What is Vail Resorts' operating income?

Vail Resorts' total operating income in 2025 was $559.96 million, based on the following breakdown: Total Gross Profit: $1.27 billion Total Operating Expenses: $708.19 million

Vail Resorts (MTN) Financials

$130.01 -6.67 (-4.88%)

Closing price 03:59 PM Eastern

Extended Trading

$129.87 -0.14 (-0.11%)

As of 07:07 PM Eastern

Compare

Annual Income Statements for Vail Resorts

This table shows Vail Resorts' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2015	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024	7/31/2025
Net Income / (Loss) Attributable to Common Shareholders	115	150	211	380	301	99	128	348	266	231	280
Consolidated Net Income / (Loss)	115	149	232	401	323	109	124	368	283	247	298
Net Income / (Loss) Continuing Operations	115	149	232	401	323	109	124	368	283	247	298
Total Pre-Tax Income	149	243	348	340	399	116	125	457	370	340	402
Total Operating Income	211	283	379	409	476	223	261	602	504	489	560
Total Gross Profit	521	658	821	867	974	776	830	1,177	1,221	1,229	1,268
Total Revenue	1,400	1,601	1,907	2,012	2,272	1,964	1,910	2,526	2,889	2,885	2,964
Operating Revenue	1,400	1,601	1,907	2,012	2,272	1,964	1,910	2,526	2,889	2,885	2,964
Total Cost of Revenue	879	944	1,086	1,144	1,297	1,188	1,080	1,349	1,668	1,656	1,696
Operating Cost of Revenue	879	944	1,086	1,144	1,297	1,188	1,080	1,349	1,668	1,656	1,696
Total Operating Expenses	311	375	442	459	498	553	569	575	717	740	708
Selling, General & Admin Expense	180	209	237	252	274	279	297	347	389	410	434
Depreciation Expense	149	161	189	204	218	250	253	252	269	279	296
Other Operating Expenses / (Income)	-3.65	4.20	16	-1.85	5.37	-2.96	14	20	50	48	9.38
Other Special Charges / (Income)	-14	0.12	-0.34	4.11	0.08	-1.05	5.05	-45	8.23	3.35	-31
Total Other Income / (Expense), net	-61	-40	-31	-69	-77	-107	-136	-145	-134	-149	-158
Interest Expense	62	42	54	63	79	107	151	148	155	165	172
Interest & Investment Income	1.07	2.01	8.00	3.47	5.05	3.00	7.28	6.30	24	20	14
Other Income / (Expense), net	0.00	0.00	15	-8.97	-2.85	-3.23	8.28	-2.68	-2.91	-4.14	0.00
Income Tax Expense	35	93	117	-61	75	7.38	0.73	89	88	93	104
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.14	-0.30	21	21	22	10	-3.39	20	17	16	18
Basic Earnings per Share	$3.16	$4.13	$5.36	$9.40	$7.46	$2.45	$3.17	$8.60	$6.70	$6.10	$7.54
Weighted Average Basic Shares Outstanding	36.34M	36.28M	40.02M	40.40M	40.29M	40.19M	40.39M	40.28M	38.15M	37.49M	35.88M
Diluted Earnings per Share	$3.07	$4.01	$5.22	$9.13	$7.32	$2.42	$3.13	$8.55	$6.69	$6.09	$7.53
Weighted Average Diluted Shares Outstanding	36.34M	36.28M	40.02M	40.40M	40.29M	40.19M	40.39M	40.28M	38.15M	37.49M	35.88M
Weighted Average Basic & Diluted Shares Outstanding	36.34M	36.28M	40.02M	40.40M	40.29M	40.19M	40.39M	40.28M	38.15M	37.49M	35.88M
Cash Dividends to Common per Share	$2.08	$2.87	$3.73	$5.05	$6.46	$5.28	$0.00	$5.58	$7.94	$8.56	$8.88

This table shows Vail Resorts' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-176	219	362	-175	-173	244	390	-185	-187	210	314
Consolidated Net Income / (Loss)	-183	230	381	-182	-182	257	411	-193	-196	226	340
Net Income / (Loss) Continuing Operations	-183	230	381	-182	-182	257	403	-193	-196	226	340
Total Pre-Tax Income	-248	317	511	-235	-240	343	541	-248	-257	298	446
Total Operating Income	-207	351	547	-199	-202	383	578	-204	-210	345	494
Total Gross Profit	-33	537	746	-20	-36	572	751	-18	-32	542	687
Total Revenue	259	1,078	1,283	265	260	1,137	1,295	272	271	1,084	1,205
Operating Revenue	259	1,078	1,283	265	260	1,137	1,295	272	271	1,084	1,205
Total Cost of Revenue	292	541	537	286	297	565	544	290	303	541	518
Operating Cost of Revenue	292	541	537	286	297	565	544	290	303	541	518
Total Operating Expenses	174	186	200	178	166	189	182	185	178	195	193
Selling, General & Admin Expense	108	113	94	95	107	115	106	106	110	122	103
Depreciation Expense	67	69	68	72	72	74	76	77	73	74	77
Other Operating Expenses / (Income)	3.06	3.40	37	5.00	2.08	0.10	1.90	5.30	4.64	-3.70	14
Other Special Charges / (Income)	-4.24	0.76	0.57	6.26	-15	-0.29	-2.32	-3.90	-10	3.17	0.12
Total Other Income / (Expense), net	-41	-33	-36	-36	-38	-40	-36	-44	-47	-47	-48
Interest Expense	41	41	40	41	43	43	42	46	51	49	51
Interest & Investment Income	4.54	4.28	6.19	4.63	4.64	3.77	3.82	1.82	4.12	2.36	3.08
Other Income / (Expense), net	-4.97	3.04	-2.31	0.09	-0.26	-1.39	1.70	-0.05	-0.08	0.20	-0.03
Income Tax Expense	-65	87	129	-53	-58	86	130	-55	-61	72	106
Net Income / (Loss) Attributable to Noncontrolling Interest	-7.54	11	19	-6.49	-8.71	13	22	-7.45	-9.70	16	26
Basic Earnings per Share	($4.60)	$5.78	$9.57	($4.67)	($4.62)	$6.54	$10.47	($4.97)	($5.20)	$5.87	$8.82
Weighted Average Basic Shares Outstanding	37.97M	37.97M	37.62M	37.49M	37.44M	37.34M	37.15M	35.88M	35.78M	35.63M	35.63M
Diluted Earnings per Share	($4.60)	$5.76	$9.54	($4.63)	($4.62)	$6.53	$10.46	($4.96)	($5.20)	$5.87	$8.81
Weighted Average Diluted Shares Outstanding	37.97M	37.97M	37.62M	37.49M	37.44M	37.34M	37.15M	35.88M	35.78M	35.63M	35.63M
Weighted Average Basic & Diluted Shares Outstanding	37.97M	37.97M	37.62M	37.49M	37.44M	37.34M	37.15M	35.88M	35.78M	35.63M	35.63M
Cash Dividends to Common per Share	$2.06	$2.06	$2.22	$2.22	$2.22	$2.22	$2.22	$2.22	$2.22	$2.22	$2.22

