13F HOLDINGS REPORT
PAR CAPITAL MANAGEMENT INC
Quarter ended Q3 2025 · Filed November 14, 2025 · Accession 0001051359-25-000011
Total Value
$3.42B
Positions
65
Other Managers
0
Confidential Omitted
No
Holdings (65)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SYNCHRONY FINANCIAL | SYF-PB | 7,500,000 | $532.9M | 15.60% |
| 2 | UNITED AIRLS HLDGS INC | UNTCW | 4,968,850 | $479.5M | 14.04% |
| 3 | EXPEDIA GROUP INC | EXPE | 2,200,000 | $470.3M | 13.77% |
| 4 | WEX INC | WEX | 1,851,500 | $291.7M | 8.54% |
| 5 | DELTA AIR LINES INC DEL | DAL | 3,574,210 | $202.8M | 5.94% |
| 6 | BOOKING HOLDINGS INC | BKNG | 35,050 | $189.2M | 5.54% |
| 7 | SOUTHWEST AIRLS CO | 844741108 | 4,950,192 | $158.0M | 4.63% |
| 8 | CARVANA CO | CVNA | 356,572 | $134.5M | 3.94% |
| 9 | BILL HOLDINGS INC | BILL | 1,925,000 | $102.0M | 2.99% |
| 10 | SCHWAB CHARLES CORP | SCHW-PJ | 910,000 | $86.9M | 2.54% |
| 11 | LYFT INC | LYFT | 3,255,000 | $71.6M | 2.10% |
| 12 | UBER TECHNOLOGIES INC | UBER | 654,000 | $64.1M | 1.88% |
| 13 | ALASKA AIR GROUP INC | ALK | 1,119,302 | $55.7M | 1.63% |
| 14 | HYATT HOTELS CORP | H | 371,300 | $52.7M | 1.54% |
| 15 | WEBSTER FINL CORP | 947890109 | 750,000 | $44.6M | 1.31% |
| 16 | ALLEGIANT TRAVEL CO | ALGT | 624,081 | $37.9M | 1.11% |
| 17 | SKYWEST INC | SKYW | 359,881 | $36.2M | 1.06% |
| 18 | MARRIOTT INTL INC NEW | 571903202 | 136,100 | $35.4M | 1.04% |
| 19 | AVIDXCHANGE HOLDINGS INC | 05368X102 | 3,299,292 | $32.8M | 0.96% |
| 20 | TRIPADVISOR INC | TRIP | 2,000,000 | $32.5M | 0.95% |
| 21 | AVIS BUDGET GROUP | CAR | 200,000 | $32.1M | 0.94% |
| 22 | AIRBNB INC | ABNB | 219,300 | $26.6M | 0.78% |
| 23 | CARS COM INC | CARS | 2,058,648 | $25.2M | 0.74% |
| 24 | SUN CTRY AIRLS HLDGS INC | 866683105 | 2,067,000 | $24.4M | 0.71% |
| 25 | JETBLUE AWYS CORP | 477143101 | 4,487,425 | $22.1M | 0.65% |
| 26 | RYANAIR HOLDINGS PLC | RYAOF | 345,000 | $20.8M | 0.61% |
| 27 | COPA HOLDINGS SA | CPA | 148,000 | $17.6M | 0.51% |
| 28 | HERTZ GLOBAL HLDGS INC | HTZWW | 2,291,357 | $15.6M | 0.46% |
| 29 | UNITED AIRLS HLDGS INC | UNTCW | 149,000 | $14.4M | 0.42% |
| 30 | AMERICAN AIRLS GROUP INC | 02376R102 | 1,250,000 | $14.1M | 0.41% |
| 31 | TRIVAGO N V | TRVG | 3,576,869 | $11.9M | 0.35% |
| 32 | CARGURUS INC | CARG | 256,291 | $9.5M | 0.28% |
| 33 | FRONTIER GROUP HLDGS INC | ULCC | 2,156,100 | $9.5M | 0.28% |
| 34 | ALPHABET INC | GOOG | 35,700 | $8.7M | 0.25% |
| 35 | GLOBAL BUSINESS TRAVEL GROUP | GBTG | 1,039,014 | $8.4M | 0.25% |
| 36 | ALPHABET INC | GOOG | 33,600 | $8.2M | 0.24% |
| 37 | LATAM AIRLINES GROUP SA | LTM | 165,000 | $7.5M | 0.22% |
| 38 | MESA AIR GROUP INC | 590479135 | 2,585,876 | $3.4M | 0.10% |
| 39 | BANK NEW YORK MELLON CORP | 064058100 | 26,364 | $2.9M | 0.08% |
| 40 | MAPLEBEAR INC | CART | 75,000 | $2.8M | 0.08% |
| 41 | WYNDHAM HOTELS & RESORTS INC | WH | 27,000 | $2.2M | 0.06% |
| 42 | AMAZON COM INC | AMZN | 7,300 | $1.6M | 0.05% |
| 43 | SOFI TECHNOLOGIES INC | SOFI | 55,000 | $1.5M | 0.04% |
| 44 | SOFI TECHNOLOGIES INC | SOFI | 55,000 | $1.5M | 0.04% |
| 45 | GRAB HOLDINGS LIMITED | GRABW | 181,000 | $1.1M | 0.03% |
| 46 | GRAB HOLDINGS LIMITED | GRABW | 181,000 | $1.1M | 0.03% |
| 47 | CITIGROUP INC | C-PR | 10,000 | $1.0M | 0.03% |
| 48 | AMAZON COM INC | AMZN | 4,500 | $988,065 | 0.03% |
| 49 | BANK AMERICA CORP | 060505104 | 18,200 | $938,938 | 0.03% |
| 50 | DOORDASH INC | DASH | 2,400 | $652,776 | 0.02% |
| 51 | DOORDASH INC | DASH | 2,400 | $652,776 | 0.02% |
| 52 | PNC FINL SVCS GROUP INC | 693475105 | 3,000 | $602,790 | 0.02% |
| 53 | FLEX LTD | FLEX | 9,910 | $574,483 | 0.02% |
| 54 | MASTERCARD INCORPORATED | MA | 900 | $511,929 | 0.01% |
| 55 | CARVANA CO | CVNA | 1,200 | $452,688 | 0.01% |
| 56 | KLAVIYO INC | KVYO | 16,000 | $443,040 | 0.01% |
| 57 | AFFIRM HLDGS INC | AFRM | 5,500 | $401,940 | 0.01% |
| 58 | CARNIVAL CORP | CUKPF | 13,500 | $390,285 | 0.01% |
| 59 | SCHWAB CHARLES CORP | SCHW-PJ | 4,000 | $381,880 | 0.01% |
| 60 | SHOPIFY INC | SHOP | 2,500 | $371,675 | 0.01% |
| 61 | ZILLOW GROUP INC | Z | 4,000 | $308,200 | 0.01% |
| 62 | VISA INC | V | 840 | $286,759 | 0.01% |
| 63 | ZOOM COMMUNICATIONS INC | ZM | 3,400 | $280,500 | 0.01% |
| 64 | HUBSPOT INC | HUBS | 500 | $233,900 | 0.01% |
| 65 | DOCUSIGN INC | DOCU | 3,000 | $216,270 | 0.01% |