Airlines got too confident, and now they are paying the price despite record-breaking travel

• Despite booming travel, airlines are struggling to turn a profit.
• Southwest expects seat-mile revenue will decline up to 4.5%, while American predicts up to 6%.
• Experts blame fewer last-minute business travelers, overcapacity, Boeing delays, and inflated costs.

Making money in the airline industry has never been easy.

It's a capital-heavy business with the constant need to expand and innovate while simultaneously managing ever-changing demand and costs.