This table details how cash moves in and out of Vail Resorts' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2015	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024	7/31/2025
Net Change in Cash & Equivalents	-8.95	32	50	57	-67	284	856	-132	-553	-236	108
Net Cash From Operating Activities	304	437	471	548	634	395	525	710	638	589	555
Net Cash From Continuing Operating Activities	304	437	471	548	634	395	525	710	638	589	555
Net Income / (Loss) Continuing Operations	115	149	232	401	323	109	124	368	283	247	298
Consolidated Net Income / (Loss)	115	149	232	401	323	109	124	368	283	247	298
Depreciation Expense	149	161	189	204	218	250	253	252	269	279	296
Non-Cash Adjustments To Reconcile Net Income	23	26	-9.89	-48	6.44	37	23	-16	30	34	-1.99
Changes in Operating Assets and Liabilities, net	17	100	60	-9.26	86	-0.64	126	105	56	29	-38
Net Cash From Investing Activities	-427	-124	-677	-135	-596	-493	-103	-348	-273	-241	-204
Net Cash From Continuing Investing Activities	-427	-124	-677	-135	-596	-493	-103	-348	-273	-241	-204
Purchase of Property, Plant & Equipment	-124	-109	-144	-141	-192	-172	-115	-193	-315	-211	-235
Acquisitions	-307	-20	-547	-1.36	-419	-328	0.00	-231	76	-94	0.00
Purchase of Investments	-	-	-	-	-	-	0.00	0.00	-87	0.00	0.00
Sale of Property, Plant & Equipment	2.54	7.39	-	-	-	6.63	9.71	66	5.67	0.34	12
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.00	38	58	0.00
Other Investing Activities, net	1.33	-1.92	15	7.39	15	0.52	2.06	9.39	8.91	6.50	18
Net Cash From Financing Activities	115	-281	256	-351	-100	376	435	-493	-914	-577	-243
Net Cash From Continuing Financing Activities	115	-281	256	-351	-100	376	435	-493	-914	-577	-243
Repayment of Debt	-509	-329	-268	-288	-297	-1,047	-129	-155	-94	-98	-486
Repurchase of Common Equity	0.00	-54	-0.21	-26	-85	-46	0.00	-75	-500	-150	-270
Payment of Dividends	-76	-104	-146	-204	-261	-213	0.00	-226	-314	-324	-328
Issuance of Debt	700	216	686	272	570	1,702	603	-	0.00	0.00	850
Other Financing Activities, net	-	-10	-16	-104	-27	-19	-39	-37	-5.49	-5.63	-8.04
Cash Interest Paid	46	33	46	54	71	88	126	114	141	147	156
Cash Income Taxes Paid	-	22	49	17	27	4.13	5.01	20	94	129	162

This table details how cash moves in and out of Vail Resorts' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026
Net Change in Cash & Equivalents	167	85	-109	-380	81	86	-24	-36	144	-195	-19
Net Cash From Operating Activities	328	243	110	-94	283	326	118	-172	316	260	6.82
Net Cash From Continuing Operating Activities	328	243	110	-94	283	326	118	-172	316	260	6.82
Net Income / (Loss) Continuing Operations	-183	230	381	-182	-182	258	414	-193	-196	226	340
Consolidated Net Income / (Loss)	-183	230	381	-182	-182	258	414	-193	-196	226	340
Depreciation Expense	67	69	68	72	72	73	75	77	73	74	77
Non-Cash Adjustments To Reconcile Net Income	15	11	185	-183	-3.49	5.29	-12	9.68	2.60	14	-2.74
Changes in Operating Assets and Liabilities, net	430	-67	-525	198	397	-10	-359	-65	437	-54	-408
Net Cash From Investing Activities	5.57	-72	-25	-150	-71	-57	-27	-49	-72	-74	-33
Net Cash From Continuing Investing Activities	5.57	-72	-25	-150	-71	-57	-27	-49	-72	-74	-33
Purchase of Property, Plant & Equipment	-53	-77	-25	-56	-71	-75	-33	-56	-72	-75	-35
Other Investing Activities, net	6.51	0.06	0.01	-0.08	0.01	18	5.76	-5.45	0.00	0.58	2.12
Net Cash From Financing Activities	-154	-98	-182	-141	-133	-170	-135	195	-101	-392	5.90
Net Cash From Continuing Financing Activities	-154	-98	-182	-141	-133	-170	-135	195	-101	-392	5.90
Repayment of Debt	-20	-19	-23	-33	-24	-67	-22	-373	-17	-543	-29
Payment of Dividends	-78	-78	-84	-83	-83	-83	-82	-80	-80	-79	-79
Issuance of Debt	-	-	-	-	-	-	-	-	-	-	114
Other Financing Activities, net	-5.20	-0.09	-0.31	-0.03	-5.78	-0.18	-0.00	-2.08	-3.88	-0.19	-0.00
Effect of Exchange Rate Changes	-	-	-	-	2.26	-13	-	-	-	-	1.70

This table presents Vail Resorts' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2015	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024	7/31/2025
Total Assets	2,487	2,482	4,111	4,065	4,426	5,244	6,251	6,318	5,948	5,687	5,778
Total Current Assets	288	323	433	539	528	665	1,746	1,792	1,208	902	1,050
Cash & Equivalents	35	68	117	178	109	391	1,244	1,107	563	323	440
Restricted Cash	13	6.05	10	6.90	9.54	11	15	19	10	14	16
Accounts Receivable	114	147	187	231	271	107	345	383	381	376	382
Inventories, net	73	75	85	86	97	102	80	109	133	119	117
Other Current Assets	24	27	34	37	42	54	61	173	121	70	94
Plant, Property, & Equipment, net	1,386	1,364	1,714	1,627	1,843	2,193	2,068	2,118	2,372	2,419	2,375
Total Noncurrent Assets	813	795	1,963	1,899	2,056	2,386	2,438	2,408	2,368	2,366	2,353
Goodwill	500	509	1,520	1,476	1,608	1,709	1,781	1,755	1,720	1,678	1,675
Intangible Assets	144	140	295	281	306	315	319	314	309	303	298
Other Noncurrent Operating Assets	168	146	149	143	141	363	337	339	338	386	380
Total Liabilities & Shareholders' Equity	2,487	2,482	4,111	4,065	4,426	5,244	6,251	6,318	5,948	5,687	5,778
Total Liabilities	1,607	1,594	2,312	2,253	2,699	3,713	4,422	4,471	4,612	4,662	5,024
Total Current Liabilities	399	506	605	594	719	603	978	1,111	1,131	1,107	1,668
Short-Term Debt	10	13	38	38	49	64	114	64	69	59	600
Accounts Payable	331	397	468	505	608	499	815	943	978	1,001	1,057
Current Deferred & Payable Income Tax Liabilities	57	96	98	51	63	41	49	104	84	46	11
Total Noncurrent Liabilities	1,208	1,087	1,707	1,660	1,980	3,109	3,444	3,360	3,481	3,555	3,356
Long-Term Debt	804	687	1,234	1,234	1,528	2,387	2,736	2,670	2,751	2,731	2,595
Noncurrent Deferred & Payable Income Tax Liabilities	148	130	171	134	169	234	253	268	276	277	252
Other Noncurrent Operating Liabilities	256	270	302	292	284	488	455	421	455	547	510
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	881	888	1,799	1,812	1,727	1,532	1,829	1,847	1,336	1,025	754
Total Preferred & Common Equity	867	875	1,571	1,589	1,501	1,317	1,595	1,612	1,004	710	424
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	867	875	1,571	1,589	1,501	1,317	1,595	1,612	1,004	710	424
Common Stock	624	636	1,223	1,138	1,131	1,132	1,197	1,185	1,125	1,146	1,172
Retained Earnings	441	487	551	727	760	646	774	896	874	767	719
Treasury Stock	-193	-247	-247	-273	-358	-404	-404	-479	-984	-1,136	-1,408
Accumulated Other Comprehensive Income / (Loss)	-4.91	-1.55	44	-2.23	-32	-57	28	11	-10	-67	-58
Noncontrolling Interest	14	14	228	222	226	215	234	235	332	315	329

