Q4 2025 · 13F-HR
PAR CAPITAL MANAGEMENT INCholdings as filed
Filed 2026-02-17 · accession 0001051359-26-000003
$3.78B
Reported value
53
Positions
2025-12-31
Period end
The Brief · PAR CAPITAL MANAGEMENT INC · Q4 2025
AI · grounded in 13F
PAR CAPITAL MANAGEMENT INC closed its position in AVDX for a reduction of $32.8M. The fund established a new position in AERO valued at $30.4M and increased its stake in ABNB by 232.8%. Other notable moves include trimming BILL by 83.1% and reducing BKNG by 30.1%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 87165B103 | SYF | SYNCHRONY FINANCIAL | $625.7M | 16.5% | 7,500,000 | Common | SOLE |
| 30212P303 | EXPE | EXPEDIA GROUP INC | $552.0M | 14.6% | 1,948,446 | Common | SOLE |
| 910047109 | UAL | UNITED AIRLS HLDGS INC | $547.3M | 14.5% | 4,894,850 | Common | SOLE |
| 96208T104 | WEX | WEX INC | $335.5M | 8.87% | 2,252,000 | Common | SOLE |
| 247361702 | DAL | DELTA AIR LINES INC DEL | $248.1M | 6.56% | 3,574,210 | Common | SOLE |
| 844741108 | LUV | SOUTHWEST AIRLS CO | $204.6M | 5.41% | 4,950,192 | Common | SOLE |
| 146869102 | CVNA | CARVANA CO | $148.0M | 3.91% | 350,672 | Common | SOLE |
| 09857L108 | BKNG | BOOKING HOLDINGS INC | $131.1M | 3.47% | 24,487 | Common | SOLE |
| 009066101 | ABNB | AIRBNB INC | $99.1M | 2.62% | 729,900 | Common | SOLE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $91.1M | 2.41% | 912,000 | Common | SOLE |
| 90353T100 | UBER | UBER TECHNOLOGIES INC | $81.3M | 2.15% | 995,200 | Common | SOLE |
| 011659109 | ALK | ALASKA AIR GROUP INC | $79.5M | 2.10% | 1,581,500 | Common | SOLE |
| 55087P104 | LYFT | LYFT INC | $60.8M | 1.61% | 3,140,000 | Common | SOLE |
| 448579102 | H | HYATT HOTELS CORP | $54.3M | 1.44% | 338,800 | Common | SOLE |
| 01748X102 | ALGT | ALLEGIANT TRAVEL CO | $53.2M | 1.41% | 624,081 | Common | SOLE |
| 947890109 | WBS | WEBSTER FINL CORP | $47.6M | 1.26% | 755,500 | Common | SOLE |
| 571903202 | MAR | MARRIOTT INTL INC NEW | $41.9M | 1.11% | 134,900 | Common | SOLE |
| 830879102 | SKYW | SKYWEST INC | $36.1M | 0.96% | 359,881 | Common | SOLE |
| 14575E105 | CARS | CARS COM INC | $32.9M | 0.87% | 2,697,648 | Common | SOLE |
| 896945201 | TRIP | TRIPADVISOR INC | $31.7M | 0.84% | 2,180,564 | Common | SOLE |
| 40054J109 | AERO | GRUPO AEROMEXICO SAB DE CV | $30.4M | 0.80% | 13,850,410 | Common | SOLE |
| 866683105 | SNCY | SUN CTRY AIRLS HLDGS INC | $28.8M | 0.76% | 2,000,000 | Common | SOLE |
| 053774105 | CAR | AVIS BUDGET GROUP | $25.7M | 0.68% | 200,000 | Common | SOLE |
| 783513203 | RYAAY | RYANAIR HOLDINGS PLC | $24.9M | 0.66% | 345,000 | Common | SOLE |
| 477143101 | JBLU | JETBLUE AWYS CORP | $20.3M | 0.54% | 4,457,425 | Common | SOLE |
| 02376R102 | AAL | AMERICAN AIRLS GROUP INC | $19.2M | 0.51% | 1,250,000 | Common | SOLE |
| P31076105 | CPA | COPA HOLDINGS SA | $19.0M | 0.50% | 157,197 | Common | SOLE |
| 090043100 | BILL | BILL HOLDINGS INC | $17.7M | 0.47% | 325,000 | Common | SOLE |
| 141788109 | CARG | CARGURUS INC | $13.3M | 0.35% | 348,098 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $11.5M | 0.30% | 36,700 | Common | SOLE |
| 89686D303 | TRVG | TRIVAGO N V | $11.5M | 0.30% | 3,970,806 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $10.5M | 0.28% | 33,600 | PUT | SOLE |
| 35909R108 | ULCC | FRONTIER GROUP HLDGS INC | $10.2M | 0.27% | 2,156,100 | Common | SOLE |
| 51817R205 | LTM | LATAM AIRLINES GROUP SA | $8.9M | 0.24% | 165,000 | Common | SOLE |
| 42806J700 | HTZ | HERTZ GLOBAL HLDGS INC | $7.2M | 0.19% | 1,400,000 | Common | SOLE |
| 37890B100 | GBTG | GLOBAL BUSINESS TRAVEL GROUP | $6.8M | 0.18% | 883,244 | Common | SOLE |
| 590479408 | RJET | REPUBLIC AWYS HLDGS INC | $3.3M | 0.09% | 177,301 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $1.5M | 0.04% | 6,300 | Common | SOLE |
| 247361702 | DAL | DELTA AIR LINES INC DEL | $1.2M | 0.03% | 18,000 | PUT | SOLE |
| 172967424 | C | CITIGROUP INC | $1.2M | 0.03% | 10,000 | Common | SOLE |
| 172967424 | C | CITIGROUP INC | $1.2M | 0.03% | 10,000 | PUT | SOLE |
| 98980L101 | ZNGA | ZOOM COMMUNICATIONS INC | $1.0M | 0.03% | 11,900 | Common | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $1.0M | 0.03% | 18,500 | Common | SOLE |
| 25809K105 | DASH | DOORDASH INC | $792,680 | 0.02% | 3,500 | Common | SOLE |
| 88160R101 | TSLA | TESLA INC | $764,524 | 0.02% | 1,700 | Common | SOLE |
| 49845K101 | KVYO | KLAVIYO INC | $746,810 | 0.02% | 23,000 | Common | SOLE |
| 25809K105 | DASH | DOORDASH INC | $543,552 | 0.01% | 2,400 | PUT | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $513,792 | 0.01% | 900 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $462,063 | 0.01% | 700 | Common | SOLE |
| 92826C839 | V | VISA INC | $364,738 | 0.01% | 1,040 | Common | SOLE |
| 256163106 | DOCU | DOCUSIGN INC | $362,520 | 0.01% | 5,300 | Common | SOLE |
| 89677Q107 | TCOM | TRIP COM GROUP LTD | $323,595 | 0.01% | 4,500 | Common | SOLE |
| 866683105 | SNCY | SUN CTRY AIRLS HLDGS INC | $259,020 | 0.01% | 18,000 | PUT | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.