NYSE : MTN
Vail Resorts, Inc. — Financial statements
Consumer Discretionary · Resorts & Casinos · United States
Last price 151.83 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.41B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Vail Resorts, Inc. (MTN) reported revenue of 2.84B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 2.84B | 2.84B | 2.96B | 2.89B | 2.89B | 2.53B |
| Cost of Revenue | 1.60B | 1.60B | 1.65B | 1.61B | 1.62B | 1.30B |
| Gross Profit | 1.24B | 1.24B | 1.32B | 1.28B | 1.27B | 1.23B |
| Selling, General & Admin | 502.11M | 502.11M | 474.91M | 459.83M | 436.67M | 395.19M |
| Operating Expenses | 807.72M | 807.72M | 771.35M | 738.90M | 705.84M | 647.58M |
| Operating Income | 433.44M | 433.44M | 544.80M | 540.15M | 562.48M | 579.54M |
| Interest Expense | -205.62M | -205.62M | -171.63M | -164.60M | -155.45M | -148.18M |
| Interest & Investment Income | 11.13M | 11.13M | 10.13M | 18.59M | 23.74M | 3.72M |
| Earnings From Equity Investments | 829.00K | 829.00K | 3.92M | 1.05M | 605.00K | 2.58M |
| Currency Exchange Gain (Loss) | 80.00K | 80.00K | 20.00K | -4.14M | -2.91M | -2.68M |
| EBT Excluding Unusual Items | 239.85M | 239.85M | 387.24M | 391.06M | 428.48M | 434.97M |
| Merger & Restructuring Charges | -2.80M | |||||
| Gain (Loss) on Sale of Assets | 6.34M | 6.34M | 31.34M | -3.35M | -8.23M | 45.27M |
| Other Unusual Items | -19.24M | -19.24M | -16.18M | -47.96M | -49.84M | -20.28M |
| Pretax Income | 226.96M | 226.96M | 402.40M | 339.75M | 370.42M | 457.16M |
| Income Tax Expense | 56.21M | 56.21M | 104.42M | 92.78M | 87.64M | 88.82M |
| Earnings From Continuing Operations | 170.74M | 170.74M | 297.98M | 246.98M | 282.78M | 368.34M |
| Minority Interest in Earnings | -23.21M | -23.21M | -17.97M | -15.87M | -16.95M | -20.41M |
| Net Income | 147.53M | 147.53M | 280.00M | 231.10M | 265.82M | 347.92M |
| Net Income to Common | 147.53M | 147.53M | 280.00M | 231.10M | 265.82M | 347.92M |
| Shares Outstanding (Basic) | 35.73M | 35.73M | 37.16M | 37.87M | 39.65M | 40.47M |
| Shares Outstanding (Diluted) | 35.79M | 35.79M | 37.20M | 37.96M | 39.76M | 40.69M |
| EPS (Basic) | 4.13 | 4.13 | 7.54 | 6.10 | 6.70 | 8.60 |
| EPS (Diluted) | 4.12 | 4.12 | 7.53 | 6.09 | 6.69 | 8.55 |
| Free Cash Flow | 248.00M | 248.00M | 319.68M | 377.82M | 322.94M | 517.68M |
| Free Cash Flow Per Share | 6.93 | 6.93 | 8.59 | 9.95 | 8.12 | 12.72 |
| Dividend Per Share | 8.88 | 8.88 | 8.88 | 8.56 | 7.94 | 5.58 |
| Gross Margin | 43.73% | 43.73% | 44.40% | 44.33% | 43.90% | 48.58% |
| Operating Margin | 15.27% | 15.27% | 18.38% | 18.72% | 19.47% | 22.94% |
| Profit Margin | 5.20% | 5.20% | 9.45% | 8.01% | 9.20% | 13.77% |
| Free Cash Flow Margin | 8.74% | 8.74% | 10.78% | 13.10% | 11.18% | 20.50% |
| EBITDA | 739.05M | 739.05M | 841.24M | 819.23M | 831.66M | 831.93M |
| EBITDA Margin | 26.04% | 26.04% | 28.38% | 28.39% | 28.78% | 32.94% |
| D&A For EBITDA | 305.61M | 305.61M | 296.44M | 279.07M | 269.18M | 252.39M |
| EBIT | 433.44M | 433.44M | 544.80M | 540.15M | 562.48M | 579.54M |
| EBIT Margin | 15.27% | 15.27% | 18.38% | 18.72% | 19.47% | 22.94% |
| Effective Tax Rate | 24.77% | 24.77% | 25.95% | 27.31% | 23.66% | 19.43% |
