mtn-20251031

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


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

For the quarterly period ended October 31, 2025


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

For the transition period from to

Commission File Number: 001-09614

Vail Resorts, Inc.

(Exact Name of Registrant as Specified in Its Charter)


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)


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

Securities registered pursuant to Section 12(b) of the Act:


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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of December 5, 2025, 35,775,575 shares of the registrant’s common stock were outstanding.

Table of Contents



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

Vail Resorts, Inc.

Consolidated Condensed Balance Sheets

(In thousands, except per share amounts)

(Unaudited)


	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

The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.

Vail Resorts, Inc.

Consolidated Condensed Statements of Operations

(In thousands, except per share amounts)

(Unaudited)


	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

The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.

Vail Resorts, Inc.

Consolidated Condensed Statements of Comprehensive Loss

(In thousands)

(Unaudited)


	Three Months Ended October 31,
	2025		2024
Net loss	$	(196,456)	$	(181,963)
Foreign currency translation adjustments	(8,396)		(3,854)
Change in estimated fair value of hedging instruments, net of tax	—		(1,755)
Comprehensive loss	(204,852)		(187,572)
Comprehensive loss attributable to noncontrolling interests	14,262		10,169
Comprehensive loss attributable to Vail Resorts, Inc.	$	(190,590)	$	(177,403)

The accompanying Notes are an integral part of these unaudited consolidated condensed financial statements.

Vail Resorts, Inc.

Consolidated Condensed Statements of Stockholders’ Equity

(In thousands)

(Unaudited)


	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)		—		—

SEC Form 10-Q filed by Vail Resorts Inc.