Financial Data and Key Metrics Changes - The company generated $844 million of resort reported EBITDA in fiscal 2025, representing a 2% growth compared to the prior year despite a 3% decline in total skier visits across North American resorts [19][20] - Fiscal 2026 guidance expects net income attributable to Vail Resorts to be between $201 million and $276 million, with resort reported EBITDA projected between $842 million and $898 million [20][21] - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased approximately 1% in sales dollars compared to the prior year [22] Business Line Data and Key Metrics Changes - The company is focused on rebuilding lift ticket visitation, which is essential for revenue and long-term growth, and has introduced Epic Friend Tickets to drive lift ticket sales for new guests [11][12] - The pass price reset ahead of the 2021-2022 season has led to a projected increase of over 50% in pass units for fiscal 2026 compared to fiscal 2021 [14][15] Market Data and Key Metrics Changes - The company anticipates growth in fiscal 2026 to be driven by price increases, ancillary capture, and incremental efficiencies related to the Resource Efficiency Transformation Plan, partially offset by lower pass unit sales [22] - The company expects to exceed $100 million in annualized cost efficiencies by the end of fiscal year 2026 [23] Company Strategy and Development Direction - The company is committed to a multi-year strategy aimed at increasing guest visitation and optimizing product and pricing approaches across all resorts [10][11] - The focus is on leveraging strong competitive advantages, including owning and operating 42 resorts, to drive sustained and profitable growth [10][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that results from the past season were below expectations and emphasized the need to adapt to changing consumer preferences [5][6] - The company is confident in its ability to return to higher growth in fiscal year 2027 and beyond, despite current challenges [5][18] Other Important Information - The company plans to invest approximately $198 million to $203 million in core capital before additional growth capital investments in European resorts [24] - A quarterly cash dividend of $2.22 per share has been declared, reflecting strong cash flow generation [29] Q&A Session Summary Question: What is the expectation for visitation this upcoming season? - Management expects total visitation to be down slightly, primarily driven by the decline in pass sales, but anticipates some offset from lift ticket sales [35] Question: How significant is the change in the Buddy Pass system? - The Buddy Pass historically contributes about 7% of total lift revenue and 20% of paid lift ticket revenue, and management expects it to positively impact lift ticket growth this year [60][62] Question: What are the trends for international guests? - There has been no significant trend affecting overall results from international visitation, although it has declined over the past several years for various reasons [82] Question: Where is the company seeing weakness in its consumer base? - The company is experiencing lower renewal rates for less tenured pass holders, but overall performance is consistent across different guest demographics [88][92] Question: What needs to happen to hit the upper end of the guidance range? - The key driver for achieving the upper end of the guidance range is visitation, which impacts all ancillary revenue [95]

Financial Data and Key Metrics Changes - The company generated $844 million of resort reported EBITDA in fiscal 2025, representing a 2% growth compared to the prior year despite a 3% decline in total skier visits across North American resorts [19][20] - Fiscal 2026 guidance expects net income attributable to Vail Resorts to be between $201 million and $276 million, with reported EBITDA projected between $842 million and $898 million [20][21] - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased approximately 1% in sales dollars compared to the prior year [22] Business Line Data and Key Metrics Changes - The company is focused on rebuilding lift ticket visitation, which is essential for revenue and long-term growth, and has introduced Epic Friend Tickets to drive sales [11][12] - The pass price reset ahead of the 2021-2022 season has led to a projected increase of over 50% in pass units for fiscal 2026 compared to fiscal 2021 [14] Market Data and Key Metrics Changes - The company anticipates growth in fiscal 2026 to be driven by price increases, ancillary capture, and normalized weather conditions in Australia, partially offset by lower pass unit sales [22] - The company has seen a broad-based result in performance across different guest demographics, indicating potential market maturity [91] Company Strategy and Development Direction - The company is committed to a multi-year strategy aimed at leveraging competitive advantages to drive sustained and profitable growth [10][17] - A new Chief Revenue Officer will be appointed to focus on driving all aspects of revenue for the company, reflecting a strategic shift in leadership [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that results from the past season were below expectations and emphasized the need to adapt marketing strategies to evolving consumer preferences [5][6] - The company is confident in its ability to return to higher growth in fiscal year 2027 and beyond, despite current challenges [5][18] Other Important Information - The company plans to invest approximately $198 million to $203 million in core capital for fiscal 2026, with additional investments in European resorts and real estate projects [24][25] - The company declared a quarterly cash dividend of $2.22 per share, reflecting strong cash flow generation [29] Q&A Session All Questions and Answers Question: What is the expectation for visitation this upcoming season? - Management expects total visitation to be down slightly, primarily driven by the decline in pass sales, but anticipates some recovery through lift ticket sales [35] Question: How significant is the change in the pricing strategy for passes? - Management indicated that a more strategic approach to pricing will be taken, focusing on individual pass products rather than a blanket approach [41] Question: What is the expected impact of the Epic Friend Tickets on visitation? - Management expects the Epic Friend Tickets to contribute positively to visitation, although the full impact will take time to materialize [37][65] Question: How does the company view the impact of international guests on sales? - Management does not see any significant trends affecting international visitation that would materially impact overall results [84] Question: What are the trends in consumer behavior regarding renewals? - Management noted that while there is a lower renewal rate for less tenured passholders, overall trade-up and trade-down behaviors remain consistent [93]

