Vail Resorts, Inc. (MTN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$8.96	$8.81	-1.7%	—	—	—
Q3 26	$6.15	$5.87	-4.6%	—	—	—
Q2 26	-$5.13	-$5.2	-1.4%	—	—	—
Q1 26	-$4.72	-$5.08	-7.6%	—	—	—
Q4 25	$10.1	$10.5	+4.8%	—	—	—
Q3 25	$6.32	$6.56	+3.8%	—	—	—
Q2 25	-$5	-$4.61	+7.8%	—	—	—
Q1 25	-$4.26	-$4.67	-9.6%	—	—	—
Q4 24	$9.98	$10.3	+2.8%	—	—	—
Q3 24	$5.99	$5.76	-3.8%	—	—	—
Q2 24	-$4.54	-$4.6	-1.3%	—	—	—
Q1 24	-$3.24	-$3.35	-3.4%	—	—	—
Q4 23	$8.84	$8.18	-7.5%	—	—	—
Q3 23	$6.05	$5.16	-14.7%	—	—	—
Q2 23	-$3.43	-$3.4	+0.9%	—	—	—
Q1 23	-$2.92	-$2.7	+7.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.54	—	—	$3B	—
FY24	—	$6.08	—	—	$2.9B	—
FY23	—	$6.76	—	—	$2.9B	—
FY22	—	$8.6	—	—	$2.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.6B	$1.9B	$2B	$2.3B	$2B	$1.9B	$2.5B	$2.9B	$2.9B	$3B
YoY change	+14.4%	+19.1%	+5.47%	+12.9%	-13.6%	-2.75%	+32.3%	+14.4%	-0.14%	+2.74%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.6B	1.9B	2B	2.3B	2B	1.9B	2.5B	2.9B	2.9B	3B
Cost of revenue	943.5M	1.1B	1.1B	1.3B	1.2B	1.1B	1.3B	1.7B	1.7B	1.7B
Gross profit	657.8M	821.2M	867.3M	974.3M	776M	830M	1.2B	1.2B	1.2B	1.3B
Gross margin	41.1%	43.1%	43.1%	42.9%	39.5%	43.5%	46.6%	42.3%	42.6%	42.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	209M	236.8M	251.8M	274.4M	278.7M	297M	347.5M	389.5M	410M	433.7M
Operating expenses	209M	236.8M	251.8M	274.4M	278.7M	297M	347.5M	389.5M	410M	433.7M
Operating income	287.3M	395.2M	411.1M	481.7M	247.8M	280.5M	576.7M	563.2M	542.7M	538M
Operating margin	17.9%	20.7%	20.4%	21.2%	12.6%	14.7%	22.8%	19.5%	18.8%	18.1%
Non-operating income, net	-2.3M	7.3M	-7.8M	-3.3M	-24.6M	-3.9M	28.6M	-36.6M	-35.8M	36M
Pretax income	242.6M	348.4M	340.1M	399M	116.4M	125.2M	457.2M	373.5M	345.1M	402.4M
Income tax	93.2M	116.7M	-61.1M	75.5M	7.4M	726K	88.8M	88.4M	98.8M	104.4M
Net income	149.5M	231.7M	401.2M	323.5M	109.1M	124.5M	368.3M	285.1M	246.3M	298M
Net margin	9.33%	12.1%	19.9%	14.2%	5.55%	6.52%	14.6%	9.87%	8.54%	10.1%
EBITDA	450.1M	586.3M	617.1M	701.8M	499M	539.8M	831.7M	832.3M	820.3M	838.4M
EPS	4.13	5.36	9.4	7.46	2.45	3.17	8.6	6.76	6.08	7.54
Diluted EPS	4.01	5.22	9.13	7.32	2.42	3.13	8.55	6.74	6.07	7.53

