The aim of this work is the decomposition, quantification, and analysis of losses related to the axial-gap size effect. Both experimental data and unsteady RANS calculations are investigated for axial gaps equal to 20%, 50% and 80% of the stator axial chord. A framework for identifying sources of loss typical in turbomachinery is derived and utilized for the low-pressure turbine presented. The analysis focuses on the dependency of these losses on the axial-gap variation. It is found that two-dimensional profile losses increase for smaller gaps due to higher wake-mixing losses and unsteady wake-blade interaction. Losses in the end-wall regions, however, decrease for smaller gaps. The total system efficiency can be described by a superposition of individual loss contributions, the optimum of which is found for the smallest gap investigated. It is concluded that these loss contributions are characteristic for the medium aspect-ratio airfoils and operating conditions investigated. This establishes a deeper physical understanding for future investigations into the axial-gap size effect and its interdependency with other design parameters.