Southwest Airlines is pumping the brakes on 2024, slowing growth plans after citing higher costs and “increased headwinds” into next year.

On Thursday, Dallas-based Southwest Airlines lowered its capacity outlook for the first three months of 2024 to increase 10% to 12% year-over-year, after previously calling for 14% to 16% growth. For the full year, Southwest is looking at 6% to 8% more flying.

The move came as Southwest Airlines reported a $193 million profit in the July through September period on record revenue of $6.5 billion, mostly driven by “solid leisure demand” and a return of business travelers.

But the company also sounded a warning for 2024 after a boom in travel this year, saying trends are returning to normal.

“While leisure demand remains healthy, leisure trends appear to be returning to historically seasonal norms, and business trends continue to be stable,” the company said.

Airfare watchers have already noted that prices are down for holiday travel this year after airlines upped their flying for 2023.

“As we move into 2024, we are slowing our … growth rate to absorb current capacity, mature development markets, and optimize schedules to current travel patterns,” CEO Bob Jordan said in a statement.

“We are in the midst of planning for 2024 and are focused on operational excellence and driving out inefficiencies, increasing productivity, improving reliability, and returning our margins back to historical levels,” he said.

Airlines are warning of higher costs in 2024 after a tense year of labor negotiations with pilots, flight attendants and other labor groups. On Wednesday, Southwest announced it has a tentative agreement with 15,000 flight attendants and a vote to ratify the deal should be completed by the end of the year.

But the carrier is still waiting on a deal with pilots, who have threatened to strike and are picketing Thursday in front of Southwest Airlines headquarters at Dallas Love Field.