Financial Data and Key Metrics Changes - The company generated $844 million of resort reported EBITDA in fiscal 2025, representing a 2% growth compared to the prior year despite a 3% decline in total skier visits across North American resorts [19][20] - Fiscal 2026 guidance expects net income attributable to Vail Resorts to be between $201 million and $276 million, with reported EBITDA projected between $842 million and $898 million [20][21] - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased approximately 1% in sales dollars compared to the prior year [22] Business Line Data and Key Metrics Changes - The company is focused on rebuilding lift ticket visitation, which is essential for revenue and long-term growth, and has introduced Epic Friend Tickets to drive lift ticket sales for new guests [11][12] - The pass price reset ahead of the 2021-2022 season exceeded expectations, with pass units expected to be up over 50% in fiscal 2026 compared to fiscal 2021 [14][15] Market Data and Key Metrics Changes - The company anticipates growth in fiscal 2026 to be driven by price increases, ancillary capture, and normalized weather conditions in Australia, partially offset by lower pass unit sales [21][22] - The Resource Efficiency Transformation Plan is expected to exceed $100 million in annualized cost efficiencies by the end of fiscal 2026 [23] Company Strategy and Development Direction - The company aims to enhance guest engagement through modern marketing channels and increase media investment to drive awareness and visitation [13][14] - A new Chief Revenue Officer will be appointed to focus on driving all aspects of revenue for the company, reflecting a strategic shift in leadership [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that results from the past season were below expectations and emphasizes the need to adapt to changing consumer preferences [5][6] - The company is committed to a multi-year strategy to unlock its full potential, focusing on guest visitation and optimizing product and pricing approaches [10][11] Other Important Information - The company plans to invest approximately $198 million to $203 million in core capital for the year, with additional growth capital investments planned for European resorts [24][25] - The company declared a quarterly cash dividend of $2.22 per share, reflecting strong cash flow generation [29] Q&A Session All Questions and Answers Question: What is the expectation for visitation this upcoming season? - The company expects total visitation to be down slightly, primarily driven by the decline in pass sales, but anticipates some offset from lift ticket sales [34] Question: How significant is the change in the pricing strategy for passes? - The company is considering a more strategic approach to pricing, focusing on individual pass products rather than a blanket approach [40][41] Question: What is the expected impact of the Epic Friend Tickets on visitation? - The company expects Epic Friend Tickets to positively impact visitation, although the full benefits will take time to materialize [64] Question: How does the company view the impact of Park City disruptions on visitation? - Management views the disruptions as a tailwind for the upcoming season, expecting improved guest experiences [70] Question: What are the trends in international guest visitation? - There has been no significant shift in international visitation trends that would materially affect overall results [84] Question: Where is the company seeing weaknesses in its consumer base? - The company notes a broad-based performance across different demographics, with lower renewal rates for less tenured passholders [90][93]

Financial Data and Key Metrics Changes - The company generated $844 million of resort reported EBITDA in fiscal 2025, representing a 2% growth compared to the prior year despite a 3% decline in total skier visits across North American resorts [18] - Fiscal 2026 guidance expects net income attributable to Vail Resorts to be between $201 million and $276 million and reported EBITDA to be between $842 million and $898 million [19][20] - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased approximately 1% in sales dollars compared to the prior year [20] Business Line Data and Key Metrics Changes - The company is focused on rebuilding lift ticket visitation, which is essential for revenue and long-term growth, and is enhancing lift ticket offerings and pricing strategies [10][11] - The introduction of Epic Friend Tickets aims to drive lift ticket sales for new guests and convert them into future pass purchases [10][11] Market Data and Key Metrics Changes - The company anticipates growth in fiscal 2026 to be driven by price increases, ancillary capture, and incremental efficiencies related to the Resource Efficiency Transformation Plan, partially offset by lower pass unit sales [20][21] - The Resource Efficiency Transformation Plan is expected to exceed $100 million in annualized cost efficiencies by the end of fiscal 2026 [21] Company Strategy and Development Direction - The company is committed to a multi-year strategy to unlock its full potential, focusing on guest engagement, marketing channel adaptation, and enhancing the guest experience [8][10] - The company plans to evaluate all aspects of its pass portfolio, including product offerings and pricing, to optimize overall lift access revenue growth [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that results from the past season were below expectations and emphasized the need to adapt to changing consumer preferences [4][5] - The company is confident in its ability to return to higher growth in fiscal year 2027 and beyond, leveraging its competitive advantages and data infrastructure [16][17] Other Important Information - The company plans to invest approximately $198 million to $203 million in core capital before additional growth capital investments in European resorts [23] - The company declared a quarterly cash dividend of $2.22 per share, reflecting strong cash flow generation [28] Q&A Session Summary Question: What is the expectation for visitation for the upcoming season? - Management expects total visitation to be down slightly, primarily driven by the decline in pass sales, but anticipates some offset from lift ticket sales [34] Question: How significant is the change in pricing strategy for passes? - Management indicated that a more strategic approach to pricing will be taken, focusing on individual pass products rather than a blanket approach [40][41] Question: What is the expected impact of the Epic Friend Tickets on visitation? - Management expects Epic Friend Tickets to positively impact visitation, although the full benefits will take time to materialize [35][60] Question: How does the company view the impact of international guests on pass sales? - Management noted that while international visitation has declined over the years, it does not see this as a major issue affecting overall results [72] Question: What are the trends in consumer behavior regarding pass renewals? - Management observed lower renewal rates for less tenured passholders but noted that overall trends are consistent across different guest demographics [76][78]

Shares of Vail Resorts (NYSE:MTN) were under pressure in late trading after missing fourth quarter profit and sales expectations, while pass product sales for the upcoming North American ski season also disappointed investors. “Our approach to engaging with guests has not ...

Vail Resorts had a wider loss in its latest quarter as pass product sales for the upcoming ski season declined https://t.co/jsScsR04iL ...

