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Vail Resorts Inc (MTN) stock

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NYSE: MTN NYSE Leisure Facilities Next results ~December 9, 2026

C+ Fundamentals grade

Vail Resorts Inc is a US-listed company in the leisure facilities industry. Its financial year ends in July.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$90

Forward price-to-earnings vs peers

Base case. Range ~$75–$140. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Vail Resorts Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Vail Resorts files

Where Vail Resorts stands after its latest 10-K

Revenue for the twelve months to July 2026 was $2.84bn, down 4.3% on a year earlier, about the same pace as a quarter earlier. That puts it 894 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to 8.7% from 10.8% a year earlier. Operating margin narrowed to 14.8% from 18.9%. The diluted share count is down 3.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 7 financial-health checks. Our cash-flow model value is $49.56 a share, against a share price of $151. At that price, our model says the market is pricing in about 12.2% a year of cash-flow growth for five years, faster than the 8.2% a year revenue growth it has delivered.

Source: 10-K filed September 28, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 9, 2026 (estimated)

Vail Resorts Inc's trailing-twelve-month revenue fell 4.3% year on year, with a free-cash-flow margin of 8.7%. Where it stands out: change in share count of -3.8% ranks 3 of 14 leisure facilities companies we cover. Where it lags: revenue growth of -4.3% ranks 15 of 17 leisure facilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 22.4% while net income fell 47.3%: a 25pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.8% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 4.3% over the last 12 months.
  • Margins narrowing. Operating margin is down 4.1 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 46 days ranks 11 of 13 leisure facilities companies we cover (median 22 days).
  • Heavily shorted. 30.7% of the shares available to trade are sold short (6.4 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 9.3% over 90 days.

Latest results: FY2026 Q4

Filed September 28, 2026
Earnings per share
-$5.34 against an average estimate of -$5.35: beat by 0.2%
Revenue
$278m, up 2.5% on a year earlier
Share reaction
+3.8% in the first session after the results on September 28, 2026, against -0.9% for the S&P 500
Guidance given
net income attributable to Vail Resorts, Inc. $158m to $233m (fiscal year ending July 31, 2027); resort Reported EBITDA $805m to $865m (fiscal year ending July 31, 2027)
Next report
December 9, 2026; average EPS estimate -$5.49

Vail Resorts' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.0%
  • 1 week+3.6%
  • 1 month+11.4%
  • This year+22.3%
  • 1 year+11.3%
  • 5 years-45.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.8B
Operating margin
14.8%
Net margin
5.2%
EPS (TTM, diluted)
$4.12

Growth

Revenue growth
−4.3%
Change in growth rate
+0.0 pts
Share count change
−3.8%

Cash

Free cash flow (TTM)
$248M
FCF margin
8.7%
Stock pay % of revenue
1.0%

Earnings

Last results
September 28, 2026
Next results (est.)
December 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Guidance
  4. Leadership
  5. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Vail Resorts Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Vail Resorts Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$90 ~$75–$140 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$16–$22 Left out: out of range vs price (0.12x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$25 ~$22–$28 Left out: out of range vs price (0.16x)
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$90 ~$75–$140 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Vail Resorts Inc with Leisure Facilities in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026
Share price$103.12$155.09$208.22$190.90$152.81$242.87$192.72$198.17$159.66$138.89$147.09
Market value$3.8bn$6.3bn$8.7bn$7.9bn$6.2bn$9.9bn$7.8bn$7.9bn$6.1bn$5.2bn$5.3bn
+ Net debt (− = net cash)$634m$1.2bn$1.1bn$1.5bn$2.1bn$1.7bn$1.7bn$2.3bn$2.5bn$2.8bn$3.0bn
Enterprise value$4.5bn$7.4bn$9.8bn$9.3bn$8.3bn$11.6bn$9.5bn$10.1bn$8.5bn$7.9bn$8.2bn
Multiples
Price / sales 2.4x3.3x4.3x3.5x3.2x5.2x3.1x2.7x2.1x1.7x1.9x
Price / earnings 25.7x29.7x22.8x26.1x63.1x77.6x22.5x29.6x26.2x18.5x35.7x
Price / free cash flow 11.7x19.2x21.2x17.8x28.0x24.2x15.1x24.4x16.0x16.2x21.2x
EV / EBITDA 10.1x13.1x15.9x13.4x17.5x22.6x11.2x13.1x11.1x9.2x11.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Vail Resorts's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.7% of total assets over 10 years.

