Par Capital Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Par Capital Management Inc. reported 48 stock positions worth $3.8 billion. Its top holding was Synchrony Financial (SYF) at 16.6% of the portfolio, followed by Expedia (EXPE, 14.6%) and United Airlines (UAL, 14.5%). Compared with Q3 2025, it opened 4 new positions, sold out of 13, added to 19 and reduced 13. The biggest buy was Airbnb Class A (ABNB, shares +233%) and the biggest sale Bill (BILL, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001051359
- Portfolio Value
- $3.8B (Q4 2025)
- SEC Filing
- 0001051359-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 48 stocks · $3.8B
| SYF Synchrony Financial | 16.60% | 7,500,000 | $625.7M | No change |
| EXPE Expedia Group Inc. | 14.64% | 1,948,446 | $552.0M | Reduce -11.4% |
| UAL United Airlines Holdings Inc. | 14.52% | 4,894,850 | $547.3M | Reduce -1.5% |
| WEX Wex Inc. | 8.90% | 2,252,000 | $335.5M | Add +21.6% |
| DAL Delta Air Lines Inc. | 6.58% | 3,574,210 | $248.1M | No change |
| LUV Southwest Airlines Co. | 5.43% | 4,950,192 | $204.6M | No change |
| CVNA Carvana Co. | 3.93% | 350,672 | $148.0M | Reduce -1.6% |
| BKNG Booking Holdings Inc. | 3.48% | 24,487 | $131.1M | Reduce -30.1% |
| ABNB Airbnb Inc. Class A | 2.63% | 729,900 | $99.1M | Add +232.8% |
| SCHW Schwab (charles) Corp. | 2.42% | 912,000 | $91.1M | Add +0.2% |
| UBER Uber Technologies Inc. | 2.16% | 995,200 | $81.3M | Add +52.2% |
| ALK Alaska Air Group Inc. | 2.11% | 1,581,500 | $79.5M | Add +41.3% |
| LYFT LYFT Inc. Class A | 1.61% | 3,140,000 | $60.8M | Reduce -3.5% |
| H Hyatt Hotels Corp. Class A | 1.44% | 338,800 | $54.3M | Reduce -8.8% |
| ALGT Allegiant Travel Co. | 1.41% | 624,081 | $53.2M | No change |
| WBS Webster Financial Corp. | 1.26% | 755,500 | $47.6M | Add +0.7% |
| MAR Marriott International Class A | 1.11% | 134,900 | $41.9M | Reduce -0.9% |
| SKYW Skywest Inc. | 0.96% | 359,881 | $36.1M | No change |
| CARS Cars.com Inc. | 0.87% | 2,697,648 | $32.9M | Add +31.0% |
| TRIP Tripadvisor Inc. | 0.84% | 2,180,564 | $31.7M | Add +9.0% |
| AERO Grupo Aeromexico Sab DE CV | 0.81% | 13,850,410 | $30.4M | New |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.76% | 2,000,000 | $28.8M | Reduce -3.2% |
| CAR Avis Budget Group Inc. | 0.68% | 200,000 | $25.7M | No change |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.66% | 345,000 | $24.9M | No change |
| JBLU Jetblue Airways Corp. | 0.54% | 4,457,425 | $20.3M | Reduce -0.7% |
| AAL American Airlines Group Inc. | 0.51% | 1,250,000 | $19.2M | No change |
| CPA Copa Holdings SA Class A | 0.50% | 157,197 | $19.0M | Add +6.2% |
| BILL Bill Holdings Inc. | 0.47% | 325,000 | $17.7M | Reduce -83.1% |
| CARG Cargurus Inc. | 0.35% | 348,098 | $13.3M | Add +35.8% |
| GOOG Alphabet Inc. Class C | 0.31% | 36,700 | $11.5M | Add +2.8% |
| TRVG Trivago NV - ADR | 0.31% | 3,970,806 | $11.5M | Add +11.0% |
| ULCC Frontier Group Holdings Inc. | 0.27% | 2,156,100 | $10.2M | No change |
| LTM Latam Airlines Group SA-ADR | 0.24% | 165,000 | $8.9M | No change |
| HTZ Hertz Global Hldgs Inc. | 0.19% | 1,400,000 | $7.2M | Reduce -38.9% |
| GBTG Global Business Travel Group | 0.18% | 883,244 | $6.8M | Reduce -15.0% |
| RJET Republic Airways Holdings Inc. | 0.09% | 177,301 | $3.3M | Add +2.9% |
| AMZN Amazon.com Inc. | 0.04% | 6,300 | $1.5M | Reduce -13.7% |
| C Citigroup Inc. | 0.03% | 10,000 | $1.2M | No change |
| ZM Zoom Communications Inc. | 0.03% | 11,900 | $1.0M | Add +250.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.03% | 18,500 | $1.0M | Add +1.6% |
| DASH DoorDash Inc. Class A | 0.02% | 3,500 | $793K | Add +45.8% |
| TSLA Tesla Inc. | 0.02% | 1,700 | $765K | New |
| KVYO Klaviyo Inc. Class A | 0.02% | 23,000 | $747K | Add +43.8% |
| MA Mastercard Inc. Class A | 0.01% | 900 | $514K | No change |
| META Meta Platforms Inc. Class A | 0.01% | 700 | $462K | New |
| V Visa Inc. Class A | 0.01% | 1,040 | $365K | Add +23.8% |
| DOCU Docusign Inc. | 0.01% | 5,300 | $363K | Add +76.7% |
| TCOM Trip.com Group Ltd.-ADR | 0.01% | 4,500 | $324K | New |
Options reported separately and not counted above: GOOG puts ($10.5M), DAL puts ($1.2M), C puts ($1.2M), DASH puts ($544K), SNCY puts ($259K).