Core Points - Vail Resorts, Inc. announced that Board members John Sorte and John Redmond will not seek reelection at the end of their current terms, concluding at the 2025 Annual Meeting of Stockholders [1][4] - John Sorte has been on the Board since 1993, and John Redmond since 2008, both contributing significantly to the company's growth into the world's largest mountain resort company [2][3] - The company expressed gratitude for their decades of service, highlighting their roles in initiatives like the Epic Pass and strategic acquisitions [3] Company Overview - Vail Resorts operates a network of premier ski resorts, including Vail Mountain, Breckenridge, and Whistler Blackcomb, among others, totaling 35 resorts across North America and international locations [5] - The company aims to achieve a zero net operating footprint by 2030 and is committed to supporting employees and communities [5] - Vail Resorts also manages a collection of hotels under the RockResorts brand and operates over 250 retail and rental locations across North America [5]

PART I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) Vail Resorts operates through Mountain, Lodging, and Real Estate segments, with the Mountain segment generating **89%** of net revenue from **42** resorts and pass products - Vail Resorts' operations are primarily driven by its Mountain segment (**89% of net revenue**), followed by Lodging (**11%**) and Real Estate (**0%**)[19](index=19&type=chunk) - The Mountain segment operates **42** destination mountain resorts and regional ski areas, including **five** of the top ten most visited resorts in the U.S. for the **2024/2025** ski season[23](index=23&type=chunk)[43](index=43&type=chunk) - Pass products generated approximately **65%** of total lift revenue and **75%** of total visitation (excluding complimentary access) for **Fiscal 2025**, driving customer loyalty and revenue stability[49](index=49&type=chunk) - The company acquired a controlling interest in Crans-Montana in **Fiscal 2024** and Andermatt-Sedrun in **Fiscal 2022**, expanding its network into Europe[34](index=34&type=chunk)[51](index=51&type=chunk) - Vail Resorts launched a two-year Resource Efficiency Transformation Plan in September **2024**, aiming to generate **$100 million** in annualized cost efficiencies by the end of **fiscal year 2026**, involving position eliminations representing less than **2%** of the total workforce[85](index=85&type=chunk)[86](index=86&type=chunk) [General](index=6&type=section&id=General) This section provides an overview of Vail Resorts' business structure and operational segments [Mountain Segment](index=7&type=section&id=Mountain%20Segment) The Mountain segment encompasses **42** resorts offering diverse winter and summer activities, lift tickets, ski school, dining, and retail/rental services [Our Competitive Strengths](index=10&type=section&id=Our%20Competitive%20Strengths) The company highlights its competitive advantages, including premier resorts, data-driven marketing, capital investments, and pass products [Exceptional Mountain Experience](index=10&type=section&id=Exceptional%20Mountain%20Experience) Vail Resorts focuses on delivering high-quality mountain experiences through diverse terrain, modern infrastructure, and guest services [Extraordinary Service and Amenities](index=11&type=section&id=Extraordinary%20Service%20and%20Amenities) The company provides premium services and amenities across its resorts, enhancing the guest experience [Lodging and Real Estate](index=14&type=section&id=Lodging%20and%20Real%20Estate) This section covers the company's lodging and real estate operations, which complement its mountain resort business [Lodging Segment](index=14&type=section&id=Lodging%20Segment) The Lodging segment manages luxury hotels, condominiums, and National Park Service concessioner properties [Real Estate Segment](index=16&type=section&id=Real%20Estate%20Segment) The Real Estate segment focuses on developing and selling real estate properties adjacent to or within its resorts [Marketing and Sales](index=16&type=section&id=Marketing%20and%20Sales) Vail Resorts employs data-driven marketing and sales strategies, particularly for its pass products, to drive customer engagement [Seasonality](index=17&type=section&id=Seasonality) The business experiences significant seasonality, with most revenue generated during the second and third fiscal quarters [Sustainability & Social Responsibility](index=17&type=section&id=Sustainability%20%26%20Social%20Responsibility) The company outlines its commitment to environmental sustainability and social responsibility initiatives across its operations [Human Capital Management](index=18&type=section&id=Human%20Capital%20Management) Vail Resorts details its approach to managing human capital, including employee housing and resource efficiency [Mountain Safety](index=19&type=section&id=Mountain%20Safety) The company prioritizes mountain safety through various programs and operational protocols for guests and employees [Employee Housing](index=19&type=section&id=Employee%20Housing) Vail Resorts addresses employee housing challenges through various initiatives to support its workforce [Resource Efficiency Transformation](index=19&type=section&id=Resource%20Efficiency%20Transformation) The company is implementing a plan to achieve significant cost efficiencies and optimize resource utilization [Intellectual Property](index=19&type=section&id=Intellectual%20Property) This section describes the company's intellectual property, including trademarks and brand protection strategies [Environmental Compliance and other Laws and Regulations](index=21&type=section&id=Environmental%20Compliance%20and%20other%20Laws%20and%20Regulations) Vail Resorts details its compliance with environmental laws and other regulations impacting its operations [Contracts with Governmental Authorities for Resort Operations](index=21&type=section&id=Contracts%20with%20Governmental%20Authorities%20for%20Resort%20Operations) The company operates many resorts under special use permits and long-term leases with governmental authorities [Available Information](index=26&type=section&id=Available%20Information) This section provides details on where to access the company's public filings and other information [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including economic downturns, adverse weather, cybersecurity threats, seasonality, and challenges from international operations and acquisitions - Key business risks include prolonged weakness in **economic conditions**, **high inflation**, **elevated interest rates**, and unfavorable **weather or climate change impacts**[15](index=15&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - The **Epic Coverage** program, while offering value to pass holders, exposes the company to significant refund obligations and potential negative customer perception if qualifying events occur[15](index=15&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk) - Cyberattacks and disruptions to IT systems are growing risks, intensified by **AI technologies**, potentially leading to business disruption, data loss, and reputational harm[15](index=15&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk) - The business is highly seasonal, with **82%** of Mountain and Lodging net revenue earned in the **second and third fiscal quarters**, making it vulnerable to adverse events during peak periods[144](index=144&type=chunk)[327](index=327&type=chunk) - International operations, including recent acquisitions in **Europe**, expose the company to risks such as currency exchange rate fluctuations, changing governmental policies, and compliance with international laws[15](index=15&type=chunk)[180](index=180&type=chunk)[184](index=184&type=chunk) [Risks Related to Our Business](index=26&type=section&id=Risks%20Related%20to%20Our%20Business) This section details specific risks impacting the company's operations, including economic, weather, and operational challenges [General Risk Factors](index=40&type=section&id=General%20Risk%20Factors) This section outlines broader risks that could affect the company's overall business and financial performance [Item 1B. Unresolved Staff Comments](index=36&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments to report - No unresolved staff comments were reported[205](index=205&type=chunk) [Item 1C. Cybersecurity](index=36&type=section&id=Item%201C.