This table presents Vail Resorts' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/31/2023	4/30/2023	10/31/2023	1/31/2024	4/30/2024	10/31/2024	1/31/2025	4/30/2025	10/31/2025	1/31/2026	4/30/2026
Total Assets	6,565	6,199	5,760	5,848	5,809	5,631	5,520	5,750	5,764	5,600	5,686
Total Current Assets	1,760	1,482	1,135	1,179	1,231	845	838	999	1,048	823	952
Cash & Equivalents	1,295	896	729	812	705	404	488	467	581	385	371
Restricted Cash	24	23	12	13	11	15	16	14	19	21	16
Accounts Receivable	160	352	106	138	343	130	124	336	98	160	357
Inventories, net	122	104	158	135	108	153	132	115	154	141	129
Other Current Assets	158	109	131	80	64	143	78	68	195	115	79
Plant, Property, & Equipment, net	2,421	2,370	2,345	2,349	2,289	2,431	2,377	2,383	2,380	2,414	2,371
Total Noncurrent Assets	2,383	2,347	2,281	2,319	2,289	2,355	2,304	2,368	2,336	2,364	2,363
Goodwill	1,723	1,694	1,668	1,700	1,677	1,671	1,627	1,679	1,665	1,698	1,703
Intangible Assets	311	307	300	304	299	301	293	300	296	300	300
Other Noncurrent Operating Assets	350	346	312	315	313	384	384	389	375	365	360
Total Liabilities & Shareholders' Equity	6,565	6,199	5,760	5,848	5,809	5,631	5,520	5,750	5,764	5,600	5,686
Total Liabilities	4,788	4,600	4,832	4,697	4,487	4,900	4,719	4,532	5,296	4,955	4,770
Total Current Liabilities	1,288	986	1,363	1,229	1,041	1,357	1,784	1,628	1,937	1,323	1,045
Short-Term Debt	70	69	70	69	68	59	587	591	590	73	74
Accounts Payable	1,145	868	1,277	1,142	852	1,298	1,192	941	1,346	1,236	895
Current Deferred & Payable Income Tax Liabilities	74	49	17	18	121	0.00	4.16	96	0.92	14	76
Total Noncurrent Liabilities	3,500	3,614	3,469	3,468	3,446	3,542	2,935	2,904	3,359	3,632	3,725
Long-Term Debt	2,790	2,774	2,732	2,722	2,700	2,720	2,128	2,119	2,583	2,858	2,950
Noncurrent Deferred & Payable Income Tax Liabilities	288	401	286	287	285	277	275	276	264	264	265
Other Noncurrent Operating Liabilities	422	439	451	460	461	545	532	509	511	510	511
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,777	1,599	928	1,151	1,322	731	801	1,218	468	645	916
Total Preferred & Common Equity	1,463	1,274	633	830	1,004	430	516	877	156	302	552
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,463	1,274	633	830	1,004	430	516	877	156	302	552
Common Stock	1,113	1,119	1,127	1,134	1,140	1,147	1,154	1,161	1,174	1,181	1,189
Retained Earnings	838	1,081	620	761	1,039	510	672	979	452	583	818
Treasury Stock	-479	-883	-1,035	-1,035	-1,110	-1,156	-1,176	-1,206	-1,408	-1,454	-1,454
Accumulated Other Comprehensive Income / (Loss)	-8.57	-42	-78	-30	-65	-71	-135	-57	-62	-8.46	-1.32
Noncontrolling Interest	315	326	295	321	319	301	285	341	312	343	364

