Delta SkyMiles Gets $8.2B From Amex—But Who Pays?

Delta says its loyalty program is diversified revenue. Its own filings tell a different story — and a side-by-side of two SEC filings shows where the real money actually comes from. Not flying. Interest. ⏱ Chapters 0:00 The number: 13% vs 21% 0:10 $8.2 billion, one year 0:32 Where the partnership started (2008) 1:21 How the money actually works 2:55 The number, again 3:07 2020: the $9 billion pledge 3:50 2023: the backlash 5:02 The interest income insight 6:48 What everyone else gets wrong 7:34 The real answer: 37%–148% 8:13 Close 🔗 Primary sources used in this video Delta Air Lines, FY2024 Form 10-K (SEC EDGAR) Delta Air Lines, FY2025 financial results (Jan 2026) American Express Co., FY2025 and FY2020 Form 10-K Delta Air Lines Form 8-K, SkyMiles financing, Sept 2020 American Airlines Group, FY2024 Form 10-K Full citations, including where sources disagreed, are in the research brief behind this video. 📌 Look at your own card statement this week — are you actually paying interest, or just chasing the miles? == Image Credits (Profit Anatomy) == Video: Delta SkyMiles Gets $8.2B From Amex—But Who Pays? Source and licence information for the visual assets used in this video's thumbnail (TASL: Title — Author — Source — License): Delta Air Lines Airbus A330-900 (Team USA livery), Boston — 4300streetcar — https://commons.wikimedia.org/wiki/Fi... — CC BY 4.0 Modifications: cropped, colour-adjusted, composited into a video thumbnail