13F HOLDINGS REPORT
PAR CAPITAL MANAGEMENT INC
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001051359-26-000003
Total Value
$3.78B
Positions
53
Other Managers
0
Confidential Omitted
No
Holdings (53)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SYNCHRONY FINANCIAL | SYF-PB | 7,500,000 | $625.7M | 16.54% |
| 2 | EXPEDIA GROUP INC | EXPE | 1,948,446 | $552.0M | 14.59% |
| 3 | UNITED AIRLS HLDGS INC | UNTCW | 4,894,850 | $547.3M | 14.47% |
| 4 | WEX INC | WEX | 2,252,000 | $335.5M | 8.87% |
| 5 | DELTA AIR LINES INC DEL | DAL | 3,574,210 | $248.1M | 6.56% |
| 6 | SOUTHWEST AIRLS CO | 844741108 | 4,950,192 | $204.6M | 5.41% |
| 7 | CARVANA CO | CVNA | 350,672 | $148.0M | 3.91% |
| 8 | BOOKING HOLDINGS INC | BKNG | 24,487 | $131.1M | 3.47% |
| 9 | AIRBNB INC | ABNB | 729,900 | $99.1M | 2.62% |
| 10 | SCHWAB CHARLES CORP | SCHW-PJ | 912,000 | $91.1M | 2.41% |
| 11 | UBER TECHNOLOGIES INC | UBER | 995,200 | $81.3M | 2.15% |
| 12 | ALASKA AIR GROUP INC | ALK | 1,581,500 | $79.5M | 2.10% |
| 13 | LYFT INC | LYFT | 3,140,000 | $60.8M | 1.61% |
| 14 | HYATT HOTELS CORP | H | 338,800 | $54.3M | 1.44% |
| 15 | ALLEGIANT TRAVEL CO | ALGT | 624,081 | $53.2M | 1.41% |
| 16 | WEBSTER FINL CORP | 947890109 | 755,500 | $47.6M | 1.26% |
| 17 | MARRIOTT INTL INC NEW | 571903202 | 134,900 | $41.9M | 1.11% |
| 18 | SKYWEST INC | SKYW | 359,881 | $36.1M | 0.96% |
| 19 | CARS COM INC | CARS | 2,697,648 | $32.9M | 0.87% |
| 20 | TRIPADVISOR INC | TRIP | 2,180,564 | $31.7M | 0.84% |
| 21 | GRUPO AEROMEXICO SAB DE CV | 40054J109 | 13,850,410 | $30.4M | 0.80% |
| 22 | SUN CTRY AIRLS HLDGS INC | 866683105 | 2,000,000 | $28.8M | 0.76% |
| 23 | AVIS BUDGET GROUP | CAR | 200,000 | $25.7M | 0.68% |
| 24 | RYANAIR HOLDINGS PLC | RYAOF | 345,000 | $24.9M | 0.66% |
| 25 | JETBLUE AWYS CORP | 477143101 | 4,457,425 | $20.3M | 0.54% |
| 26 | AMERICAN AIRLS GROUP INC | 02376R102 | 1,250,000 | $19.2M | 0.51% |
| 27 | COPA HOLDINGS SA | CPA | 157,197 | $19.0M | 0.50% |
| 28 | BILL HOLDINGS INC | BILL | 325,000 | $17.7M | 0.47% |
| 29 | CARGURUS INC | CARG | 348,098 | $13.3M | 0.35% |
| 30 | ALPHABET INC | GOOG | 36,700 | $11.5M | 0.30% |
| 31 | TRIVAGO N V | TRVG | 3,970,806 | $11.5M | 0.30% |
| 32 | ALPHABET INC | GOOG | 33,600 | $10.5M | 0.28% |
| 33 | FRONTIER GROUP HLDGS INC | ULCC | 2,156,100 | $10.2M | 0.27% |
| 34 | LATAM AIRLINES GROUP SA | LTM | 165,000 | $8.9M | 0.24% |
| 35 | HERTZ GLOBAL HLDGS INC | HTZWW | 1,400,000 | $7.2M | 0.19% |
| 36 | GLOBAL BUSINESS TRAVEL GROUP | GBTG | 883,244 | $6.8M | 0.18% |
| 37 | REPUBLIC AWYS HLDGS INC | 590479408 | 177,301 | $3.3M | 0.09% |
| 38 | AMAZON COM INC | AMZN | 6,300 | $1.5M | 0.04% |
| 39 | DELTA AIR LINES INC DEL | DAL | 18,000 | $1.2M | 0.03% |
| 40 | CITIGROUP INC | C-PR | 10,000 | $1.2M | 0.03% |
| 41 | CITIGROUP INC | C-PR | 10,000 | $1.2M | 0.03% |
| 42 | ZOOM COMMUNICATIONS INC | ZM | 11,900 | $1.0M | 0.03% |
| 43 | BANK AMERICA CORP | 060505104 | 18,500 | $1.0M | 0.03% |
| 44 | DOORDASH INC | DASH | 3,500 | $792,680 | 0.02% |
| 45 | TESLA INC | TSLA | 1,700 | $764,524 | 0.02% |
| 46 | KLAVIYO INC | KVYO | 23,000 | $746,810 | 0.02% |
| 47 | DOORDASH INC | DASH | 2,400 | $543,552 | 0.01% |
| 48 | MASTERCARD INCORPORATED | MA | 900 | $513,792 | 0.01% |
| 49 | META PLATFORMS INC | META | 700 | $462,063 | 0.01% |
| 50 | VISA INC | V | 1,040 | $364,738 | 0.01% |
| 51 | DOCUSIGN INC | DOCU | 5,300 | $362,520 | 0.01% |
| 52 | TRIP COM GROUP LTD | TRPCF | 4,500 | $323,595 | 0.01% |
| 53 | SUN CTRY AIRLS HLDGS INC | 866683105 | 18,000 | $259,020 | 0.01% |