This table displays calculated financial ratios and metrics derived from Vail Resorts' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2015	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024	7/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.58%	14.38%	19.11%	5.47%	12.93%	-13.55%	-2.75%	32.27%	14.39%	-0.14%	2.74%
EBITDA Growth	39.47%	23.59%	31.33%	3.53%	14.43%	-32.07%	11.10%	63.15%	-9.48%	-0.90%	12.13%
EBIT Growth	79.52%	34.42%	39.42%	1.35%	18.40%	-53.50%	22.32%	122.45%	-16.17%	-2.97%	15.53%
NOPAT Growth	115.29%	7.89%	44.68%	91.24%	-19.93%	-45.82%	24.03%	86.83%	-20.48%	-9.03%	16.68%
Net Income Growth	306.33%	30.40%	55.04%	73.15%	-19.37%	-66.29%	14.12%	195.96%	-22.60%	-13.62%	20.65%
EPS Growth	298.70%	30.62%	30.17%	74.90%	-19.82%	-66.94%	29.34%	173.16%	-21.17%	-9.94%	23.65%
Operating Cash Flow Growth	23.50%	43.90%	7.78%	16.46%	15.63%	-37.73%	32.99%	35.27%	-9.98%	-8.25%	-5.80%
Free Cash Flow Firm Growth	-152.47%	476.97%	-484.37%	144.76%	-80.86%	-284.92%	324.79%	7.42%	-42.57%	75.18%	-12.55%
Invested Capital Growth	17.29%	-8.01%	94.33%	-1.51%	9.84%	12.42%	-4.46%	1.01%	3.67%	-2.85%	0.38%
Revenue Q/Q Growth	1.94%	1.12%	1.56%	0.13%	1.45%	-7.83%	7.12%	2.56%	0.09%	-0.15%	0.21%
EBITDA Q/Q Growth	2.54%	-0.46%	2.57%	-4.83%	0.50%	-7.89%	-1.30%	9.55%	-6.56%	-4.75%	0.02%
EBIT Q/Q Growth	2.94%	-1.84%	1.67%	-7.42%	-0.59%	-17.54%	-2.50%	14.15%	-10.63%	-7.79%	-0.44%
NOPAT Q/Q Growth	-0.35%	-0.77%	-2.61%	0.76%	-1.29%	-22.55%	23.17%	3.81%	-4.88%	-12.48%	-2.38%
Net Income Q/Q Growth	4.81%	3.38%	1.77%	-6.20%	-1.38%	-37.58%	11.69%	10.60%	-8.05%	-16.09%	-3.79%
EPS Q/Q Growth	5.14%	2.30%	13.48%	-8.88%	-2.14%	-39.20%	11.79%	9.62%	-7.67%	-19.07%	-4.44%
Operating Cash Flow Q/Q Growth	-9.13%	19.85%	-1.00%	-1.61%	0.13%	-9.33%	9.63%	-4.90%	-3.74%	-1.17%	-12.54%
Free Cash Flow Firm Q/Q Growth	-193.35%	156.32%	-17.75%	56.05%	-27.23%	-66.88%	65.63%	-24.51%	-6.39%	-17.71%	15.81%
Invested Capital Q/Q Growth	11.57%	-1.13%	5.49%	-1.10%	0.02%	0.40%	-2.92%	1.80%	1.67%	3.15%	1.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.23%	41.08%	43.06%	43.12%	42.89%	39.52%	43.46%	46.58%	42.26%	42.61%	42.78%
EBITDA Margin	25.69%	27.76%	30.60%	30.04%	30.44%	23.92%	27.33%	33.71%	26.67%	26.47%	28.89%
Operating Margin	15.04%	17.67%	19.89%	20.32%	20.97%	11.38%	13.67%	23.82%	17.48%	17.03%	18.89%
EBIT Margin	15.04%	17.67%	20.69%	19.88%	20.84%	11.21%	14.10%	23.72%	17.38%	16.89%	18.89%
Profit (Net Income) Margin	8.19%	9.33%	12.15%	19.95%	14.24%	5.55%	6.52%	14.58%	9.87%	8.54%	10.05%
Tax Burden Percent	76.75%	61.60%	66.50%	117.98%	81.08%	93.66%	99.42%	80.57%	76.33%	71.37%	74.05%
Interest Burden Percent	70.94%	85.74%	88.32%	85.05%	84.27%	52.89%	46.48%	76.31%	74.38%	70.82%	71.86%
Effective Tax Rate	23.25%	38.40%	33.50%	-17.98%	18.92%	6.34%	0.58%	19.43%	23.67%	28.63%	25.95%
Return on Invested Capital (ROIC)	10.59%	11.03%	11.31%	16.51%	12.69%	6.19%	7.41%	14.10%	10.96%	9.93%	11.90%
ROIC Less NNEP Spread (ROIC-NNEP)	3.56%	7.46%	9.00%	9.25%	7.77%	0.47%	-0.01%	6.82%	5.75%	5.48%	7.40%
Return on Net Nonoperating Assets (RNNOA)	2.77%	5.87%	5.93%	5.72%	5.59%	0.51%	-0.01%	5.94%	6.96%	10.82%	21.61%
Return on Equity (ROE)	13.36%	16.90%	17.24%	22.23%	18.28%	6.69%	7.41%	20.04%	17.91%	20.75%	33.50%
Cash Return on Invested Capital (CROIC)	-5.32%	19.37%	-52.79%	18.03%	3.31%	-5.51%	11.97%	13.09%	7.35%	12.83%	11.52%
Operating Return on Assets (OROA)	9.03%	11.39%	11.97%	9.78%	11.15%	4.55%	4.69%	9.53%	8.19%	8.37%	9.77%
Return on Assets (ROA)	4.92%	6.02%	7.03%	9.82%	7.62%	2.26%	2.17%	5.86%	4.65%	4.23%	5.20%
Return on Common Equity (ROCE)	13.14%	16.63%	15.69%	19.45%	15.97%	5.79%	6.42%	17.48%	14.72%	15.10%	21.37%
Return on Equity Simple (ROE_SIMPLE)	13.23%	17.09%	14.75%	25.24%	21.56%	8.28%	7.80%	22.84%	28.40%	34.04%	0.00%
Net Operating Profit after Tax (NOPAT)	162	174	252	482	386	209	260	485	386	351	415
NOPAT Margin	11.54%	10.89%	13.22%	23.98%	17.00%	10.66%	13.59%	19.19%	13.34%	12.16%	13.99%
Net Nonoperating Expense Percent (NNEP)	7.03%	3.57%	2.31%	7.26%	4.92%	5.71%	7.42%	7.28%	5.21%	4.45%	4.49%
Return On Investment Capital (ROIC_SIMPLE)	9.53%	10.97%	8.21%	15.64%	11.69%	5.25%	5.55%	10.58%	9.28%	9.19%	10.50%
Cost of Revenue to Revenue	62.77%	58.92%	56.94%	56.88%	57.11%	60.48%	56.54%	53.42%	57.74%	57.39%	57.22%
SG&A Expenses to Revenue	12.84%	13.05%	12.42%	12.52%	12.08%	14.19%	15.55%	13.76%	13.48%	14.21%	14.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.20%	23.41%	23.17%	22.79%	21.92%	28.14%	29.80%	22.76%	24.78%	25.57%	23.89%
Earnings before Interest and Taxes (EBIT)	211	283	395	400	473	220	269	599	502	487	560
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	360	444	584	604	692	470	522	851	771	764	856
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.56	4.68	4.33	5.80	5.61	5.11	6.73	5.28	8.35	9.11	12.96
Price to Tangible Book Value (P/TBV)	13.88	18.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.20	2.56	3.57	4.58	3.71	3.43	5.62	3.37	2.90	2.28	1.86
Price to Earnings (P/E)	26.86	27.32	32.34	24.25	27.96	68.07	83.94	24.46	31.26	28.61	19.65
Dividend Yield	2.45%	2.53%	1.71%	2.21%	3.08%	4.20%	0.00%	2.64%	3.65%	4.89%	6.00%
Earnings Yield	3.72%	3.66%	3.09%	4.12%	3.58%	1.47%	1.19%	4.09%	3.20%	3.50%	5.09%
Enterprise Value to Invested Capital (EV/IC)	2.35	3.12	2.78	3.63	3.17	2.51	3.67	3.00	3.06	2.69	2.45
Enterprise Value to Revenue (EV/Rev)	2.76	2.96	4.29	5.23	4.45	4.58	6.58	4.10	3.79	3.24	2.89
Enterprise Value to EBITDA (EV/EBITDA)	10.74	10.65	14.02	17.41	14.61	19.14	24.06	12.16	14.22	12.24	10.01
Enterprise Value to EBIT (EV/EBIT)	18.35	16.72	20.74	26.32	21.34	40.84	46.63	17.29	21.83	19.18	15.30
Enterprise Value to NOPAT (EV/NOPAT)	23.90	27.15	32.44	21.82	26.17	42.97	48.39	21.36	28.43	26.66	20.67
Enterprise Value to Operating Cash Flow (EV/OCF)	12.72	10.83	17.37	19.18	15.93	22.77	23.91	14.57	17.14	15.93	15.44
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	15.46	0.00	19.98	100.23	0.00	29.96	23.00	42.40	20.64	21.34
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.93	0.79	0.71	0.70	0.91	1.60	1.56	1.48	2.11	2.68	4.24
Long-Term Debt to Equity	0.91	0.77	0.69	0.68	0.88	1.56	1.50	1.45	2.06	2.62	3.44
Financial Leverage	0.78	0.79	0.66	0.62	0.72	1.08	1.08	0.87	1.21	1.97	2.92
Leverage Ratio	2.72	2.81	2.45	2.26	2.40	2.97	3.42	3.42	3.85	4.91	6.45
Compound Leverage Factor	1.93	2.41	2.17	1.93	2.02	1.57	1.59	2.61	2.87	3.47	4.63
