In 2004 Air France acquired the Dutch airline KLM to create Air France–KLM Group, one of the largest air carriers in the world. The deal, however, allowed the two airlines to continue to operate as separate companies, retaining their own hubs, flights, and logos.

No, Air France is not owned by KLM; rather, both are subsidiaries of the Air France-KLM Group, a holding company formed by the merger of the two airlines in 2004. This is a "merger of equals" where both airlines maintain their own distinct brand identities, separate hubs (Paris-CDG for Air France and Amsterdam Schiphol for KLM), and individual "operating certificates." The group also owns Transavia and has a significant stake in Martinair. As of 2026, the group is one of the most powerful airline conglomerates in the world, operating as a core member of the SkyTeam alliance. While they share frequent flyer programs (Flying Blue) and cooperate heavily on scheduling and procurement, a passenger flying from New York to Paris on an Air France plane is flying with the French entity, whereas a flight to Amsterdam is with the Dutch entity, even though their financial results are reported together under the group's umbrella.