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	269.8M	258.6M	1.1B	1.3B	265.4M	260.3M	1.1B	1.3B	271.3M	271M	1.1B	1.2B
Cost of revenue	272.7M	292.1M	541.1M	536.9M	285.9M	296.7M	565.4M	544M	290.1M	302.9M	541.5M	518.1M
Gross profit	-2.9M	-33.5M	536.8M	746.4M	-20.5M	-36.4M	571.9M	751.5M	-18.8M	-31.9M	542.5M	687.1M
Gross margin	-1.07%	-13%	49.8%	58.2%	-7.72%	-14%	50.3%	58%	-6.94%	-11.8%	50%	57%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	85.2M	108M	112.7M	94.2M	95.1M	106.9M	114.5M	106M	106.3M	110.4M	121.6M	102.6M
Operating expenses	85.2M	108M	112.7M	94.2M	95.1M	106.9M	114.5M	106M	106.3M	110.4M	121.6M	102.6M
Operating income	-156.9M	-208.2M	354.7M	583.7M	-187.4M	-214.9M	384.2M	570.9M	-202.2M	-215.4M	346.5M	507.3M
Operating margin	-58.2%	-80.5%	32.9%	45.5%	-70.6%	-82.6%	33.8%	44.1%	-74.5%	-79.5%	32%	42.1%
Non-operating income, net	5.6M	763K	3.2M	-33.2M	-6.5M	17.3M	2.6M	15.8M	384K	9.7M	1.1M	-10.2M
Pretax income	-191.5M	-248.2M	317.3M	510.7M	-234.7M	-239.8M	344.4M	545.4M	-247.6M	-257.1M	298.1M	445.9M
Income tax	-56.9M	-65.2M	87.5M	129.3M	-52.8M	-58.2M	86.3M	131M	-54.7M	-60.6M	72.3M	105.6M
Net income	-134.6M	-183M	229.8M	381.4M	-181.9M	-181.5M	258.1M	414.3M	-192.9M	-196.5M	225.8M	340.2M
Net margin	-49.9%	-70.8%	21.3%	29.7%	-68.5%	-69.8%	22.7%	32%	-71.1%	-72.5%	20.8%	28.2%
EBITDA	-88M	-140.7M	421.8M	651.7M	-111M	-141.1M	458.2M	646.2M	-124.8M	-141.2M	419.7M	585M
EPS	—	-4.6	5.78	9.57	-4.67	-4.61	6.57	10.6	-5.08	-5.2	5.87	8.82
Diluted EPS	—	-4.6	5.76	9.54	-4.67	-4.61	6.56	10.5	-5.08	-5.2	5.87	8.81

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.2B	8.3B	11.2B	9.9B	7.7B	12.3B	9.6B	9.3B	6.9B	5.6B	4.9B
Enterprise value	5.8B	9.5B	12.3B	11.4B	10B	14.1B	11.4B	11.8B	9.6B	8.6B	8.1B
Shares outstanding	36.3M	39.3M	40.4M	40.3M	40.3M	40.3M	40.5M	39.7M	37.9M	37.2M	37.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	34.7	35.7	27.9	30.7	70.9	98.8	26.1	32.8	28	18.7	29.3
P/S	3.24	4.34	5.56	4.38	3.94	6.44	3.8	3.23	2.39	1.88	1.71
P/B	5.84	4.6	6.17	5.76	5.05	6.72	5.19	6.99	6.64	7.41	8.79
EV/EBITDA	13	16.1	19.9	16.3	20.1	26.2	13.7	14.2	11.7	10.2	10.9
EV/Sales	3.65	4.96	6.12	5.03	5.12	7.4	4.53	4.08	3.33	2.9	2.86
Earnings yield	2.88%	2.8%	3.59%	3.25%	1.41%	1.01%	3.84%	3.05%	3.57%	5.34%	3.41%
FCF yield	6.31%	3.95%	3.65%	4.45%	2.88%	3.33%	5.4%	3.48%	5.45%	5.73%	2.74%
PEG	—	—	—	—	—	—	—	—	—	—	-1.79

