Vail Resorts Financials

MTN

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Key Financial Metrics

Revenue

$3.0B

YoY+2.7%

5Y CAGR+8.6%

10Y CAGR+7.8%

Vail Resorts generated $3.0B in revenue in fiscal year 2025. This represents an increase of 2.7% from the prior year.

EBITDA

$856.4M

YoY+11.5%

5Y CAGR+12.6%

10Y CAGR+9.1%

Vail Resorts's EBITDA was $856.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.5% from the prior year.

Free Cash Flow

$319.7M

YoY-15.4%

5Y CAGR+7.5%

10Y CAGR+5.9%

Vail Resorts generated $319.7M in free cash flow in fiscal year 2025, representing cash available after capital expenditures. This represents a decrease of 15.4% from the prior year.

Net Income

$280.0M

YoY+21.2%

5Y CAGR+23.2%

10Y CAGR+9.3%

Vail Resorts reported $280.0M in net income in fiscal year 2025. This represents an increase of 21.2% from the prior year.

EPS (Diluted)

$7.53

YoY+23.6%

5Y CAGR+25.5%

10Y CAGR+9.4%

Vail Resorts earned $7.53 per diluted share in fiscal year 2025. This represents an increase of 23.6% from the prior year.

Cash & Debt

$581.5M

YoY+44.0%

5Y CAGR+4.7%

10Y CAGR+30.8%

Vail Resorts held $581.5M in cash against $3.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

$8.88

YoY+3.7%

5Y CAGR+11.0%

10Y CAGR+15.6%

Vail Resorts paid $8.88 per share in dividends in fiscal year 2025. This represents an increase of 3.7% from the prior year.

Shares Outstanding

36M

YoY-4.3%

5Y CAGR-2.2%

10Y CAGR-0.2%

Vail Resorts had 36M shares outstanding in fiscal year 2025. This represents a decrease of 4.3% from the prior year.

Gross Margin

N/A

Operating Margin

18.9%

YoY+2.0pp

5Y CAGR+7.5pp

10Y CAGR+3.9pp

Vail Resorts's operating margin was 18.9% in fiscal year 2025, reflecting core business profitability. This is up 2.0 percentage points from the prior year.

Net Margin

9.4%

YoY+1.4pp

5Y CAGR+4.4pp

10Y CAGR+1.2pp

Vail Resorts's net profit margin was 9.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.4 percentage points from the prior year.

Return on Equity

179.0%

YoY+125.2pp

5Y CAGR+171.8pp

10Y CAGR+163.5pp

Vail Resorts's return on equity was 179.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 125.2 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$270.0M

YoY+80.0%

5Y CAGR+42.2%

Vail Resorts spent $270.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 80.0% from the prior year.

Capital Expenditures

$235.2M

YoY+11.4%

5Y CAGR+6.4%

10Y CAGR+6.6%

Vail Resorts invested $235.2M in capital expenditures in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 11.4% from the prior year.

MTN Income Statement

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Revenue	$3.0B+2.7%	$2.9B-0.1%	$2.9B+14.4%	$2.5B+32.3%	$1.9B-2.7%	$2.0B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$560.0M+14.5%	$488.8M-3.1%	$504.4M-16.2%	$601.7M+130.5%	$261.0M+16.8%	$223.4M
Interest Expense	$171.6M+4.3%	$164.6M+5.9%	$155.4M+4.9%	$148.2M-2.1%	$151.4M+41.9%	$106.7M
Income Tax	$104.4M+12.6%	$92.8M+5.9%	$87.6M-1.3%	$88.8M+12134.7%	$726K-90.2%	$7.4M
Net Income	$280.0M+21.2%	$231.1M-13.1%	$265.8M-23.6%	$347.9M+172.1%	$127.8M+29.4%	$98.8M
EPS (Diluted)	$7.53+23.6%	$6.09-9.0%	$6.69-21.8%	$8.55+173.2%	$3.13+29.3%	$2.42

