# EDGAR Filing Document

**Accession Number:** 0001051359
**File Stem:** 0001051359-26-000003
**Filing Date:** 2026-2
**Character Count:** 9237
**Document Hash:** e3fbe70627db94a4902a34a95de219c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001051359-26-000003.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001051359-26-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAR CAPITAL MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0001051359

**ORGANIZATION NAME:**
- **EIN:** 043153755
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06766
- **FILM NUMBER:** 26640524

**BUSINESS ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** FL 48
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 6175268964

**MAIL ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** FL 48
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PAR CAPITAL MANAGEMENT INC<br>**Address:** 200 CLARENDON STREET<br>FL 48<br>BOSTON, MA 02116

**Form 13F File Number:** 028-06766

**CRD Number (if applicable):** 000156596

**SEC File Number (if applicable):** 801-73100

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Steven M Smith<br>**Title:** Chief Operating Officer and General Counsel<br>**Phone:** 617-526-8990

**Signature, Place, and Date of Signing:**

Steven M Smith  Boston, MA  2-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 53

**Form 13F Information Table Value Total:** $3783262230

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AIRBNB INC | COM CL A | 009066101 |  | 99062028 | 729900 | SH |  | SOLE | N/A | 729900 | 0 | 0 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 79549450 | 1581500 | SH |  | SOLE | N/A | 1581500 | 0 | 0 |
| ALLEGIANT TRAVEL CO | COM | 01748X102 |  | 53215387 | 624081 | SH |  | SOLE | N/A | 624081 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 10543680 | 33600 | SH | Put | SOLE | N/A | 33600 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 11516460 | 36700 | SH |  | SOLE | N/A | 36700 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 1454166 | 6300 | SH |  | SOLE | N/A | 6300 | 0 | 0 |
| AMERICAN AIRLS GROUP INC | COM | 02376R102 |  | 19162500 | 1250000 | SH |  | SOLE | N/A | 1250000 | 0 | 0 |
| AVIS BUDGET GROUP | COM | 053774105 |  | 25664000 | 200000 | SH |  | SOLE | N/A | 200000 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 1017500 | 18500 | SH |  | SOLE | N/A | 18500 | 0 | 0 |
| BILL HOLDINGS INC | COM | 090043100 |  | 17725500 | 325000 | SH |  | SOLE | N/A | 325000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 131135966 | 24487 | SH |  | SOLE | N/A | 24487 | 0 | 0 |
| CARGURUS INC | COM CL A | 141788109 |  | 13349558 | 348098 | SH |  | SOLE | N/A | 348098 | 0 | 0 |
| CARS COM INC | COM | 14575E105 |  | 32911306 | 2697648 | SH |  | SOLE | N/A | 2697648 | 0 | 0 |
| CARVANA CO | CL A | 146869102 |  | 147990597 | 350672 | SH |  | SOLE | N/A | 350672 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 1166900 | 10000 | SH |  | SOLE | N/A | 10000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 1166900 | 10000 | SH | Put | SOLE | N/A | 10000 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 18959530 | 157197 | SH |  | SOLE | N/A | 157197 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 1249200 | 18000 | SH | Put | SOLE | N/A | 18000 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 248050174 | 3574210 | SH |  | SOLE | N/A | 3574210 | 0 | 0 |
| DOCUSIGN INC | COM | 256163106 |  | 362520 | 5300 | SH |  | SOLE | N/A | 5300 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 543552 | 2400 | SH | Put | SOLE | N/A | 2400 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 792680 | 3500 | SH |  | SOLE | N/A | 3500 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 552014236 | 1948446 | SH |  | SOLE | N/A | 1948446 | 0 | 0 |
| FRONTIER GROUP HLDGS INC | COM | 35909R108 |  | 10155231 | 2156100 | SH |  | SOLE | N/A | 2156100 | 0 | 0 |
| GLOBAL BUSINESS TRAVEL GROUP | COM CL A | 37890B100 |  | 6756817 | 883244 | SH |  | SOLE | N/A | 883244 | 0 | 0 |
| GRUPO AEROMEXICO SAB DE CV | SPONSORED ADS | 40054J109 |  | 30415500 | 13850410 | SH |  | SOLE | N/A | 13850410 | 0 | 0 |
| HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 |  | 7196000 | 1400000 | SH |  | SOLE | N/A | 1400000 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 |  | 54316416 | 338800 | SH |  | SOLE | N/A | 338800 | 0 | 0 |
| JETBLUE AWYS CORP | COM | 477143101 |  | 20281284 | 4457425 | SH |  | SOLE | N/A | 4457425 | 0 | 0 |
| KLAVIYO INC | COM SER A | 49845K101 |  | 746810 | 23000 | SH |  | SOLE | N/A | 23000 | 0 | 0 |
| LATAM AIRLINES GROUP SA | SPONSORED ADR | 51817R205 |  | 8911650 | 165000 | SH |  | SOLE | N/A | 165000 | 0 | 0 |
| LYFT INC | CL A COM | 55087P104 |  | 60821800 | 3140000 | SH |  | SOLE | N/A | 3140000 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 41851376 | 134900 | SH |  | SOLE | N/A | 134900 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 513792 | 900 | SH |  | SOLE | N/A | 900 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 462063 | 700 | SH |  | SOLE | N/A | 700 | 0 | 0 |
| REPUBLIC AWYS HLDGS INC | COM SHS | 590479408 |  | 3257019 | 177301 | SH |  | SOLE | N/A | 177301 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 |  | 24905550 | 345000 | SH |  | SOLE | N/A | 345000 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 91117920 | 912000 | SH |  | SOLE | N/A | 912000 | 0 | 0 |
| SKYWEST INC | COM | 830879102 |  | 36135651 | 359881 | SH |  | SOLE | N/A | 359881 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 204591435 | 4950192 | SH |  | SOLE | N/A | 4950192 | 0 | 0 |
| SUN CTRY AIRLS HLDGS INC | COM | 866683105 |  | 259020 | 18000 | SH | Put | SOLE | N/A | 18000 | 0 | 0 |
| SUN CTRY AIRLS HLDGS INC | COM | 866683105 |  | 28780000 | 2000000 | SH |  | SOLE | N/A | 2000000 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 625725000 | 7500000 | SH |  | SOLE | N/A | 7500000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 764524 | 1700 | SH |  | SOLE | N/A | 1700 | 0 | 0 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 323595 | 4500 | SH |  | SOLE | N/A | 4500 | 0 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 31749012 | 2180564 | SH |  | SOLE | N/A | 2180564 | 0 | 0 |
| TRIVAGO N V | SPON ADS A SHS N | 89686D303 |  | 11515337 | 3970806 | SH |  | SOLE | N/A | 3970806 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 81317792 | 995200 | SH |  | SOLE | N/A | 995200 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 547342127 | 4894850 | SH |  | SOLE | N/A | 4894850 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 364738 | 1040 | SH |  | SOLE | N/A | 1040 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 |  | 47551170 | 755500 | SH |  | SOLE | N/A | 755500 | 0 | 0 |
| WEX INC | COM | 96208T104 |  | 335502960 | 2252000 | SH |  | SOLE | N/A | 2252000 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 1026851 | 11900 | SH |  | SOLE | N/A | 11900 | 0 | 0 |

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