I don’t think I trust anyone who looks at this middle of data and claim that they can tell a clear pattern (one which, coincidently, agrees with all of their existing assumptions about the railway!)
Firstly, I agree that we should ignore GC/ HT, given the small nature of the operations, can probably ignore Caledonian Sleeper and Heathrow Express too for similar reasons (although I guess credit to Heathrow Express for “only” losing 30% of passengers given the changes to flights etc)
LNER have done well for passengers, despite people on here complaining about how the single leg pricing is too expensive (albeit a ride that’s easy to get round, given the ability to buy a ticket for one stop further)
EMR have done well for passengers despite people on here complaining about the fact that some of their Turbostars have different coloured seats and the “Miles” mascot is the worst thing to happen to the railway, and the premature scrapping of trains in their fifth decade makes long distance travel to St Pancras unattractive (hey, maybe they are doing a good job and average passengers aren’t turned off by purple mascots or different coloured seats and maybe even don’t mind the occasional 180 instead of a train from the 1970s?)
Beyond those two stand out performers, the next best performing TOCs appear to be Merseyrail and London Overground. Good news, but this doesn’t tie in with the repeated claims on here that commuting has gone down hugely whilst the big increases have been in leisure services to scenic branch lines - you’d expect these two “urban” franchises to be struggling but instead they are outperforming the average TOC
There’s no way of knowing which of the other dots belong to who, but you’d expect to see a TOC like GWR doing better than Merseyrail/ London Overground if the Forum’s assumptions about leisure travel were correct. Instead, it seems like reliable simple networks are good and people trust what they know works
But constantly highlighting the fact that LNER are back above 2019 levels ignores the fact that they are a bit of an outlier and the majority of the railway has a long way to climb back