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PAR CAPITAL MANAGEMENT INC

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13F filer, CIK 1051359, BOSTON, MA

PAR CAPITAL MANAGEMENT INC reported $3,783,262,230 across 53 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 79.12% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001051359-26-000003

Period
2025-12-31
Reported value
$3.78B
Holdings
53
Top 10 weight
79.12%
New
8
Sold out
20

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ABNBadded+510,600$69.3M
WEXadded+400,500$59.7M
AEROnew+13,850,410$30.4M
UBERadded+341,200$27.9M
ALKadded+462,198$23.2M

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
BILLreduced-1,600,000-$87.3M
EXPEreduced-251,554-$71.3M
BKNGreduced-10,563-$56.6M
AVIDXCHANGE HOLDINGS INCexited-3,299,292-$32.8M
UALreduced-74,000-$8.27M

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, Q4 2025

Share positions as resolved from 13F-HR 0001051359-26-000003, largest first. % of portfolio is the value over $3,769,499,878, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,400,000 shares; 2024Q4: 7,400,000 shares; 2025Q1: 7,500,000 shares; 2025Q2: 7,500,000 shares; 2025Q3: 7,500,000 shares; 2025Q4: 7,500,000 shares 7,500,000$626M16.6%0Timeline
EXPEEXPEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,253,609 shares; 2024Q4: 2,374,844 shares; 2025Q1: 2,387,750 shares; 2025Q2: 2,387,750 shares; 2025Q3: 2,200,000 shares; 2025Q4: 1,948,446 shares 1,948,446$552M14.64%-251,554Timeline
UALUNITED AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,841,050 shares; 2024Q4: 4,841,050 shares; 2025Q1: 4,841,050 shares; 2025Q2: 4,968,850 shares; 2025Q3: 4,968,850 shares; 2025Q4: 4,894,850 shares 4,894,850$547M14.52%-74,000Timeline
WEXWEX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,850,000 shares; 2024Q4: 1,850,000 shares; 2025Q1: 1,850,500 shares; 2025Q2: 1,851,100 shares; 2025Q3: 1,851,500 shares; 2025Q4: 2,252,000 shares 2,252,000$336M8.9%+400,500Timeline
DALDELTA AIR LINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,455,000 shares; 2024Q4: 4,455,000 shares; 2025Q1: 3,564,000 shares; 2025Q2: 3,564,000 shares; 2025Q3: 3,574,210 shares; 2025Q4: 3,574,210 shares 3,574,210$248M6.58%0Timeline
LUVSOUTHWEST AIRLS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,709,192 shares; 2024Q4: 1,712,192 shares; 2025Q1: 5,916,492 shares; 2025Q2: 5,917,492 shares; 2025Q3: 4,950,192 shares; 2025Q4: 4,950,192 shares 4,950,192$205M5.43%0Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 504,400 shares; 2024Q4: 304,240 shares; 2025Q1: 377,200 shares; 2025Q2: 467,172 shares; 2025Q3: 356,572 shares; 2025Q4: 350,672 shares 350,672$148M3.93%-5,900Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 123,230 shares; 2024Q4: 37,761 shares; 2025Q1: 37,731 shares; 2025Q2: 37,826 shares; 2025Q3: 35,050 shares; 2025Q4: 24,487 shares 24,487$131M3.48%-10,563Timeline
ABNBAIRBNB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 299,100 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,800 shares; 2025Q3: 219,300 shares; 2025Q4: 729,900 shares 729,900$99.1M2.63%+510,600Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,300,000 shares; 2024Q4: 905,000 shares; 2025Q1: 905,000 shares; 2025Q2: 909,000 shares; 2025Q3: 910,000 shares; 2025Q4: 912,000 shares 912,000$91.1M2.42%+2,000Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,353,700 shares; 2024Q4: 3,866,829 shares; 2025Q1: 4,529,829 shares; 2025Q2: not reported; 2025Q3: 654,000 shares; 2025Q4: 995,200 shares 995,200$81.3M2.16%+341,200Timeline
ALKALASKA AIR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 945,654 shares; 2024Q4: 851,089 shares; 2025Q1: 1,075,576 shares; 2025Q2: 1,119,302 shares; 2025Q3: 1,119,302 shares; 2025Q4: 1,581,500 shares 1,581,500$79.5M2.11%+462,198Timeline
LYFTLYFT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,000 shares; 2024Q4: 125,000 shares; 2025Q1: 1,575,000 shares; 2025Q2: 1,905,000 shares; 2025Q3: 3,255,000 shares; 2025Q4: 3,140,000 shares 3,140,000$60.8M1.61%-115,000Timeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,961 shares; 2024Q4: 56,961 shares; 2025Q1: 56,961 shares; 2025Q2: 371,261 shares; 2025Q3: 371,300 shares; 2025Q4: 338,800 shares 338,800$54.3M1.44%-32,500Timeline
ALGTALLEGIANT TRAVEL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 509,884 shares; 2024Q4: 539,549 shares; 2025Q1: 526,430 shares; 2025Q2: 584,996 shares; 2025Q3: 624,081 shares; 2025Q4: 624,081 shares 624,081$53.2M1.41%0Timeline
WBSWEBSTER FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 700,000 shares; 2025Q1: 700,000 shares; 2025Q2: 750,000 shares; 2025Q3: 750,000 shares; 2025Q4: 755,500 shares 755,500$47.6M1.26%+5,500Timeline
MARMARRIOTT INTL INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,800 shares; 2024Q4: 78,900 shares; 2025Q1: 79,100 shares; 2025Q2: 136,100 shares; 2025Q3: 136,100 shares; 2025Q4: 134,900 shares 134,900$41.9M1.11%-1,200Timeline
SKYWSKYWEST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 239,941 shares; 2024Q4: 239,941 shares; 2025Q1: 363,451 shares; 2025Q2: 363,451 shares; 2025Q3: 359,881 shares; 2025Q4: 359,881 shares 359,881$36.1M0.96%0Timeline
CARSCARS COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,200,000 shares; 2025Q3: 2,058,648 shares; 2025Q4: 2,697,648 shares 2,697,648$32.9M0.87%+639,000Timeline
TRIPTRIPADVISOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 891,622 shares; 2024Q4: 2,242,000 shares; 2025Q1: 2,896,475 shares; 2025Q2: 2,896,475 shares; 2025Q3: 2,000,000 shares; 2025Q4: 2,180,564 shares 2,180,564$31.7M0.84%+180,564Timeline
AEROGRUPO AEROMEXICO SAB DE CVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 13,850,410 shares 13,850,410$30.4M0.81%newTimeline
SNCYSUN CTRY AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,505,506 shares; 2024Q4: 2,254,955 shares; 2025Q1: 1,959,372 shares; 2025Q2: 1,959,372 shares; 2025Q3: 2,067,000 shares; 2025Q4: 2,000,000 shares 2,000,000$28.8M0.76%-67,000Timeline
CARAVIS BUDGET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 835,300 shares; 2024Q4: 751,770 shares; 2025Q1: 751,770 shares; 2025Q2: 320,000 shares; 2025Q3: 200,000 shares; 2025Q4: 200,000 shares 200,000$25.7M0.68%0Timeline
RYAAYRYANAIR HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 345,000 shares; 2025Q1: 356,000 shares; 2025Q2: 345,000 shares; 2025Q3: 345,000 shares; 2025Q4: 345,000 shares 345,000$24.9M0.66%0Timeline
JBLUJETBLUE AIRWAYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,969,505 shares; 2024Q4: 2,672,555 shares; 2025Q1: 2,672,555 shares; 2025Q2: 5,487,425 shares; 2025Q3: 4,487,425 shares; 2025Q4: 4,457,425 shares 4,457,425$20.3M0.54%-30,000Timeline
AALAMERICAN AIRLINES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: not reported; 2025Q2: 1,250,000 shares; 2025Q3: 1,250,000 shares; 2025Q4: 1,250,000 shares 1,250,000$19.2M0.51%0Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 53,000 shares; 2025Q3: 148,000 shares; 2025Q4: 157,197 shares 157,197$19M0.5%+9,197Timeline
BILLBILL HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,500 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,925,000 shares; 2025Q4: 325,000 shares 325,000$17.7M0.47%-1,600,000Timeline
CARGCARGURUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,663,956 shares; 2024Q4: 2,667,056 shares; 2025Q1: 2,810,956 shares; 2025Q2: 336,791 shares; 2025Q3: 256,291 shares; 2025Q4: 348,098 shares 348,098$13.3M0.35%+91,807Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,900 shares; 2024Q4: 21,600 shares; 2025Q1: 21,900 shares; 2025Q2: 34,900 shares; 2025Q3: 35,700 shares; 2025Q4: 36,700 shares 36,700$11.5M0.31%+1,000Timeline
TRVGTRIVAGO N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,928,130 shares; 2024Q4: 3,544,231 shares; 2025Q1: 3,567,969 shares; 2025Q2: 3,576,869 shares; 2025Q3: 3,576,869 shares; 2025Q4: 3,970,806 shares 3,970,806$11.5M0.31%+393,937Timeline
ULCCFRONTIER GROUP HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,756,100 shares; 2024Q4: 1,756,100 shares; 2025Q1: 2,156,100 shares; 2025Q2: 2,181,100 shares; 2025Q3: 2,156,100 shares; 2025Q4: 2,156,100 shares 2,156,100$10.2M0.27%0Timeline
LTMLATAM AIRLINES GROUP SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 467,500 shares; 2024Q4: 467,500 shares; 2025Q1: 467,500 shares; 2025Q2: 165,000 shares; 2025Q3: 165,000 shares; 2025Q4: 165,000 shares 165,000$8.91M0.24%0Timeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,571 shares; 2024Q4: 1,000,571 shares; 2025Q1: 1,000,571 shares; 2025Q2: 2,291,357 shares; 2025Q3: 2,291,357 shares; 2025Q4: 1,400,000 shares 1,400,000$7.2M0.19%-891,357Timeline
GBTGGLOBAL BUSINESS TRAVEL GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 746,730 shares; 2024Q4: 746,730 shares; 2025Q1: 746,730 shares; 2025Q2: 1,024,014 shares; 2025Q3: 1,039,014 shares; 2025Q4: 883,244 shares 883,244$6.76M0.18%-155,770Timeline
RJETREPUBLIC AWYS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 177,301 shares 177,301$3.26M0.09%newTimeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,600 shares; 2025Q2: 6,300 shares; 2025Q3: 7,300 shares; 2025Q4: 6,300 shares 6,300$1.45M0.04%-1,000Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,200 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$1.17M0.03%0Timeline
ZMZOOM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,400 shares; 2025Q4: 11,900 shares 11,900$1.03M0.03%+8,500Timeline
BACBANK OF AMER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,300 shares; 2025Q2: 16,700 shares; 2025Q3: 18,200 shares; 2025Q4: 18,500 shares 18,500$1.02M0.03%+300Timeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,000 shares; 2024Q4: 4,500 shares; 2025Q1: 4,000 shares; 2025Q2: 4,000 shares; 2025Q3: 2,400 shares; 2025Q4: 3,500 shares 3,500$793K0.02%+1,100Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 192,300 shares; 2024Q4: 192,300 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,700 shares 1,700$765K0.02%newTimeline
KVYOKLAVIYO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 16,000 shares; 2025Q4: 23,000 shares 23,000$747K0.02%+7,000Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 400 shares; 2025Q1: 500 shares; 2025Q2: 900 shares; 2025Q3: 900 shares; 2025Q4: 900 shares 900$514K0.01%0Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 380 shares; 2024Q4: 1,300 shares; 2025Q1: 1,370 shares; 2025Q2: 660 shares; 2025Q3: not reported; 2025Q4: 700 shares 700$462K0.01%newTimeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 640 shares; 2025Q1: 2,140 shares; 2025Q2: 2,840 shares; 2025Q3: 840 shares; 2025Q4: 1,040 shares 1,040$365K0.01%+200Timeline
DOCUDOCUSIGN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,000 shares; 2025Q4: 5,300 shares 5,300$363K0.01%+2,300Timeline
TCOMTRIP COM GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,500 shares 4,500$324K0.01%newTimeline

