Qantas Loyalty recorded $2.9 billion in revenue and $556 million in EBIT last financial year, with 17.6 million Frequent Flyers. Revenue is up from last year's $2.5 billion and $1.5 billion prior to the COVID-19 pandemic. Barrenjoey expects revenue to increase to $3.9 billion in the coming three financial years to be Qantas's 2nd biggest earner behind its Qantas domestic business in FY28.