| Revenue as Reported | 2.84B | 2.84B | 2.96B | 2.89B | 2.89B | 2.53B |
| Advertising Expenses | 68.10M | 68.10M | 48.00M | 49.80M | 47.20M | 47.70M |
Balance sheet
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 231.35M | 231.35M | 440.29M | 322.83M | 562.98M | 1.11B |
| Short-Term Investments | 37.11M | 37.11M | ||||
| Cash & Short-Term Investments | 268.46M | 268.46M | 440.29M | 322.83M | 562.98M | 1.11B |
| Accounts Receivable | 347.97M | 347.97M | 374.68M | 375.75M | 381.07M | 383.43M |
| Other Receivables | 7.34M | 7.34M | 7.69M | |||
| Receivables | 355.31M | 355.31M | 382.37M | 375.75M | 381.07M | 383.43M |
| Inventory | 134.63M | 134.63M | 117.18M | 118.99M | 132.55M | 108.72M |
| Prepaid Expenses | 56.72M | 56.72M | 58.09M | 51.52M | 43.22M | |
| Restricted Cash | 15.68M | 15.68M | 16.13M | 14.24M | 10.12M | 18.68M |
| Other Current Assets | 45.67M | 45.67M | 35.73M | 18.64M | 78.19M | 173.28M |
| Total Current Assets | 876.47M | 876.47M | 1.05B | 901.96M | 1.21B | 1.79B |
| Property, Plant & Equipment | 2.56B | 2.56B | 2.62B | 2.68B | 2.56B | 2.31B |
| Long-Term Investments | 17.23M | 12.30M | ||||
| Goodwill | 1.67B | 1.67B | 1.68B | 1.68B | 1.72B | 1.75B |
| Other Intangible Assets | 293.60M | 293.60M | 298.50M | 302.54M | 309.35M | 314.06M |
| Other Long-Term Assets | 121.03M | 121.03M | 137.24M | 127.30M | 128.88M | 135.09M |
| Total Assets | 5.53B | 5.53B | 5.78B | 5.69B | 5.95B | 6.32B |
| Accounts Payable | 153.12M | 153.12M | 139.98M | 141.25M | 148.52M | 151.26M |
| Accrued Expenses | 210.35M | 210.35M | 237.41M | 206.68M | 182.20M | 208.31M |
| Current Portion of Long-Term Debt | 44.86M | 44.86M | 599.51M | 59.31M | 69.16M | 63.75M |
| Current Portion of Leases | 74.74M | 74.74M | 34.88M | 32.61M | 36.90M | 34.22M |
| Current Income Taxes Payable | 4.69M | 4.69M | 11.45M | 46.43M | 83.51M | 104.28M |
| Current Unearned Revenue | 566.48M | 566.48M | 602.12M | 575.76M | 572.60M | 511.31M |
| Other Current Liabilities | 42.75M | 42.75M | 42.28M | 44.50M | 37.80M | 37.73M |
| Total Current Liabilities | 1.10B | 1.10B | 1.67B | 1.11B | 1.13B | 1.11B |
| Long-Term Debt | 2.69B | 2.69B | 2.18B | 2.32B | 2.36B | 2.67B |
| Long-Term Leases | 597.83M | 597.83M | 629.47M | 644.94M | 561.20M | 174.57M |
| Long-Term Deferred Tax Liabilities | 262.18M | 262.18M | 252.04M | 276.79M | 276.14M | 268.46M |
| Other Long-Term Liabilities | 317.17M | 317.17M | 294.46M | 311.77M | 286.26M | 246.36M |
| Total Liabilities | 4.97B | 4.97B | 5.02B | 4.66B | 4.61B | 4.47B |
| Common Stock | 470.00K | 470.00K | 469.00K | 469.00K | 468.00K | 467.00K |
| Additional Paid-In Capital | 1.20B | 1.20B | 1.17B | 1.15B | 1.12B | 1.18B |
| Retained Earnings | 549.07M | 549.07M | 718.66M | 766.83M | 873.71M | 895.89M |
| Treasury Stock | -1.45B | -1.45B | -1.41B | -1.14B | -984.31M | -479.42M |
| Comprehensive Income & Other | -50.74M | -50.74M | -57.89M | -67.29M | -10.36M | 10.92M |
| Total Common Equity | 240.53M | 240.53M | 424.50M | 709.93M | 1.00B | 1.61B |
| Minority Interest | 316.87M | 316.87M | 329.40M | 314.95M | 331.71M | 235.04M |
| Shareholders' Equity | 557.40M | 557.40M | 753.90M | 1.02B | 1.34B | 1.85B |
| Total Liabilities & Equity | 5.53B | 5.53B | 5.78B | 5.69B | 5.95B | 6.32B |