Debt to Total Capital	48.05%	44.08%	41.43%	41.26%	47.72%	61.54%	60.91%	59.68%	67.86%	72.79%	80.91%
Short-Term Debt to Total Capital	0.60%	0.84%	1.25%	1.25%	1.47%	1.60%	2.44%	1.39%	1.66%	1.50%	15.18%
Long-Term Debt to Total Capital	47.45%	43.24%	40.18%	40.02%	46.25%	59.94%	58.47%	58.28%	66.19%	71.30%	65.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.83%	0.88%	7.42%	7.20%	6.85%	5.40%	5.01%	5.13%	7.98%	8.25%	8.34%
Common Equity to Total Capital	51.12%	55.05%	51.15%	51.53%	45.43%	33.06%	34.08%	35.19%	24.16%	18.95%	10.75%
Debt to EBITDA	2.26	1.58	2.18	2.11	2.28	5.22	5.46	3.21	3.66	3.64	3.73
Net Debt to EBITDA	2.13	1.41	1.96	1.80	2.11	4.36	3.05	1.89	2.92	3.20	3.20
Long-Term Debt to EBITDA	2.24	1.55	2.11	2.04	2.21	5.08	5.24	3.14	3.57	3.56	3.03
Debt to NOPAT	5.04	4.02	5.05	2.64	4.08	11.71	10.98	5.64	7.31	7.92	7.70
Net Debt to NOPAT	4.74	3.59	4.54	2.26	3.78	9.79	6.13	3.32	5.83	6.96	6.60
Long-Term Debt to NOPAT	4.98	3.94	4.89	2.56	3.96	11.41	10.54	5.51	7.13	7.76	6.26
Altman Z-Score	2.19	2.75	2.69	3.51	2.93	1.79	2.22	2.18	2.08	1.79	1.54
Noncontrolling Interest Sharing Ratio	1.63%	1.58%	8.99%	12.46%	12.67%	13.54%	13.37%	12.77%	17.81%	27.24%	36.22%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.72	0.64	0.72	0.91	0.73	1.10	1.78	1.61	1.07	0.82	0.63
Quick Ratio	0.37	0.42	0.50	0.69	0.53	0.82	1.62	1.34	0.83	0.63	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-81	306	-1,177	527	101	-186	419	450	259	453	402
Operating Cash Flow to CapEx	250.25%	429.04%	326.09%	390.07%	330.27%	238.35%	498.38%	561.42%	206.82%	278.28%	249.02%
Free Cash Flow to Firm to Interest Expense	-1.30	7.23	-21.76	8.33	1.27	-1.75	2.77	3.04	1.69	2.80	2.34
Operating Cash Flow to Interest Expense	4.88	10.31	8.71	8.68	7.98	3.70	3.47	4.79	4.18	3.63	3.23
Operating Cash Flow Less CapEx to Interest Expense	2.93	7.91	6.04	6.45	5.56	2.15	2.77	3.94	2.16	2.32	1.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.64	0.58	0.49	0.54	0.41	0.33	0.40	0.47	0.50	0.52
Accounts Receivable Turnover	13.33	12.27	11.42	9.63	9.06	10.40	8.45	6.93	7.56	7.62	7.82
Inventory Turnover	12.49	12.74	13.63	13.43	14.25	11.97	11.85	14.28	13.83	13.17	14.36
Fixed Asset Turnover	1.10	1.16	1.24	1.20	1.31	0.97	0.90	1.21	1.29	1.20	1.24
Accounts Payable Turnover	2.83	2.59	2.51	2.35	2.33	2.15	1.64	1.53	1.74	1.67	1.65
Days Sales Outstanding (DSO)	27.37	29.76	31.96	37.90	40.31	35.09	43.20	52.66	48.29	47.87	46.67
Days Inventory Outstanding (DIO)	29.22	28.64	26.79	27.18	25.62	30.49	30.79	25.57	26.39	27.72	25.41
Days Payable Outstanding (DPO)	128.88	140.97	145.38	155.06	156.48	170.10	222.21	237.82	210.14	218.08	221.37
Cash Conversion Cycle (CCC)	-72.29	-82.57	-86.63	-89.99	-90.56	-104.52	-148.21	-159.59	-135.45	-142.49	-149.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,647	1,515	2,944	2,899	3,185	3,580	3,421	3,455	3,582	3,480	3,492
Invested Capital Turnover	0.92	1.01	0.86	0.69	0.75	0.58	0.55	0.73	0.82	0.82	0.85
Increase / (Decrease) in Invested Capital	243	-132	1,429	-44	285	396	-160	35	127	-102	13
Enterprise Value (EV)	3,862	4,732	8,181	10,523	10,105	8,991	12,557	10,355	10,962	9,348	8,570
Market Capitalization	3,082	4,092	6,809	9,213	8,421	6,727	10,731	8,512	8,383	6,592	5,502
Book Value per Share	$23.83	$24.18	$39.27	$39.42	$37.33	$32.82	$39.60	$40.06	$26.04	$19.23	$11.43
Tangible Book Value per Share	$6.10	$6.24	($6.09)	($4.14)	($10.29)	($17.62)	($12.55)	($11.34)	($26.61)	($33.41)	($41.70)
Total Capital	1,695	1,589	3,071	3,084	3,303	3,982	4,679	4,582	4,155	3,817	3,948
Total Debt	815	700	1,272	1,273	1,576	2,451	2,850	2,734	2,820	2,779	3,194
Total Long-Term Debt	804	687	1,234	1,234	1,528	2,387	2,736	2,670	2,751	2,722	2,595
Net Debt	766	626	1,145	1,088	1,458	2,049	1,592	1,608	2,247	2,442	2,738
Capital Expenditures (CapEx)	121	102	144	141	192	166	105	127	309	211	223
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-149	-244	-261	-201	-261	-277	-377	-382	-427	-482	-475
Debt-free Net Working Capital (DFNWC)	-100	-170	-133	-16	-143	125	881	744	147	-145	-18
Net Working Capital (NWC)	-111	-184	-171	-55	-191	62	767	681	77	-202	-618
Net Nonoperating Expense (NNE)	47	25	20	81	63	100	135	116	100	104	117
Net Nonoperating Obligations (NNO)	766	626	1,145	1,088	1,458	2,049	1,592	1,608	2,247	2,442	2,738
Total Depreciation and Amortization (D&A)	149	161	189	204	218	250	253	252	269	276	296
Debt-free, Cash-free Net Working Capital to Revenue	-10.63%	-15.25%	-13.67%	-10.02%	-11.49%	-14.10%	-19.76%	-15.11%	-14.76%	-16.70%	-16.02%
Debt-free Net Working Capital to Revenue	-7.17%	-10.63%	-6.98%	-0.82%	-6.28%	6.38%	46.15%	29.47%	5.07%	-5.02%	-0.62%
Net Working Capital to Revenue	-7.89%	-11.47%	-8.99%	-2.73%	-8.42%	3.14%	40.17%	26.95%	2.68%	-7.00%	-20.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.16	$4.13	$5.36	$9.40	$7.46	$2.45	$3.17	$8.60	$6.76	$6.08	$7.54
Adjusted Weighted Average Basic Shares Outstanding	36.55M	36.18M	40.02M	40.48M	40.29M	40.19M	40.39M	40.28M	38.15M	37.49M	35.88M
Adjusted Diluted Earnings per Share	$3.07	$4.01	$5.22	$9.13	$7.32	$2.42	$3.13	$8.55	$6.74	$6.07	$7.53
Adjusted Weighted Average Diluted Shares Outstanding	36.55M	36.18M	40.02M	40.48M	40.29M	40.19M	40.39M	40.28M	38.15M	37.49M	35.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$9.40	$7.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	36.55M	36.18M	40.02M	40.48M	40.29M	40.19M	40.39M	40.28M	38.15M	37.49M	35.88M
Normalized Net Operating Profit after Tax (NOPAT)	150	174	252	289	386	235	265	448	392	353	391
Normalized NOPAT Margin	10.75%	10.89%	13.21%	14.37%	17.00%	11.96%	13.85%	17.75%	13.56%	12.24%	13.21%
Pre Tax Income Margin	10.67%	15.15%	18.27%	16.91%	17.56%	5.93%	6.56%	18.10%	12.93%	11.96%	13.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.38	6.68	7.29	6.32	5.96	2.06	1.78	4.04	3.28	3.01	3.26
NOPAT to Interest Expense	2.60	4.11	4.66	7.63	4.86	1.96	1.71	3.27	2.52	2.17	2.42
EBIT Less CapEx to Interest Expense	1.43	4.28	4.62	4.10	3.54	0.51	1.08	3.19	1.26	1.71	1.96
NOPAT Less CapEx to Interest Expense	0.65	1.71	1.99	5.40	2.44	0.41	1.02	2.42	0.50	0.86	1.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	65.88%	69.48%	63.11%	50.88%	80.55%	195.07%	0.00%	61.30%	110.26%	131.43%	110.13%
Augmented Payout Ratio	65.88%	105.47%	63.20%	57.31%	106.82%	237.64%	0.00%	81.66%	285.63%	192.34%	200.74%

