Vail Resorts Inc 10-Q for FY2026 Q1

Vail Resorts Inc (MTN)

10-Q 2025-12-10 For: 2025-10-31

Added on April 09, 2026

About this 10-Q

Vail Resorts Inc filed this 10-Q on December 10, 2025, covering the quarter ended October 31, 2025 (FY2026 Q1).

Headline figures

Quarter ended October 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $271.03M; up 4.1% from $260.28M a year earlier
Net loss: $186.75M; compared with a net loss of $173.26M a year earlier
Diluted EPS: -$5.20; compared with -$4.62 a year earlier

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Delaware		51-0291762
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

390 Interlocken Crescent
Broomfield,	Colorado	80021
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	MTN	New York Stock Exchange



PART I	FINANCIAL INFORMATION	Page

Item 1.	Financial Statements (unaudited).
	Consolidated Condensed Balance Sheets as of October 3 1 , 2025, July 31, 202 5 and October 31, 2024	2
	Consolidated Condensed Statements of Operations for the Three Months Ended October 31 , 2025 and 2024	3
	Consolidated Condensed Statements of Comprehensive Loss for the Three Months Ended October 31, 2025 and 2024	4
	Consolidated Condensed Statements of Stockholders’ Equity for the Three Months Ended October 31 , 2025 and 2024	5
	Consolidated Condensed Statements of Cash Flows for the Three Months Ended October 31 , 2025 and 2024	6
	Notes to Consolidated Condensed Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36


	October 31, 2025		July 31, 2025		October 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	581,465	$	440,290	$	403,768
Restricted cash	19,120		16,129		14,675
Accounts receivables, net (Note 6)	97,530		382,370		130,162
Inventories, net	154,378		117,178		152,943
Other current assets	195,115		93,823		143,108
Total current assets	1,047,608		1,049,790		844,656
Property, plant and equipment, net (Note 6)	2,380,418		2,374,654		2,430,760
Real estate held for sale or investment	85,222		87,853		85,317
Goodwill, net	1,664,522		1,675,215		1,671,080
Intangible assets, net	296,035		298,497		300,530
Operating right-of-use assets	236,527		242,485		256,102
Other assets	53,430		49,391		42,404
Total assets	$	5,763,762	$	5,777,885	$	5,630,849
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities (Note 6)	$	1,346,298	$	1,056,665	$	1,297,994
Income taxes payable	923		11,452		—
Long-term debt due within one year (Note 5)	589,744		599,509		59,205
Total current liabilities	1,936,965		1,667,626		1,357,199
Long-term debt, net (Note 5)	2,583,298		2,594,765		2,720,494
Operating lease liabilities	211,193		215,085		234,917
Other long-term liabilities	300,002		294,464		310,303
Deferred income taxes, net	264,256		252,041		276,661
Total liabilities	5,295,714		5,023,981		4,899,574
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	—		—		—
Common stock, $0.01 par value, 100,000 shares authorized, 47,013, 46,945 and 46,922 shares issued, respectively	470		469		469
Additional paid-in capital	1,173,902		1,171,536		1,146,518
Accumulated other comprehensive loss	(61,727)		(57,889)		(71,436)
Retained earnings	452,097		718,662		510,426
Treasury stock, at cost, 11,060, 11,060 and 9,484 shares, respectively (Note 10)	(1,408,279)		(1,408,279)		(1,155,902)
Total Vail Resorts, Inc. stockholders’ equity	156,463		424,499		430,075
Noncontrolling interests	311,585		329,405		301,200
Total stockholders’ equity	468,048		753,904		731,275
Total liabilities and stockholders’ equity	$	5,763,762	$	5,777,885	$	5,630,849