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.1%	43.1%	43.1%	42.9%	39.5%	43.5%	46.6%	42.3%	42.6%	42.8%	57%
Operating margin	17.9%	20.7%	20.4%	21.2%	12.6%	14.7%	22.8%	19.5%	18.8%	18.1%	42.1%
Net margin	9.33%	12.1%	19.9%	14.2%	5.55%	6.52%	14.6%	9.87%	8.54%	10.1%	5.54%
ROE	16.8%	12.9%	22.1%	18.7%	7.12%	6.8%	19.9%	21.3%	23.7%	39.5%	16.9%
ROA	6.02%	5.64%	9.87%	7.31%	2.08%	1.99%	5.83%	4.79%	4.32%	5.16%	4.86%
ROIC	11.4%	8.82%	14%	12.2%	6.03%	7.62%	12.6%	11.3%	10.3%	10.6%	8.47%
Return on tangible assets	12.6%	48.1%	72.6%	54.2%	9.11%	6.07%	16.9%	15.1%	14.2%	16.3%	10.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.64	0.72	0.91	0.73	1.1	1.78	1.61	1.07	0.82	0.63	0.91
Quick ratio	0.49	0.58	0.76	0.6	0.93	1.7	1.51	0.95	0.71	0.56	0.79
Debt / equity	0.82	0.72	0.71	0.92	1.77	1.68	1.59	2.26	2.93	4.57	3.56
Debt / assets	0.29	0.32	0.32	0.36	0.52	0.49	0.47	0.51	0.53	0.6	0.57
Net debt / EBITDA	1.47	2.01	1.81	2.12	4.64	3.39	2.21	2.96	3.32	3.58	3.91
Interest coverage	6.73	7.44	6.38	6.02	2.09	1.83	4.09	3.44	3.13	3.34	2.21
Effective tax rate	38.4%	33.5%	0%	18.9%	6.34%	0.58%	19.4%	23.7%	28.6%	25.9%	26.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	44.1	48.6	49.8	56.3	48.8	47.4	62.4	72.9	76.2	79.8	78.7
EPS (basic)	4.13	5.36	9.4	7.46	2.45	3.17	8.6	6.76	6.08	7.54	7.54
EPS (diluted)	4.01	5.22	9.13	7.32	2.42	3.13	8.55	6.74	6.07	7.53	4.64
Book value per share	24.5	45.8	44.8	42.8	38	45.4	45.7	33.7	27.4	20.3	15.5
FCF per share	9.03	8.32	10.1	11	5.53	10.2	12.8	8.19	9.92	8.6	4.86
Cash per share	1.87	2.99	4.41	2.7	9.71	30.9	27.4	14.2	8.53	11.9	10.4
Capex per share	—	—	—	—	0.16	0.24	1.64	0.14	0.01	6.33	6.66

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	0.34%	0.51%	2.62%	0.2%	0.01%	7.93%	8.39%
Capex / operating cash flow	—	—	—	—	1.74%	1.91%	9.84%	0.86%	0.05%	42.4%	57.8%
Payout ratio	69.5%	63.1%	50.9%	80.5%	195.1%	0%	61.3%	110.3%	131.4%	110.1%	191.4%
Dividend yield	2%	1.77%	1.83%	2.62%	2.75%	0%	2.35%	3.37%	4.7%	5.88%	6.43%

Yield

6.43%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.22

ex-dividend Jun 25, 2026

Payout ratio

191%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 25, 2026	$2.22
Mar 26, 2026	$2.22
Dec 30, 2025	$2.22
Oct 9, 2025	$2.22