This table displays calculated financial ratios and metrics derived from Vail Resorts' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	35,775,575.00	35,633,051.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	35,775,575.00	35,633,051.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	5.87	8.82
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.47%	-2.16%	3.62%	-1.62%	0.64%	5.48%	0.96%	2.29%	4.13%	-	-6.97%
EBITDA Growth	-38.53%	6.72%	7.92%	-42.97%	10.08%	7.84%	7.29%	0.12%	-4.69%	-	-12.85%
EBIT Growth	-25.09%	7.03%	9.14%	-26.15%	4.59%	8.33%	7.08%	-1.23%	-3.81%	-	-14.73%
NOPAT Growth	-26.75%	5.19%	11.10%	-24.11%	2.43%	13.46%	8.15%	-1.15%	-3.91%	-	-14.10%
Net Income Growth	-27.51%	4.40%	11.14%	-35.09%	0.82%	12.31%	8.64%	-6.48%	-7.96%	-	-17.28%
EPS Growth	-35.29%	11.63%	16.63%	-44.69%	-0.22%	13.89%	10.48%	-7.59%	-12.55%	-	-15.77%
Operating Cash Flow Growth	-1.35%	-10.95%	-9.50%	-7.92%	-14.03%	34.45%	7.19%	-86.49%	11.74%	-	-94.10%
Free Cash Flow Firm Growth	117.94%	738.31%	134.14%	84.58%	-557.35%	-14.31%	-34.86%	-319.40%	61.19%	-	-25.47%
Invested Capital Growth	-6.23%	-6.07%	-4.25%	-2.85%	3.49%	-3.28%	2.31%	0.38%	-1.68%	-	3.03%
Revenue Q/Q Growth	-4.15%	316.90%	19.05%	-79.32%	-1.95%	336.97%	13.93%	-79.03%	-0.25%	-	11.18%
EBITDA Q/Q Growth	-63.91%	391.13%	44.88%	-120.68%	-3.09%	449.13%	44.14%	-119.25%	-8.06%	-	36.16%
EBIT Q/Q Growth	-34.66%	266.77%	53.94%	-136.49%	-1.85%	289.35%	52.17%	-134.94%	-3.07%	-	43.11%
NOPAT Q/Q Growth	-29.33%	275.17%	60.79%	-134.07%	-1.67%	303.70%	53.27%	-132.28%	-3.05%	-	44.25%
Net Income Q/Q Growth	-35.97%	225.54%	65.96%	-147.68%	0.17%	242.17%	60.53%	-146.56%	-1.84%	-	50.64%
EPS Q/Q Growth	-43.75%	225.22%	65.63%	-148.53%	0.43%	242.30%	60.67%	-147.06%	-4.84%	-	50.09%
Operating Cash Flow Q/Q Growth	476.20%	-26.13%	-54.73%	-185.79%	399.69%	15.52%	-63.91%	-245.70%	284.16%	-	-97.38%
Free Cash Flow Firm Q/Q Growth	122.48%	747.39%	22.52%	-106.61%	-566.84%	258.77%	-6.86%	-142.83%	39.07%	-	163.94%
Invested Capital Q/Q Growth	-16.55%	4.23%	8.28%	3.15%	-11.10%	-2.59%	14.54%	1.15%	-12.92%	-	12.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-12.95%	49.80%	58.16%	-7.72%	-14.02%	50.28%	58.00%	-6.80%	-11.80%	-	57.01%
EBITDA Margin	-56.19%	39.24%	47.75%	-47.75%	-50.21%	40.12%	50.75%	-46.60%	-50.48%	-	47.41%
Operating Margin	-80.08%	32.52%	42.60%	-74.87%	-77.64%	33.81%	44.86%	-74.95%	-77.44%	-	41.00%
EBIT Margin	-82.00%	32.80%	42.42%	-74.84%	-77.74%	33.69%	44.99%	-74.97%	-77.47%	-	41.00%
Profit (Net Income) Margin	-70.79%	21.32%	29.72%	-68.53%	-69.77%	22.70%	31.98%	-71.02%	-72.51%	-	28.23%
Tax Burden Percent	73.75%	72.43%	74.68%	77.50%	75.71%	74.94%	75.97%	77.91%	76.42%	-	76.31%
Interest Burden Percent	117.07%	89.73%	93.82%	118.15%	118.54%	89.92%	93.57%	121.58%	122.47%	-	90.24%
Effective Tax Rate	0.00%	27.57%	25.32%	0.00%	0.00%	25.06%	24.03%	0.00%	0.00%	-	23.69%
Return on Invested Capital (ROIC)	-52.06%	20.83%	26.65%	-42.82%	-51.58%	24.35%	29.54%	-44.63%	-52.59%	-	25.32%
ROIC Less NNEP Spread (ROIC-NNEP)	-54.12%	19.46%	25.30%	-44.65%	-53.40%	22.91%	28.27%	-46.57%	-54.60%	-	23.80%
Return on Net Nonoperating Assets (RNNOA)	-80.69%	23.29%	34.44%	-88.17%	-140.71%	48.50%	47.16%	-135.91%	-224.62%	-	54.27%
Return on Equity (ROE)	-132.75%	44.12%	61.09%	-130.99%	-192.29%	72.85%	76.71%	-180.54%	-277.21%	-	79.59%
Cash Return on Invested Capital (CROIC)	17.66%	17.40%	15.96%	12.83%	8.01%	15.88%	10.16%	11.52%	14.93%	-	6.10%
Operating Return on Assets (OROA)	-39.07%	15.04%	20.41%	-37.08%	-39.36%	17.44%	23.00%	-38.77%	-40.45%	-	20.30%
Return on Assets (ROA)	-33.73%	9.77%	14.30%	-33.95%	-35.33%	11.75%	16.35%	-36.73%	-37.86%	-	13.98%
Return on Common Equity (ROCE)	-101.60%	34.54%	47.62%	-95.31%	-123.77%	50.40%	56.94%	-115.14%	-135.57%	-	53.30%
Return on Equity Simple (ROE_SIMPLE)	38.80%	30.76%	29.25%	0.00%	55.79%	52.02%	0.00%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-145	254	408	-139	-141	288	442	-143	-147	261	377
NOPAT Margin	-56.06%	23.55%	31.81%	-52.41%	-54.35%	25.33%	34.08%	-52.47%	-54.21%	-	31.29%
Net Nonoperating Expense Percent (NNEP)	2.06%	1.37%	1.35%	1.82%	1.82%	1.44%	1.27%	1.94%	2.01%	-	1.51%
Return On Investment Capital (ROIC_SIMPLE)	-3.89%	6.44%	9.98%	-3.64%	-4.03%	8.19%	11.23%	-3.61%	-4.03%	7.31%	9.57%
Cost of Revenue to Revenue	112.95%	50.20%	41.84%	107.72%	114.02%	49.72%	42.00%	106.80%	111.80%	-	42.99%
SG&A Expenses to Revenue	41.78%	10.46%	7.34%	35.82%	41.07%	10.07%	8.18%	39.14%	40.75%	-	8.51%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	67.13%	17.28%	15.57%	67.15%	63.64%	16.49%	13.15%	68.03%	65.67%	-	16.05%
Earnings before Interest and Taxes (EBIT)	-212	354	544	-199	-202	383	583	-204	-210	345	494
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-145	423	613	-127	-131	456	657	-127	-137	420	571
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.93	9.56	6.81	9.11	13.64	11.84	5.64	12.96	34.02	-	8.21
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Price to Revenue (P/Rev)	2.63	2.79	2.37	2.28	2.10	2.13	1.71	1.86	1.79	-	1.60
Price to Earnings (P/E)	32.88	33.02	24.66	28.61	25.98	24.23	17.37	19.65	19.97	-	28.90
Dividend Yield	4.09%	3.94%	4.67%	4.89%	5.40%	5.29%	6.56%	6.00%	5.99%	-	6.98%
Earnings Yield	3.04%	3.03%	4.06%	3.50%	3.85%	4.13%	5.76%	5.09%	5.01%	-	3.46%
Enterprise Value to Invested Capital (EV/IC)	3.31	3.28	2.73	2.69	2.81	2.91	2.20	2.45	2.70	-	2.12
Enterprise Value to Revenue (EV/Rev)	3.45	3.59	3.19	3.24	3.02	2.98	2.57	2.89	2.76	-	2.66
Enterprise Value to EBITDA (EV/EBITDA)	13.57	13.50	11.48	12.24	11.18	10.80	8.88	10.01	9.65	-	10.33
Enterprise Value to EBIT (EV/EBIT)	21.55	21.16	17.42	19.18	17.52	16.65	13.53	15.30	14.86	-	17.50
Enterprise Value to NOPAT (EV/NOPAT)	28.57	28.54	22.97	26.66	25.02	22.79	17.91	20.67	20.22	-	23.69
Enterprise Value to Operating Cash Flow (EV/OCF)	15.60	16.88	15.51	15.93	16.10	14.04	11.99	15.44	13.96	-	18.24
Enterprise Value to Free Cash Flow (EV/FCFF)	18.17	18.26	16.73	20.64	35.74	18.01	21.94	21.34	17.93	-	35.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.02	2.43	2.09	2.68	3.71	3.31	2.18	4.24	6.78	-	3.30
Long-Term Debt to Equity	2.94	2.37	2.04	2.62	3.64	2.60	1.70	3.44	5.52	-	3.22
Financial Leverage	1.49	1.20	1.36	1.97	2.64	2.12	1.67	2.92	4.11	-	2.28