	Three Months Ended October 31,
		2025		2024
Net revenue:
Mountain and Lodging services and other		$	198,052	$	187,050
Mountain and Lodging retail and dining		72,897		73,162
Resort net revenue		270,949		260,212
Real Estate		80		63
Total net revenue		271,029		260,275
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense		273,069		266,264
Mountain and Lodging retail and dining cost of products sold		28,234		28,947
General and administrative		110,424		106,857
Resort operating expense		411,727		402,068
Real Estate operating expense		1,624		1,491
Total segment operating expense		413,351		403,559
Other operating (expense) income:
Depreciation and amortization		(73,117)		(71,544)
Gain on sale of real property		13,020		16,506
Change in estimated fair value of contingent consideration (Note 7)		(4,639)		(2,079)
Loss on disposal of fixed assets and other, net		(2,763)		(1,529)
Loss from operations		(209,821)		(201,930)
Mountain equity investment income, net		1,093		2,151
Investment income and other, net		3,023		2,493
Foreign currency loss on intercompany loans		(79)		(264)
Interest expense, net		(51,287)		(42,797)
Loss before benefit from income taxes		(257,071)		(240,347)
Benefit from income taxes		60,615		58,384
Net loss		(196,456)		(181,963)
Net loss attributable to noncontrolling interests		9,704		8,708
Net loss attributable to Vail Resorts, Inc.		$	(186,752)	$	(173,255)
Per share amounts (Note 4):
Basic net loss per share attributable to Vail Resorts, Inc.		$	(5.20)	$	(4.62)
Diluted net loss per share attributable to Vail Resorts, Inc.		$	(5.20)	$	(4.62)
Cash dividends declared per share		$	2.22	$	2.22


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(303)			404-1800
(Registrant’s telephone number, including area code)


	Common Stock		Additional Paid in Capital	Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Total Vail Resorts, Inc. Stockholders’ Equity		Noncontrolling Interests		Total Stockholders’ Equity
	Vail Resorts
Balance, July 31, 2024	$	469		$	1,145,610	$	(67,288)	$	766,826	$	(1,135,685)	$	709,932	$	314,946	$	1,024,878
Comprehensive loss:
Net loss	—			—		—		(173,255)		—		(173,255)		(8,708)		(181,963)
Foreign currency translation adjustments	—			—		(2,393)		—		—		(2,393)		(1,461)		(3,854)
Change in estimated fair value of hedging instruments, net of tax	—			—		(1,755)		—		—		(1,755)		—		(1,755)
Total comprehensive loss												(177,403)		(10,169)		(187,572)

Stock-based compensation expense	—			6,691		—		—		—		6,691		—		6,691
Issuance of shares under share award plans, net of shares withheld for employee taxes	—			(5,783)		—		—		—		(5,783)		—		(5,783)

Repurchases of common stock (Note 10)	—			—		—		—		(20,217)		(20,217)		—		(20,217)
Dividends (Note 4)	—			—		—		(83,145)		—		(83,145)		—		(83,145)
Distributions to noncontrolling interests, net	—			—		—		—		—		—		(3,577)		(3,577)
Balance, October 31, 2024	$	469		$	1,146,518	$	(71,436)	$	510,426	$	(1,155,902)	$	430,075	$	301,200	$	731,275

Balance, July 31, 2025	$	469		$	1,171,536	$	(57,889)	$	718,662	$	(1,408,279)	$	424,499	$	329,405	$	753,904
Comprehensive loss:
Net loss	—			—		—		(186,752)		—		(186,752)		(9,704)		(196,456)
Foreign currency translation adjustments	—			—		(3,838)		—		—		(3,838)		(4,558)		(8,396)

Total comprehensive loss												(190,590)		(14,262)		(204,852)
Stock-based compensation expense	—			6,242		—		—		—		6,242		—		6,242
Issuance of shares under share award plans, net of shares withheld for employee taxes	1			(3,876)		—		—		—		(3,875)		—		(3,875)

Dividends (Note 4)	—			—		—		(79,813)		—		(79,813)		—		(79,813)

