Thousands of people gathered to watch 22 military aircraft from nine countries fly over Newport and Cardiff.
The flypast - on day two of the Nato summit - was watched by President Barack Obama, David Cameron and other leaders from the Celtic Manor.
The RAF's Red Arrows were joined by fighters from the USA, Canada, Denmark, France, Germany, Poland, Portugal and the Netherlands.
There were cheers as the jets passed over the crowds in Cardiff Bay.
Thousands of people lined Roath Basin with more watching from the cliffs of Penarth.
The first jets passed over Cardiff Bay at 09:00 BST.
In Newport people gathered on the Millennium Footbridge, and the display passed over the south of the city centre, over Spytty Park, Beechwood Park and Lliswerry.
The display was led by an RAF Typhoon flanked by two Polish Mig-29s, followed by a Voyager, the RAF's largest aircraft, and finished with a display from the Red Arrows.
F-16 Falcons were also involved.