Leverage Ratio	4.86	4.24	4.11	4.91	6.81	5.79	4.52	6.45	9.50	-	5.36
Compound Leverage Factor	5.68	3.80	3.86	5.80	8.08	5.20	4.23	7.84	11.64	-	4.84
Debt to Total Capital	75.12%	70.81%	67.68%	72.79%	78.78%	76.81%	68.57%	80.91%	87.15%	-	76.74%
Short-Term Debt to Total Capital	1.87%	1.75%	1.67%	1.50%	1.62%	16.61%	15.01%	15.18%	16.20%	-	1.87%
Long-Term Debt to Total Capital	73.25%	69.05%	66.01%	71.30%	77.16%	60.20%	53.56%	65.72%	70.95%	-	74.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	7.91%	8.14%	7.79%	8.25%	8.58%	8.11%	8.66%	8.34%	8.56%	-	9.25%
Common Equity to Total Capital	16.97%	21.06%	24.53%	18.95%	12.64%	15.08%	22.77%	10.75%	4.30%	-	14.01%
Debt to EBITDA	3.84	3.69	3.45	3.64	3.55	3.33	3.15	3.73	3.73	-	4.14
Net Debt to EBITDA	2.82	2.60	2.56	3.20	3.02	2.71	2.59	3.20	3.03	-	3.61
Long-Term Debt to EBITDA	3.74	3.60	3.37	3.56	3.48	2.61	2.46	3.03	3.04	-	4.04
Debt to NOPAT	8.08	7.79	6.91	7.92	7.95	7.03	6.35	7.70	7.82	-	9.51
Net Debt to NOPAT	5.95	5.49	5.12	6.96	6.75	5.71	5.22	6.60	6.34	-	8.29
Long-Term Debt to NOPAT	7.88	7.60	6.74	7.76	7.79	5.51	4.96	6.26	6.37	-	9.28
Altman Z-Score	1.42	1.87	2.01	1.39	1.16	1.53	1.63	1.10	0.92	-	1.54
Noncontrolling Interest Sharing Ratio	23.47%	21.71%	22.05%	27.24%	35.64%	30.82%	25.77%	36.22%	51.09%	-	33.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.83	0.96	1.18	0.82	0.63	0.47	0.61	0.63	0.54	-	0.91
Quick Ratio	0.61	0.77	1.01	0.63	0.39	0.34	0.49	0.49	0.35	-	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	54	455	558	-37	-246	390	363	-156	-95	103	272
Operating Cash Flow to CapEx	615.41%	315.51%	442.60%	-168.03%	397.69%	434.94%	354.44%	-306.68%	440.81%	-	19.44%
Free Cash Flow to Firm to Interest Expense	1.32	11.22	14.00	-0.91	-5.83	9.21	8.80	-3.40	-1.85	-	5.31
Operating Cash Flow to Interest Expense	8.07	5.98	2.76	-2.32	6.70	7.70	2.85	-3.75	6.16	-	0.13
Operating Cash Flow Less CapEx to Interest Expense	6.75	4.08	2.13	-3.70	5.02	5.93	2.05	-4.97	4.76	-	-0.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.46	0.48	0.50	0.51	0.52	0.51	0.52	0.52	-	0.50
Accounts Receivable Turnover	25.61	19.05	8.32	7.62	24.50	22.50	8.72	7.82	26.13	-	8.17
Inventory Turnover	11.30	12.72	15.54	13.17	10.69	12.63	15.22	14.36	11.08	-	13.57
Fixed Asset Turnover	1.23	1.19	1.24	1.20	1.21	1.25	1.26	1.24	1.24	-	1.19
Accounts Payable Turnover	1.36	1.43	1.91	1.67	1.29	1.44	1.89	1.65	1.29	-	1.80
Days Sales Outstanding (DSO)	14.25	19.16	43.86	47.87	14.90	16.22	41.88	46.67	13.97	-	44.65
Days Inventory Outstanding (DIO)	32.30	28.70	23.49	27.72	34.14	28.90	23.99	25.41	32.94	-	26.91
Days Payable Outstanding (DPO)	267.75	255.41	191.07	218.08	282.94	252.80	193.33	221.37	283.47	-	202.74
Cash Conversion Cycle (CCC)	-221.20	-207.55	-123.72	-142.49	-233.90	-207.68	-127.47	-149.29	-236.56	-	-131.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,989	3,116	3,374	3,480	3,094	3,014	3,452	3,492	3,041	3,170	3,552
Invested Capital Turnover	0.93	0.88	0.84	0.82	0.95	0.96	0.87	0.85	0.97	-	0.81
Increase / (Decrease) in Invested Capital	-199	-201	-150	-102	104	-102	78	13	-52	158	105
Enterprise Value (EV)	9,907	10,219	9,207	9,348	8,706	8,766	7,608	8,570	8,207	-	7,532
Market Capitalization	7,550	7,933	6,836	6,592	6,056	6,283	5,051	5,502	5,323	-	4,532
Book Value per Share	$16.59	$21.86	$26.43	$19.23	$11.85	$14.18	$23.98	$11.43	$4.36	$8.44	$15.48
Tangible Book Value per Share	($35.01)	($30.93)	($25.61)	($33.41)	($40.75)	($37.10)	($29.02)	($41.70)	($50.27)	($47.42)	($40.72)
Total Capital	3,730	3,941	4,091	3,817	3,512	3,518	3,933	3,948	3,641	3,576	3,939
Total Debt	2,802	2,791	2,769	2,779	2,767	2,702	2,697	3,194	3,173	2,931	3,023
Total Long-Term Debt	2,732	2,722	2,700	2,722	2,710	2,118	2,106	2,595	2,583	2,858	2,950
Net Debt	2,061	1,965	2,052	2,442	2,349	2,198	2,216	2,738	2,572	2,525	2,636
Capital Expenditures (CapEx)	53	77	25	56	71	75	33	56	72	75	35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-899	-806	-458	-482	-871	-863	-519	-475	-900	-833	-406
Debt-free Net Working Capital (DFNWC)	-159	19	259	-145	-453	-358	-38	-18	-300	-428	-19
Net Working Capital (NWC)	-228	-50	191	-202	-510	-942	-629	-618	-889	-501	-92
Net Nonoperating Expense (NNE)	38	24	27	43	40	30	27	50	50	36	37
Net Nonoperating Obligations (NNO)	2,061	1,965	2,052	2,442	2,349	2,198	2,216	2,738	2,572	2,525	2,636
Total Depreciation and Amortization (D&A)	67	69	68	72	72	73	75	77	73	74	77
Debt-free, Cash-free Net Working Capital to Revenue	-31.34%	-28.34%	-15.85%	-16.70%	-30.19%	-29.28%	-17.55%	-16.02%	-30.26%	-	-14.35%
Debt-free Net Working Capital to Revenue	-5.53%	0.67%	8.96%	-5.02%	-15.69%	-12.15%	-1.30%	-0.62%	-10.07%	-	-0.67%
Net Working Capital to Revenue	-7.96%	-1.76%	6.59%	-7.00%	-17.67%	-31.98%	-21.25%	-20.84%	-29.89%	-	-3.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.60)	$5.78	$9.57	($4.67)	($4.61)	$6.57	$10.55	($4.97)	($5.20)	$5.87	$8.82
Adjusted Weighted Average Basic Shares Outstanding	37.97M	37.97M	37.62M	37.49M	37.44M	37.34M	37.15M	35.88M	35.78M	35.63M	35.63M
Adjusted Diluted Earnings per Share	($4.60)	$5.76	$9.54	($4.63)	($4.61)	$6.56	$10.54	($4.96)	($5.20)	$5.87	$8.81
Adjusted Weighted Average Diluted Shares Outstanding	37.97M	37.97M	37.62M	37.49M	37.44M	37.34M	37.15M	35.88M	35.78M	35.63M	35.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.97M	37.97M	37.62M	37.49M	37.44M	37.34M	37.15M	35.88M	35.78M	35.63M	35.63M
Normalized Net Operating Profit after Tax (NOPAT)	-148	254	409	-135	-152	288	432	-145	-154	264	377
Normalized NOPAT Margin	-57.20%	23.60%	31.85%	-50.76%	-58.37%	25.31%	33.37%	-53.47%	-56.86%	-	31.30%
Pre Tax Income Margin	-95.99%	29.43%	39.79%	-88.42%	-92.15%	30.29%	42.10%	-91.15%	-94.88%	-	37.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.21	8.71	13.66	-4.88	-4.80	9.04	14.11	-4.45	-4.09	-	9.63
NOPAT to Interest Expense	-3.56	6.26	10.24	-3.42	-3.35	6.80	10.69	-3.11	-2.86	-	7.35
EBIT Less CapEx to Interest Expense	-6.52	6.82	13.04	-6.26	-6.48	7.27	13.30	-5.67	-5.49	-	8.95
NOPAT Less CapEx to Interest Expense	-4.87	4.36	9.62	-4.80	-5.04	5.03	9.88	-4.33	-4.26	-	6.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	128.58%	124.16%	108.74%	131.43%	132.52%	120.61%	107.09%	110.13%	114.59%	-	175.25%
Augmented Payout Ratio	352.50%	339.59%	185.39%	192.34%	180.95%	171.32%	137.76%	200.74%	202.78%	-	310.37%