Metric	Q1'26	Q1'26	Q3'25	Q2'25	Q1'26	Q2'25	Q3'25	Q2'25
Revenue	$271.0M	N/A	$1.3B+13.9%	$1.1B+336.9%	$260.3M	N/A	$1.3B+19.0%	$1.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$209.8M	N/A	$581.2M+51.2%	$384.4M+290.4%	-$201.9M	N/A	$546.6M+55.9%	$350.6M
Interest Expense	$51.3M	N/A	$41.3M-2.5%	$42.4M-1.0%	$42.8M	N/A	$39.9M-1.8%	$40.6M
Income Tax	-$60.6M	N/A	$131.0M+51.8%	$86.3M+247.9%	-$58.4M	N/A	$129.3M+47.8%	$87.5M
Net Income	-$186.8M	N/A	$392.8M+59.9%	$245.5M+241.7%	-$173.3M	N/A	$362.0M+65.1%	$219.3M
EPS (Diluted)	$-5.20	N/A	$10.54+60.7%	$6.56+242.0%	$-4.62	N/A	$9.54+65.6%	$5.76

MTN Balance Sheet

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Total Assets	$5.8B+2.4%	$5.6B-2.2%	$5.8B-8.3%	$6.3B-0.2%	$6.3B+16.7%	$5.4B
Current Assets	$1.0B+24.0%	$844.7M-25.5%	$1.1B-30.0%	$1.6B-8.8%	$1.8B+111.2%	$841.6M
Cash & Equivalents	$581.5M+44.0%	$403.8M-44.6%	$728.9M-38.3%	$1.2B-19.6%	$1.5B+217.7%	$462.2M
Inventory	$154.4M+0.9%	$152.9M-3.0%	$157.7M+12.7%	$139.9M+34.9%	$103.7M+2.8%	$100.9M
Accounts Receivable	$97.5M-25.1%	$130.2M+23.3%	$105.5M-10.9%	$118.5M+8.7%	$109.0M-47.7%	$208.5M
Goodwill	$1.7B-0.4%	$1.7B+0.2%	$1.7B-1.2%	$1.7B-5.7%	$1.8B+4.6%	$1.7B
Total Liabilities	$5.3B+8.1%	$4.9B+1.4%	$4.8B+2.2%	$4.7B+2.3%	$4.6B+15.2%	$4.0B
Current Liabilities	$1.9B+42.7%	$1.4B-0.4%	$1.4B+1.5%	$1.3B+5.9%	$1.3B+33.4%	$950.2M
Long-Term Debt	$3.2B+14.3%	$2.8B+1.6%	$2.7B-1.4%	$2.8B+2.4%	$2.7B+13.3%	$2.4B
Total Equity	$156.5M-63.6%	$430.1M-53.7%	$928.2M-40.2%	$1.6B-6.9%	$1.7B+21.1%	$1.4B
Retained Earnings	$452.1M-11.4%	$510.4M-17.6%	$619.7M-12.2%	$705.9M+17.9%	$598.8M+21.7%	$492.1M