  • Durability 14 / 20

    Operating margin has been a median 18.2%; its worst year was 11.4%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 12.3% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 9, 2026, after the close. Analysts expect revenue of $276m and EPS of −$5.49 (range −$5.97 to −$5.16) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.60 +36% $3.0bn +7%
Next $6.53 +17% $3.2bn +4%

Next year's EPS estimate has moved −9.3% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −13.1% on 90 days ago. In the last 30 days, 1 analyst raised Vail Resorts Inc's forecast and 9 cut it.

Consensus EPS forecast Vail Resorts Inc, last 90 days
$5.50 $6.00 $6.50 $7.00 $7.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.44 Current fiscal year, 60 days ago: $6.40 Current fiscal year, 30 days ago: $6.16 Current fiscal year, 7 days ago: $5.60 Current fiscal year, Now: $5.60 $5.60 Next fiscal year, 90 days ago: $7.19 Next fiscal year, 60 days ago: $7.11 Next fiscal year, 30 days ago: $6.95 Next fiscal year, 7 days ago: $6.53 Next fiscal year, Now: $6.53 $6.53

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.44$7.19
60 days ago $6.40$7.11
30 days ago $6.16$6.95
7 days ago $5.60$6.53
Now $5.60$6.53

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 −$5.35 −$5.34 +0.2%
Apr 2026 $8.96 $8.81 −1.6%
Jan 2026 $6.15 $5.87 −4.6%
Oct 2025 −$5.17 −$5.20 −0.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 28, 2026
  • Resort EBITDA margin fiscal 2027 about 26.9% Non-GAAP
    “At the midpoint, guidance implies an estimated Resort EBITDA margin of approximately 26.9%, or approximately 27.3% excluding one-time costs.” source
  • Resort EBITDA margin excluding one-time costs fiscal 2027 about 27.3% Non-GAAP
    “At the midpoint, guidance implies an estimated Resort EBITDA margin of approximately 26.9%, or approximately 27.3% excluding one-time costs.” source
  • Net income attributable to Vail Resorts, Inc. fiscal year ending July 31, 2027 $158m to $233m New
    “Net income attributable to Vail Resorts, Inc. of $158 million to $233 million.” source
  • Resort Reported EBITDA fiscal year ending July 31, 2027 $805m to $865m Non-GAAP New
    “Resort Reported EBITDA of $805 million to $865 million, including approximately $14 million of one-time costs.” source
  • incremental efficiencies from Resource Efficiency Transformation Plan fiscal year 2027 about $25m
    “The Company expects to deliver approximately $25 million of incremental efficiencies in fiscal year 2027, excluding one-time costs, resulting in approximately $110 million of annualized cost efficiencies by the end of fiscal year 2027.” source
  • incremental savings from Resource Efficiency Transformation Plan fiscal year 2028 about $25m
    “The updated fiscal year 2027 outlook reflects the accelerated realization of $5 million from the next phase of its resource efficiency transformation plan due to certain technology transformation initiatives that were previously expected to benefit fiscal 2028, with an additional $25 million of savings in fiscal year 2028 that includes a portion of capital savings.” source
Show 4 more items
  • one-time costs associated with Resource Efficiency Transformation Plan fiscal 2027 about $14m
    “The Company incurred approximately $11 million of associated one-time costs in fiscal 2026 and expects to incur approximately $14 million in associated one-time costs in fiscal 2027.” source
  • core capital plan calendar 2026 $215m to $220m Maintained
    “The Company reaffirmed its calendar 2026 capital plan of approximately $215 million to $220 million in core capital, consistent with its long-term capital investment guidance.” source
  • total capital investment including growth capital calendar year 2026 $229m to $234m
    “Including growth capital investments, at the Company's European resorts and in support of Resource Efficiency Transformation and real estate planning projects, the Company plans to invest a total of approximately $229 million to $234 million in calendar year 2026.” source
  • annualized cost efficiencies (cumulative run-rate) from Resource Efficiency Transformation Plan by the end of fiscal year 2027 about $110m
    “The Company expects to deliver approximately $25 million of incremental efficiencies in fiscal year 2027, excluding one-time costs, resulting in approximately $110 million of annualized cost efficiencies by the end of fiscal year 2027.” source