%20Cybersecurity) Vail Resorts maintains a robust cybersecurity program, overseen by the Board and Audit Committee, adhering to **NIST** and **ISO** frameworks, with no material incidents reported - The company's cybersecurity program is overseen by the Board and Audit Committee, adhering to **NIST** and **ISO** frameworks[207](index=207&type=chunk)[211](index=211&type=chunk) - Cybersecurity risk management includes tabletop exercises, audits, vulnerability scans, penetration tests, and employee training, with cyber security insurance in place[209](index=209&type=chunk) - An **Incident Response Plan (IRP)** is maintained for investigating, containing, and mitigating incidents, with communication protocols for senior management[210](index=210&type=chunk) - The **CIO** and **VP of Information Security**, with over **27 years** of experience each, lead the cybersecurity risk management program[214](index=214&type=chunk)[215](index=215&type=chunk) [Risk Management and Strategy](index=40&type=section&id=Risk%20Management%20and%20Strategy) This section outlines the company's approach to identifying, assessing, and mitigating cybersecurity risks through various strategies [Cybersecurity Governance](index=42&type=section&id=Cybersecurity%20Governance) This section describes the oversight structure and responsibilities for the company's cybersecurity program, including Board involvement [Item 2. Properties](index=38&type=section&id=Item%202.%20Properties) Vail Resorts owns or leases numerous properties for its ski resort, lodging, and related operations across the U.S., Canada, Australia, and Switzerland, often under Special Use Permits or long-term leases - The company's properties include **42** ski resorts and regional ski areas, luxury hotels, condominiums, and National Park Service concessioner properties[20](index=20&type=chunk)[21](index=21&type=chunk)[220](index=220&type=chunk)[364](index=364&type=chunk)[366](index=366&type=chunk) - Many U.S. ski resorts operate on federal land under **Special Use Permits (SUPs)** from the U.S. Forest Service, with expiration dates ranging from **2029 to 2058**[95](index=95&type=chunk)[97](index=97&type=chunk) - International properties include Whistler Blackcomb (**Canada**) under Master Development Agreements expiring in **2077**, Australian resorts (Perisher, Falls Creek, Hotham) under long-term leases expiring between **2031 and 2058**, and Swiss resorts (Andermatt-Sedrun, Crans-Montana) under various leasehold and concession agreements[102](index=102&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[365](index=365&type=chunk) [Item 3. Legal Proceedings](index=41&type=section&id=Item%203.%20Legal%20Proceedings) Vail Resorts is involved in ordinary course lawsuits, with adequate insurance and accruals, and no expected material adverse financial impact - The company is a party to various lawsuits arising in the ordinary course of business[224](index=224&type=chunk)[491](index=491&type=chunk) - Management believes adequate insurance coverage and accruals are in place for estimable and probable loss contingencies, and current claims are not expected to materially impact financial results[224](index=224&type=chunk)[491](index=491&type=chunk) [Item 4. Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Vail Resorts, Inc - Mine Safety Disclosures are not applicable to the company[225](index=225&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=42&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Vail Resorts' common stock (MTN) trades on the NYSE, with **35.9 million** shares outstanding, a **$2.22** per share dividend, and an ongoing share repurchase program - As of **September 24, 2025**, **35,884,970** shares of common stock were outstanding, held by approximately **228** holders of record[7](index=7&type=chunk)[226](index=226&type=chunk) - The Board approved a cash dividend of **$2.22 per share** payable on **October 27, 2025**, continuing its practice of quarterly dividends[190](index=190&type=chunk)[227](index=227&type=chunk)[302](index=302&type=chunk)[421](index=421&type=chunk) Share Repurchase Activity (Q4 Fiscal 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | :--------------------------- | :------------------------------- | :--------------------------- | :---------------------------------------------------------------- | :-------------------------------------------------------------------- | | May 1, 2025 - May 31, 2025 | — | — | — | 2,826,437 | | June 1, 2025 - June 30, 2025 | 1,286,620 | $155.45 | 1,286,620 | 1,539,817 | | July 1, 2025 - July 31, 2025 | — | — | — | 1,539,817 | | **Total** | **1,286,620** | **$155.45** | **1,286,620** | **1,539,817** | Total Shareholder Return (July 31, 2020 - July 31, 2025) | | As of July 31, 2020 | As of July 31, 2021 | As of July 31, 2022 | As of July 31, 2023 | As of July 31, 2024 | As of July 31, 2025 | | :------------------------------ | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Vail Resorts, Inc. | $100.00 | $116.51 | $92.40 | $94.94 | $76.48 | $63.46 | | Russell 2000 | $100.00 | $138.48 | $118.64 | $127.97 | $146.17 | $146.16 | | Standard & Poor's 500 | $100.00 | $164.90 | $157.22 | $177.64 | $216.97 | $225.56 | | Dow Jones U.S. Travel and Leisure | $100.00 | $129.66 | $105.59 | $138.95 | $144.40 | $153.50 | [Market and Stockholders](index=47&type=section&id=Market%20and%20Stockholders) This section provides information on the trading market for the company's common stock and its stockholder base [Dividend Policy](index=47&type=section&id=Dividend%20Policy) This section outlines the company's approach to cash dividends and recent dividend declarations [Repurchase of Equity Securities](index=47&type=section&id=Repurchase%20of%20Equity%20Securities) This section details the company's share repurchase program and recent repurchase activity [Performance Graph](index=47&type=section&id=Performance%20Graph) This section presents a comparison of the company's cumulative total shareholder return against selected indices [Item 6. Reserved](index=43&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal **2025** saw **2%** Resort Reported EBITDA growth despite a **3%** skier visit decline, driven by pass pricing; net income reached **$280 million**, supported by a **$100 million** efficiency plan and strong liquidity - Resort Reported EBITDA increased by **2%** in **Fiscal 2025**, despite a **3%** decline in total skier visits across North American destination mountain resorts and regional ski areas[248](index=248&type=chunk) - The company's resource efficiency transformation plan is expected to generate **$100 million** in annualized cost efficiencies by the end of **fiscal year 2026**[85](index=85&type=chunk)[162](index=162&type=chunk)[248](index=248&type=chunk) - Pass