# PAR CAPITAL MANAGEMENT INC: Form 13F holdings

An institutional investment manager in BOSTON, MA. SEC CIK 1051359.

- Quarter ended: 2026-06-30
- Filed: 2026-08-14
- Reported value: $4.03bn
- Positions: 48 (48 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1051359/000105135926000008/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [UNITED AIRLS HLDGS INC (UAL)](/companies/ual.md) | COM | $728.9m | 18.1% | 5,359,741 |  | Added +362,891 |
| [SYNCHRONY FINANCIAL (SYF)](/companies/syf.md) | COM | $578.9m | 14.4% | 7,612,137 |  | Unchanged |
| [EXPEDIA GROUP INC (EXPE)](/companies/expe.md) | COM NEW | $485.1m | 12.0% | 1,895,847 |  | Reduced −56,273 |
| [DELTA AIR LINES INC (DAL)](/companies/dal.md) | COM NEW | $326.2m | 8.1% | 3,482,745 |  | Reduced −31,700 |
| [WEX INC (WEX)](/companies/wex.md) | COM | $318.2m | 7.9% | 2,254,984 |  | Unchanged |
| [UBER TECHNOLOGIES INC (UBER)](/companies/uber.md) | COM | $304.3m | 7.5% | 4,217,700 |  | Added +480,727 |
| [SOUTHWEST AIRLS CO (LUV)](/companies/luv.md) | COM | $252.3m | 6.3% | 4,905,756 |  | Reduced −313,436 |
| [BOOKING HOLDINGS INC (BKNG)](/companies/bkng.md) | COM | $176.8m | 4.4% | 992,100 |  | Added +949,527 |
| [CARVANA CO (CVNA)](/companies/cvna.md) | CL A | $114.5m | 2.8% | 1,739,360 |  | Added +1,391,488 |
| [AIRBNB INC (ABNB)](/companies/abnb.md) | COM CL A | $107.3m | 2.7% | 750,000 |  | Added +2,500 |
| [ALLEGIANT TRAVEL CO (ALGT)](/companies/algt.md) | COM | $99.3m | 2.5% | 844,632 |  | Reduced −1,559 |
| [ALASKA AIR GROUP INC (ALK)](/companies/alk.md) | COM | $82.5m | 2.0% | 1,579,636 |  | Reduced −1,864 |
| [HYATT HOTELS CORP (H)](/companies/h.md) | COM CL A | $65.6m | 1.6% | 338,500 |  | Unchanged |
| [TRIPADVISOR INC (TRIP)](/companies/trip.md) | COM | $55.8m | 1.4% | 4,072,054 |  | Unchanged |
| [VISA INC (V)](/companies/v.md) | COM CL A | $43.8m | 1.1% | 127,600 |  | Added +47,600 |
| [META PLATFORMS INC (META)](/companies/meta.md) | CL A | $31.0m | 0.8% | 54,983 |  | New +54,983 |
| [ZILLOW GROUP INC (ZG)](/companies/zg.md) | CL C CAP STK | $25.9m | 0.6% | 823,000 |  | New +823,000 |
| [TRIVAGO N V (TRVG)](/companies/trvg.md) | SPON ADS A SHS N | $23.5m | 0.6% | 4,292,733 |  | Added +99,619 |
| [LYFT INC (LYFT)](/companies/lyft.md) | CL A COM | $23.4m | 0.6% | 1,605,000 |  | Reduced −1,525,000 |
| [JETBLUE AIRWAYS CORP (JBLU)](/companies/jblu.md) | COM | $22.9m | 0.6% | 4,000,000 |  | Reduced −457,425 |
| [SCHWAB CHARLES CORP (SCHW)](/companies/schw.md) | COM | $22.6m | 0.6% | 245,000 |  | Reduced −8,300 |
| [RYANAIR HOLDINGS PLC (RYAAY)](/companies/ryaay.md) | SPONSORED ADR | $22.0m | 0.5% | 340,000 |  | Reduced −5,000 |
| [GRUPO AEROMEXICO SAB DE CV (AERO)](/companies/aero.md) | SPONSORED ADS | $21.4m | 0.5% | 1,189,824 |  | New +1,189,824 |
| [AMERICAN AIRLINES GROUP INC (AAL)](/companies/aal.md) | COM | $18.1m | 0.4% | 1,000,000 |  | Reduced −250,000 |
| [MASTERCARD INCORPORATED (MA)](/companies/ma.md) | CL A | $15.4m | 0.4% | 30,000 |  | New +30,000 |
| [MARRIOTT INTL INC NEW (MAR)](/companies/mar.md) | CL A | $14.8m | 0.4% | 40,000 |  | Reduced −50,000 |