How earlier guidance turned out

  • Net income attributable to Vail Resorts, Inc., fiscal 2026 guided $128m to $162m Within range: $148m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

15 analysts, Oct 2026
Buy533%
Hold853%
Sell213%

Monthly trend

  1. Oct 20265815
  2. Sep 2026471113
  3. Aug 20261461113

Counts of recommendations published by analysts covering Vail Resorts Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
30.7%
of tradable shares
Days to cover
6.41
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.7%
of shares
Employees
6,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +11.3%

$139.10 on October 31, 2025 to $154.82

ThenNowEffect
Revenue (last 12 months) $3.0bn $2.8bn −4.3%
Net margin 9.4% 5.2% −45.0%
P/E multiple 18.5x 37.6x +103.2%
Share count 37m 36m +3.9%

Biggest factor: p/e multiple.

Last 3 years −19.0%

$191.21 on November 3, 2023 to $154.82

ThenNowEffect
Revenue (last 12 months) $2.9bn $2.8bn −1.8%
Net margin 9.2% 5.2% −43.5%
P/E multiple 28.6x 37.6x +31.3%
Share count 40m 36m +11.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MTN+18%−25%−7%−8%−25%+22%
Industry peers (median)+18%−16%+1%+12%−13%−49%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MTN42%33%50%42%33%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MTN−16%−37%−19%−28%−29%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 61% from November 5, 2021 to April 24, 2026. Getting back needed a 158% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$115.39 – $157.55
From 52-week high
−1.7%
vs 50-day average
+9.1%
vs 200-day average
+14.9%
Volatility (1 year)
37%
Beta vs S&P 500
0.43