Distributions to noncontrolling interests, net	—			—		—		—		—		—		(3,558)		(3,558)
Balance, October 31, 2025	$	470		$	1,173,902	$	(61,727)	$	452,097	$	(1,408,279)	$	156,463	$	311,585	$	468,048


	October 31, 2025
	Carrying Value		Fair Value
6.50% Notes	$	600,000	$	623,082
5.625% Notes	$	500,000	$	506,430
0.0% Convertible Notes	$	525,000	$	520,800
EPR Secured Notes	$	114,162	$	162,404
NRP Loan	$	35,802	$	28,268


	Maturity	October 31, 2025		July 31, 2025		October 31, 2024
Vail Holdings Credit Agreement term loan (a)	2029	$	898,242	$	910,547	$	947,461
Vail Holdings Credit Agreement revolver (a)	2029	—		—		—
6.50% Notes	2032	600,000		600,000		600,000
5.625% Notes	2030	500,000		500,000		—
0.0% Convertible Notes (b)	2026	525,000		525,000		575,000
Whistler Credit Agreement revolver (c)	2030	—		—		—
EPR Secured Notes (d)	2034-2036	114,162		114,162		114,162
NRP Loan	2036	35,802		37,109		36,155
Employee housing bonds	2027-2039	52,575		52,575		52,575
Canyons obligation	2063	376,281		374,864		370,573
Whistler Blackcomb employee housing leases	2042	26,986		27,416		27,577
Other	2025-2037	41,707		52,332		51,537
Total debt		3,170,755		3,194,005		2,775,040
Less: Unamortized premiums, discounts and debt issuance costs		(2,287)		(269)		(4,659)
Less: Current maturities (e)		589,744		599,509		59,205
Long-term debt, net		$	2,583,298	$	2,594,765	$	2,720,494


	Total
2026 (November 2025 through July 2026)	$	574,783
2027	68,055
2028	57,050
2029	770,511
2030	507,328
Thereafter	1,193,028
Total debt	$	3,170,755


	Mountain		Lodging		Goodwill, net
Balance at July 31, 2025	$	1,630,209	$	45,006	$	1,675,215


Effects of changes in foreign currency exchange rates	(10,693)		—		(10,693)
Balance at October 31, 2025	$	1,619,516	$	45,006	$	1,664,522


	Estimated Fair Value Measurement as of October 31, 2025
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	247,270	$	247,270	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	52,040	$	—	$	52,040	$	—

Liabilities:
Contingent Consideration	$	83,200	$	—	$	—	$	83,200

	Estimated Fair Value Measurement as of July 31, 2025
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	80,576	$	80,576	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	65,962	$	—	$	65,962	$	—

Liabilities:
Contingent Consideration	$	93,300	$	—	$	—	$	93,300

	Estimated Fair Value Measurement as of October 31, 2024
Description	Total		Level 1		Level 2		Level 3
Assets:
Money Market	$	81,465	$	81,465	$	—	$	—
Commercial Paper	$	2,401	$	—	$	2,401	$	—
Certificates of Deposit	$	95,544	$	—	$	95,544	$	—

Liabilities:
Contingent Consideration	$	86,000	$	—	$	—	$	86,000


Balance as of July 31, 2025 and 2024, respectively	$	93,300	$	104,200
Payments	(14,739)		(20,279)
Change in estimated fair value	4,639		2,079
Balance as of October 31, 2025 and 2024, respectively	$	83,200	$	86,000


	Three Months Ended October 31,
	2025		2024
Mountain net revenue:
Lift	$	49,643	$	40,423
Ski School	7,886		6,839
Dining	19,787		20,628
Retail/Rental	30,791		29,526
Other	77,132		75,880
Total Mountain net revenue	$	185,239	$	173,296
Lodging net revenue:
Owned hotel rooms	$	28,447	$	28,075
Managed condominium rooms	9,690		11,705
Dining	19,382		19,952