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$269.8M	$258.6M	$1.1B	$1.3B	$265.4M	$260.3M	$1.1B	$1.3B	$271.3M	$271M	$1.1B	$1.2B
YoY change	+0.99%	-7.47%	-2.16%	+3.62%	-1.62%	+0.66%	+5.5%	+0.96%	+2.22%	+4.13%	-4.69%	-6.98%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	67.9M	117.4M	178.1M	108.8M	391M	1.2B	1.1B	563M	322.8M	440.3M
Receivables	147.1M	186.9M	230.8M	270.9M	106.7M	345.4M	383.4M	381.1M	375.8M	382.4M
Inventory	74.6M	84.8M	85.6M	96.5M	101.9M	80.3M	108.7M	132.5M	119M	117.2M
Total current assets	322.9M	433.1M	538.7M	527.9M	665.1M	1.7B	1.8B	1.2B	911.4M	1B
Property, plant & equipment	338.3M	503.3M	433.7M	558.1M	942.8M	776.2M	764.6M	920.3M	996.5M	905M
Goodwill & intangibles	1.3B	3.6B	3.5B	3.8B	4B	4.2B	4.1B	4.1B	4B	3.9B
Total assets	2.5B	4.1B	4.1B	4.4B	5.2B	6.3B	6.3B	5.9B	5.7B	5.8B
Accounts payable	72.7M	71.6M	80.8M	96.4M	59.7M	98.3M	151.3M	148.5M	141.2M	140M
Short-term debt	13.4M	38.4M	38.5M	48.5M	100.3M	148.8M	98M	106.1M	89.8M	634.4M
Total current liabilities	506.5M	604.6M	593.6M	719.1M	603.5M	978.4M	1.1B	1.1B	1.1B	1.7B
Long-term debt	714.2M	1.3B	1.3B	1.5B	2.6B	2.9B	2.8B	2.9B	3B	2.8B
Total liabilities	1.6B	2.3B	2.3B	2.7B	3.7B	4.4B	4.5B	4.6B	4.7B	5B
Shareholders' equity	888.5M	1.8B	1.8B	1.7B	1.5B	1.8B	1.8B	1.3B	1B	753.9M
Total debt	727.6M	1.3B	1.3B	1.6B	2.7B	3.1B	2.9B	3B	3B	3.4B
Net debt	659.7M	1.2B	1.1B	1.5B	2.3B	1.8B	1.8B	2.5B	2.7B	3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	563M	728.9M	812.2M	705.4M	322.8M	403.8M	488.2M	467M	440.3M	581.5M	384.7M	371.4M
Receivables	381.1M	105.5M	138.3M	342.9M	375.8M	130.2M	123.6M	335.9M	382.4M	98.8M	162.7M	363.4M
Inventory	132.5M	157.7M	134.8M	107.8M	119M	152.9M	132M	114.6M	117.2M	154.4M	141.4M	129.1M
Total current assets	1.2B	1.1B	1.2B	1.2B	911.4M	853.6M	844.5M	1B	1B	1B	822.7M	952.2M
Property, plant & equipment	920.3M	905.2M	890.1M	831.8M	996.5M	1B	947.9M	934.4M	905M	900.6M	881.7M	826M
Goodwill & intangibles	4.1B	3.9B	4B	4B	4B	3.9B	3.8B	4B	3.9B	3.9B	4B	4B
Total assets	5.9B	5.8B	5.8B	5.8B	5.7B	5.6B	5.5B	5.8B	5.8B	5.8B	5.6B	5.7B
Accounts payable	148.5M	161.6M	130.8M	103.5M	141.2M	141.9M	138.2M	128.6M	140M	143.1M	142.2M	105.2M
Short-term debt	106.1M	108M	107.9M	107.7M	89.8M	91.6M	618.3M	625.5M	634.4M	625.5M	109.6M	109.5M
Total current liabilities	1.1B	1.4B	1.2B	1B	1.1B	1.4B	1.8B	1.6B	1.7B	1.9B	1.3B	1B
Long-term debt	2.9B	2.9B	2.9B	2.9B	3B	2.9B	2.3B	2.3B	2.8B	2.8B	3.1B	3.1B
Total liabilities	4.6B	4.8B	4.7B	4.5B	4.7B	4.9B	4.7B	4.5B	5B	5.3B	5B	4.8B