product sales for the **2025/2026** North American ski season decreased approximately **3%** in units but increased approximately **1%** in sales dollars through **September 19, 2025**, benefiting from a **7%** price increase[248](index=248&type=chunk) - Total capital plan for **calendar year 2025** is expected to be approximately **$249 million to $254 million**, including **$46 million** for European growth and **$5 million** for real estate projects[288](index=288&type=chunk) - As of **July 31, 2025**, the company had **$3.2 billion** in total indebtedness, with most principal payments not due until **fiscal year 2029** and beyond, and was in compliance with all financial covenants[191](index=191&type=chunk)[292](index=292&type=chunk)[304](index=304&type=chunk) [Overview](index=50&type=section&id=Overview) This section provides a high-level summary of the company's financial performance and strategic initiatives [Recent Trends, Risks and Uncertainties](index=52&type=section&id=Recent%20Trends%2C%20Risks%20and%20Uncertainties) This section discusses current market trends, potential risks, and uncertainties impacting the company's financial outlook [Results of Operations](index=53&type=section&id=Results%20of%20Operations) This section analyzes the company's financial results across its operating segments for the reported periods [Summary](index=53&type=section&id=Summary) This section offers a concise summary of the key financial outcomes and performance drivers [Mountain Segment](index=54&type=section&id=Mountain%20Segment) This section details the financial performance and operational highlights of the Mountain segment [Fiscal 2025 compared to Fiscal 2024](index=54&type=section&id=Fiscal%202025%20compared%20to%20Fiscal%202024) This section compares the Mountain segment's financial results between Fiscal **2025** and Fiscal **2024** [Lodging Segment](index=56&type=section&id=Lodging%20Segment) This section details the financial performance and operational highlights of the Lodging segment [Fiscal 2025 compared to Fiscal 2024](index=56&type=section&id=Fiscal%202025%20compared%20to%20Fiscal%202024) This section compares the Lodging segment's financial results between Fiscal **2025** and Fiscal **2024** [Real Estate Segment](index=57&type=section&id=Real%20Estate%20Segment) This section details the financial performance and operational highlights of the Real Estate segment [Fiscal 2025](index=57&type=section&id=Fiscal%202025) This section presents the Real Estate segment's financial results for Fiscal **2025** [Fiscal 2024](index=58&type=section&id=Fiscal%202024) This section presents the Real Estate segment's financial results for Fiscal **2024** [Other Items](index=58&type=section&id=Other%20Items) This section discusses additional financial items not covered in segment-specific analyses [Reconciliation of Non-GAAP Measures](index=59&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section provides reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) This section analyzes the company's cash position, debt, and ability to fund operations and investments [Fiscal 2025 compared to Fiscal 2024](index=60&type=section&id=Fiscal%202025%20compared%20to%20Fiscal%202024) This section compares the company's liquidity and capital resources between Fiscal **2025** and Fiscal **2024** [Significant Sources of Cash](index=60&type=section&id=Significant%20Sources%20of%20Cash) This section identifies the primary inflows of cash for the company's operations and investments [Significant Uses of Cash](index=60&type=section&id=Significant%20Uses%20of%20Cash) This section identifies the primary outflows of cash for the company's operations and investments [Material Cash Requirements](index=62&type=section&id=Material%20Cash%20Requirements) This section outlines the company's significant future cash obligations and commitments [Share Repurchase Program](index=63&type=section&id=Share%20Repurchase%20Program) This section discusses the company's share repurchase activities and remaining authorization [Dividend Payments](index=63&type=section&id=Dividend%20Payments) This section details the company's dividend payments to shareholders [Covenants and Limitations](index=63&type=section&id=Covenants%20and%20Limitations) This section describes the financial covenants and restrictions associated with the company's debt agreements [Off Balance Sheet Arrangements](index=64&type=section&id=Off%20Balance%20Sheet%20Arrangements) This section discloses any material off-balance sheet transactions or obligations [Critical Accounting Policies](index=64&type=section&id=Critical%20Accounting%20Policies) This section highlights the accounting policies requiring significant judgment and estimation [New Accounting Standards](index=67&type=section&id=New%20Accounting%20Standards) This section discusses recently adopted or issued accounting standards and their potential impact [Seasonality and Quarterly Results](index=67&type=section&id=Seasonality%20and%20Quarterly%20Results) This section explains the seasonal nature of the business and its impact on quarterly financial performance [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Vail Resorts' market risks include interest rate fluctuations on **$1.0 billion** variable-rate debt and foreign currency exchange rates from international operations, without hedging - As of **July 31, 2025**, the company had approximately **$1.0 billion** of net variable-rate indebtedness (**30%** of total debt), with a **100-basis point** change in borrowing rates impacting annual interest payments by **$9.6 million**[328](index=328&type=chunk) - The company is exposed to foreign currency translation risk from its **Canadian**, **Australian**, and **Swiss** operations, but does not currently use hedging arrangements[329](index=329&type=chunk) Foreign Currency Translation Adjustments and Intercompany Loan Gains/Losses (in thousands) | | Year ended July 31, 2025 | Year ended July 31, 2024 | Year ended July 31, 2023 | | :---------------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Foreign currency translation adjustments | $21,948 | $(67,384) | $(25,439) | | Foreign currency gain (loss) on intercompany loans | $20 | $(4,140) | $(2,907) | [Item 8. Financial Statements and Supplementary Data](index=62&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements for **Fiscal 2025, 2024, and 2023**, including balance sheets, income, equity, and cash flow statements, with management's report on internal controls and notes - Management concluded that the company's internal control over financial reporting was effective as of **July 31, 2025**[335](index=335&type=chunk) - The consolidated financial statements for **Fiscal 2024 and 2023** were revised to correct immaterial errors related to EPR Secured Notes accounting and certain capital projects[393](index=393&type=chunk)[394](index=394&type=chunk)[510](index=510&type=chunk) Consolidated Statements of Operations (in thousands) | | Year Ended July 31, 2025 | Year Ended July 31, 2024 | Year Ended July 31, 2023 | | :------------------------------------------ | :----------------------- | :----------------------- | :----------------------- | | Total net revenue | $2,964,347 | $2,885,191 | $2,889,364 | | Total segment operating expense | $2,129,908 | $2,065,964 | $2,057,702 | | Income from operations | $559,960 | $488,849 | $504,420 | | Income before provision for income taxes | $402,397 | $339,755 | $370,416 | | Net income attributable to Vail Resorts, Inc. | $280,004 | $231,105 | $265,825 | | Basic net income per share | $7.54 | $6.10 | $6.70 | | Diluted net income per share | $7.53 | $6.09 | $6.69 | Consolidated Balance Sheets (in thousands) | Assets | July 31, 2025 | July 31, 2024 | | :------------------------------------ | :------------ | :------------ | | Total current assets | $1,049,790 | $901,961 | | Property, plant and equipment, net | $2,374,654 | $2,418,530 | | Goodwill, net | $1,675,215 | $1,677,975 | | Total assets | $5,777,885 | $5,686,573 | | Liabilities | | | | Total current liabilities | $1,667,626 | $1,106,540 | | Long-term debt, net | $2,594,765 | $2,731,492 | | Total liabilities | $5,023,981 | $4,661,695 | | Total stockholders' equity | $753,904 | $1,024,878 | Consolidated Statements of Cash Flows (in thousands) | Cash Flows from Operating Activities | Year Ended July 31, 2025 | Year Ended July 31, 2024 | Year Ended July 31, 2023 | | :----------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Net cash provided by operating activities | $554,870 | $589,022 | $637,855 | | Net cash used in investing activities | $(204,497) | $(241,069) | $(273,167) | | Net cash used in financing activities | $(242,647) | $(577,036) | $(914,000) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $119,356 | $(236,030) | $(553,014) | | Cash, cash equivalents and restricted cash: End of period | $456,419 | $337,063 | $573,093 | [Management's Report on Internal Control Over Financial Reporting](index=69&type=section&id=Management's%20Report%20on%20Internal%20Control%20Over%20Financial%20Reporting) This section presents management's assessment of the effectiveness of the company's internal control over financial reporting [Report of Independent Registered Public Accounting Firm](index=70&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) This section includes the independent auditor's report on the company's financial statements and internal control over financial reporting [Consolidated Balance Sheets](index=72&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's financial position, including assets, liabilities, and equity, at specific points in time [Consolidated Statements of Operations](index=73&type=section&id=Consolidated%20Statements%20of%20Operations) This section details the company's revenues, expenses, and net income over specific reporting periods [Consolidated Statements of Comprehensive Income](index=74&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the company's comprehensive income, including net income and other comprehensive income items [Consolidated Statements of Stockholders' Equity](index=75&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) This section details changes in the company's equity accounts, including common stock, retained earnings, and other reserves [Consolidated Statements of Cash Flows](index=76&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section reports the cash generated and used by the company's operating, investing, and financing activities [Notes to Consolidated Financial Statements](index=78&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the consolidated financial statements [1. Organization and Business](index=78&type=section&id=1.%20Organization%20and%20Business) This note describes the company's organizational structure and primary business activities [2. Summary of Significant Accounting Policies](index=79&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and methods used in preparing the financial statements [3. Revenues](index=83&type=section&id=3.%20Revenues) This note provides a breakdown of revenue streams and related accounting policies [4. Leases](index=85&type=section&id=4.%20Leases) This note details the company's lease arrangements and their financial statement impact [5. Net Income per Common Share](index=88&type=section&id=5.%20Net%20Income%20per%20Common%20Share) This note presents the calculation of basic and diluted net income per common share [6. Long-Term Debt](index=89&type=section&id=6.%20Long-Term%20Debt) This note provides details on the company's long-term debt obligations, including maturities and interest rates [7. Acquisitions](index=95&type=section&id=7.%20Acquisitions) This note describes recent business acquisitions and their financial impact [8. Supplementary Balance Sheet Information](index=97&type=section&id=8.%20Supplementary%20Balance%20Sheet%20Information) This note provides additional details on specific balance sheet accounts [9. Fair Value Measurements](index=99&type=section&id=9.%20Fair%20Value%20Measurements) This note describes the fair value hierarchy and measurements of financial instruments [10. Income Taxes](index=101&type=section&id=10.%20Income%20Taxes) This note provides information on the company's income tax expense, deferred taxes, and tax rates [11. Commitments and Contingencies](index=104&type=section&id=11.%20Commitments%20and%20Contingencies) This note discloses significant contractual commitments and potential contingent liabilities [12. Segment and Geographic Area Information](index=106&type=section&id=12.%20Segment%20and%20Geographic%20Area%20Information) This note provides financial data segmented by business operations and geographic regions [13. Share Repurchase Program](index=109&type=section&id=13.%20Share%20Repurchase%20Program) This note details the company's share repurchase activities and remaining authorization [14. Stock Compensation Plan](index=109&type=section&id=14.%20Stock%20Compensation%20Plan) This note describes the company's stock-based compensation arrangements [15. Retirement and Profit Sharing Plans](index=112&type=section&id=15.%20Retirement%20and%20Profit%20Sharing%20Plans) This note provides information on the company's employee retirement and profit-sharing plans [16. Revision of Previously Issued Consolidated Financial Statements](index=112&type=section&id=16.%20Revision%20of%20Previously%20Issued%20Consolidated%20Financial%20Statements) This note explains the revisions made to prior period financial statements due to immaterial errors [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=106&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with accountants on accounting and financial disclosure to report - No changes in or disagreements with accountants on accounting and financial disclosure were reported[516](index=516&type=chunk) [Item 9A. Controls and Procedures](index=106&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and internal control over financial reporting were effective as of **July 31, 2025**, including Crans-Montana - The **CEO** and **CFO** concluded that the company's disclosure controls and procedures were effective as of **July 31, 2025**[518](index=518&type=chunk) - Management assessed and concluded that the company's internal control over financial reporting was effective as of **July 31, 2025**[335](index=335&type=chunk) - The assessment of internal control over financial reporting for **July 31, 2025**, now includes **Crans-Montana**, acquired in **May 2024**[521](index=521&type=chunk) [Disclosure Controls and Procedures](index=114&type=section&id=Disclosure%20Controls%20and%20Procedures) This section describes the company's controls designed to ensure timely and accurate public disclosures [Management's Annual Report on Internal Control Over Financial Reporting](index=115&type=section&id=Management's%20Annual%20Report%20on%20Internal%20Control%20Over%20Financial%20Reporting) This section presents management's assessment of the effectiveness of the company's internal control over financial reporting [Attestation Report of the Independent Registered Public Accounting Firm](index=115&type=section&id=Attestation%20Report%20of%20the%20Independent%20Registered%20Public%20Accounting%20Firm) This section includes the independent auditor's report on management's assessment of internal control over financial reporting [Changes in Internal Control Over Financial Reporting](index=115&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) This section reports any material changes in the company's internal control over financial reporting [Item 9B. Other Information](index=107&type=section&id=Item%209B.