PAR CAPITAL MANAGEMENT INC
Comparing Q4 2025 vs Q3 2025
Sorting applies to all holdings for this quarter on the server, then the page is sliced. Prior-quarter values come from the full prior-quarter filing.
Issuer ▲▼ | Shares | Value ($K) | ||||
|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | |
| SYNCHRONY FINANCIAL | 7,500,000 | 7,500,000 | 0 | 532,875,000 | 625,725,000 | +92,850,000 |
| EXPEDIA GROUP INC | 2,200,000 | 1,948,446 | -251,554 | 470,250,000 | 552,014,236 | +81,764,236 |
| AIRBNB INC | 219,300 | 729,900 | +510,600 | 26,627,406 | 99,062,028 | +72,434,622 |
| UNITED AIRLS HLDGS INC | 4,968,850 | 4,894,850 | -74,000 | 479,494,025 | 547,342,127 | +67,848,102 |
| SOUTHWEST AIRLS CO | 4,950,192 | 4,950,192 | 0 | 157,960,627 | 204,591,435 | +46,630,808 |
| DELTA AIR LINES INC DEL | 3,574,210 | 3,574,210 | 0 | 202,836,418 | 248,050,174 | +45,213,756 |
| WEX INC | 1,851,500 | 2,252,000 | +400,500 | 291,666,795 | 335,502,960 | +43,836,165 |
| GRUPO AEROMEXICO SAB DE CV | 0 | 13,850,410 | +13,850,410 | 0 | 30,415,500 | +30,415,500 |
| ALASKA AIR GROUP INC | 1,119,302 | 1,581,500 | +462,198 | 55,718,854 | 79,549,450 | +23,830,596 |
| UBER TECHNOLOGIES INC | 654,000 | 995,200 | +341,200 | 64,072,380 | 81,317,792 | +17,245,412 |
| ALLEGIANT TRAVEL CO | 624,081 | 624,081 | 0 | 37,925,402 | 53,215,387 | +15,289,985 |
| CARVANA CO | 356,572 | 350,672 | -5,900 | 134,513,221 | 147,990,597 | +13,477,376 |
| CARS COM INC | 2,058,648 | 2,697,648 | +639,000 | 25,156,679 | 32,911,306 | +7,754,627 |
| MARRIOTT INTL INC NEW | 136,100 | 134,900 | -1,200 | 35,445,884 | 41,851,376 | +6,405,492 |
| AMERICAN AIRLS GROUP INC | 1,250,000 | 1,250,000 | 0 | 14,050,000 | 19,162,500 | +5,112,500 |
| SUN CTRY AIRLS HLDGS INC | 2,067,000 | 2,000,000 | -67,000 | 24,411,270 | 28,780,000 | +4,368,730 |
| SCHWAB CHARLES CORP | 910,000 | 912,000 | +2,000 | 86,877,700 | 91,117,920 | +4,240,220 |
| RYANAIR HOLDINGS PLC | 345,000 | 345,000 | 0 | 20,775,900 | 24,905,550 | +4,129,650 |
| CARGURUS INC | 256,291 | 348,098 | +91,807 | 9,541,714 | 13,349,558 | +3,807,844 |
| REPUBLIC AWYS HLDGS INC | 0 | 177,301 | +177,301 | 0 | 3,257,019 | +3,257,019 |
| WEBSTER FINL CORP | 750,000 | 755,500 | +5,500 | 44,580,000 | 47,551,170 | +2,971,170 |
| ALPHABET INC | 35,700 | 36,700 | +1,000 | 8,694,735 | 11,516,460 | +2,821,725 |
| ALPHABET INC(Put) | 33,600 | 33,600 | 0 | 8,183,280 | 10,543,680 | +2,360,400 |