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
GOOGALPHABET INC COMput33,600$10.5M0
DALDELTA AIR LINES INC Stockput18,000$1.25Mnew
CCITIGROUP INC COMput10,000$1.17Mnew
DASHDOORDASH INC Stockput2,400$544K0
SNCYSUN CTRY AIRLS HLDGS INC COMput18,000$259Knew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
AVIDXCHANGE HOLDINGS INCAVIDXCHANGE HOLDINGS INC3,299,292$32.8Mshares
UALUNITED AIRLS HLDGS INC149,000$14.4Mput
MESA AIR GROUP INCMESA AIR GROUP INC2,585,876$3.36Mshares
BNYBANK OF NY MELLON CORP26,364$2.87Mshares
CARTMAPLEBEAR INC75,000$2.76Mshares
WHWYNDHAM HOTELS & RESORTS INC27,000$2.16Mshares
SOFISOFI TECHNOLOGIES INC55,000$1.45Mshares
SOFISOFI TECHNOLOGIES INC55,000$1.45Mput
GRABGRAB HOLDINGS LIMITED181,000$1.09Mshares
GRABGRAB HOLDINGS LIMITED181,000$1.09Mput
AMZNAMAZON COM INC4,500$988Kput
PNCPNC FINL SVCS GROUP INC3,000$603Kshares
FLEXFLEX LTD9,910$574Kshares
CVNACARVANA CO1,200$453Kput
AFRMAFFIRM HLDGS INC5,500$402Kshares
CCLCARNIVAL CORP13,500$390Kshares
SCHWCHARLES SCHWAB CORP (THE)4,000$382Kput
SHOPSHOPIFY INC2,500$372Kshares
ZZILLOW GROUP INC4,000$308Kshares
HUBSHUBSPOT INC500$234Kshares

How Q4 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 0001051359-26-000003 base2026-02-17acceptance time not in the bulk data set