%20Other%20Information) This section reports the termination of a Rule **10b5-1** trading plan by William Rock and an amendment to the Whistler Credit Agreement, extending its maturity to **2030** - **William Rock**, President, Mountain Division, terminated a Rule **10b5-1** trading plan on **June 9, 2025**, for the sale of up to **2,112** shares[523](index=523&type=chunk)[524](index=524&type=chunk) - The Whistler Credit Agreement was amended on **September 24, 2025**, extending its maturity to **September 24, 2030**, and reducing the total commitment from **C$300.0 million** to **C$250.0 million**[525](index=525&type=chunk) [Director and Officer Rule 10b5-1 Trading Arrangements](index=115&type=section&id=Director%20and%20Officer%20Rule%2010b5-1%20Trading%20Arrangements) This section discloses changes in trading plans for directors and officers under Rule **10b5-1** [Whistler Credit Agreement](index=116&type=section&id=Whistler%20Credit%20Agreement) This section details amendments to the credit agreement related to Whistler Blackcomb operations [Item 9C. Disclosure Reporting Regarding Foreign Jurisdictions that Prevent Inspections](index=108&type=section&id=Item%209C.%20Disclosure%20Reporting%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to Vail Resorts, Inc - Disclosure Reporting Regarding Foreign Jurisdictions that Prevent Inspections is not applicable to the company[527](index=527&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=108&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's definitive Proxy Statement for the **2025** Annual Meeting of Stockholders - Information on directors, executive officers, and corporate governance is incorporated by reference from the **2025** Proxy Statement[529](index=529&type=chunk) [Item 11. Executive Compensation](index=108&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's definitive Proxy Statement for the **2025** Annual Meeting of Stockholders - Information on executive compensation is incorporated by reference from the **2025** Proxy Statement[529](index=529&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=108&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership of beneficial owners and management is incorporated by reference from the company's **2025** Proxy Statement - Information on security ownership and related stockholder matters is incorporated by reference from the **2025** Proxy Statement[530](index=530&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=108&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the company's **2025** Proxy Statement - Information on certain relationships, related transactions, and director independence is incorporated by reference from the **2025** Proxy Statement[531](index=531&type=chunk) [Item 14. Principal Accounting Fees and Services](index=108&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the company's **2025** Proxy Statement - Information on principal accounting fees and services is incorporated by reference from the **2025** Proxy Statement[531](index=531&type=chunk) PART IV [Item 15. Exhibits, Financial Statement Schedules](index=109&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits and financial statement schedules filed with the **10-K** report, including various agreements, plans, and certifications - The report includes an index to financial statements (**Item 8**) and an index to exhibits, with schedules omitted if not required or presented elsewhere[534](index=534&type=chunk)[536](index=536&type=chunk) - Exhibits include transaction agreements, corporate governance documents, debt indentures, credit agreements (e.g., Vail Holdings, Whistler), and various incentive and compensation plans[535](index=535&type=chunk)[537](index=537&type=chunk)[538](index=538&type=chunk) [Item 16. Form 10-K Summary](index=112&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item indicates that no Form **10-K** Summary is provided - No Form **10-K** Summary is provided[540](index=540&type=chunk)

[Executive Summary & Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Highlights) Vail Resorts reported increased fiscal 2025 net income and EBITDA despite lower skier visits, driven by pass revenue and efficiency, and outlined fiscal 2026 outlook [Fiscal 2025 Performance Highlights](index=1&type=section&id=1.1%20Fiscal%202025%20Performance%20Highlights) Vail Resorts reported increased net income and Resort Reported EBITDA for fiscal 2025, despite a decline in total skier visits. The company achieved growth through increased season pass revenue and ancillary spend, supported by cost discipline and the resource efficiency transformation plan | Metric | Fiscal 2025 | Fiscal 2024 | | :-------------------------------- | :---------- | :---------- | | Net income attributable to Vail Resorts, Inc. | $280.0 million | $231.1 million | | Resort Reported EBITDA | $844.1 million | $825.1 million | - Resort Reported EBITDA grew **2%** for fiscal 2025, despite a **3% decline** in total skier visits across North American destination mountain resorts and regional ski areas[4](index=4&type=chunk) - Resort net revenue increased **3%**, driven by a **4% increase** in season pass revenue and increased ancillary spend per guest[4](index=4&type=chunk) - The company achieved **$37 million** in savings from the resource efficiency transformation plan before one-time costs[4](index=4&type=chunk) - Pass product sales through September 19, 2025, for the upcoming 2025/2026 North American ski season decreased approximately **3% in units** and increased approximately **1% in sales dollars** compared to the prior year period[3](index=3&type=chunk) [Fiscal 2026 Outlook & Strategic Initiatives](index=2&type=section&id=1.2%20Fiscal%202026%20Outlook%20%26%20Strategic%20Initiatives) The company provided its fiscal 2026 outlook, expecting net income between $201 million and $276 million and Resort Reported EBITDA between $842 million and $898 million. Strategic initiatives include a quarterly cash dividend of $2.22 per share and share repurchases totaling $270 million for FY25. The company also completed a $500 million senior notes offering | Metric | Fiscal 2026 Outlook (Range) | | :-------------------------------- | :-------------------------- | | Net income attributable to Vail Resorts, Inc. | $201 million - $276 million | | Resort Reported EBITDA | $842 million - $898 million | - The Board of Directors declared a quarterly cash dividend of **$2.22 per share**, payable on October 27, 2025[5](index=5&type=chunk) - The company repurchased approximately **1.69 million shares** for a total of **$270 million** during fiscal year 2025, representing **4.5% of shares outstanding**[5](index=5&type=chunk) - Completed an offering of **$500 million** aggregate principal amount of **5.625% Senior Notes due 2030**, with proceeds used for revolving credit facility repayment, share repurchases, and future repayment of Convertible Senior Notes due 2026[5](index=5&type=chunk) [Operating Results Overview](index=3&type=section&id=2.