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.7%
After a week
6 up, 6 down
typical move ±3.6%
After a month
5 up, 7 down
typical move ±7.0%
Results releasedNext dayS&P 500 next day5 days21 days
September 28, 2026 +3.8% −0.9% +2.3% +13.0%
June 8, 2026 −3.0% −0.1% −0.7% +10.7%
March 9, 2026 −2.6% +0.7% −4.6% −5.1%
December 10, 2025 +6.4% +0.9% +7.5% −1.5%
September 29, 2025 +1.2% +0.7% +5.6% +4.8%
June 5, 2025 −2.5% +0.5% −0.4% +8.3%
March 10, 2025 +5.0% −3.5% +3.2% −15.4%
December 9, 2024 +2.5% −0.8% +0.3% −4.8%
September 26, 2024 −1.2% +0.3% −4.8% −6.8%
June 6, 2024 −9.8% −0.1% −5.9% −9.0%
March 11, 2024 +1.1% +1.0% −0.2% +4.7%
December 7, 2023 +5.7% +1.2% +7.7% −0.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Vail Resorts Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Vail Resorts Inc
$2.8B $2.9B $2.9B $3B $3B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $2.9B Revenue (TTM), FY24 Q2: $2.8B Revenue (TTM), FY24 Q3: $2.9B Revenue (TTM), FY24 Q4: $2.9B Revenue (TTM), FY25 Q1: $2.9B Revenue (TTM), FY25 Q2: $2.9B Revenue (TTM), FY25 Q3: $3B Revenue (TTM), FY25 Q4: $3B Revenue (TTM), FY26 Q1: $3B Revenue (TTM), FY26 Q2: $2.9B Revenue (TTM), FY26 Q3: $2.8B Revenue (TTM), FY26 Q4: $2.8B $2.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $2.9B
FY24 Q2 $2.8B
FY24 Q3 $2.9B
FY24 Q4 $2.9B
FY25 Q1 $2.9B
FY25 Q2 $2.9B
FY25 Q3 $3B
FY25 Q4 $3B
FY26 Q1 $3B
FY26 Q2 $2.9B
FY26 Q3 $2.8B
FY26 Q4 $2.8B
Revenue growth, TTM YoY Vail Resorts Inc
-5% 0% 5% 10% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: 9.1% Revenue growth, TTM YoY, FY24 Q2: 0.7% Revenue growth, TTM YoY, FY24 Q3: 0.1% Revenue growth, TTM YoY, FY24 Q4: -0.1% Revenue growth, TTM YoY, FY25 Q1: 0.6% Revenue growth, TTM YoY, FY25 Q2: 3.6% Revenue growth, TTM YoY, FY25 Q3: 2.4% Revenue growth, TTM YoY, FY25 Q4: 2.7% Revenue growth, TTM YoY, FY26 Q1: 3.1% Revenue growth, TTM YoY, FY26 Q2: -0.8% Revenue growth, TTM YoY, FY26 Q3: -4.3% Revenue growth, TTM YoY, FY26 Q4: -4.3% -4.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 9.1%
FY24 Q2 0.7%
FY24 Q3 0.1%
FY24 Q4 -0.1%
FY25 Q1 0.6%
FY25 Q2 3.6%
FY25 Q3 2.4%
FY25 Q4 2.7%
FY26 Q1 3.1%
FY26 Q2 -0.8%
FY26 Q3 -4.3%
FY26 Q4 -4.3%
Operating margin (TTM) Vail Resorts Inc
14% 16% 18% 20% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: 16.1% Operating margin (TTM), FY24 Q2: 17.0% Operating margin (TTM), FY24 Q3: 18.3% Operating margin (TTM), FY24 Q4: 16.9% Operating margin (TTM), FY25 Q1: 17.1% Operating margin (TTM), FY25 Q2: 17.9% Operating margin (TTM), FY25 Q3: 18.9% Operating margin (TTM), FY25 Q4: 18.9% Operating margin (TTM), FY26 Q1: 18.6% Operating margin (TTM), FY26 Q2: 17.6% Operating margin (TTM), FY26 Q3: 15.2% Operating margin (TTM), FY26 Q4: 14.8% 14.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 16.1%
FY24 Q2 17.0%
FY24 Q3 18.3%
FY24 Q4 16.9%
FY25 Q1 17.1%
FY25 Q2 17.9%
FY25 Q3 18.9%
FY25 Q4 18.9%
FY26 Q1 18.6%
FY26 Q2 17.6%
FY26 Q3 15.2%
FY26 Q4 14.8%
FCF margin (TTM) Vail Resorts Inc
6% 8% 10% 12% 14% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 13.6% FCF margin (TTM), FY24 Q2: 12.8% FCF margin (TTM), FY24 Q3: 13.3% FCF margin (TTM), FY24 Q4: 13.1% FCF margin (TTM), FY25 Q1: 10.9% FCF margin (TTM), FY25 Q2: 13.6% FCF margin (TTM), FY25 Q3: 13.4% FCF margin (TTM), FY25 Q4: 10.8% FCF margin (TTM), FY26 Q1: 11.8% FCF margin (TTM), FY26 Q2: 9.8% FCF margin (TTM), FY26 Q3: 6.2% FCF margin (TTM), FY26 Q4: 8.7% 8.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 13.6%
FY24 Q2 12.8%
FY24 Q3 13.3%
FY24 Q4 13.1%
FY25 Q1 10.9%
FY25 Q2 13.6%
FY25 Q3 13.4%
FY25 Q4 10.8%
FY26 Q1 11.8%
FY26 Q2 9.8%
FY26 Q3 6.2%
FY26 Q4 8.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Vail Resorts took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.8B
  2. Other operating costs $2.4B · 85.2%
  3. Operating income $421M · 14.8%
  4. Income tax $56.2M · 2.0%
  5. Interest and other $217M · 7.6%
  6. Net income $148M · 5.2%