Financials Breakdown Chart

Key Financial Trends

Vail Resorts (NYSE: MTN) delivered a sharp rebound in fiscal Q2 2026, but the broader trend over the last several years remains mixed. The company posted strong winter-season revenue and profit in the quarter, yet it is still carrying a heavy debt load, had a weak prior quarter, and continues to spend aggressively on capital projects while returning cash to shareholders.

For Q2 2026, MTN reported:

Revenue of $1.08 billion, up meaningfully from $270.9 million in Q1 2026 and $271.6 million in Q4 2025, reflecting the seasonality of the ski business.
Net income of $225.8 million, versus a loss of $196.5 million in Q1 2026 and a loss of $192.9 million in Q4 2025.
Operating cash flow of $259.9 million, showing the business generated solid cash in the quarter.
Gross profit of $542.4 million and operating income of $345.0 million, both a major improvement from the prior two quarters.
Cash and equivalents of $384.7 million at quarter-end, still a sizeable liquidity cushion.
Retained earnings of $583.0 million, indicating the business remains cumulatively profitable over time despite recent volatility.

At the same time, several balance sheet and cash flow items suggest MTN is still managing through leverage and capital allocation pressure.

Shares outstanding were essentially flat year over year, so Q2 EPS strength was driven more by earnings recovery than by share count reduction.
Capital spending remained elevated at $74.9 million in Q2 2026, continuing a pattern of ongoing reinvestment in the resort base.
The company paid $79.1 million in dividends in the quarter, showing continued commitment to shareholder returns.
Noncontrolling interest remains material, at $343.0 million in Q2 2026, which can dilute the value attributable to common shareholders.

Total liabilities were $5.30 billion, far above common equity of just $156.5 million, highlighting a leveraged balance sheet.
Long-term debt stood at $2.58 billion and short-term debt at $589.7 million, leaving the company with significant debt obligations.
Q1 2026 was very weak, with revenue of only $270.9 million and a net loss of $196.5 million, underscoring how seasonal MTN’s earnings can be.
Operating cash flow in Q1 2026 was $315.9 million, but financing cash flow was a large outflow due to debt repayment and dividends, contributing to cash volatility.
Over the multi-year period, the company has repeatedly reported quarterly losses in its off-season quarters, which suggests earnings remain highly dependent on ski-season timing and weather conditions.

Big-picture trend: MTN’s results have been highly seasonal, with strong profits in peak winter quarters and losses in shoulder/off-season periods. Over the last four years, revenue has generally remained substantial, but profitability has swung widely. The most recent quarter shows that when conditions are favorable, the company can generate strong earnings and cash flow. However, investors still need to weigh that against a leveraged balance sheet, ongoing capital spending, and the cyclical nature of resort demand.

Bottom line: Vail Resorts appears to be in a strong seasonal upswing in Q2 2026, but the company is not out of the woods from a financial risk standpoint. The business is profitable in peak periods and still produces meaningful operating cash, yet debt levels and seasonal losses remain the key issues for retail investors to watch.

06/17/26 10:13 PM ETAI Generated. May Contain Errors.

Vail Resorts Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Vail Resorts' fiscal year ends in July. Their fiscal year 2025 ended on July 31, 2025.

Vail Resorts' net income appears to be on an upward trend, with a most recent value of $297.98 million in 2025, rising from $114.61 million in 2015. The previous period was $246.98 million in 2024. Check out Vail Resorts' forecast to explore projected trends and price targets.

Vail Resorts' total operating income in 2025 was $559.96 million, based on the following breakdown:

Total Gross Profit: $1.27 billion
Total Operating Expenses: $708.19 million

Over the last 10 years, Vail Resorts' total revenue changed from $1.40 billion in 2015 to $2.96 billion in 2025, a change of 111.8%.

Vail Resorts' total liabilities were at $5.02 billion at the end of 2025, a 7.8% increase from 2024, and a 212.7% increase since 2015.

In the past 10 years, Vail Resorts' cash and equivalents has ranged from $35.46 million in 2015 to $1.24 billion in 2021, and is currently $440.29 million as of their latest financial filing in 2025.

Over the last 10 years, Vail Resorts' book value per share changed from 23.83 in 2015 to 11.43 in 2025, a change of -52.1%.

Related Companies

Financial statements for NYSE:MTN last updated on 6/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Vail Resorts (MTN) Financials

Financials Breakdown Chart

Key Financial Trends

Vail Resorts Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Vail Resorts (MTN) Financials

Annual Income Statements for Vail Resorts

Quarterly Income Statements for Vail Resorts

Annual Cash Flow Statements for Vail Resorts

Quarterly Cash Flow Statements for Vail Resorts

Annual Balance Sheets for Vail Resorts

Quarterly Balance Sheets for Vail Resorts

Annual Metrics And Ratios for Vail Resorts

Quarterly Metrics And Ratios for Vail Resorts

Financials Breakdown Chart

Key Financial Trends

Vail Resorts Financials - Frequently Asked Questions

When does Vail Resorts' financial year end?

How has Vail Resorts' net income changed over the last 10 years?

What is Vail Resorts' operating income?

How has Vail Resorts' revenue changed over the last 10 years?

How much debt does Vail Resorts have?

How much cash does Vail Resorts have?

How has Vail Resorts' book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools