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PAR CAPITAL MANAGEMENT INC

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13F filer, CIK 1051359, BOSTON, MA

PAR CAPITAL MANAGEMENT INC reported $3,070,813,056 across 57 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 80.44% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001051359-25-000009

Period
2025-06-30
Reported value
$3.07B
Holdings
57
Top 10 weight
80.44%
New
13
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
Hadded+314,300$43.9M
CVNAadded+89,972$30.3M
SABRadded+7,082,948$22.4M
MARadded+57,000$15.6M
CARSnew+1,200,000$14.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
UBERexited-4,529,829-$330M
CARGreduced-2,474,165-$82.8M
CARreduced-431,770-$73M
LTMreduced-302,500-$12.3M
RYAAYreduced-11,000-$634K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001051359-25-000009, largest first. % of portfolio is the value over $3,056,652,723, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SYFSYNCHRONY FINANCIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,400,000 shares; 2024Q4: 7,400,000 shares; 2025Q1: 7,500,000 shares; 2025Q2: 7,500,000 shares 7,500,000$501M16.38%0Timeline
EXPEEXPEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,253,609 shares; 2024Q4: 2,374,844 shares; 2025Q1: 2,387,750 shares; 2025Q2: 2,387,750 shares 2,387,750$403M13.18%0Timeline
UALUNITED AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,841,050 shares; 2024Q4: 4,841,050 shares; 2025Q1: 4,841,050 shares; 2025Q2: 4,968,850 shares 4,968,850$396M12.94%+127,800Timeline
WEXWEX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,850,000 shares; 2024Q4: 1,850,000 shares; 2025Q1: 1,850,500 shares; 2025Q2: 1,851,100 shares 1,851,100$272M8.9%+600Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 123,230 shares; 2024Q4: 37,761 shares; 2025Q1: 37,731 shares; 2025Q2: 37,826 shares 37,826$219M7.16%+95Timeline
LUVSOUTHWEST AIRLS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,709,192 shares; 2024Q4: 1,712,192 shares; 2025Q1: 5,916,492 shares; 2025Q2: 5,917,492 shares 5,917,492$192M6.28%+1,000Timeline
DALDELTA AIR LINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,455,000 shares; 2024Q4: 4,455,000 shares; 2025Q1: 3,564,000 shares; 2025Q2: 3,564,000 shares 3,564,000$175M5.73%0Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 504,400 shares; 2024Q4: 304,240 shares; 2025Q1: 377,200 shares; 2025Q2: 467,172 shares 467,172$157M5.15%+89,972Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,300,000 shares; 2024Q4: 905,000 shares; 2025Q1: 905,000 shares; 2025Q2: 909,000 shares 909,000$82.9M2.71%+4,000Timeline
SABRSABRE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000,000 shares; 2024Q4: 10,866,722 shares; 2025Q1: 12,267,052 shares; 2025Q2: 19,350,000 shares 19,350,000$61.1M2%+7,082,948Timeline
ALKALASKA AIR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 945,654 shares; 2024Q4: 851,089 shares; 2025Q1: 1,075,576 shares; 2025Q2: 1,119,302 shares 1,119,302$55.4M1.81%+43,726Timeline
CARAVIS BUDGET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 835,300 shares; 2024Q4: 751,770 shares; 2025Q1: 751,770 shares; 2025Q2: 320,000 shares 320,000$54.1M1.77%-431,770Timeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,961 shares; 2024Q4: 56,961 shares; 2025Q1: 56,961 shares; 2025Q2: 371,261 shares 371,261$51.8M1.7%+314,300Timeline
WBSWEBSTER FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 700,000 shares; 2025Q1: 700,000 shares; 2025Q2: 750,000 shares 750,000$41M1.34%+50,000Timeline
TRIPTRIPADVISOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 891,622 shares; 2024Q4: 2,242,000 shares; 2025Q1: 2,896,475 shares; 2025Q2: 2,896,475 shares 2,896,475$37.8M1.24%0Timeline
SKYWSKYWEST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 239,941 shares; 2024Q4: 239,941 shares; 2025Q1: 363,451 shares; 2025Q2: 363,451 shares 363,451$37.4M1.22%0Timeline
MARMARRIOTT INTL INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,800 shares; 2024Q4: 78,900 shares; 2025Q1: 79,100 shares; 2025Q2: 136,100 shares 136,100$37.2M1.22%+57,000Timeline
AVIDXCHANGE HOLDINGS INCAVIDXCHANGE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,350,000 shares; 2024Q4: 3,000,000 shares; 2025Q1: 3,300,000 shares; 2025Q2: 3,300,000 shares 3,300,000$32.3M1.06%0
ALGTALLEGIANT TRAVEL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 509,884 shares; 2024Q4: 539,549 shares; 2025Q1: 526,430 shares; 2025Q2: 584,996 shares 584,996$32.1M1.05%+58,566Timeline
LYFTLYFT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,000 shares; 2024Q4: 125,000 shares; 2025Q1: 1,575,000 shares; 2025Q2: 1,905,000 shares 1,905,000$30M0.98%+330,000Timeline
JBLUJETBLUE AIRWAYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,969,505 shares; 2024Q4: 2,672,555 shares; 2025Q1: 2,672,555 shares; 2025Q2: 5,487,425 shares 5,487,425$23.2M0.76%+2,814,870Timeline
SNCYSUN CTRY AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,505,506 shares; 2024Q4: 2,254,955 shares; 2025Q1: 1,959,372 shares; 2025Q2: 1,959,372 shares 1,959,372$23M0.75%0Timeline
