 aANTASQantas86.6AmericanAirlinesAmericanAirlines86.2.DELTA86.1ChinaSouthern85.9LATA85.7中國東方航空ChinaEastern85.3Emirates85.2©BrandFinancePlc.2026#1southwestSouthwestAirlines89.1JJ88.9AirAsia87.7Indigo86.2easyJetEasyjet84.9JetstarJetstar83.6jetBlueJetblueAirways79.1vuelingVueling76.6RYANAlRRyanair75.1春秋航空Spring春秋航空BrandValue&BrandStrengthAnalysisBrandFinanceAirlines502026/airlines19BrandValueandBrandStrengthAnalysisTheglobalairportsectormaintainedsteadygrowthin2025,withpassengertrafficreaching9.9billion,uparound4%from2024.Thisfollowsastrong2023,whentrafficsurpassedpre-pandemiclevelsat9.5billion,signallingthatthesectorhadmovedbeyondrecoveryintoamorenormalisedgrowthphase.Buildingonthismomentum,thesectorgrew17%in2026toacollectivebrandvalueofUSD9.7billion,reflectingrisingpassengervolumes,continuedinternationaltraveldemand,andstrategicinvestmentsininfrastructureandservicequality.Continuedstrengthininternationaltravelwasakeydriver,supportedbystabilisingairlineprofitabilityandagenerallyfavourabletravelenvironment.Airportsalsobenefitedfromoperationalimprovementsandtargetedcapacityexpansions,helpingmanagerisingpassengervolumes.Atthesametime,infrastructureandfinancialpressurespersisted,highlightingtheneedforongoinginvestmenttomaintainservicequalityandefficiency.Overall,theindustryisdemonstratingresilienceandsteadyexpansion,reflectingitsessentialroleinconnectingpeople,markets,andeconomiesworldwide,andpositioningairportstocapturegrowthasglobaltravelcontinuestorecoverandevolve.ParisAéroport(brandvalueup36%toUSD1billion)movesaheadofHeathrowAirport(brandvaluedown2%toUSD972million)tobecomethemostvaluableairportbrandintheworld,arankitlastheldin2023.ItsgrowthcanbeattributedtorisingtrafficacrossbothCharlesdeGaulleandOrlyai