Golf	7,772		7,550
Other	16,583		16,501
	81,874		83,783
Payroll cost reimbursements	3,836		3,133
Total Lodging net revenue	$	85,710	$	86,916
Total Resort net revenue	$	270,949	$	260,212
Total Real Estate net revenue	80		63
Total net revenue	$	271,029	$	260,275


	October 31, 2025		July 31, 2025		October 31, 2024
Trade receivables	$	98,753	$	381,187	$	129,364
Other receivables	8,047		7,690		8,143
Gross accounts receivables	106,800		388,877		137,507
Allowance for doubtful accounts	(9,270)		(6,507)		(7,346)
Accounts receivables, net	$	97,530	$	382,370	$	130,162


	October 31, 2025		July 31, 2025		October 31, 2024
Land and land improvements	$	804,376	$	804,667	$	805,227
Buildings and building improvements	1,716,392		1,712,138		1,688,492
Machinery and equipment	2,119,054		2,117,865		1,998,336
Furniture and fixtures	351,748		349,921		322,855
Software	189,751		189,982		164,917
Vehicles	97,335		96,504		94,310
Construction in progress	183,923		114,357		166,175
Gross property, plant and equipment	5,462,579		5,385,434		5,240,312
Accumulated depreciation	(3,082,160)		(3,010,780)		(2,809,552)
Property, plant and equipment, net	$	2,380,418	$	2,374,654	$	2,430,760


	October 31, 2025		July 31, 2025		October 31, 2024
Trade payables	$	143,123	$	139,976	$	141,912
Deferred revenue	927,306		602,117		901,586
Accrued salaries, wages and deferred compensation	20,506		59,779		33,220
Accrued benefits	62,305		64,869		57,785
Deposits	40,562		42,284		43,401
Operating lease liabilities	35,762		34,883		34,529
Other liabilities	116,734		112,757		85,561
Total accounts payable and accrued liabilities	$	1,346,298	$	1,056,665	$	1,297,994


	October 31, 2024
Consolidated Condensed Balance Sheet	As Reported		Adjustment		As Revised
Other current assets	$	152,071	$	(8,963)	$	143,108
Total current assets	853,619		(8,963)		844,656
Property, plant and equipment, net (Note 6)	2,434,776		(4,016)		2,430,760
Operating right-of-use assets	254,489		1,613		256,102
Total assets	5,642,215		(11,366)		5,630,849
Income taxes payable	8,628		(8,628)		—
Long-term debt due within one year (Note 5)	57,045		2,160		59,205
Total current liabilities	1,363,667		(6,468)		1,357,199
Long-term debt, net (Note 5)	2,709,955		10,539		2,720,494
Operating lease liabilities	233,304		1,613		234,917
Deferred income taxes, net	279,687		(3,026)		276,661
Total liabilities	4,896,916		2,658		4,899,574
Retained earnings	524,450		(14,024)		510,426
Total Vail Resorts, Inc. stockholders’ equity	444,099		(14,024)		430,075
Total stockholders’ equity	745,299		(14,024)		731,275
Total liabilities and stockholders’ equity	$	5,642,215	$	(11,366)	$	5,630,849


	Three Months Ended October 31, 2024
Consolidated Condensed Statement of Operations	As Reported		Adjustment		As Revised
Depreciation and amortization	$	(71,633)	$	89	$	(71,544)
Loss from operations	(202,019)		89		(201,930)
Interest expense, net	(42,154)		(643)		(42,797)
Loss before benefit from income taxes	(239,793)		(554)		(240,347)
Benefit from income taxes	58,249		135		58,384
Net loss	(181,544)		(419)		(181,963)
Net loss attributable to Vail Resorts, Inc.	(172,836)		(419)		(173,255)
Basic net loss per share attributable to Vail Resorts, Inc.	$	(4.61)	$	(0.01)	$	(4.62)
Diluted net loss per share attributable to Vail Resorts, Inc.	$	(4.61)	$	(0.01)	$	(4.62)


