VAIL RESORTS INC

Listed Company

MTNCIK 0000812011NYSELarge AcceleratedServices-Miscellaneous Amusement & RecreationDelawareFY ends Jul 31

Period

FY 2025

Revenue

$2.96B

Net Income

$280.00M

Total Assets

$5.78B

Equity

$424.50M

Shares Out

35.63M

Op. Cash Flow

$554.87M

Business

VAIL RESORTS INC operates and manages a network of mountain resorts, luxury and managed lodging, and real estate holdings through its subsidiaries. It offers resort operations and amenities including lift tickets and pass products, ski and snowboard lessons, equipment rentals and retail, dining, hotel management (RockResorts), NPS concession services, ground transportation, golf and land sales/development. Its business is organized into three reportable segments: Mountain, Lodging and Real Estate. The Company serves markets across North America (U.S. and Canada), Australia and Switzerland and distributes services via websites, a central reservations call center and mobile applications.

Summary from filing dated 2025-09-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Mountain and Lodging services and other	2,465	2,388	2,372	2,117	1,650
Mountain and Lodging retail and dining	499	492	509	409	258
Resort net revenue	2,964	2,880	2,881	2,525	1,908
Real Estate	435,000	5	8	708,000	2
Total net revenue	2,964	2,885	2,889	2,526	1,910
Mountain and Lodging operating expense	1,508	1,458	1,454	1,181	960
Mountain and Lodging retail and dining cost of products sold	182	188	203	162	113
General and administrative	434	410	389	347	297
Resort operating expense	2,124	2,056	2,047	1,691	1,370
Real Estate	6	10	11	6	7
Total segment operating expense	2,130	2,066	2,058	—	—
Depreciation and amortization	−296	−279	−269	−252	−253
Gain on sale of real property	24	6	842,000	1	324,000
Change in estimated fair value of contingent consideration (Note 9)	−9	−48	−50	−20	−14
Gain (loss) on disposal of fixed assets and other, net	7	−10	−9	44	−5
Income from operations	560	489	504	602	261
Interest expense, net	−172	−165	−155	−148	−151
Mountain equity investment income, net	4	1	605,000	3	7
Investment income and other, net	10	19	24	4	586,000
Foreign currency gain (loss) on intercompany loans (Note 6)	0	−4	−3	−3	8
Income before provision for income taxes	402	340	370	457	125
Provision for income taxes (Note 10)	−104	−93	−88	−89	−726,000
Net income	298	247	283	368	124
Net income attributable to noncontrolling interests	−18	−16	−17	−20	3
Net income attributable to Vail Resorts, Inc.	280	231	266	348	128
Basic net income per share attributable to Vail Resorts, Inc.	7.54	6.1	6.7	8.6	3.17
Diluted net income per share attributable to Vail Resorts, Inc.	7.53	6.09	6.69	8.55	3.13
Cash dividends declared per share	8.88	8.56	7.94	5.58	0