Metric	Q1'26	Q1'26	Q3'25	Q2'25	Q1'26	Q2'25	Q3'25	Q2'25
Total Assets	$5.8B-0.2%	$5.8B+0.3%	$5.8B+4.2%	$5.5B-1.8%	$5.6B-1.0%	$5.7B-2.1%	$5.8B-0.7%	$5.8B
Current Assets	$1.0B-0.2%	$1.0B+4.6%	$1.0B+18.9%	$844.5M0.0%	$844.7M-6.4%	$902.0M-26.7%	$1.2B+4.4%	$1.2B
Cash & Equivalents	$581.5M+32.1%	$440.3M-5.7%	$467.0M-4.3%	$488.2M+20.9%	$403.8M+25.1%	$322.8M-54.2%	$705.4M-13.1%	$812.2M
Inventory	$154.4M+31.7%	$117.2M+2.3%	$114.6M-13.2%	$132.0M-13.7%	$152.9M+28.5%	$119.0M+10.4%	$107.8M-20.0%	$134.8M
Accounts Receivable	$97.5M-74.5%	$382.4M+13.8%	$335.9M+171.9%	$123.6M-5.1%	$130.2M-65.4%	$375.8M+9.6%	$342.9M+148.0%	$138.3M
Goodwill	$1.7B-0.6%	$1.7B-0.2%	$1.7B+3.2%	$1.6B-2.6%	$1.7B-0.4%	$1.7B+0.1%	$1.7B-1.4%	$1.7B
Total Liabilities	$5.3B+5.4%	$5.0B+11.0%	$4.5B-4.0%	$4.7B-3.8%	$4.9B+5.1%	$4.7B+3.9%	$4.5B-4.5%	$4.7B
Current Liabilities	$1.9B+16.2%	$1.7B+2.1%	$1.6B-8.6%	$1.8B+31.6%	$1.4B+22.7%	$1.1B+6.3%	$1.0B-15.3%	$1.2B
Long-Term Debt	$3.2B-0.7%	$3.2B+51.6%	$2.1B-0.5%	$2.1B-23.7%	$2.8B+1.6%	$2.7B+1.2%	$2.7B-0.8%	$2.7B
Total Equity	$156.5M-63.1%	$424.5M-52.6%	$895.4M+9.7%	$816.1M+89.7%	$430.1M-58.0%	$1.0B+2.1%	$1.0B-12.8%	$1.2B
Retained Earnings	$452.1M-37.1%	$718.7M-27.9%	$997.4M+45.2%	$687.2M+34.6%	$510.4M-33.4%	$766.8M-26.2%	$1.0B+36.6%	$760.8M

MTN Cash Flow Statement

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Operating Cash Flow	$554.9M-5.8%	$589.0M-7.7%	$637.9M-10.2%	$710.5M+35.3%	$525.3M+33.0%	$394.9M
Capital Expenditures	$235.2M+11.4%	$211.2M-32.9%	$314.9M+63.3%	$192.8M+67.5%	$115.1M-33.2%	$172.3M
Free Cash Flow	$319.7M-15.4%	$377.8M+17.0%	$322.9M-37.6%	$517.7M+26.2%	$410.2M+84.2%	$222.6M
Investing Cash Flow	-$204.5M+15.2%	-$241.1M+11.8%	-$273.2M+21.5%	-$347.9M-236.7%	-$103.3M+79.0%	-$492.7M
Financing Cash Flow	-$242.6M+57.9%	-$577.0M+36.9%	-$914.0M-85.3%	-$493.1M-213.5%	$434.7M+15.5%	$376.2M
Dividends Paid	$328.2M+1.4%	$323.7M+3.0%	$314.4M+39.2%	$225.8M	$0-100.0%	$212.7M
Share Buybacks	$270.0M+80.0%	$150.0M-70.0%	$500.0M+566.6%	$75.0M	$0-100.0%	$46.4M

Metric	Q1'26	Q1'26	Q3'25	Q2'25	Q1'26	Q2'25	Q3'25	Q2'25
Operating Cash Flow	$315.9M	N/A	N/A	N/A	$282.7M	N/A	N/A	N/A
Capital Expenditures	$71.7M	N/A	N/A	N/A	$71.0M	N/A	N/A	N/A
Free Cash Flow	$244.3M	N/A	N/A	N/A	$211.7M	N/A	N/A	N/A
Investing Cash Flow	-$71.7M	N/A	N/A	N/A	-$71.0M	N/A	N/A	N/A
Financing Cash Flow	-$101.0M	N/A	N/A	N/A	-$132.6M	N/A	N/A	N/A
Dividends Paid	$79.8M	N/A	N/A	N/A	$83.1M	N/A	N/A	N/A
Share Buybacks	$0	N/A	$30.0M+50.0%	$20.0M0.0%	$20.0M	N/A	$75.0M	N/A