| [REPUBLIC AWYS HLDGS INC (RJET)](/companies/rjet.md) | COM SHS | $10.6m | 0.3% | 506,844 |  | Unchanged |
| [ALPHABET INC (GOOGL)](/companies/googl.md) | CAP STK CL C | $8.9m | 0.2% | 25,200 |  | Reduced −10,400 |
| [BILL HOLDINGS INC (BILL)](/companies/bill.md) | COM | $7.2m | 0.2% | 200,000 |  | Reduced −200,000 |
| [SKYWEST INC (SKYW)](/companies/skyw.md) | COM | $5.5m | 0.1% | 54,881 |  | Reduced −303,042 |
| COPA HOLDINGS SA | CL A | $3.1m | <0.1% | 20,115 |  | Reduced −137,082 |
| [CARS COM INC (CARS)](/companies/cars.md) | COM | $2.7m | <0.1% | 246,299 |  | Unchanged |
| [HERTZ GLOBAL HLDGS INC (HTZ)](/companies/htz.md) | COM NEW | $2.1m | <0.1% | 911,001 |  | Reduced −488,999 |
| FLEX LTD | ORD | $1.6m | <0.1% | 9,910 |  | New +9,910 |
| [ZOOM COMMUNICATIONS INC (ZM)](/companies/zm.md) | CL A | $1.5m | <0.1% | 17,000 |  | Added +11,000 |
| [CITIZENS FINL GROUP INC (CFG)](/companies/cfg.md) | COM | $1.4m | <0.1% | 20,000 |  | Added +4,000 |
| [CITIGROUP INC (C)](/companies/c.md) | COM NEW | $1.4m | <0.1% | 10,000 | Put | Unchanged |
| [CITIGROUP INC (C)](/companies/c.md) | COM NEW | $1.4m | <0.1% | 10,000 |  | Unchanged |
| [DELTA AIR LINES INC (DAL)](/companies/dal.md) | COM NEW | $983.4k | <0.1% | 10,500 | Put | Reduced −7,500 |
| [MAPLEBEAR INC (CART)](/companies/cart.md) | COM | $962.9k | <0.1% | 20,336 |  | Unchanged |
| [EBAY INC. (EBAY)](/companies/ebay.md) | COM | $894.0k | <0.1% | 8,000 |  | New +8,000 |
| [ALPHABET INC (GOOGL)](/companies/googl.md) | CAP STK CL C | $883.3k | <0.1% | 2,500 | Put | Reduced −31,100 |
| [TRIP COM GROUP LTD (TCOM)](/companies/tcom.md) | ADS | $538.8k | <0.1% | 13,523 |  | Unchanged |
| [TRUIST FINL CORP (TFC)](/companies/tfc.md) | COM | $498.2k | <0.1% | 10,000 |  | Reduced −5,000 |
| [CARGURUS INC (CARG)](/companies/carg.md) | COM CL A | $353.7k | <0.1% | 10,376 |  | Unchanged |
| [AFFIRM HLDGS INC (AFRM)](/companies/afrm.md) | COM CL A | $326.2k | <0.1% | 4,000 |  | New +4,000 |
| [PNC FINL SVCS GROUP INC (PNC)](/companies/pnc.md) | COM | $246.2k | <0.1% | 1,000 |  | New +1,000 |
| [NEXTPOWER INC (NXT)](/companies/nxt.md) | CLASS A COM | $205.6k | <0.1% | 1,726 |  | Unchanged |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [AVIS BUDGET GROUP INC (CAR)](/companies/car.md) | COM | $0 | 0.0% | 0 |  | Sold out −200,000 |
| [FRONTIER GROUP HLDGS INC (ULCC)](/companies/ulcc.md) | COM | $0 | 0.0% | 0 |  | Sold out −2,131,100 |
| GLOBAL BUSINESS TRAVEL GROUP | COM CL A | $0 | 0.0% | 0 |  | Sold out −1,686,634 |
| [LATAM AIRLINES GROUP SA (LTM)](/companies/ltm.md) | SPONSORED ADR | $0 | 0.0% | 0 |  | Sold out −165,000 |
| [PINTEREST INC (PINS)](/companies/pins.md) | CL A | $0 | 0.0% | 0 |  | Sold out −31,825 |
| [SNAP INC (SNAP)](/companies/snap.md) | CL A | $0 | 0.0% | 0 |  | Sold out −110,693 |
| SUN CTRY AIRLS HLDGS INC | COM | $0 | 0.0% | 0 |  | Sold out −1,467,800 |
| WEBSTER FINL CORP | COM | $0 | 0.0% | 0 |  | Sold out −50,000 |

Source: SEC EDGAR, Form 13F-HR, accession 0001051359-26-000008. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.