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PAR CAPITAL MANAGEMENT INC

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13F filer, CIK 1051359, BOSTON, MA

PAR CAPITAL MANAGEMENT INC reported $3,451,580,722 across 48 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 83.01% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001051359-26-000005

Period
2026-03-31
Reported value
$3.45B
Holdings
48
Top 10 weight
83.01%
New
6
Sold out
11

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UBERadded+2,741,773$197M
BKNGadded+18,086$76.1M
Vadded+78,960$23.9M
TRIPadded+1,891,490$20.2M
ALGTadded+222,110$18M

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
SCHWreduced-658,700-$61.9M
WBSreduced-705,500-$49M
AEROexited-13,850,410-$30.4M
CARSreduced-2,451,349-$19.9M
MARreduced-44,900-$14.7M

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, Q1 2026

Share positions as resolved from 13F-HR 0001051359-26-000005, largest first. % of portfolio is the value over $3,439,611,486, 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; 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; 2026Q1: 7,612,137 shares 7,612,137$518M15.05%+112,137Timeline
UALUNITED AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,996,850 shares 4,996,850$460M13.38%+102,000Timeline
EXPEEXPEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,952,120 shares 1,952,120$451M13.1%+3,674Timeline
WEXWEX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,254,984 shares 2,254,984$345M10.03%+2,984Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,736,973 shares 3,736,973$269M7.81%+2,741,773Timeline
DALDELTA AIR LINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,514,445 shares 3,514,445$234M6.79%-59,765Timeline
LUVSOUTHWEST AIRLS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 5,219,192 shares 5,219,192$196M5.7%+269,000Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 42,573 shares 42,573$179M5.21%+18,086Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 347,872 shares 347,872$109M3.18%-2,800Timeline
ABNBAIRBNB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 299,100 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,800 shares; 2025Q3: 219,300 shares; 2025Q4: 729,900 shares; 2026Q1: 747,500 shares 747,500$94.4M2.74%+17,600Timeline
ALGTALLEGIANT TRAVEL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 846,191 shares 846,191$68.6M1.99%+222,110Timeline
ALKALASKA AIR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,581,500 shares 1,581,500$58.2M1.69%0Timeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 338,500 shares 338,500$48.7M1.42%-300Timeline
TRIPTRIPADVISOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,072,054 shares 4,072,054$43.4M1.26%+1,891,490Timeline
LYFTLYFT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,130,000 shares 3,130,000$41.6M1.21%-10,000Timeline
SKYWSKYWEST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 357,923 shares 357,923$32.9M0.96%-1,958Timeline
MARMARRIOTT INTL INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 90,000 shares 90,000$29.4M0.86%-44,900Timeline
CARAVIS BUDGET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 200,000 shares 200,000$29.2M0.85%0Timeline
SNCYSUN CTRY AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,467,800 shares 1,467,800$24.2M0.7%-532,200Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 640 shares; 2025Q1: 2,140 shares; 2025Q2: 2,840 shares; 2025Q3: 840 shares; 2025Q4: 1,040 shares; 2026Q1: 80,000 shares 80,000$24.2M0.7%+78,960Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 253,300 shares 253,300$23.8M0.69%-658,700Timeline
RYAAYRYANAIR HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 345,000 shares 345,000$19.9M0.58%0Timeline
JBLUJETBLUE AIRWAYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,457,425 shares 4,457,425$19.7M0.57%0Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 53,000 shares; 2025Q3: 148,000 shares; 2025Q4: 157,197 shares; 2026Q1: 157,197 shares 157,197$17.9M0.52%0Timeline
BILLBILL HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,500 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,925,000 shares; 2025Q4: 325,000 shares; 2026Q1: 400,000 shares 400,000$15.3M0.45%+75,000Timeline
AALAMERICAN AIRLINES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,250,000 shares 1,250,000$13.4M0.39%0Timeline
TRVGTRIVAGO N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,193,114 shares 4,193,114$11.4M0.33%+222,308Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 35,600 shares 35,600$10.2M0.3%-1,100Timeline
GBTGGLOBAL BUSINESS TRAVEL GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,686,634 shares 1,686,634$9.41M0.27%+803,390Timeline
RJETREPUBLIC AWYS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 177,301 shares; 2026Q1: 506,844 shares 506,844$9.06M0.26%+329,543Timeline
LTMLATAM AIRLINES GROUP SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 165,000 shares 165,000$8.16M0.24%0Timeline
ULCCFRONTIER GROUP HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,131,100 shares 2,131,100$7.52M0.22%-25,000Timeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,400,000 shares 1,400,000$6.45M0.19%0Timeline
WBSWEBSTER FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 50,000 shares 50,000$3.47M0.1%-705,500Timeline
CARSCARS COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 246,299 shares 246,299$2M0.06%-2,451,349Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 10,000 shares 10,000$1.13M0.03%0Timeline
CFGCITIZENS FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 7,000 shares; 2024Q4: 15,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 16,000 shares 16,000$960K0.03%newTimeline
CARTMAPLEBEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 82,000 shares; 2024Q4: 84,500 shares; 2025Q1: 86,500 shares; 2025Q2: 91,500 shares; 2025Q3: 75,000 shares; 2025Q4: not reported; 2026Q1: 20,336 shares 20,336$762K0.02%newTimeline
TFCTRUIST FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 14,500 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 15,000 shares 15,000$690K0.02%newTimeline
TCOMTRIP COM GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 24,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,500 shares; 2026Q1: 13,523 shares 13,523$673K0.02%+9,023Timeline
PINSPINTEREST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 31,825 shares 31,825$584K0.02%newTimeline
SNAPSNAP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 110,693 shares 110,693$509K0.01%newTimeline
ZMZOOM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,400 shares; 2025Q4: 11,900 shares; 2026Q1: 6,000 shares 6,000$482K0.01%-5,900Timeline
CARGCARGURUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 10,376 shares 10,376$353K0.01%-337,722Timeline
NXTNEXTPOWER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,726 shares 1,726$208K0.01%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$9.64M0
DALDELTA AIR LINES INC Stockput18,000$1.2M0
CCITIGROUP INC COMput10,000$1.13M0

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
AEROGRUPO AEROMEXICO SAB DE CV13,850,410$30.4Mshares
AMZNAMAZON COM INC6,300$1.45Mshares
BACBANK OF AMER CORP18,500$1.02Mshares
DASHDOORDASH INC3,500$793Kshares
TSLATESLA INC1,700$765Kshares
KVYOKLAVIYO INC23,000$747Kshares
DASHDOORDASH INC2,400$544Kput
MAMASTERCARD INCORPORATED900$514Kshares
METAMETA PLATFORMS INC700$462Kshares
DOCUDOCUSIGN INC5,300$363Kshares
SNCYSUN CTRY AIRLS HLDGS INC18,000$259Kput

How Q1 2026 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 0001051359-26-000005 base2026-05-15acceptance time not in the bulk data set