| HYATT HOTELS CORP | 371,300 | 338,800 | -32,500 | 52,698,609 | 54,316,416 | +1,617,807 |
| LATAM AIRLINES GROUP SA | 165,000 | 165,000 | 0 | 7,466,250 | 8,911,650 | +1,445,400 |
| COPA HOLDINGS SA | 148,000 | 157,197 | +9,197 | 17,585,360 | 18,959,530 | +1,374,170 |
| DELTA AIR LINES INC DEL(Put) | 0 | 18,000 | +18,000 | 0 | 1,249,200 | +1,249,200 |
| CITIGROUP INC(Put) | 0 | 10,000 | +10,000 | 0 | 1,166,900 | +1,166,900 |
| TESLA INC | 0 | 1,700 | +1,700 | 0 | 764,524 | +764,524 |
| ZOOM COMMUNICATIONS INC | 3,400 | 11,900 | +8,500 | 280,500 | 1,026,851 | +746,351 |
| FRONTIER GROUP HLDGS INC | 2,156,100 | 2,156,100 | 0 | 9,519,182 | 10,155,231 | +636,049 |
| META PLATFORMS INC | 0 | 700 | +700 | 0 | 462,063 | +462,063 |
| TRIP COM GROUP LTD | 0 | 4,500 | +4,500 | 0 | 323,595 | +323,595 |
| KLAVIYO INC | 16,000 | 23,000 | +7,000 | 443,040 | 746,810 | +303,770 |
| SUN CTRY AIRLS HLDGS INC(Put) | 0 | 18,000 | +18,000 | 0 | 259,020 | +259,020 |
| CITIGROUP INC | 10,000 | 10,000 | 0 | 1,015,000 | 1,166,900 | +151,900 |
| DOCUSIGN INC | 3,000 | 5,300 | +2,300 | 216,270 | 362,520 | +146,250 |
| DOORDASH INC | 2,400 | 3,500 | +1,100 | 652,776 | 792,680 | +139,904 |
| BANK AMERICA CORP | 18,200 | 18,500 | +300 | 938,938 | 1,017,500 | +78,562 |
| VISA INC | 840 | 1,040 | +200 | 286,759 | 364,738 | +77,979 |
| MASTERCARD INCORPORATED | 900 | 900 | 0 | 511,929 | 513,792 | +1,863 |
| SKYWEST INC | 359,881 | 359,881 | 0 | 36,211,226 | 36,135,651 | -75,575 |
| DOORDASH INC(Put) | 2,400 | 2,400 | 0 | 652,776 | 543,552 | -109,224 |
| AMAZON COM INC | 7,300 | 6,300 | -1,000 | 1,602,861 | 1,454,166 | -148,695 |
| TRIVAGO N V | 3,576,869 | 3,970,806 | +393,937 | 11,928,858 | 11,515,337 | -413,521 |
| TRIPADVISOR INC | 2,000,000 | 2,180,564 | +180,564 | 32,520,000 | 31,749,012 | -770,988 |
| GLOBAL BUSINESS TRAVEL GROUP | 1,039,014 | 883,244 | -155,770 | 8,395,233 | 6,756,817 | -1,638,416 |
| JETBLUE AWYS CORP | 4,487,425 | 4,457,425 | -30,000 | 22,078,131 | 20,281,284 | -1,796,847 |
| AVIS BUDGET GROUP | 200,000 | 200,000 | 0 | 32,115,000 | 25,664,000 | -6,451,000 |
| HERTZ GLOBAL HLDGS INC | 2,291,357 | 1,400,000 | -891,357 | 15,581,228 | 7,196,000 | -8,385,228 |
| LYFT INC | 3,255,000 | 3,140,000 | -115,000 | 71,632,785 | 60,821,800 | -10,810,985 |
| BOOKING HOLDINGS INC | 35,050 | 24,487 | -10,563 | 189,244,414 | 131,135,966 | -58,108,448 |
| BILL HOLDINGS INC | 1,925,000 | 325,000 | -1,600,000 | 101,967,250 | 17,725,500 | -84,241,750 |