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MTN

Vail Resorts, Inc.

MTN

Vail Resorts, Inc. • NYSE
$140.21 ▲ 0.73% (+1.02)
Market Cap $5.21 B
52w High $199.45
52w Low $129.85
Dividend Yield 8.88%
P/E 18.62
Volume 274.63K
Outstanding Shares 37.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $271.203M ▼ $184.783M ▲ $-185.46M ▼ -68.384% ▼ $-5.08 ▼ $-253.625M ▼
Q3-2025 $1.296B ▲ $170.364M ▼ $392.752M ▲ 30.315% ▲ $10.55 ▲ $661.305M ▲
Q2-2025 $1.137B ▲ $187.454M ▲ $245.548M ▲ 21.595% ▲ $6.55 ▲ $459.905M ▲
Q1-2025 $260.212M ▼ $165.592M ▼ $-172.836M ▲ -66.421% ▼ $-4.61 ▲ $-126.006M ▼
Q4-2024 $265.386M $178.215M $-175.377M -66.084% $-4.67 $-117.201M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $440.29M ▼ $5.778B ▲ $5.024B ▲ $424.499M ▼
Q3-2025 $467.034M ▼ $5.763B ▲ $4.527B ▼ $895.375M ▲
Q2-2025 $488.211M ▲ $5.531B ▼ $4.715B ▼ $530.703M ▲
Q1-2025 $403.768M ▲ $5.642B ▼ $4.897B ▲ $444.099M ▼
Q4-2024 $337.063M $5.698B $4.66B $723.537M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-192.907M ▼ $-171.56M ▼ $-49.015M ▼ $194.901M ▲ $-24.393M ▼ $-227.501M ▼
Q3-2025 $414.328M ▲ $117.749M ▼ $-27.462M ▲ $-134.802M ▲ $-23.743M ▼ $84.528M ▼
Q2-2025 $258.099M ▲ $326.257M ▲ $-57.014M ▲ $-170.444M ▼ $86.112M ▲ $251.245M ▲
Q1-2025 $-181.544M ▲ $282.424M ▲ $-71.006M ▲ $-132.302M ▲ $81.38M ▲ $211.407M ▲
Q4-2024 $-181.862M $-94.24M $-150.182M $-141.353M $-379.824M $-150.326M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Dining
Dining
 $20.00M ▲$90.00M ▲$110.00M ▲$0 ▼
Golf
Golf
 $10.00M ▲$0 ▼$0 ▲$10.00M ▲
Lodging revenue excluding payroll cost reimbursements
Lodging revenue excluding payroll cost reimbursements
 $80.00M ▲$70.00M ▼$80.00M ▲$90.00M ▲
Managed condominium rooms
Managed condominium rooms
 $10.00M ▲$30.00M ▲$30.00M ▲$10.00M ▼
Other Lodging Revenue
Other Lodging Revenue
 $20.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲
Owned Hotel Revenue
Owned Hotel Revenue
 $30.00M ▲$10.00M ▼$20.00M ▲$30.00M ▲
Payroll cost reimbursements
Payroll cost reimbursements
 $0 ▲$0 ▲$0 ▲$0 ▲
Transportation
Transportation
 $0 ▲$10.00M ▲$10.00M ▲$0 ▼
Lift Tickets
Lift Tickets
 $40.00M ▲$640.00M ▲$770.00M ▲$0 ▼
Other Mountain Revenue
Other Mountain Revenue
 $80.00M ▲$60.00M ▼$60.00M ▲$0 ▼
Retail Rental
Retail Rental
 $30.00M ▲$140.00M ▲$110.00M ▼$0 ▼
Ski School
Ski School
 $10.00M ▲$130.00M ▲$160.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Vail Resorts has grown sales steadily over the last five years and appears to have largely moved past the pandemic shock. Profitability has improved, with operating profit and cash-style earnings generally trending higher, though not in a straight line. Earnings per share have been somewhat bumpy, reflecting the cyclical and weather‑sensitive nature of the business as well as changing costs. Overall, the income statement shows a mature business with solid revenue growth and improving efficiency, but still exposed to volatility from seasonality, snowfall, and broader travel demand.

Balance Sheet

Balance Sheet The balance sheet shows a sizable asset base tied up in resorts and related infrastructure, funded heavily by debt. Over time, total assets have edged down a bit, cash balances have come down from earlier highs, and equity has shrunk, leaving the company more leveraged than before. This combination means financial flexibility is more limited and the business is more sensitive to interest rates and credit markets, even though the underlying assets are long‑lived and difficult for competitors to replicate.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been steady and comfortably positive, and the company consistently produces positive free cash flow after investments. Capital spending has been ongoing but disciplined, suggesting a focus on maintaining and selectively upgrading resorts rather than aggressive overexpansion. The pattern points to a business that reliably converts a good portion of its profits into cash, but without an abundance of surplus cash piling up on the balance sheet.

Competitive Edge

Competitive Edge Vail Resorts enjoys a strong competitive position built on scale, brand, and its Epic Pass ecosystem. Its broad network of resorts across multiple regions gives it meaningful advantages in marketing, pricing, and operations that smaller local mountains cannot easily match. The Epic Pass locks in guest loyalty and secures revenue before the season starts, partly cushioning weather risk. At the same time, the company still faces structural challenges: dependence on discretionary spending, exposure to climate and snowfall patterns, and the need to keep guest experiences high while managing costs at many different locations.

Innovation and R&D

Innovation and R&D While not a traditional research‑heavy company, Vail Resorts invests heavily in digital tools and operating systems to deepen loyalty and run its mountains more efficiently. The My Epic app, EpicMix, RFID access, and new offerings like My Epic Gear and the upcoming My Epic Pro platform are all aimed at creating a seamless, data‑rich experience that keeps guests inside the Vail ecosystem. Behind the scenes, workforce management technology and a broader transformation program are intended to lower costs and improve service quality. These efforts, together with sustainability initiatives, act as a form of ongoing innovation tailored to a service and destination business.

Summary

Overall, Vail Resorts looks like a mature, high‑quality operator in a niche but globally recognized industry. Financially, it shows steady revenue growth, better profitability, and reliable cash generation, set against a balance sheet that leans heavily on debt and carries less equity cushion than in the past. Competitively, its network of premier resorts and Epic Pass model provide a strong moat, reinforced by technology and guest‑experience innovation. The key watchpoints are leverage, sensitivity to economic cycles and weather, and the execution of its cost‑efficiency and digital initiatives, which will largely determine how much of its strong competitive position translates into durable, less volatile earnings over time.

NEWS

November 21, 2025 · 8:30 AM UTC

Vail Resorts Appoints Celeste Burgoyne as Chief Revenue Officer

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November 19, 2025 · 8:00 AM UTC

Vail Resorts Announces Fiscal 2026 First Quarter Earnings Release Date

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November 17, 2025 · 11:30 AM UTC

Epic Passes Go Off Sale December 4; Lock in Your Magical Mountain Holiday Now

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October 27, 2025 · 10:48 AM UTC

Friendsgiving All Season: Buy an Epic Pass Now and Your Friends Will Be Thankful with New Epic Friend Tickets

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September 29, 2025 · 4:40 PM UTC

Vail Resorts Announces Board of Directors Transitions

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