Shares of revenue. Source: Vail Resorts's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jul 2010 2011 Jul 2011 2012 Jul 2012 2013 Jul 2013 2014 Jul 2014 2015 Jul 2015 2016 Jul 2016 2017 Jul 2017 2018 Jul 2018 2019 Jul 2019 2020 Jul 2020 2021 Jul 2021 2022 Jul 2022 2023 Jul 2023 2024 Jul 2024 2025 Jul 2025 2026 Jul 2026
Income
Revenue 895 1,167 1,024 1,121 1,255 1,400 1,601 1,907 2,012 2,272 1,964 1,910 2,526 2,889 2,885 2,964 2,838
EBITDA 180 212 187 230 258 360 444 568 613 694 473 514 854 774 768 856 726
Operating income 69 94 59 97 117 211 283 379 409 476 223 261 602 504 489 560 421
Net income 30 34 16 38 28 115 150 211 380 301 99 128 348 266 231 280 148
Diluted EPS $0.83 $0.94 $0.45 $1.03 $0.77 $3.07 $4.01 $5.22 $9.13 $7.32 $2.42 $3.13 $8.55 $6.69 $6.09 $7.53 $4.12
Growth (year on year)
Revenue −10.9% +30.4% −12.2% +9.4% +11.9% +11.6% +14.4% +19.1% +5.5% +12.9% −13.6% −2.7% +32.3% +14.4% −0.1% +2.7% −4.3%
EBITDA −15.7% +18.1% −12.0% +22.9% +12.3% +39.5% +23.6% +27.9% +7.9% +13.2% −31.9% +8.6% +66.3% −9.4% −0.7% +11.5% −15.2%
Operating income −34.7% +36.3% −37.2% +63.4% +20.9% +79.5% +34.4% +34.0% +7.8% +16.5% −53.1% +16.8% +130.5% −16.2% −3.1% +14.5% −24.9%
Net income −37.9% +13.5% −52.3% — −24.5% +303.0% +30.5% +40.6% +80.4% −20.7% −67.2% +29.4% +172.1% −23.6% −13.1% +21.2% −47.3%
Diluted EPS −37.6% +13.3% −52.1% — −25.2% +298.7% +30.6% +30.2% +74.9% −19.8% −66.9% +29.3% +173.2% −21.8% −9.0% +23.6% −45.3%
Margins
EBITDA margin 20.1% 18.2% 18.2% 20.5% 20.6% 25.7% 27.8% 29.8% 30.5% 30.6% 24.1% 26.9% 33.8% 26.8% 26.6% 28.9% 25.6%
Operating margin 7.7% 8.1% 5.8% 8.7% 9.3% 15.0% 17.7% 19.9% 20.3% 21.0% 11.4% 13.7% 23.8% 17.5% 16.9% 18.9% 14.8%
Net margin 3.4% 3.0% 1.6% 3.4% 2.3% 8.2% 9.4% 11.0% 18.9% 13.3% 5.0% 6.7% 13.8% 9.2% 8.0% 9.4% 5.2%
Free-cash-flow margin −3.7% 14.7% 5.2% 11.4% 10.2% 12.8% 20.5% 17.1% 20.3% 19.5% 11.3% 21.5% 20.5% 11.2% 13.1% 10.8% 8.7%
Cash flow
Cash from operations 36 267 185 222 246 304 437 471 548 634 395 525 710 638 589 555 480
Capital spending 69 96 133 95 118 124 109 144 141 192 172 115 193 315 211 235 232
Free cash flow −33 172 53 127 128 180 328 327 408 442 223 410 518 323 378 320 248
Stock-based pay 12 12 12 12 14 16 17 18 19 20 21 24 25 25 27 34 28
Free cash flow after stock pay −45 159 41 115 113 164 311 308 389 422 202 386 493 298 351 286 220
Balance sheet
Cash 15 70 46 139 44 35 68 117 178 109 391 1,244 1,107 563 323 440 231
Total debt 527 492 491 797 627 817 702 1,277 1,276 1,580 2,451 2,949 2,807 2,826 2,791 3,194 3,186
Net debt (negative = net cash) 512 422 445 658 582 781 634 1,159 1,098 1,471 2,060 1,705 1,700 2,263 2,468 2,754 2,955
Diluted shares 37m 37m 37m 37m 37m 37m 37m 40m 42m 41m 41m 41m 41m 40m 38m 37m 36m
Returned to shareholders
Dividends 0 5 24 28 45 76 104 146 204 261 213 0 226 314 324 328 317
Buybacks 15 0 30 0 0 0 54 0 26 85 46 0 75 500 150 270 45
Total returned 15 5 55 28 45 76 158 146 230 346 259 0 301 814 474 598 362

