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 January 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) (State or Other Jurisdiction of Incorporation or Organizati ...

Exhibit 99.1 Vail Resorts Contacts: Investor Relations: Jack McCarthy, (303) 404-1800, InvestorRelations@vailresorts.com Media: Sara Olson, (303) 404-6497, News@vailresorts.com Vail Resorts Reports Fiscal 2025 Second Quarter Results and Provides Updated Fiscal 2025 Guidance BROOMFIELD, Colo. - March 10, 2025 - Vail Resorts, Inc. (NYSE: MTN) today reported results for the second quarter of fiscal 2025 ended January 31, 2025 and provided the Company's ski season-to-date metrics through March 2, 2025. Highligh ...

Financial Performance - Vail Resorts, Inc. is expected to report second-quarter earnings of $6.32 per share, an increase from $5.76 per share in the same period last year [1] - The company projects quarterly revenue of $1.14 billion, compared to $1.08 billion a year earlier [1] Market Activity - Vail Resorts shares rose 0.2% to close at $157.51 [2] Analyst Ratings - JP Morgan analyst maintained an Underweight rating and reduced the price target from $176 to $166 [3] - Morgan Stanley analyst maintained an Equal-Weight rating with a price target of $197 [3] - Truist Securities analyst maintained a Buy rating but cut the price target from $250 to $247 [3] - Barclays analyst maintained an Underweight rating and raised the price target from $155 to $165 [3] Skier Visits - The company reported a 0.3% year-over-year decline in total skier visits for the season to date [1]

Core Viewpoint - Vail Resorts, Inc. (MTN) is expected to report strong fiscal second-quarter results, driven by increased season pass sales, favorable conditions, and strategic investments in various areas [1][4]. Financial Performance - The Zacks Consensus Estimate for fiscal second-quarter earnings per share (EPS) is $6.29, reflecting a 9.2% increase from $5.76 in the same quarter last year [3]. - Revenue expectations are set at $1.14 billion, indicating a 5.6% rise compared to the previous year [3]. Revenue Drivers - Strong season pass sales and improved early-season conditions at North American resorts are anticipated to boost performance [4]. - Growth in lift ticket revenues and ancillary businesses, including ski school and dining, is expected to contribute positively to the top line [4]. - The model predicts revenues from lift tickets, ski school, and dining to rise by 4.4%, 1.6%, and 32.1% year over year, respectively [6]. Mixed Performance Indicators - Total skier visits have declined by 0.3% year over year, but lift ticket revenues increased by 4.5% due to better weather and a stable season pass program [5]. - Ancillary revenues showed mixed results, with ski school and dining revenues up by 1.1% and 6.6%, while retail and rental revenues fell by 5.4% [5]. Lodging and Cost Management - Lodging performance is expected to be mixed, with total lodging revenues projected to rise 13.7% year over year to $88.5 million [7]. - The company's resource efficiency transformation plan aims for $100 million in annualized cost savings by fiscal 2026, contributing to margin stability [8]. Earnings Prediction - The model predicts an earnings beat for Vail Resorts, supported by a positive Earnings ESP of +1.64% and a Zacks Rank of 3 (Hold) [9][10].

Core Insights - Vail Resorts (MTN) is expected to report quarterly earnings of $6.29 per share, reflecting a 9.2% increase year-over-year, with revenues projected at $1.14 billion, a 5.6% increase from the previous year [1] Earnings Estimates - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [2] - Analysts have maintained the consensus EPS estimate for the quarter over the past 30 days, indicating stability in projections [1] Revenue Projections - Analysts forecast 'Net Revenue- Mountain net revenue' to reach $1.05 billion, indicating a 5.1% year-over-year increase [4] - 'Net Revenue- Lodging net revenue' is expected to be $80.79 million, reflecting a 3.8% increase year-over-year [4] - 'Net Revenue- Resort net revenue' is projected at $1.13 billion, showing a 4.6% increase from the prior-year quarter [4] Detailed Revenue Breakdown - 'Net Revenue- Mountain net revenue- Lift' is estimated at $634.85 million, a 5.2% increase year-over-year [5] - 'Net Revenue- Mountain net revenue- Retail/rental' is expected to be $132.81 million, indicating a 2.5% decrease [5] - 'Net Revenue- Mountain net revenue- Dining' is projected to reach $94.91 million, reflecting a significant 15.7% increase [5] - 'Net Revenue- Mountain net revenue- Ski school' is estimated at $129.56 million, a 2.3% increase [6] - 'Net Revenue- Mountain net revenue- Other' is expected to be $55.99 million, indicating an 8.3% increase [6] Visitor and Revenue Metrics - The estimated 'Mountain - Total skier visits' is 7.27 thousand, slightly up from 7.26 thousand in the same quarter last year [7] - 'Lodging - Managed condominium statistics - RevPAR' is projected to reach $173.74, up from $164.43 in the same quarter last year [7] - 'Lodging - Owned hotel statistics - RevPAR' is expected at $142.31, compared to $140.65 a year ago [8] - 'Mountain - ETP' is projected to be $87.43, up from $83.08 in the same quarter last year [8] Stock Performance - Vail Resorts shares have returned -6.9% over the past month, compared to a -4.1% change in the Zacks S&P 500 composite [8] - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to mirror overall market performance in the near future [8]

