Vail Resorts SEC Filings

Vail Resorts (MTN) reported a wider seasonal loss but higher revenue for the quarter ended October 31, 2025. Total net revenue rose to $271.0M from $260.3M, driven mainly by the Mountain segment, where net revenue increased 6.9% to $185.2M on stronger Australian ski performance and higher lift, ski school, and retail/rental revenue. Resort net revenue (Mountain plus Lodging) reached $270.9M.

The company posted a net loss attributable to Vail Resorts of $186.8M, versus $173.3M a year earlier, with basic and diluted loss per share at $5.20 compared with $4.62. Total Reported EBITDA was a seasonal loss of $128.2M, slightly worse than the prior year. Lodging Reported EBITDA declined to $2.9M as summer group demand softened, while Real Estate Reported EBITDA was $11.5M, down from $15.1M.

Operating cash flow improved to $315.9M from $282.7M, and cash and cash equivalents increased to $581.5M. Long-term and current debt totaled $3.17B, including $525.0M of 0.0% Convertible Notes due in early 2026, which the company may refinance using its expanded credit facilities and 5.625% notes. Vail paid a quarterly cash dividend of $2.22 per share and approved another dividend at the same rate, and it has authorization remaining to repurchase about 1.54 million shares, though no shares were repurchased in the quarter. The company also revised prior-period financials for immaterial errors related to interest and depreciation without changing overall trends.

Vail Resorts, Inc. filed a current report to announce that it has released financial results for the three months ended October 31, 2025, which is its fiscal 2026 first quarter. The company reported these quarterly results in a press release dated December 10, 2025.

The press release detailing Vail Resorts’ fiscal 2026 first quarter performance is furnished as Exhibit 99.1 to this report and is incorporated by reference, making it the primary source for the company’s latest earnings information.

Vail Resorts, Inc. has appointed Celeste Burgoyne as Executive Vice President and Chief Revenue Officer, effective January 26, 2026, under a new Executive Employment Agreement. She joins from lululemon athletica inc., where she led the Americas business and global guest innovation.

Her compensation includes an initial base salary of $900,000, a one-time sign-on cash bonus of $700,000 subject to repayment if she is terminated for cause or resigns within her first year, and a sign-on equity package of restricted share units valued at $2,150,000 vesting after one year and $2,834,000 vesting in three annual installments. She is eligible for an annual incentive target bonus of 75% of base salary and a target annual long-term equity grant of about $3,425,000, split between RSUs and share appreciation rights that vest over three years.

If terminated without cause or she resigns for good reason, she will receive the greater of benefits under the executive severance policy or 12 months of base salary, with additional equity vesting protections and an extra cash amount in certain change in control terminations. The agreement also includes post-employment non-competition, non-solicitation, and confidentiality covenants.

Baron Capital Group and affiliates filed an amended Schedule 13G reporting beneficial ownership of Vail Resorts, Inc. (MTN) common stock. Baron Capital Group, Inc. and Ronald Baron report 5,702,692 shares, or 15.89% of the class, with shared voting power of 5,572,149 and shared dispositive power of 5,702,692, as of 09/30/2025. BAMCO, Inc. reports 5,008,572 shares (13.96%) with shared voting power of 4,878,029, and Baron Capital Management, Inc. reports 694,120 shares (1.93%) with shared voting and dispositive power. Baron Growth Fund holds 2,000,000 shares (5.57%) with shared voting and dispositive power.

The filers certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Vail Resorts.

Capital World Investors filed a Schedule 13G reporting a passive stake in Vail Resorts (MTN). The firm beneficially owns 3,031,336 shares, representing 8.4% of the class as of the event date 09/30/2025, based on 35,884,970 shares believed outstanding.

CWI reports sole voting power over 3,013,463 shares and sole dispositive power over 3,031,336 shares, with no shared voting or dispositive power. The certification states the securities were acquired and are held in the ordinary course and not for the purpose of changing or influencing control.

Vail Resorts (MTN) reported an insider transaction by its GC & Chief Public Affairs Officer on November 1, 2025. The filing shows 106 shares of common stock acquired upon RSU vesting (code M) and 31 shares withheld at $148.33 to cover taxes (code F). After these entries, the reporting person holds 1,724 shares directly and 212 RSUs. The RSUs relate to a 318-unit grant on November 1, 2024 that vests in three equal annual installments.

Vail Resorts (MTN) filed its 2025 definitive proxy statement for the virtual Annual Meeting on December 9, 2025 at 9:00 a.m. MT. Stockholders will vote to elect nine directors, ratify PricewaterhouseCoopers LLP as auditor for fiscal 2026, and approve an advisory vote on executive compensation.

The Board’s nominees are Reginald Chambers, Susan L. Decker, Robert A. Katz, Iris Knobloch, Nadia N. Rawlinson, Michele Romanow, Hilary Schneider, D. Bruce Sewell, and Peter A. Vaughn. The record date is October 14, 2025.

Leadership changes are detailed: effective May 22, 2025, Robert A. Katz became Chairperson & CEO. For fiscal 2026, Mr. Katz’s compensation includes a base salary of $1,000,000, a target bonus equal to 100% of salary, and a target annual long‑term equity grant of approximately $3,000,000 split 50% RSUs and 50% Premium SARs. The filing outlines severance for former CEO Kirsten A. Lynch, including a prorated fiscal 2025 MIP award of $862,158, a lump‑sum of $2,249,108, and full vesting of unvested equity valued at $4,087,826.

Audit fees were $4,111,000 in fiscal 2025 and $4,227,000 in fiscal 2024.

Peter A. Vaughn, a director of Vail Resorts, Inc. (MTN), reported a change in beneficial ownership showing a sale of 70 shares of Common Stock on 10/06/2025. After the reported transaction the filing shows Mr. Vaughn beneficially owns 8,784 shares. The Form 4 entry is signed by an attorney-in-fact, Lucy Jensen, on 10/08/2025.

Insider purchase by Vail Resorts executive. On 10/07/2025, Angela A. Korch, EVP & Chief Financial Officer, reported an open-market purchase of 210 shares of Vail Resorts Inc. (ticker MTN) at a price of $155 per share. Following the transaction she beneficially owns 4,905 shares. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person and states the shares were acquired in open-market transactions.