Net Income per Common Share
Earnings per Share
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts.
Presented below is basic and diluted EPS for the years ended July 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended July 31, |
| 2025 | 2024 | 2023 |
| Basic | Diluted | Basic | Diluted | Basic | Diluted |
| Net income per share: | | | | | | |
| Net income attributable to Vail Resorts | $ | 280,004 | | $ | 280,004 | | $ | 231,105 | | $ | 231,105 | | $ | 265,825 | | $ | 265,825 | |
| Weighted-average Vail Shares outstanding | 37,155 | | 37,155 | | 37,868 | | 37,868 | | 39,654 | | 39,654 | |
| | | | | | |
| Total Weighted-average shares outstanding | 37,155 | | 37,155 | | 37,868 | | 37,868 | | 39,654 | | 39,654 | |
| Effect of dilutive securities | — | | 49 | | — | | 89 | | — | | 106 | |
| Total shares | 37,155 | | 37,204 | | 37,868 | | 37,957 | | 39,654 | | 39,760 | |
| Net income per share attributable to Vail Resorts, Inc. | $ | 7.54 | | $ | 7.53 | | $ | 6.10 | | $ | 6.09 | | $ | 6.70 | | $ | 6.69 | |
The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards that were excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 13,000, 12,000 and 22,000 for the years ended July 31, 2025, 2024 and 2023, respectively.
In December 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes (as defined in Note 6, Long-Term Debt). On January 30, 2025, the Company completed separate, privately negotiated repurchases for an aggregate principal amount of $50.0 million of its 0.0% Convertible Notes with a limited number of holders. The Company is required to settle the remaining principal amount of the 0.0% Convertible Notes in cash and has the option to settle the conversion spread in cash or shares. The Company uses the if-converted method to calculate the impact of convertible instruments on diluted EPS when the instruments may be settled in cash or shares. If the conversion value of the 0.0% Convertible Notes exceeds their conversion price, then the Company will calculate its diluted EPS as if all the notes were converted into common stock at the beginning of the period. However, if reflecting the 0.0% Convertible Notes in diluted EPS in this manner is anti-dilutive, or if the conversion value of the notes does not exceed their conversion price for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted EPS. For the years ended July 31, 2025, 2024 and 2023, the price of Vail Shares did not exceed the conversion price and therefore there was no impact to diluted EPS during those periods.
Dividends
During the years ended July 31, 2025, 2024, and 2023 the Company paid cash dividends of $8.88 per share, $8.56 per share, and $7.94 per share, respectively ($328.2 million, $323.7 million, and $314.4 million respectively). On September 26, 2025, the Company’s Board approved a cash dividend of $2.22 per share payable on October 27, 2025 to stockholders of record as of October 9, 2025.