Core Insights - Vail Resorts is expanding access to Verbier 4 Vallées in Switzerland for the 2025/26 winter season, allowing all Epic Pass holders to enjoy five days of consecutive access [2][5] - The 2025/26 Epic Pass is currently available at the lowest price of the year, priced at $1,051 for adults and $537 for children, providing unlimited access to 42 owned resorts and partner resorts [6][8] - The company has invested over $2.5 billion in guest experience improvements over the past 15 years, focusing on innovations that enhance the skiing experience [10][12] Expansion of Access - All Epic Pass, Epic Local Pass, Epic Australia Pass, Epic Adaptive Pass, and Epic Australia Adaptive Pass holders will have access to Verbier 4 Vallées, which is Switzerland's largest ski area with 410 kilometers of runs [2][3] - Verbier 4 Vallées includes six unique resorts and offers a variety of experiences beyond skiing, such as culinary offerings and events [3][5] Pricing and Pass Options - The Epic Pass offers unlimited access to major resorts including Vail Mountain, Whistler Blackcomb, and Breckenridge, while the Epic Local Pass provides access to 29 resorts with some restrictions [6][8] - The Epic Day Pass allows customization for skiers and riders, providing significant savings compared to traditional lift ticket prices [7] Guest Experience Innovations - Vail Resorts has introduced several technological innovations such as Mobile Pass, My Epic Assistant, and My Epic Gear to enhance the guest experience [10][12] - The company has focused on reducing lift line wait times, achieving less than 3% occurrence of lift lines lasting more than 10 minutes during peak times [11] Future Developments - Additional investments are planned for the 2025/26 season, including the transformation of Park City Mountain's Canyons Village and the development of new lifts in Switzerland and Australia [12] - Vail Resorts aims to create unique experiences at each mountain resort, including culinary events and music festivals [12][13]

Core Viewpoint - The market anticipates Vail Resorts (MTN) to report a year-over-year increase in earnings driven by higher revenues, with a focus on how actual results compare to estimates [1][2]. Earnings Expectations - Vail Resorts is expected to report quarterly earnings of $6.29 per share, reflecting a year-over-year increase of +9.2% [3]. - Revenues are projected to reach $1.14 billion, which is a 5.6% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. - The Most Accurate Estimate for Vail Resorts is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +1.64% [10]. Earnings Surprise Prediction - A positive Earnings ESP is a strong indicator of a potential earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [8]. - Vail Resorts currently holds a Zacks Rank of 3, suggesting a likelihood of beating the consensus EPS estimate [11]. Historical Performance - In the last reported quarter, Vail Resorts was expected to post a loss of $5.14 per share but delivered a smaller loss of $4.61, resulting in a surprise of +10.31% [12]. - Over the past four quarters, the company has only beaten consensus EPS estimates once [13]. Conclusion - Vail Resorts is viewed as a compelling candidate for an earnings beat, but investors should consider other factors influencing stock performance beyond just earnings results [16].

Core Viewpoint - Vail Resorts, Inc. will announce its financial results for the fiscal second quarter of 2025 on March 10, 2025, after market close, followed by a conference call to discuss the results [1]. Financial Results Announcement - The financial results will cover the period ended January 31, 2025 [1]. - A conference call will take place at 5:00 p.m. eastern time on the same day [1]. Conference Call Details - The call will be accessible via the internet at www.VailResorts.com in the Investor Relations section [2]. - Participants can join by dialing (800) 245-3047 for U.S. and Canada, or +1 (203) 518-9765 for international callers, with the conference ID being MTNQ225 [2]. Replay Information - A replay of the conference call will be available two hours after its conclusion until March 17, 2025 [3]. - To access the replay, callers can dial (800) 934-4548 for U.S. and Canada, or +1 (402) 220-1175 for international [3]. Company Overview - Vail Resorts operates a network of premier ski resorts including Vail Mountain, Breckenridge, and Whistler Blackcomb, among others [4]. - The company aims for a zero net operating footprint by 2030 and focuses on supporting employees and communities [4]. - Vail Resorts also manages a collection of hotels under the RockResorts brand and operates over 250 retail and rental locations across North America [4].

Group 1: Company Overview - Vail Resorts (MTN) shares increased by 5.6% to close at $176, following a notable trading volume, despite a 12.5% loss over the past four weeks [1] - Late Apex Partners, a shareholder, has proposed significant leadership changes, including the replacement of CEO Kirsten Lynch and CFO Angela Korch, as well as the resignation of board Chairman Robert Katz [2] Group 2: Financial Performance Expectations - Vail Resorts is expected to report quarterly earnings of $6.29 per share, reflecting a year-over-year increase of 9.2%, with revenues projected at $1.14 billion, up 5.6% from the previous year [3] - The consensus EPS estimate for Vail Resorts has been revised 1.5% lower in the last 30 days, indicating a negative trend in earnings estimate revisions, which typically does not lead to price appreciation [4] Group 3: Industry Context - Vail Resorts operates within the Zacks Leisure and Recreation Services industry, where another company, Pursuit Attractions and Hospitality (PRSU), saw a 2.8% increase in its stock price, closing at $39.85, despite a -9.4% return over the past month [4] - Pursuit Attractions and Hospitality's EPS estimate for the upcoming report remains unchanged at -$1.19, representing a 50.6% decrease compared to the previous year [5]

Core Viewpoint - Bronstein, Gewirtz & Grossman, LLC is investigating Vail Resorts, Inc. (MTN) and encourages shareholders to connect with the firm for potential legal claims related to the company's operations [1] Group 1 - The investigation is focused on whether Vail Resorts, Inc. has engaged in any unlawful business practices that may have harmed shareholders [1] - Shareholders are encouraged to reach out to the firm to discuss their experiences and any potential claims [1] - The investigation may lead to legal actions if sufficient evidence of wrongdoing is found [1]