RYAAYRYANAIR HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 345,000 shares; 2025Q1: 356,000 shares; 2025Q2: 345,000 shares 345,000$19.9M0.65%-11,000Timeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,571 shares; 2024Q4: 1,000,571 shares; 2025Q1: 1,000,571 shares; 2025Q2: 2,291,357 shares 2,291,357$15.6M0.51%+1,290,786Timeline
CARSCARS COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,200,000 shares 1,200,000$14.2M0.47%newTimeline
AALAMERICAN AIRLINES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: not reported; 2025Q2: 1,250,000 shares 1,250,000$14M0.46%newTimeline
TRVGTRIVAGO N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,928,130 shares; 2024Q4: 3,544,231 shares; 2025Q1: 3,567,969 shares; 2025Q2: 3,576,869 shares 3,576,869$13.5M0.44%+8,900Timeline
CARGCARGURUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,663,956 shares; 2024Q4: 2,667,056 shares; 2025Q1: 2,810,956 shares; 2025Q2: 336,791 shares 336,791$11.3M0.37%-2,474,165Timeline
ULCCFRONTIER GROUP HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,756,100 shares; 2024Q4: 1,756,100 shares; 2025Q1: 2,156,100 shares; 2025Q2: 2,181,100 shares 2,181,100$7.92M0.26%+25,000Timeline
LTMLATAM AIRLINES GROUP SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 467,500 shares; 2024Q4: 467,500 shares; 2025Q1: 467,500 shares; 2025Q2: 165,000 shares 165,000$6.71M0.22%-302,500Timeline
GBTGGLOBAL BUSINESS TRAVEL GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 746,730 shares; 2024Q4: 746,730 shares; 2025Q1: 746,730 shares; 2025Q2: 1,024,014 shares 1,024,014$6.45M0.21%+277,284Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,900 shares; 2024Q4: 21,600 shares; 2025Q1: 21,900 shares; 2025Q2: 34,900 shares 34,900$6.19M0.2%+13,000Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 53,000 shares 53,000$5.83M0.19%newTimeline
CARTMAPLEBEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,000 shares; 2024Q4: 84,500 shares; 2025Q1: 86,500 shares; 2025Q2: 91,500 shares 91,500$4.14M0.14%+5,000Timeline
BNYBANK OF NY MELLON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 26,364 shares 26,364$2.4M0.08%newTimeline
WHWYNDHAM HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,000 shares; 2024Q4: 27,000 shares; 2025Q1: 27,000 shares; 2025Q2: 27,000 shares 27,000$2.19M0.07%0Timeline
MESA AIR GROUP INCMESA AIR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,248,190 shares 2,248,190$2.09M0.07%new
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,600 shares; 2025Q2: 6,300 shares 6,300$1.38M0.05%+3,700Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 640 shares; 2025Q1: 2,140 shares; 2025Q2: 2,840 shares 2,840$1.01M0.03%+700Timeline
SOFISOFI TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 55,000 shares 55,000$1M0.03%newTimeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,000 shares; 2024Q4: 4,500 shares; 2025Q1: 4,000 shares; 2025Q2: 4,000 shares 4,000$986K0.03%0Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,200 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares 10,000$851K0.03%0Timeline
GRABGRAB HOLDINGS LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 120,000 shares; 2025Q1: 117,000 shares; 2025Q2: 161,000 shares 161,000$810K0.03%+44,000Timeline
BACBANK OF AMER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,300 shares; 2025Q2: 16,700 shares 16,700$790K0.03%+1,400Timeline
PINSPINTEREST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares 15,000$538K0.02%newTimeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 400 shares; 2025Q1: 500 shares; 2025Q2: 900 shares 900$506K0.02%+400Timeline
FLEXFLEX LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,910 shares; 2024Q4: not reported; 2025Q1: 9,910 shares; 2025Q2: 9,910 shares 9,910$495K0.02%0Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 380 shares; 2024Q4: 1,300 shares; 2025Q1: 1,370 shares; 2025Q2: 660 shares 660$487K0.02%-710Timeline
WWAYFAIR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 9,000 shares 9,000$460K0.02%newTimeline
SEICSEI INVTS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,500 shares; 2024Q4: 7,500 shares; 2025Q1: 7,500 shares; 2025Q2: 3,500 shares 3,500$315K0.01%-4,000Timeline
ABNBAIRBNB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 299,100 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,800 shares 1,800$238K0.01%newTimeline
ZZILLOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,200 shares 3,200$224K0.01%newTimeline
EBEVENTBRITE INC-CLASS AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,000 shares; 2024Q4: 58,000 shares; 2025Q1: 53,000 shares; 2025Q2: 31,000 shares 31,000$81.5K<0.01%-22,000Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
UALUNITED AIRLS HLDGS INC Stockput149,000$11.9M+49,000
CVNACARVANA CO Stockput2,800$943Knew
CCITIGROUP INC COMput10,000$851Knew
SOFISOFI TECHNOLOGIES INC Stockput27,500$501Knew

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
UBERUBER TECHNOLOGIES INC4,529,829$330Mshares
UBERUBER TECHNOLOGIES INC15,500$1.13Mput
CCLCARNIVAL CORP27,200$531Kshares
CCLCARNIVAL CORP23,500$459Kput
HLTHILTON WORLDWIDE HLDGS INC950$216Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001051359-25-000009 base2025-08-14acceptance time not in the bulk data set