Performance of an actively Q-switched erbiumdoped fiber laser in function of intracavity loss is discussed. We show experimentally and theoretically (employing a distributed model that takes into account two contra-propagating laser waves) that the laser performance strongly depends on the intracavity loss of different kinds. We reveal in particular that the dominant source of smaller than expected pulse energy is the loss via excited-state absorption, inherent in erbium-doped fibers. We also discuss the other important processes involved in active Q-switching, such as passive losses and residual active fiber charge, the impact of which is clarified by a straightforward comparison of the modeling versus experiment.