Par Capital Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Par Capital Management Inc. reported 57 stock positions worth $3.4 billion. Its top holding was Synchrony Financial (SYF) at 15.7% of the portfolio, followed by United Airlines (UAL, 14.2%) and Expedia (EXPE, 13.9%). Compared with Q2 2025, it opened 10 new positions, sold out of 6, added to 17 and reduced 14. The biggest buy was a new position in Bill (BILL) and the biggest sale an exit from Sabre (SABR).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001051359
- Portfolio Value
- $3.4B (Q3 2025)
- SEC Filing
- 0001051359-25-000011 ↗ filed Nov 14, 2025
Holdings Value
Holdings 57 stocks · $3.4B
| SYF Synchrony Financial | 15.73% | 7,500,000 | $532.9M | No change |
| UAL United Airlines Holdings Inc. | 14.15% | 4,968,850 | $479.5M | No change |
| EXPE Expedia Group Inc. | 13.88% | 2,200,000 | $470.3M | Reduce -7.9% |
| WEX Wex Inc. | 8.61% | 1,851,500 | $291.7M | Add +0.0% |
| DAL Delta Air Lines Inc. | 5.99% | 3,574,210 | $202.8M | Add +0.3% |
| BKNG Booking Holdings Inc. | 5.59% | 35,050 | $189.2M | Reduce -7.3% |
| LUV Southwest Airlines Co. | 4.66% | 4,950,192 | $158.0M | Reduce -16.4% |
| CVNA Carvana Co. | 3.97% | 356,572 | $134.5M | Reduce -23.7% |
| BILL Bill Holdings Inc. | 3.01% | 1,925,000 | $102.0M | New |
| SCHW Schwab (charles) Corp. | 2.56% | 910,000 | $86.9M | Add +0.1% |
| LYFT LYFT Inc. Class A | 2.11% | 3,255,000 | $71.6M | Add +70.9% |
| UBER Uber Technologies Inc. | 1.89% | 654,000 | $64.1M | New |
| ALK Alaska Air Group Inc. | 1.64% | 1,119,302 | $55.7M | No change |
| H Hyatt Hotels Corp. Class A | 1.56% | 371,300 | $52.7M | Add +0.0% |
| WBS Webster Financial Corp. | 1.32% | 750,000 | $44.6M | No change |
| ALGT Allegiant Travel Co. | 1.12% | 624,081 | $37.9M | Add +6.7% |
| SKYW Skywest Inc. | 1.07% | 359,881 | $36.2M | Reduce -1.0% |
| MAR Marriott International Class A | 1.05% | 136,100 | $35.4M | No change |
| AVDX Avidxchange Holdings Inc. | 0.97% | 3,299,292 | $32.8M | Reduce -0.0% |
| TRIP Tripadvisor Inc. | 0.96% | 2,000,000 | $32.5M | Reduce -30.9% |
| CAR Avis Budget Group Inc. | 0.95% | 200,000 | $32.1M | Reduce -37.5% |
| ABNB Airbnb Inc. Class A | 0.79% | 219,300 | $26.6M | Add +12083.3% |
| CARS Cars.com Inc. | 0.74% | 2,058,648 | $25.2M | Add +71.5% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.72% | 2,067,000 | $24.4M | Add +5.5% |
| JBLU Jetblue Airways Corp. | 0.65% | 4,487,425 | $22.1M | Reduce -18.2% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.61% | 345,000 | $20.8M | No change |
| CPA Copa Holdings SA Class A | 0.52% | 148,000 | $17.6M | Add +179.3% |
| HTZ Hertz Global Hldgs Inc. | 0.46% | 2,291,357 | $15.6M | No change |
| AAL American Airlines Group Inc. | 0.41% | 1,250,000 | $14.1M | No change |
| TRVG Trivago NV - ADR | 0.35% | 3,576,869 | $11.9M | No change |
| CARG Cargurus Inc. | 0.28% | 256,291 | $9.5M | Reduce -23.9% |