MTN Financial Ratios

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	18.9%+2.0pp	16.9%-0.5pp	17.5%-6.4pp	23.8%+10.2pp	13.7%+2.3pp	11.4%
Net Margin	9.4%+1.4pp	8.0%-1.2pp	9.2%-4.6pp	13.8%+7.1pp	6.7%+1.7pp	5.0%
Return on Equity	179.0%+125.2pp	53.7%+25.1pp	28.6%+6.2pp	22.4%+14.8pp	7.7%+0.5pp	7.2%
Return on Assets	4.9%+0.8pp	4.1%-0.5pp	4.6%-0.9pp	5.5%+3.5pp	2.0%+0.2pp	1.8%
Current Ratio	0.54-0.1	0.62-0.2	0.83-0.4	1.21-0.2	1.40+0.5	0.89
Debt-to-Equity	20.27+13.8	6.45+3.5	2.94+1.2	1.78+0.2	1.62-0.1	1.74
FCF Margin	10.8%-2.3pp	13.1%+1.9pp	11.2%-9.3pp	20.5%-1.0pp	21.5%+10.1pp	11.3%

Metric	Q1'26	Q1'26	Q3'25	Q2'25	Q1'26	Q2'25	Q3'25	Q2'25
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-77.4%	N/A	44.9%+11.1pp	33.8%+111.4pp	-77.6%	N/A	42.6%+10.1pp	32.5%
Net Margin	-68.9%	N/A	30.3%+8.7pp	21.6%+88.2pp	-66.6%	N/A	28.2%+7.9pp	20.3%
Return on Equity	N/A	N/A	43.9%+13.8pp	30.1%	N/A	N/A	36.1%+17.0pp	19.1%
Return on Assets	-3.2%	N/A	6.8%+2.4pp	4.4%+7.5pp	-3.1%	N/A	6.2%+2.5pp	3.8%
Current Ratio	0.54-0.1	0.63+0.0	0.61+0.1	0.47-0.1	0.62-0.2	0.82-0.4	1.18+0.2	0.96
Debt-to-Equity	20.27+12.7	7.52+5.2	2.35-0.2	2.60-3.9	6.45+3.8	2.67-0.0	2.69+0.3	2.37
FCF Margin	90.1%	N/A	N/A	N/A	81.3%	N/A	N/A	N/A

Frequently Asked Questions

What is Vail Resorts's annual revenue?

Vail Resorts (MTN) reported $3.0B in revenue for fiscal year 2025.

How fast is Vail Resorts's revenue growing?

Vail Resorts (MTN) revenue grew by 2.7% year-over-year, from $2.9B to $3.0B in fiscal year 2025.

Is Vail Resorts profitable?

Yes, Vail Resorts (MTN) reported a net income of $280.0M in fiscal year 2025, with a net profit margin of 9.4%.

What is Vail Resorts's earnings per share (EPS)?

Vail Resorts (MTN) reported diluted earnings per share of $7.53 for fiscal year 2025.

What is Vail Resorts's EBITDA?

Vail Resorts (MTN) had EBITDA of $856.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Vail Resorts have?

As of fiscal year 2025, Vail Resorts (MTN) had $581.5M in cash and equivalents against $3.2B in long-term debt.

What is Vail Resorts's operating margin?

Vail Resorts (MTN) had an operating margin of 18.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Vail Resorts's net profit margin?

Vail Resorts (MTN) had a net profit margin of 9.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Vail Resorts pay dividends?

Yes, Vail Resorts (MTN) paid $8.88 per share in dividends during fiscal year 2025.

What is Vail Resorts's return on equity (ROE)?

Vail Resorts (MTN) has a return on equity of 179.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Vail Resorts's free cash flow?

Vail Resorts (MTN) generated $319.7M in free cash flow during fiscal year 2025, representing cash available after capital expenditures.

What is Vail Resorts's operating cash flow?

Vail Resorts (MTN) generated $554.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Vail Resorts's total assets?

Vail Resorts (MTN) had $5.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Vail Resorts's capital expenditures?

Vail Resorts (MTN) invested $235.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Vail Resorts buy back shares?

Yes, Vail Resorts (MTN) spent $270.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Vail Resorts have outstanding?

Vail Resorts (MTN) had 36M shares outstanding as of fiscal year 2025.

What is Vail Resorts's current ratio?

Vail Resorts (MTN) had a current ratio of 0.54 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Vail Resorts's debt-to-equity ratio?

Vail Resorts (MTN) had a debt-to-equity ratio of 20.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vail Resorts's return on assets (ROA)?

Vail Resorts (MTN) had a return on assets of 4.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.