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 7 checks passed · July 31, 2026
What it owns · $5.5bn
Short-term assets $876mLonger-term assets $4.6bn
What it owes, and who funded it · $5.2bn
Short-term liabilities $1.1bnLonger-term liabilities $3.9bnShareholders' equity $241m
  • Short-term assets cover short-term liabilities $876m of assets due within a year against $1.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $876m short-term assets against $3.9bn of longer-dated liabilities.
  • More cash than debt $231m of cash against $3.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 1325% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 172% to 1325% over five years.
  • A year's operating cash flow covers at least 20% of debt $480m of operating cash flow against $3.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $421m against $206m of interest.

From Vail Resorts Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$45M
Dividends (TTM)
$317M
Returned to shareholders
146%
of free cash flow
Buybacks, last 3 fiscal years
$465M
Diluted share count
−3.8%
year over year
Total shareholder yield
6.5%
dividends 5.7% + buybacks 0.8% of market value
Dividend payout ratio
215%
of net income paid out
Days sales outstanding
46 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in leisure facilities
Last 12 months unless stated MTN FUN LTH PRKS PLNT LUCK Median
Revenue, last 12 months $2.8bn $3.1bn $3.3bn $1.6bn $1.4bn $1.2bn $483m
Revenue growth, last 12 months −4.3% −3.5% 13.0% −3.5% 12.7% 3.7% 6.1%
Revenue growth, 3-year average −0.6% — 15.6% −1.9% 10.9% 5.6% 5.6%
Revenue growth, latest quarter 2.5% −7.0% 14.2% −1.4% 7.1% 0.9% 6.9%
Gross margin — 91.4% 47.9% — 81.7% 27.2% 47.9%
Operating margin 14.8% −44.2% 17.4% 19.2% 30.9% 11.0% 6.2%
Operating margin, 3-year average 16.9% −8.2% 15.2% 24.1% 28.6% 10.1% −0.4%
Net margin 5.2% −57.3% 12.7% 8.1% 16.9% −2.9% 5.2%
Cash from operations / revenue 16.9% 15.4% 27.6% 24.9% 30.8% 8.3% 10.5%
Free-cash-flow margin 8.7% 4.9% −6.3% 10.0% 18.6% −0.8% −1.1%
Free-cash-flow margin, 3-year average 10.9% 2.5% −1.4% 11.9% 17.2% −0.4% 0.4%
Stock pay / revenue 1.0% 2.0% 1.5% 1.2% 0.9% 1.0% 1.5%
Change in share count −3.8% — 1.6% −8.1% — −4.1% 3.1%

Median of all 17 companies we cover in leisure facilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 leisure facilities companies
Measure Company Peer median Rank
Revenue growth Growth -4.3% 6.1% 15 of 17
Change in growth rate Growth +0.0pp -0.0pp 7 of 17
Operating margin Profitability 14.8% 6.4% 4 of 16
Net margin Profitability 5.2% 5.2% 9 of 17
Free-cash-flow margin Cash generation 8.7% -1.1% 4 of 17
Stock pay as % of revenue Cash generation 1.0% 1.5% 4 of 15
Long-term debt as % of assets Balance sheet 56.1% 54.9% 8 of 12
Change in share count Balance sheet -3.8% 4.7% 3 of 14
Days sales outstanding Balance sheet 46 days 22 days 11 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to July 31, 2026
Geography
Region Revenue YoY
Geographic Distribution Domestic $2.2B ▼ 7.6%
Geographic Distribution Foreign $600M ▲ 10.9%
Canada $372M ▲ 11.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From Vail Resorts Inc's 10-K filed September 28, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.3B
Institutions reporting
435
Shares held vs prior quarter
▲ 3.8%
Positions opened / closed
63 / 67