| ULCC Frontier Group Holdings Inc. | 0.28% | 2,156,100 | $9.5M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 0.26% | 35,700 | $8.7M | Add +2.3% |
| GBTG Global Business Travel Group | 0.25% | 1,039,014 | $8.4M | Add +1.5% |
| LTM Latam Airlines Group SA-ADR | 0.22% | 165,000 | $7.5M | No change |
| MESA AIR GROUP INC | 0.10% | 2,585,876 | $3.4M | Add +15.0% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.08% | 26,364 | $2.9M | No change |
| CART Maplebear Inc. | 0.08% | 75,000 | $2.8M | Reduce -18.0% |
| WH Wyndham Hotels & Resorts Inc. | 0.06% | 27,000 | $2.2M | No change |
| AMZN Amazon.com Inc. | 0.05% | 7,300 | $1.6M | Add +15.9% |
| SOFI Sofi Technologies Inc. | 0.04% | 55,000 | $1.5M | No change |
| GRAB Grab Holdings Ltd. Class A | 0.03% | 181,000 | $1.1M | Add +12.4% |
| C Citigroup Inc. | 0.03% | 10,000 | $1.0M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.03% | 18,200 | $939K | Add +9.0% |
| DASH DoorDash Inc. Class A | 0.02% | 2,400 | $653K | Reduce -40.0% |
| PNC PNC Financial Services Group | 0.02% | 3,000 | $603K | New |
| FLEX Flex Ltd. | 0.02% | 9,910 | $574K | No change |
| MA Mastercard Inc. Class A | 0.02% | 900 | $512K | No change |
| KVYO Klaviyo Inc. Class A | 0.01% | 16,000 | $443K | New |
| AFRM Affirm Holdings Inc. | 0.01% | 5,500 | $402K | New |
| CCL Carnival Corp. | 0.01% | 13,500 | $390K | New |
| SHOP Shopify Inc. Class A | 0.01% | 2,500 | $372K | New |
| Z Zillow Group Inc. Class C | 0.01% | 4,000 | $308K | Add +25.0% |
| V Visa Inc. Class A | 0.01% | 840 | $287K | Reduce -70.4% |
| ZM Zoom Communications Inc. | 0.01% | 3,400 | $281K | New |
| HUBS HubSpot Inc. | 0.01% | 500 | $234K | New |
| DOCU Docusign Inc. | 0.01% | 3,000 | $216K | New |
Options reported separately and not counted above: UAL puts ($14.4M), GOOG puts ($8.2M), SOFI puts ($1.5M), GRAB puts ($1.1M), AMZN puts ($988K), DASH puts ($653K), CVNA puts ($453K), SCHW puts ($382K).
Portfolio Sells Q2 2025 → Q3 2025
| SABR Sabre Corp. | Sold out | 0.00% | −2.00 |
| LUV Southwest Airlines Co. | Reduce -16.4% | 4.66% | −1.62 |
| BKNG Booking Holdings Inc. | Reduce -7.3% | 5.59% | −1.58 |
| CVNA Carvana Co. | Reduce -23.7% | 3.97% | −1.18 |
| CAR Avis Budget Group Inc. | Reduce -37.5% | 0.95% | −0.82 |
| TRIP Tripadvisor Inc. | Reduce -30.9% | 0.96% | −0.28 |
| SKYW Skywest Inc. | Reduce -1.0% | 1.07% | −0.16 |
| JBLU Jetblue Airways Corp. | Reduce -18.2% | 0.65% | −0.11 |
| AVDX Avidxchange Holdings Inc. | Reduce -0.0% | 0.97% | −0.09 |
| CARG Cargurus Inc. | Reduce -23.9% | 0.28% | −0.09 |
| CART Maplebear Inc. | Reduce -18.0% | 0.08% | −0.05 |
| V Visa Inc. Class A | Reduce -70.4% | 0.01% | −0.02 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.02 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.02 |
| W Wayfair Inc. Class A | Sold out | 0.00% | −0.02 |
| DASH DoorDash Inc. Class A | Reduce -40.0% | 0.02% | −0.01 |