| Total Debt | 3.41B | 3.41B | 3.44B | 3.06B | 3.03B | 2.94B |
| Net Cash (Debt) | -3.14B | -3.14B | -3.00B | -2.74B | -2.46B | -1.84B |
| Net Cash Per Share | -87.84 | -87.84 | -80.74 | -72.07 | -61.92 | -45.11 |
| Filing Date Shares Outstanding | 35.64M | 35.64M | 35.88M | 37.49M | 38.15M | 40.28M |
| Total Common Shares Outstanding | 35.64M | 35.64M | 35.88M | 37.48M | 38.15M | 40.28M |
| Working Capital | -220.52M | -220.52M | -617.84M | -204.58M | 77.42M | 680.68M |
| Book Value Per Share | 6.75 | 6.75 | 11.83 | 18.94 | 26.32 | 40.03 |
| Tangible Book Value | -1.73B | -1.73B | -1.55B | -1.27B | -1.03B | -456.55M |
| Tangible Book Value Per Share | -48.46 | -48.46 | -43.17 | -33.90 | -26.89 | -11.33 |
| Land | 728.23M | 728.23M | 723.62M | 723.36M | 715.68M | 682.39M |
| Buildings | 1.61B | 1.57B | 1.50B | |||
| Machinery | 470.95M | 470.95M | 446.43M | 2.31B | 2.11B | 1.83B |
| Construction In Progress | 97.09M | 97.09M | 114.36M | 106.02M | 134.11M | 127.28M |
Cash flow statement
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 147.53M | 147.53M | 280.00M | 231.10M | 265.82M | 347.92M |
| Depreciation & Amortization | 305.61M | 305.61M | 296.44M | 279.07M | 269.18M | 252.39M |
| Loss (Gain) From Sale of Assets | 6.82M | 6.82M | -6.93M | 9.63M | 9.07M | -43.99M |
| Stock-Based Compensation | 28.16M | 28.16M | 33.96M | 26.80M | 25.41M | 24.89M |
| Other Operating Activities | 28.52M | 28.52M | -22.61M | 67.79M | 86.11M | 34.81M |
| Change in Accounts Receivable | 30.64M | 30.64M | -6.71M | 12.89M | 4.25M | -39.01M |
| Change in Inventory | -16.92M | -16.92M | 1.20M | 13.19M | -23.42M | -28.05M |
| Change in Accounts Payable | 15.80M | 15.80M | 18.40M | 9.37M | -7.51M | 41.08M |
| Change in Unearned Revenue | -39.56M | -39.56M | 26.44M | 2.65M | 60.27M | 48.97M |
| Change in Income Taxes | -12.00M | -12.00M | -36.28M | -43.44M | -32.27M | 81.31M |
| Change in Other Net Operating Assets | -14.98M | -14.98M | -29.03M | -20.03M | -19.05M | -9.82M |
| Operating Cash Flow | 479.63M | 479.63M | 554.87M | 589.02M | 637.86M | 710.50M |
| Capital Expenditures | -231.62M | -231.62M | -235.19M | -211.20M | -314.91M | -192.82M |
| Sale of Property, Plant & Equipment | 2.48M | 2.48M | 12.37M | 337.00K | 5.67M | 66.26M |
| Cash Acquisitions | -94.36M | -38.57M | -116.34M | |||
| Investment in Securities | -37.11M | -37.11M | 57.65M | -48.78M | ||
| Other Investing Activities | 292.00K | 292.00K | 18.32M | 6.50M | 123.42M | -105.03M |
| Investing Cash Flow | -265.96M | -265.96M | -204.50M | -241.07M | -273.17M | -347.92M |
| Long-Term Debt Issued | 669.06M | 669.06M | 850.00M | 600.00M | ||
| Long-Term Debt Repaid | -681.48M | -681.48M | -447.22M | -655.86M | -73.89M | -146.63M |
| Net Debt Issued (Repaid) | -12.42M | -12.42M | 402.78M | -55.86M | -73.89M | -146.63M |
| Repurchase of Common Stock | -49.20M | -49.20M | -278.04M | -155.62M | -505.49M | -112.31M |
| Common Dividends Paid | -317.13M | -317.13M | -328.17M | -323.68M | -314.35M | -225.79M |
| Other Financing Activities | -42.29M | -42.29M | -39.22M | -41.87M | -20.27M | -8.41M |
| Financing Cash Flow | -421.04M | -421.04M | -242.65M | -577.04M | -914.00M | -493.14M |