Top buyers and sellers, Q2 2026: 220 institutions bought and 211 sold ; the biggest buyer was BAMCO Inc (+1.5M shares) and the biggest seller Eminence Capital, LP (−714K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
BAMCO Inc $890M 6.5M 14.1% ▲ 29.6%
Capital World Investors $593M 4.4M 9.4% ▼ 1.6%
Capital International Investors $520M 3.8M 8.2% ▼ 4.8%
Blackrock, Inc. $465M 3.4M 7.4% ▲ 1.1%
Oasis Management Co Ltd. $317M 2.3M 5.0% ▲ 11.5%
Geode Capital Management, LLC $236M 1.7M 3.7% ▲ 2.6%
Vanguard Portfolio Management LLC $231M 1.7M 3.7% ▲ 0.5%
Vanguard Capital Management LLC $218M 1.6M 3.5% ▼ 0.1%
UBS Group AG $205M 1.5M 3.2% ▲ 108.8%
First Pacific Advisors, LP $178M 1.3M 2.8% ▲ 10.9%
Charles Schwab Investment Management Inc $177M 1.3M 2.8% ▲ 9.0%
FMR LLC $161M 1.2M 2.5% ▼ 1.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Vail Resorts Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $5M 2 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $5M net buying
Insider Date Trade Shares Price Value
Katz Robert A CEO & Chairperson of the Board March 16, 2026 Buy 37,500 $131.81 $4.9M
Korch Angela A EVP & Chief Financial Officer March 16, 2026 Buy 190 $131.85 $25,052

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Vail Resorts Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $15,001 - $50,000, traded June 10, 2026, filed July 2, 2026
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded February 25, 2020, filed April 28, 2020
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded September 11, 2019, filed October 21, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 9, 2026 estimated from the company's past filing pattern, not announced

  • September 28, 2026
  • June 8, 2026
  • March 9, 2026
  • December 10, 2025
  • September 29, 2025
  • June 5, 2025

Recent SEC filings

Data status

When each part of this page on Vail Resorts Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Vail Resorts Inc in brief

What does Vail Resorts Inc do?
Vail Resorts Inc is a US-listed company in the leisure facilities industry. Its financial year ends in July.
What is Vail Resorts Inc's stock ticker?
Vail Resorts Inc trades under the ticker MTN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Vail Resorts Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Vail Resorts Inc reported revenue of $2.8B, 4.3% lower than a year earlier, according to its SEC filings.
What is Vail Resorts Inc's free cash flow?
Vail Resorts Inc's free-cash-flow margin is 8.7% of revenue over the trailing twelve months, ranking 4 of the 17 leisure facilities companies we cover.
Who are Vail Resorts Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are BAMCO Inc, Capital World Investors and Capital International Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Vail Resorts Inc buying back stock, and does it pay a dividend?
Vail Resorts Inc spent $45M on share repurchases over the trailing twelve months, and its diluted share count fell 3.8% over the year.
What is Vail Resorts Inc's market cap?
On July 31, 2026, Vail Resorts Inc's market capitalisation was about $5.3B, with a price-to-earnings ratio of 35.7 and net debt of $3B. Market figures come from third-party market data and may be delayed.
Does Vail Resorts Inc pay a dividend?
Yes: Vail Resorts Inc paid $317M in dividends over the trailing twelve months, a dividend yield of 5.72% and a payout ratio of 215.0%.
How much debt does Vail Resorts Inc have?
Vail Resorts Inc's debt-to-equity ratio is 1324.7%, from its latest balance sheet (172.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Vail Resorts Inc's competitors?
In our Leisure Facilities peer group, the companies closest to Vail Resorts Inc are Six Flags Entertainment Corporation, Life Time Group Holdings, Inc., United Parks & Resorts Inc., Planet Fitness, Inc. and Lucky Strike Entertainment Corp. The side-by-side comparison below sets their revenue, margins and growth against Vail Resorts Inc's.
Are insiders buying or selling Vail Resorts Inc stock?
Over the last 12 months, Vail Resorts Inc's directors and officers reported 2 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Vail Resorts Inc's next earnings date?
Around December 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Vail Resorts Inc announces its own schedule.