PAR CAPITAL MANAGEMENT INC Q3 2025 Filing
Filed November 14, 2025
Portfolio Value
$3.4T
Holdings
57
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (57 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | SYFSYNCHRONY FINANCIAL | 7,500,000 | $532.9B | 15.60% | |
| 2 | UALUNITED AIRLS HLDGS INC | 5,117,850 | $493.9B | 14.46% | Put |
| 3 | EXPEEXPEDIA GROUP INC | 2,200,000 | $470.3B | 13.77% | |
| 4 | WEXWEX INC | 1,851,500 | $291.7B | 8.54% | |
| 5 | DALDELTA AIR LINES INC DEL | 3,574,210 | $202.8B | 5.94% | |
| 6 | BKNGBOOKING HOLDINGS INC | 35,050 | $189.2B | 5.54% | |
| 7 | LUVSOUTHWEST AIRLS CO | 4,950,192 | $158.0B | 4.63% | |
| 8 | CVNACARVANA CO | 357,772 | $135.0B | 3.95% | Put |
| 9 | BILLBILL HOLDINGS INC | 1,925,000 | $102.0B | 2.99% | |
| 10 | SCHWSCHWAB CHARLES CORP | 914,000 | $87.3B | 2.55% | Put |
| 11 | LYFTLYFT INC | 3,255,000 | $71.6B | 2.10% | |
| 12 | UBERUBER TECHNOLOGIES INC | 654,000 | $64.1B | 1.88% | |
| 13 | ALKALASKA AIR GROUP INC | 1,119,302 | $55.7B | 1.63% | |
| 14 | HHYATT HOTELS CORP | 371,300 | $52.7B | 1.54% | |
| 15 | WBSWEBSTER FINL CORP | 750,000 | $44.6B | 1.31% | |
| 16 | ALGTALLEGIANT TRAVEL CO | 624,081 | $37.9B | 1.11% | |
| 17 | SKYWSKYWEST INC | 359,881 | $36.2B | 1.06% | |
| 18 | MARMARRIOTT INTL INC NEW | 136,100 | $35.4B | 1.04% | |
| 19 | AVDXAVIDXCHANGE HOLDINGS INC | 3,299,292 | $32.8B | 0.96% | |
| 20 | TRIPTRIPADVISOR INC | 2,000,000 | $32.5B | 0.95% | |
| 21 | CUCAAVIS BUDGET GROUP | 200,000 | $32.1B | 0.94% | |
| 22 | ABNBAIRBNB INC | 219,300 | $26.6B | 0.78% | |
| 23 | CARSCARS COM INC | 2,058,648 | $25.2B | 0.74% | |
| 24 | SNCYSUN CTRY AIRLS HLDGS INC | 2,067,000 | $24.4B | 0.71% | |
| 25 | JBLUJETBLUE AWYS CORP | 4,487,425 | $22.1B | 0.65% | |
| 26 | RYAAYRYANAIR HOLDINGS PLC | 345,000 | $20.8B | 0.61% | |
| 27 | CPACOPA HOLDINGS SA | 148,000 | $17.6B | 0.51% | |
| 28 | GOOGALPHABET INC | 69,300 | $16.9B | 0.49% | Put |
| 29 | HTZHERTZ GLOBAL HLDGS INC | 2,291,357 | $15.6B | 0.46% | |
| 30 | AALAMERICAN AIRLS GROUP INC | 1,250,000 | $14.1B | 0.41% | |
| 31 | TRVGTRIVAGO N V | 3,576,869 | $11.9B | 0.35% | |
| 32 | CARGCARGURUS INC | 256,291 | $9.5B | 0.28% | |
| 33 | ULCCFRONTIER GROUP HLDGS INC | 2,156,100 | $9.5B | 0.28% | |
| 34 | GBTGGLOBAL BUSINESS TRAVEL GROUP | 1,039,014 | $8.4B | 0.25% | |
| 35 | LTMLATAM AIRLINES GROUP SA | 165,000 | $7.5B | 0.22% | |
| 36 | —MESA AIR GROUP INC | 2,585,876 | $3.4B | 0.10% | |
| 37 | SOFISOFI TECHNOLOGIES INC | 110,000 | $2.9B | 0.09% | Put |
| 38 | BKBANK NEW YORK MELLON CORP | 26,364 | $2.9B | 0.08% | |
| 39 | CARTMAPLEBEAR INC | 75,000 | $2.8B | 0.08% | |
| 40 | AMZNAMAZON COM INC | 11,800 | $2.6B | 0.08% | Put |
| 41 | GRABGRAB HOLDINGS LIMITED | 362,000 | $2.2B | 0.06% | Put |
| 42 | WHWYNDHAM HOTELS & RESORTS INC | 27,000 | $2.2B | 0.06% | |
| 43 | DASHDOORDASH INC | 4,800 | $1.3B | 0.04% | Put |
| 44 | TRVCCITIGROUP INC | 10,000 | $1.0B | 0.03% | |
| 45 | BACBANK AMERICA CORP | 18,200 | $938.9M | 0.03% | |
| 46 | PNCPNC FINL SVCS GROUP INC | 3,000 | $602.8M | 0.02% | |
| 47 | FLEXFLEX LTD | 9,910 | $574.5M | 0.02% | |
| 48 | MAMASTERCARD INCORPORATED | 900 | $511.9M | 0.01% | |
| 49 | KVYOKLAVIYO INC | 16,000 | $443.0M | 0.01% | |
| 50 | AFRMAFFIRM HLDGS INC | 5,500 | $401.9M | 0.01% | |
| 51 | CCLCARNIVAL CORP | 13,500 | $390.3M | 0.01% | |
| 52 | SHOPSHOPIFY INC | 2,500 | $371.7M | 0.01% | |
| 53 | ZZILLOW GROUP INC | 4,000 | $308.2M | 0.01% | |
| 54 | VVISA INC | 840 | $286.8M | 0.01% | |
| 55 | ZMZOOM COMMUNICATIONS INC | 3,400 | $280.5M | 0.01% | |
| 56 | HUBSHUBSPOT INC | 500 | $233.9M | 0.01% | |
| 57 | DOCUDOCUSIGN INC | 3,000 | $216.3M | 0.01% |