An airline's profits are falling even though it is carrying more passengers. What is going on?

Let me check two things. What period are we looking at, and is revenue up along with passengers? More passengers and less profit means one of two things. Either they earn less on each passenger, or it costs more to carry them. I'd measure both per seat mile, which is how airlines compare routes of different lengths. On the revenue side, I'd look at ticket prices and how full the planes are. I'd also look at who is flying. On the cost side, I'd look at fuel, labor and aircraft. Fuel and new pilot contracts hit every airline. Then I'd separate what's happening to the whole industry from what's specific to this airline. Comparing it with two or three competitors would show that quickly. I'd start with revenue, since passengers are up and profit isn't. Do we have fares over time, ideally by route?

Let me check two things. What period are we looking at, and is revenue up along with passengers? I'll assume it's the last two years, with passengers up 10% and revenue up less than that. More passengers and less profit means one of two things. Either they earn less on each passenger, or it costs more to carry them. I'd measure both per seat mile, which is how airlines compare routes of different lengths. On the revenue side, I'd look at ticket prices and how full the planes are. I'd also look at who is flying. The question I'd ask is how the extra passengers were won. If the airline added flights and cut fares to fill them, revenue per seat falls while the planes look full. The same happens if leisure travelers replace business travelers who pay three or four times as much. On the cost side, I'd look at fuel, labor and aircraft. Fuel and new pilot contracts hit every airline. What's specific to this one is whether new routes fly with too many seats, whether short hops cost more per mile, and whether delays add crew and compensation costs. Then I'd separate what's happening to the whole industry from what's specific to this airline. Comparing it with two or three competitors would show that quickly. I'd use revenue and cost per seat mile for that. My hypothesis is that it's a revenue quality problem, meaning they bought growth with low fares on new routes. So I'd start with profit by route, old routes against new ones. Do we have that?