| SEIC Sei Investments Company | Sold out | 0.00% | −0.01 |
| EB Eventbrite Inc. Class A | Sold out | 0.00% | −0.00 |
| ULCC Frontier Group Holdings Inc. | Reduce -1.1% | 0.28% | +0.02 |
| EXPE Expedia Group Inc. | Reduce -7.9% | 13.88% | +0.70 |
Portfolio Buys Q2 2025 → Q3 2025
| BILL Bill Holdings Inc. | New | 3.01% | +3.01 |
| UBER Uber Technologies Inc. | New | 1.89% | +1.89 |
| LYFT LYFT Inc. Class A | Add +70.9% | 2.11% | +1.13 |
| ABNB Airbnb Inc. Class A | Add +12083.3% | 0.79% | +0.78 |
| CPA Copa Holdings SA Class A | Add +179.3% | 0.52% | +0.33 |
| CARS Cars.com Inc. | Add +71.5% | 0.74% | +0.28 |
| DAL Delta Air Lines Inc. | Add +0.3% | 5.99% | +0.25 |
| ALGT Allegiant Travel Co. | Add +6.7% | 1.12% | +0.07 |
| GOOG Alphabet Inc. Class C | Add +2.3% | 0.26% | +0.05 |
| GBTG Global Business Travel Group | Add +1.5% | 0.25% | +0.04 |
| MESA AIR GROUP INC | Add +15.0% | 0.10% | +0.03 |
| PNC PNC Financial Services Group | New | 0.02% | +0.02 |
| KVYO Klaviyo Inc. Class A | New | 0.01% | +0.01 |
| AFRM Affirm Holdings Inc. | New | 0.01% | +0.01 |
| CCL Carnival Corp. | New | 0.01% | +0.01 |
| SHOP Shopify Inc. Class A | New | 0.01% | +0.01 |
| ZM Zoom Communications Inc. | New | 0.01% | +0.01 |
| HUBS HubSpot Inc. | New | 0.01% | +0.01 |
| DOCU Docusign Inc. | New | 0.01% | +0.01 |
| GRAB Grab Holdings Ltd. Class A | Add +12.4% | 0.03% | +0.01 |
| AMZN Amazon.com Inc. | Add +15.9% | 0.05% | +0.00 |
| BAC Bank of America Corp. | Add +9.0% | 0.03% | +0.00 |
| Z Zillow Group Inc. Class C | Add +25.0% | 0.01% | +0.00 |
| SNCY Sun Country Airlines Holding | Add +5.5% | 0.72% | −0.03 |
| H Hyatt Hotels Corp. Class A | Add +0.0% | 1.56% | −0.14 |
| SCHW Schwab (charles) Corp. | Add +0.1% | 2.56% | −0.15 |
| WEX Wex Inc. | Add +0.0% | 8.61% | −0.29 |
Options Activity Q2 2025 → Q3 2025
| GOOG Alphabet Inc. Class C | put | New | 33,600 | $8.2M |
| SOFI Sofi Technologies Inc. | put | Add +100.0% | 55,000 | $1.5M |
| GRAB Grab Holdings Ltd. Class A | put | New | 181,000 | $1.1M |
| AMZN Amazon.com Inc. | put | New | 4,500 | $988K |
| C Citigroup Inc. | put | Sold out | 10,000 | $851Kbefore exit |
| DASH DoorDash Inc. Class A | put | New | 2,400 | $653K |
| CVNA Carvana Co. | put | Reduce -57.1% | 1,200 | $453K |
| SCHW Schwab (charles) Corp. | put | New | 4,000 | $382K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 45 | $4.0B | UAL, SYF, EXPE, DAL, WEX |
| Q1 2026 | 45 | $3.4B | SYF, UAL, EXPE, WEX, UBER |
| Q4 2025 | 48 | $3.8B | SYF, EXPE, UAL, WEX, DAL |
| Q3 2025 | 57 | $3.4B | SYF, UAL, EXPE, WEX, DAL |
| Q2 2025 | 53 | $3.1B | SYF, EXPE, UAL, WEX, BKNG |
| Q1 2025 | 46 | $3.0B | EXPE, SYF, UAL, UBER, WEX |
| Q4 2024 | 57 | $3.4B | SYF, UAL, EXPE, WEX, DAL |
| Q3 2024 | 56 | $3.5B | BKNG, EXPE, SYF, WEX, UBER |
| Q2 2024 | 50 | $3.2B | BKNG, SYF, EXPE, WEX, UBER |
| Q1 2024 | 47 | $3.2B | BKNG, WEX, EXPE, SYF, UBER |