Using the recently updated T1 dataset, we can share our revised data model below. The data is updated through February 2025. Several interesting data points show the state of the airline industry. These data points are important metrics, as politicians and news media tend to take extreme positions. The sky is never falling, and we are not anywhere near Camelot. As always, we are in between and unsure exactly where we will bounce next. One thing you know with certainty, air travel has its moments, and here's a doozy. This model has six pages. We explore various aspects of the industry from a high level to allow for a quick sense of where the next bounce might be. Since DOT data runs late, we know what has happened since February. The value here is seeing what the data was telling us in February and where we are now - is there confirmation, or did the data mis-signal what happened? Crucially, what can we learn from this? US airlines have a wide range in average stage lengths. Flights are getting longer, and traffic looks robust. Load factors are lower this year, but that could be winter; even so, 78% is high. The average number of passengers/flight is 128, an industry high since 2010.