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Cash and cash equivalents	440	323	563	1,107	1,244
Restricted cash	16	14	10	19	15
Trade receivables, net of allowances	382	376	381	383	345
Inventories, net of reserves	117	119	133	109	80
Other current assets	94	70	121	173	61
Total current assets	1,050	902	1,208	1,792	1,746
Property, plant and equipment, net (Note 8)	2,375	2,419	2,372	2,118	2,068
Real estate held for sale or investment	88	87	90	96	96
Goodwill, net (Note 8)	1,675	1,678	1,720	1,755	1,781
Intangible assets, net (Note 8)	298	303	309	314	319
Operating right-of-use assets (Note 4)	242	258	192	192	205
Other assets	49	41	56	51	37
Total assets	5,778	5,687	5,948	6,318	6,251
Accounts payable and accrued liabilities (Note 8)	1,057	1,001	978	943	815
Income taxes payable	11	46	84	104	49
Long-term debt due within one year (Note 6)	600	59	69	64	114
Total current liabilities	1,668	1,107	1,131	1,111	978
Long-term debt, net (Note 6)	2,595	2,731	2,751	2,670	2,736
Operating lease liabilities (Note 4)	215	235	168	175	191
Other long-term liabilities	294	312	286	246	264
Deferred income taxes, net (Note 10)	252	277	276	268	253
Total liabilities	5,024	4,662	4,612	4,471	4,422
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value, 100,000 shares authorized and 46,945 and 46,855 shares issued, respectively	469,000	469,000	468,000	467,000	466,000
Additional paid-in capital	1,172	1,146	1,124	1,185	1,197
Accumulated other comprehensive loss	−58	−67	−10	11	28
Retained earnings	719	767	874	896	774
Treasury stock, at cost; 11,060 and 9,370 shares, respectively (Note 13)	−1,408	−1,136	−984	−479	—
Total Vail Resorts, Inc. stockholders equity	424	710	1,004	1,612	1,595
Noncontrolling interests	329	315	332	235	234
Total stockholders equity	754	1,025	1,321	1,836	1,829
Total liabilities and stockholders equity	5,778	5,687	5,948	6,318	6,251
Preferred stock, par value (in dollars per share)	0.01	0.01	0.01	0.01	0.01
Preferred stock, shares authorized	25	25	25	25	25
Preferred stock, shares outstanding	0	0	0	0	0
Preferred stock, shares issued	0	0	0	0	0
Common stock, par value (in dollars per share)	0.01	0.01	0.01	0.01	0.01
Common stock, shares authorized	100	100	100	100	100
Common stock, shares issued	47	47	47	47	47
Treasury Stock, Common, Shares	11	9	9	6	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Stock-based compensation expense	34	27	25	25	24
Deferred income taxes, net	−21	7	23	−9	−16
(Gain) loss on disposal of fixed assets and other, net	−7	10	9	−44	5
Other non-cash income, net	−29	−3	−4	—	−7
Trade receivables, net	−7	13	4	−39	−237
Inventories, net	1	13	−23	−28	23
Accounts payable and accrued liabilities	18	9	−8	41	119
Deferred revenue	26	3	60	49	199
Income taxes payable	−36	−43	−32	81	12
Other assets and liabilities, net	−29	−20	−19	−10	12
Net cash provided by operating activities	555	589	638	710	525
Capital expenditures	−235	−211	−315	−193	−115
Acquisition of businesses, net of cash acquired	0	−94	−39	−116	0
Deposit returned for acquisition of business	0	0	115	—	—
Investments in short-term deposits	0	0	−87	0	0
Maturity of short-term deposits	0	58	38	0	0
Cash received from disposal of fixed assets	12	337,000	6	66	10
Other investing activities, net	18	7	9	9	2
Net cash used in investing activities	−204	−241	−273	−348	−103
Proceeds from borrowings under 5.625% Notes	500	—	—	—	—
Proceeds from borrowings under 6.50% Notes	0	600	0	0	—
Proceeds from borrowings under Vail Holdings Credit Agreement	350	—	—	0	0
Repayments of borrowings under 6.25% Notes	0	−600	0	0	—
Repayments of borrowings under Vail Holdings Credit Agreement	−399	−56	−63	−63	−63
Repayments of borrowings under Whistler Credit Agreement	0	0	−11	−33	−46
Repurchases of 0.0% Convertible Notes	−48	0	0	—	—
Dividends paid	−328	−324	−314	−226	0
Repurchases of common stock	−270	−150	−500	−75	0
Employee taxes paid for share award exercises	−8	−6	−5	−37	−39
Other financing activities, net	−39	−42	−20	−8	−21
Net cash used in financing activities	−243	−577	−914	−493	435
Effect of exchange rate changes on cash, cash equivalents and restricted cash	12	−7	−4	−2	−95,000
Net increase (decrease) in cash, cash equivalents and restricted cash	119	−236	−553	−132	856
Cash paid for interest	156	147	141	114	126
Taxes paid, net	162	129	94	20	5
Accrued capital expenditures	26	25	23	31	5

Filings

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