PAR Capital

Q4 2025 13F · by Paul Reeder, founder

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $3.8B · prev $3.4B
Positions: 48 · prev 57
Options notional: $14M
Documents: 1· no amendments

Picture99.6% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.4%
Calls at notional value 0.0%

Moves59 since the prior filing

+3.7 pp in · −6.0 pp out

New 5 +0.94 pp
Added 18 +2.77 pp
Trimmed 13 −4.54 pp
Exited 14 −1.45 pp

Options: 9 moves on a notional base, in the table below.

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions61% of US stock

SYF Synchrony Financial held held16.6%
EXPE Expedia Group, Inc. trimmed+0.76 pp trimmed+0.7614.6%
UAL United Airlines Holdings, Inc. trimmed+0.37 pp trimmed+0.3714.5%
WEX WEX Inc. added+0.29 pp added+0.298.9%
DAL Delta Air Lines, Inc. held held6.6%

Positions48 in this filing · 14 exited


SYFSynchrony Financial	16.60%	7,500,000	$626M	held	—	35 q
EXPEExpedia Group, Inc.	14.64%	1,948,446	$552M	trimmed−11%	+0.76 pp	51 q
UALUnited Airlines Holdings, Inc.	14.52%	4,894,850	$547M	trimmed−1%	+0.37 pp	46 q
WEXWEX Inc.	8.90%	2,252,000	$336M	added+22%	+0.29 pp	45 q
DALDelta Air Lines, Inc.	6.58%	3,574,210	$248M	held	—	51 q
LUVSouthwest Airlines Co.	5.43%	4,950,192	$205M	held	—	24 q
CVNACarvana Co.	3.93%	350,672	$148M	trimmed−2%	−0.04 pp	11 q
BKNGBooking Holdings Inc.	3.48%	24,487	$131M	trimmed−30%	−2.11 pp	32 q
ABNBAirbnb, Inc. Class A	2.63%	729,900	$99M	added×3.3	+1.84 pp	3 q
SCHWThe Charles Schwab Corporation	2.42%	912,000	$91M	added0%	−0.14 pp	24 q
UBERUber Technologies, Inc.	2.16%	995,200	$81M	added+52%	+0.27 pp	2 q
ALKAlaska Air Group, Inc.	2.11%	1,581,500	$80M	added+41%	+0.47 pp	51 q
LYFTLyft, Inc. Class A	1.61%	3,140,000	$61M	trimmed−4%	−0.50 pp	8 q
HHyatt Hotels Corporation	1.44%	338,800	$54M	trimmed−9%	−0.12 pp	16 q
ALGTAllegiant Travel Company	1.41%	624,081	$53M	held	—	30 q
WEDWebster Financial Corp	1.26%	755,500	$48M	added+1%	−0.06 pp	16 q
MARMarriott International Class A	1.11%	134,900	$42M	trimmed−1%	+0.06 pp	6 q
SKYWSkywest Inc	0.96%	359,881	$36M	held	—	14 q
CARSCars.com Inc.	0.87%	2,697,648	$33M	added+31%	+0.13 pp	3 q
TRIPTripAdvisor, Inc.	0.84%	2,180,564	$32M	added+9%	−0.12 pp	51 q
AEROGrupo Aeromexico, S.A.B. de C.V.	0.81%	13,850,410	$30M	new	+0.81 pp	new
SNCYSun Country Airlines Holdings, Inc.	0.76%	2,000,000	$29M	trimmed−3%	+0.04 pp	20 q
CARAvis Budget Group, Inc.	0.68%	200,000	$26M	held	—	13 q
RYAAYRyanair Holdings plc	0.66%	345,000	$25M	held	—	5 q
JBLUJetBlue Airways Corp	0.54%	4,457,425	$20M	trimmed−1%	−0.11 pp	39 q
AALAmerican Airlines Group Inc.	0.51%	1,250,000	$19M	held	—	3 q
CPACopa Holdings, S.A.	0.50%	157,197	$19M	added+6%	−0.02 pp	3 q
BILLBILL Holdings, Inc.	0.47%	325,000	$18M	trimmed−83%	−2.54 pp	2 q
CARGCarGurus, Inc. Class A	0.35%	348,098	$13M	added+36%	+0.07 pp	8 q
GOOGAlphabet Inc. Class C	0.31%	36,700	$12M	added+3%	+0.05 pp	8 q
TRVGtrivago N.V.	0.31%	3,970,806	$12M	added+11%	−0.04 pp	8 q
ULCCFrontier Group Holdings, Inc.	0.27%	2,156,100	$10M	held	—	16 q
LTMLATAM Airlines Group S.A.	0.24%	165,000	$9M	held	—	6 q
HTZHertz Global Holdings, Inc	0.19%	1,400,000	$7M	trimmed−39%	−0.27 pp	12 q
GBTGGlobal Business Travel Group, Inc.	0.18%	883,244	$7M	trimmed−15%	−0.07 pp	10 q
RJETRepublic Airways Holdings Inc.	0.09%	177,301	$3M	new	+0.09 pp	new
AMZNAmazon.Com Inc	0.04%	6,300	$1M	trimmed−14%	−0.01 pp	4 q
BACBank of America Corporation	0.03%	18,500	$1M	added+2%	0.00 pp	4 q
CCitigroup Inc.	0.03%	10,000	$1M	held	—	5 q
ZMZoom Communications, Inc. Class A	0.03%	11,900	$1M	added×3.5	+0.02 pp	2 q
DASHDoorDash, Inc. Class A	0.02%	3,500	$792,680	added+46%	0.00 pp	9 q
KVYOKlaviyo, Inc.	0.02%	23,000	$746,810	added+44%	+0.01 pp	2 q
TSLATesla, Inc.	0.02%	1,700	$764,524	new	+0.02 pp	new
DOCUDocuSign, Inc.	0.01%	5,300	$362,520	added+77%	0.00 pp	2 q
METAMeta Platforms, Inc. Class A	0.01%	700	$462,063	new	+0.01 pp	new
MAMastercard Incorporated	0.01%	900	$513,792	held	—	5 q
TCOMTrip.com Group Limited	0.01%	4,500	$323,595	new	+0.01 pp	new
VVISA Inc.	0.01%	1,040	$364,738	added+24%	0.00 pp	5 q
AVDXAvidXchange Holdings, Inc.	—	−3,299,292	—	exited	−0.97 pp	—
unresolvedMesa Air Group Inc	—	−2,585,876	—	exited	−0.10 pp	—
BNYBank of New York Mellon Corporation	—	−26,364	—	exited	−0.08 pp	—
CARTMaplebear Inc.	—	−75,000	—	exited	−0.08 pp	—
WHWyndham Hotels & Resorts, Inc.	—	−27,000	—	exited	−0.06 pp	—
SOFISoFi Technologies, Inc.	—	−55,000	—	exited	−0.04 pp	—
GRABGrab Holdings Limited Class A	—	−181,000	—	exited	−0.03 pp	—
PNCPNC Financial Services Group	—	−3,000	—	exited	−0.02 pp	—
FLEXFlex Ltd.	—	−9,910	—	exited	−0.02 pp	—
AFRMAffirm Holdings, Inc. Class A	—	−5,500	—	exited	−0.01 pp	—
CCLCarnival Corporation Ltd.	—	−13,500	—	exited	−0.01 pp	—
HUBSHubspot, Inc.	—	−500	—	exited	−0.01 pp	—
SHOPShopify Inc. Class A subordinate voting shares	—	−2,500	—	exited	−0.01 pp	—
ZZillow Group, Inc. Class C	—	−4,000	—	exited	−0.01 pp	—