Shareholders' equity	1.3B	928.2M	1.2B	1.3B	1B	745.3M	816.1M	1.2B	753.9M	468M	644.8M	916.1M
Total debt	3B	3B	3B	3B	3B	3B	3B	3B	3.4B	3.4B	3.2B	3.3B
Net debt	2.5B	2.3B	2.2B	2.3B	2.7B	2.6B	2.5B	2.5B	3B	2.8B	2.8B	2.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	149.5M	231.7M	401.2M	323.5M	109.1M	124.5M	368.3M	285.1M	246.3M	298M
Depreciation & amortization	161.5M	189.2M	204.5M	218.1M	249.6M	252.6M	252.4M	268.5M	276.5M	296.4M
Stock-based compensation	17M	18.3M	19M	19.9M	21M	24.4M	24.9M	25.4M	26.8M	34M
Change in working capital	32.6M	-20.7M	-89K	25M	-10.2M	115.6M	13.2M	14.5M	18.1M	10.3M
Operating cash flow	385.7M	475M	572.7M	608.4M	380.6M	508M	673.2M	662.8M	619.9M	554.9M
Capital expenditure	—	—	—	—	6.6M	9.7M	66.3M	5.7M	337K	-235.2M
Investing cash flow	-22.2M	-532.2M	6M	-404M	-320.4M	11.8M	-155.1M	41.7M	-29.9M	-216.9M
Dividends paid	-103.8M	-146.2M	-204.2M	-260.6M	-212.7M	0	-225.8M	-314.4M	-323.7M	-328.2M
Share repurchases	-53.8M	-210K	-25.8M	-85M	-46.4M	0	-75M	-500M	-150M	-270M
Financing cash flow	-281.4M	218.6M	-396.1M	-118.1M	381.8M	416.8M	-493.1M	-915.7M	-574.8M	-242.6M
Net change in cash	82.1M	161.4M	182.5M	86.3M	442M	936.6M	24.9M	-211.2M	15.3M	95.4M
Free cash flow	327.7M	326.6M	407.9M	442.2M	222.6M	410.2M	517.7M	324.7M	375.6M	319.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	-134.6M	-183M	229.8M	381.4M	-181.9M	-181.5M	258.5M	415.9M	-192.9M	-196.5M	225.8M	340.2M
Depreciation & amortization	68.8M	66.7M	69.4M	68.5M	71.9M	71.6M	73.2M	73.5M	77.1M	73.1M	74.3M	77.2M
Stock-based compensation	6.3M	6.8M	7.3M	6.1M	6.6M	6.7M	7.5M	7M	12.8M	6.2M	7M	7.4M
Change in working capital	49.3M	512M	-104.8M	-474.4M	85.3M	497M	-65.7M	-451.6M	30.7M	516.3M	-125.5M	-503.2M
Operating cash flow	-127.7M	345.6M	292.7M	138.5M	-156.8M	324.4M	356.8M	155.4M	-171.6M	315.9M	259.9M	6.8M
Capital expenditure	—	—	—	—	—	—	—	—	-55.9M	-71.7M	-74.9M	-35.1M
Investing cash flow	-3.9M	58.9M	5.3M	12K	-94.4M	11K	18M	5.8M	-61.4M	-71.7M	-74.9M	-32.9M
Dividends paid	-78.7M	-78.5M	-78.2M	-83.8M	-83.2M	-83.1M	-82.8M	-82.5M	-79.7M	-79.8M	-79.1M	-79.1M
Share repurchases	-100M	-50M	0	-75M	-25M	-20M	-20M	-30M	-200M	0	-45M	0
Financing cash flow	-212.5M	-153.6M	-97.6M	-182.3M	-741.4M	-132.3M	-170.1M	-134.3M	-655.1M	-101M	-667.2M	5.9M
Net change in cash	-344.1M	250.9M	200.4M	-43.7M	-992.6M	192.1M	204.7M	26.8M	-888M	143.3M	-482.2M	-20.2M
Free cash flow	-141M	275.1M	165.8M	85M	-150.3M	211.4M	250.9M	84M	-227.5M	244.3M	185M	-28.2M

Vail Resorts, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history