| Foreign Exchange Rate Adjustments | -2.02M | -2.02M | 11.63M | -6.95M | -3.70M | -1.91M |
| Net Cash Flow | -209.40M | -209.40M | 119.36M | -236.03M | -553.01M | -132.47M |
| Free Cash Flow | 248.00M | 248.00M | 319.68M | 377.82M | 322.94M | 517.68M |
| Free Cash Flow Margin | 8.74% | 8.74% | 10.78% | 13.10% | 11.18% | 20.50% |
| Free Cash Flow Per Share | 6.93 | 6.93 | 8.59 | 9.95 | 8.12 | 12.72 |
| Levered Free Cash Flow | 190.19M | 190.19M | 316.69M | 385.39M | 284.79M | 354.85M |
| Unlevered Free Cash Flow | 318.70M | 318.70M | 423.96M | 488.26M | 381.94M | 447.46M |
| Cash Interest Paid | 186.31M | 186.31M | 156.37M | 146.56M | 140.60M | 114.07M |
| Cash Income Tax Paid | 69.94M | 69.94M | 161.66M | 129.35M | 94.34M | 19.69M |
| Change in Working Capital | -37.02M | -37.02M | -25.98M | -25.38M | -17.73M | 94.48M |
Ratios
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.52B | 5.32B | 5.58B | 6.85B | 9.08B | 9.55B |
| Enterprise Value | 8.66B | 8.57B | 8.41B | 9.42B | 11.56B | 11.35B |
| Last Close Price | 154.82 | 147.09 | 138.89 | 159.66 | 198.17 | 192.72 |
| PE Ratio | 37.58 | 36.08 | 19.94 | 29.63 | 34.15 | 27.45 |
| Forward PE | 27.18 | 23.26 | 20.82 | 21.72 | 25.19 | 26.83 |
| PS Ratio | 1.94 | 1.88 | 1.88 | 2.37 | 3.14 | 3.78 |
| PB Ratio | 22.94 | 9.55 | 7.41 | 6.68 | 6.80 | 5.17 |
| P/FCF Ratio | 22.25 | 21.46 | 17.46 | 18.12 | 28.11 | 18.45 |
| P/OCF Ratio | 11.50 | 11.10 | 10.06 | 11.63 | 14.23 | 13.44 |
| PEG Ratio | 7.48 | 1.99 | 2.49 | 0.78 | 0.78 | |
| EV/Sales Ratio | 3.05 | 3.02 | 2.84 | 3.26 | 4.00 | 4.50 |
| EV/EBITDA Ratio | 11.72 | 11.60 | 9.99 | 11.50 | 13.90 | 13.65 |
| EV/EBIT Ratio | 19.98 | 19.78 | 15.43 | 17.43 | 20.56 | 19.59 |
| EV/FCF Ratio | 34.92 | 34.57 | 26.30 | 24.93 | 35.80 | 21.93 |
| Debt / Equity Ratio | 6.12 | 6.12 | 4.57 | 2.98 | 2.27 | 1.59 |
| Debt / EBITDA Ratio | 4.19 | 4.19 | 3.76 | 3.43 | 3.35 | 3.29 |
| Debt / FCF Ratio | 13.76 | 13.76 | 10.77 | 8.10 | 9.37 | 5.68 |
| Net Debt / Equity Ratio | 5.64 | 5.64 | 3.98 | 2.67 | 1.84 | 0.99 |
| Net Debt / EBITDA Ratio | 4.25 | 4.25 | 3.57 | 3.34 | 2.96 | 2.21 |
| Net Debt / FCF Ratio | 12.68 | 12.68 | 9.40 | 7.24 | 7.62 | 3.54 |
| Asset Turnover | 0.50 | 0.50 | 0.52 | 0.50 | 0.47 | 0.40 |
| Inventory Turnover | 12.68 | 12.68 | 13.96 | 12.77 | 13.44 | 13.74 |
| Quick Ratio | 0.57 | 0.57 | 0.49 | 0.63 | 0.83 | 1.34 |
| Current Ratio | 0.80 | 0.80 | 0.63 | 0.81 | 1.07 | 1.61 |
| Return on Equity (ROE) | 26.04% | 26.04% | 33.50% | 20.93% | 17.77% | 20.04% |
| Return on Assets (ROA) | 4.79% | 4.79% | 5.94% | 5.80% | 5.73% | 5.76% |
| Return on Invested Capital (ROIC) | 8.69% | 8.74% | 10.73% | 10.39% | 11.48% | 12.70% |
| Return on Capital Employed (ROCE) | 9.80% | 9.80% | 13.30% | 11.80% | 11.70% | 11.10% |
| Earnings Yield | 2.66% | 2.77% | 5.02% | 3.38% | 2.93% | 3.64% |
| FCF Yield | 4.50% | 4.66% | 5.73% | 5.52% | 3.56% | 5.42% |
| Dividend Yield | 5.74% | 5.95% | 5.71% | 4.69% | 3.34% | 2.35% |
| Payout Ratio | 215.53% | 214.95% | 117.20% | 140.06% | 118.25% | 64.89% |
| Buyback Yield / Dilution | 3.79% | 3.79% | 1.98% | 4.54% | 2.28% | 0.34% |
| Total Shareholder Return | 9.53% | 9.74% | 7.69% | 9.22% | 5.61% | 2.70% |