PAR CAPITAL MANAGEMENT INC Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$3.8T
Holdings
48
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (48 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | SYFSYNCHRONY FINANCIAL | 7,500,000 | $625.0B | 16.52% | |
| 2 | EXPEEXPEDIA GROUP INC | 1,948,446 | $552.0B | 14.59% | |
| 3 | UALUNITED AIRLS HLDGS INC | 4,894,850 | $547.0B | 14.46% | |
| 4 | WEXWEX INC | 2,252,000 | $335.0B | 8.86% | |
| 5 | DALDELTA AIR LINES INC DEL | 3,592,210 | $249.0B | 6.58% | Put |
| 6 | LUVSOUTHWEST AIRLS CO | 4,950,192 | $204.0B | 5.39% | |
| 7 | CVNACARVANA CO | 350,672 | $147.0B | 3.89% | |
| 8 | BKNGBOOKING HOLDINGS INC | 24,487 | $131.0B | 3.46% | |
| 9 | ABNBAIRBNB INC | 729,900 | $99.0B | 2.62% | |
| 10 | SCHWSCHWAB CHARLES CORP | 912,000 | $91.0B | 2.41% | |
| 11 | UBERUBER TECHNOLOGIES INC | 995,200 | $81.0B | 2.14% | |
| 12 | ALKALASKA AIR GROUP INC | 1,581,500 | $79.0B | 2.09% | |
| 13 | LYFTLYFT INC | 3,140,000 | $60.0B | 1.59% | |
| 14 | HHYATT HOTELS CORP | 338,800 | $54.0B | 1.43% | |
| 15 | ALGTALLEGIANT TRAVEL CO | 624,081 | $53.0B | 1.40% | |
| 16 | WBSWEBSTER FINL CORP | 755,500 | $47.0B | 1.24% | |
| 17 | MARMARRIOTT INTL INC NEW | 134,900 | $41.0B | 1.08% | |
| 18 | SKYWSKYWEST INC | 359,881 | $36.0B | 0.95% | |
| 19 | CARSCARS COM INC | 2,697,648 | $32.0B | 0.85% | |
| 20 | TRIPTRIPADVISOR INC | 2,180,564 | $31.0B | 0.82% | |
| 21 | AEROGRUPO AEROMEXICO SAB DE CV | 13,850,410 | $30.0B | 0.79% | |
| 22 | SNCYSUN CTRY AIRLS HLDGS INC | 2,018,000 | $28.0B | 0.74% | Put |
| 23 | CUCAAVIS BUDGET GROUP | 200,000 | $25.0B | 0.66% | |
| 24 | RYAAYRYANAIR HOLDINGS PLC | 345,000 | $24.0B | 0.63% | |
| 25 | GOOGALPHABET INC | 70,300 | $21.0B | 0.56% | Put |
| 26 | JBLUJETBLUE AWYS CORP | 4,457,425 | $20.0B | 0.53% | |
| 27 | AALAMERICAN AIRLS GROUP INC | 1,250,000 | $19.0B | 0.50% | |
| 28 | CPACOPA HOLDINGS SA | 157,197 | $18.0B | 0.48% | |
| 29 | BILLBILL HOLDINGS INC | 325,000 | $17.0B | 0.45% | |
| 30 | CARGCARGURUS INC | 348,098 | $13.0B | 0.34% | |
| 31 | TRVGTRIVAGO N V | 3,970,806 | $11.0B | 0.29% | |
| 32 | ULCCFRONTIER GROUP HLDGS INC | 2,156,100 | $10.0B | 0.26% | |
| 33 | LTMLATAM AIRLINES GROUP SA | 165,000 | $8.0B | 0.21% | |
| 34 | HTZHERTZ GLOBAL HLDGS INC | 1,400,000 | $7.0B | 0.19% | |
| 35 | GBTGGLOBAL BUSINESS TRAVEL GROUP | 883,244 | $6.0B | 0.16% | |
| 36 | RJETREPUBLIC AWYS HLDGS INC | 177,301 | $3.0B | 0.08% | |
| 37 | TRVCCITIGROUP INC | 20,000 | $2.0B | 0.05% | Put |
| 38 | BACBANK AMERICA CORP | 18,500 | $1.0B | 0.03% | |
| 39 | ZMZOOM COMMUNICATIONS INC | 11,900 | $1.0B | 0.03% | |
| 40 | AMZNAMAZON COM INC | 6,300 | $1.0B | 0.03% | |
| 41 | TSLATESLA INC | 1,700 | $0 | 0.00% | |
| 42 | METAMETA PLATFORMS INC | 700 | $0 | 0.00% | |
| 43 | VVISA INC | 1,040 | $0 | 0.00% | |
| 44 | DASHDOORDASH INC | 5,900 | $0 | 0.00% | Put |
| 45 | CLVTRIP COM GROUP LTD | 4,500 | $0 | 0.00% | |
| 46 | MAMASTERCARD INCORPORATED | 900 | $0 | 0.00% | |
| 47 | KVYOKLAVIYO INC | 23,000 | $0 | 0.00% | |
| 48 | DOCUDOCUSIGN INC | 5,300 | $0 | 0.00% |