Portfolio Sells Q3 2025 → Q4 2025
| BILL Bill Holdings Inc. | Reduce -83.1% | 0.47% | −2.54 |
| BKNG Booking Holdings Inc. | Reduce -30.1% | 3.48% | −2.11 |
| AVDX Avidxchange Holdings Inc. | Sold out | 0.00% | −0.97 |
| LYFT LYFT Inc. Class A | Reduce -3.5% | 1.61% | −0.50 |
| HTZ Hertz Global Hldgs Inc. | Reduce -38.9% | 0.19% | −0.27 |
| H Hyatt Hotels Corp. Class A | Reduce -8.8% | 1.44% | −0.11 |
| JBLU Jetblue Airways Corp. | Reduce -0.7% | 0.54% | −0.11 |
| BNY Bank of New York Mellon Corp. | Sold out | 0.00% | −0.08 |
| CART Maplebear Inc. | Sold out | 0.00% | −0.08 |
| GBTG Global Business Travel Group | Reduce -15.0% | 0.18% | −0.07 |
| WH Wyndham Hotels & Resorts Inc. | Sold out | 0.00% | −0.06 |
| CVNA Carvana Co. | Reduce -1.6% | 3.93% | −0.04 |
| SOFI Sofi Technologies Inc. | Sold out | 0.00% | −0.04 |
| GRAB Grab Holdings Ltd. Class A | Sold out | 0.00% | −0.03 |
| PNC PNC Financial Services Group | Sold out | 0.00% | −0.02 |
| FLEX Flex Ltd. | Sold out | 0.00% | −0.02 |
| AFRM Affirm Holdings Inc. | Sold out | 0.00% | −0.01 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.01 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −0.01 |
| Z Zillow Group Inc. Class C | Sold out | 0.00% | −0.01 |
| AMZN Amazon.com Inc. | Reduce -13.7% | 0.04% | −0.01 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.01 |
| SNCY Sun Country Airlines Holding | Reduce -3.2% | 0.76% | +0.04 |
| MAR Marriott International Class A | Reduce -0.9% | 1.11% | +0.06 |
| UAL United Airlines Holdings Inc. | Reduce -1.5% | 14.52% | +0.37 |
| EXPE Expedia Group Inc. | Reduce -11.4% | 14.64% | +0.76 |
Portfolio Buys Q3 2025 → Q4 2025
| ABNB Airbnb Inc. Class A | Add +232.8% | 2.63% | +1.84 |
| AERO Grupo Aeromexico Sab DE CV | New | 0.81% | +0.81 |
| ALK Alaska Air Group Inc. | Add +41.3% | 2.11% | +0.47 |
| WEX Wex Inc. | Add +21.6% | 8.90% | +0.29 |
| UBER Uber Technologies Inc. | Add +52.2% | 2.16% | +0.27 |
| CARS Cars.com Inc. | Add +31.0% | 0.87% | +0.13 |
| CARG Cargurus Inc. | Add +35.8% | 0.35% | +0.07 |
| GOOG Alphabet Inc. Class C | Add +2.8% | 0.31% | +0.05 |
| TSLA Tesla Inc. | New | 0.02% | +0.02 |
| ZM Zoom Communications Inc. | Add +250.0% | 0.03% | +0.02 |
| META Meta Platforms Inc. Class A | New | 0.01% | +0.01 |
| TCOM Trip.com Group Ltd.-ADR | New | 0.01% | +0.01 |
| KVYO Klaviyo Inc. Class A | Add +43.8% | 0.02% | +0.01 |
| DOCU Docusign Inc. | Add +76.7% | 0.01% | +0.00 |
| DASH DoorDash Inc. Class A | Add +45.8% | 0.02% | +0.00 |
| V Visa Inc. Class A | Add +23.8% | 0.01% | +0.00 |
| BAC Bank of America Corp. | Add +1.6% | 0.03% | −0.00 |
| RJET Republic Airways Holdings Inc. | Add +2.9% | 0.09% | −0.01 |
| CPA Copa Holdings SA Class A | Add +6.2% | 0.50% | −0.02 |
| TRVG Trivago NV - ADR | Add +11.0% | 0.31% | −0.05 |
| WBS Webster Financial Corp. | Add +0.7% | 1.26% | −0.05 |
| TRIP Tripadvisor Inc. | Add +9.0% | 0.84% | −0.12 |
| SCHW Schwab (charles) Corp. | Add +0.2% | 2.42% | −0.15 |
Options Activity Q3 2025 → Q4 2025
| UAL United Airlines Holdings Inc. | put | Sold out | 149,000 | $14.4Mbefore exit |
| SOFI Sofi Technologies Inc. | put | Sold out | 55,000 | $1.5Mbefore exit |
| DAL Delta Air Lines Inc. | put | New | 18,000 | $1.2M |
| C Citigroup Inc. | put | New | 10,000 | $1.2M |
| GRAB Grab Holdings Ltd. Class A | put | Sold out | 181,000 | $1.1Mbefore exit |
| AMZN Amazon.com Inc. | put | Sold out | 4,500 | $988Kbefore exit |
| CVNA Carvana Co. | put | Sold out | 1,200 | $453Kbefore exit |
| SCHW Schwab (charles) Corp. | put | Sold out | 4,000 | $382Kbefore exit |
| SNCY Sun Country Airlines Holding | put | New | 18,000 | $259K |
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 |