Southwest Airlines (NYSE: LUV) reported a net loss of $915 million for its second quarter, helped by proceeds from the Payroll Support Program under the CARES Act. Excluding that benefit, as well as an accrual for payments related to voluntary employee separation agreements and other minor items, the airline lost $1.5 billion for the quarter.
Southwest said its operating revenue of $1 billion was down 82.9% compared to the second quarter of 2019. The company ended its quarter with $15.5 billion in liquidity, which it said is "well in excess of debt outstanding."