	Three Months Ended October 31, 2024
Consolidated Condensed Statement of Comprehensive Loss	As Reported		Adjustment		As Revised
Net loss	$	(181,544)	$	(419)	$	(181,963)
Comprehensive loss	(187,153)		(419)		(187,572)
Comprehensive loss attributable to Vail Resorts, Inc.	$	(176,984)	$	(419)	$	(177,403)


	Three Months Ended October 31, 2024
Consolidated Condensed Statement of Cash Flows	As Reported		Adjustment		As Revised
Net loss	$	(181,544)	$	(419)	$	(181,963)
Depreciation and amortization	71,633		(89)		71,544
Benefit from income taxes	(58,249)		(135)		(58,384)
Other non-cash income, net	(11,150)		967		(10,183)

Net cash provided by operating activities	282,424		324		282,748
Other financing activities, net	(11,069)		(324)		(11,393)
Net cash used in financing activities	$	(132,302)	$	(324)	$	(132,626)


	Three Months Ended October 31,				Percentage Increase (Decrease)
	2025		2024
Mountain net revenue:
Lift	$	49,643	$	40,423	22.8	%
Ski school	7,886		6,839		15.3	%
Dining	19,787		20,628		(4.1)	%
Retail/rental	30,791		29,526		4.3	%
Other	77,132		75,880		1.6	%
Total Mountain net revenue	185,239		173,296		6.9	%
Mountain operating expense:
Labor and labor-related benefits	122,079		118,530		3.0	%
Retail cost of sales	14,932		15,031		(0.7)	%

General and administrative	96,491		92,568		4.2	%
Other	95,418		93,380		2.2	%
Total Mountain operating expense	328,920		319,509		2.9	%
Mountain equity investment income, net	1,093		2,151		(49.2)	%
Mountain Reported EBITDA	$	(142,588)	$	(144,062)	1.0	%

Total skier visits	739		548		34.9	%
ETP	$	67.18	$	73.76	(8.9)	%


	Three Months Ended October 31,				Increase (Decrease)
	2025		2024






Interest expense, net	$	(51,287)	$	(42,797)	19.8	%


	October 31,
	2025		2024
Long-term debt, net	$	2,583,298	$	2,720,494
Long-term debt due within one year	589,744		59,205
Total debt	3,173,042		2,779,699
Less: cash and cash equivalents	581,465		403,768
Net Debt	$	2,591,577	$	2,375,931


Exhibit Number			Description

10.1*			Executive Employment Agreement, between the Company and Robert A. Katz, dated as of September 26, 2025 . (Incorporated by reference to Exhibit 10.1 of the report on Form 8-K/A of Vail Resorts, Inc. filed on September 29, 2025) (File No. 001-0 9614).

10.2*			Executive Employment Agreement, between the Company and Celeste Burgoyne, dated as of November 17, 2025. (Incorporated by reference to Exhibit 10.1 of the report on Form 8-K of Vail Resorts, Inc. filed on November 21, 2025) (File No. 001-09614).

10.3			First Amending Agreement to the Whistler Second Amended and Restated Senior Credit Agreement, dated as of September 24, 2025, among Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, as borrowers, the Guarantors Party hereto, the Financial Institutions named herein. The Toronto-Dominion Bank, as administrative agent, on its own behalf of the Lenders (Incorporated by reference to Exhibit 10.20 on Form 10-K of Vail Resorts, Inc. Filed on September 29, 2025) (File No. 001-09614).

31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32			Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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		Vail Resorts, Inc.

Date: December 10, 2025	By:	/s/ Angela A. Korch
		Angela A. Korch
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

Date: December 10, 2025	By:	/s/ Nathan Gronberg
		Nathan Gronberg
		Vice President, Controller and Chief Accounting Officer
		(Principal Accounting Officer)


1.	I have reviewed this quarterly report on Form 10-Q of Vail Resorts, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: December 10, 2025
			/s/ ROBERT A. KATZ
			Robert A. Katz
			Chief Executive Officer