%20Operating%20Results%20Overview) The Mountain segment saw revenue and EBITDA growth, while Lodging revenue remained flat with a slight EBITDA decrease. Real Estate EBITDA significantly increased due to property sales, contributing to overall resort revenue and EBITDA growth [Mountain Segment Performance](index=3&type=section&id=2.1%20Mountain%20Segment%20Performance) The Mountain segment saw a 3.4% increase in total net revenue for fiscal 2025, primarily driven by a 4.2% increase in lift revenue due to higher pass pricing and incremental revenue from Crans-Montana. Dining and other revenues also increased, while retail/rental revenue decreased. Mountain Reported EBITDA increased 2.4% | Metric | Fiscal 2025 | Fiscal 2024 | YoY Change | | :-------------------- | :---------- | :---------- | :--------- | | Total Mountain net revenue | $2,629.873 million | $2,544.370 million | +3.4% | | Lift revenue | $1,503.187 million | $1,442.784 million | +4.2% | | Ski school revenue | $309.863 million | $304.548 million | +1.7% | | Dining revenue | $240.900 million | $227.572 million | +5.9% | | Retail/rental revenue | $302.450 million | $317.196 million | -4.6% | | Mountain Reported EBITDA | $821.341 million | $802.072 million | +2.4% | | Total skier visits | 17,665 thousand | 17,564 thousand | +0.6% | - The increase in lift revenue was primarily due to an increase in pass product revenue of **4.2%**, driven by an increase in pass pricing for the 2024/2025 North American ski season[8](index=8&type=chunk) - Mountain segment results include one-time expenses of **$14.9 million** for resource efficiency transformation and **$6.8 million** for CEO transition in fiscal 2025[11](index=11&type=chunk) [Lodging Segment Performance](index=4&type=section&id=2.2%20Lodging%20Segment%20Performance) The Lodging segment's net revenue was approximately flat for fiscal 2025, with increased summer visitation and demand for summer lodging at North American resort properties offset by lower winter revenue from managed condominium rooms. Lodging Reported EBITDA decreased slightly by 1.0% | Metric | Fiscal 2025 | Fiscal 2024 | YoY Change | | :-------------------------- | :---------- | :---------- | :--------- | | Lodging net revenue (excluding payroll cost reimbursements) | $319.7 million | $319.830 million | ~0% | | Lodging Reported EBITDA | $22.795 million | $23.018 million | -1.0% | | Owned hotel RevPAR | $170.70 | $161.82 | +5.5% | | Managed condominium RevPAR | $116.70 | $118.91 | -1.9% | - The flat revenue was primarily due to increased summer visitation and demand, offset by lower revenue during winter at managed condominium rooms due to lower ADR during peak holiday periods and a net reduction in inventory[11](index=11&type=chunk) [Real Estate Segment Performance](index=5&type=section&id=2.3%20Real%20Estate%20Segment%20Performance) The Real Estate segment experienced a significant increase in Reported EBITDA for fiscal 2025, primarily due to gains on the sale of real properties in East Vail and Breckenridge | Metric | Fiscal 2025 | Fiscal 2024 | | :----------------------- | :---------- | :---------- | | Real Estate Reported EBITDA | $18.626 million | $1.475 million | - The increase in Real Estate Reported EBITDA includes a gain on sale of real property for **$16.5 million** related to the East Vail property and **$8.5 million** related to the sale of three real estate parcels in Breckenridge, Colorado[13](index=13&type=chunk) [Total Resort Performance](index=4&type=section&id=2.4%20Total%20Resort%20Performance) Total Resort net revenue increased by 2.9% to $2,964.3 million for fiscal 2025. Resort Reported EBITDA increased by 2.3% to $844.1 million, despite one-time costs related to the resource efficiency transformation plan, CEO transition, and acquisition expenses | Metric | Fiscal 2025 | Fiscal 2024 | YoY Change | | :-------------------- | :---------- | :---------- | :--------- | | Total net revenue | $2,964.3 million | $2,885.191 million | +2.7% | | Resort net revenue | $2,963.9 million | $2,880.5 million | +2.9% | | Resort Reported EBITDA | $844.1 million | $825.090 million | +2.3% | - Resort Reported EBITDA for fiscal 2025 included **$15.2 million** of one-time costs for the resource efficiency transformation plan, **$8.1 million** for the CEO transition, and **$1.2 million** for acquisition and integration related expenses[11](index=11&type=chunk)[12](index=12&type=chunk) [Strategic Initiatives & Future Outlook](index=5&type=section&id=3.%20Strategic%20Initiatives%20%26%20Future%20Outlook) The company is implementing a multi-year strategy to enhance guest engagement and pass programs, addressing below-expectation performance and limited pass sales growth, while also progressing on its resource efficiency plan and providing fiscal 2026 guidance [Overall Business Performance & Strategy](index=5&type=section&id=3.1%20Overall%20Business%20Performance%20%26%20Strategy) The CEO acknowledged that fiscal 2025 results were below expectations and pass sales growth was limited, attributing this to outdated guest engagement strategies and insufficient focus on lift ticket marketing. The company is committed to a multi-year strategy to leverage its competitive advantages, including enhancing lift ticket offerings, modernizing guest engagement through digital platforms, and optimizing the pass program for long-term loyalty and conversion - Performance for the past season was **below expectations**, and season-to-date pass sales growth has been limited, with projected guidance for fiscal year 2026 also reflecting this[14](index=14&type=chunk) - The company's guest engagement approach has not kept pace with shifting consumer behaviors, leading to a decline in email impact and a slow shift to new marketing channels[15](index=15&type=chunk) - New strategic priorities include rebuilding lift ticket visitation, evolving guest engagement to better reach and convert guests, and reaccelerating growth of the pass program[19](index=19&type=chunk) - Introduced **Epic Friend Tickets** for 2025/2026 Epic Pass holders to drive lift ticket sales for new guests and serve as a tool for future pass conversion[20](index=20&type=chunk)[24](index=24&type=chunk)

Core Insights - Vail Resorts reported a 2% growth in Resort Reported EBITDA for fiscal 2025 despite a 3% decline in total skier visits across North American resorts, driven by increased season pass revenue and ancillary spending [3][6][9] - The company anticipates net income for fiscal 2026 to be between $201 million and $276 million, with Resort Reported EBITDA expected to range from $842 million to $898 million [22][30] - A quarterly cash dividend of $2.22 per share was declared, payable on October 27, 2025, and the company repurchased approximately 1.29 million shares during the quarter [32][33] Financial Performance - Net income attributable to Vail Resorts for fiscal 2025 was $280 million, up from $231.1 million in fiscal 2024 [6][17] - Resort net revenue increased by $83.4 million to $2,963.9 million, with Resort Reported EBITDA rising by $19 million, or 2.3% [17][18] - Total lift revenue increased by $60.4 million, or 4.2%, to $1,503.2 million, primarily due to a 4.2% increase in pass product revenue [7][17] Season Pass Sales - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased about 1% in sales dollars compared to the previous year [19][20] - The decline in units was attributed to fewer renewing guests and new passholders, although renewals were up for more loyal passholders [20][19] Resource Efficiency Transformation Plan - The company is on track to achieve $100 million in annualized cost efficiencies by the end of fiscal 2026, having delivered approximately $37 million in efficiencies in fiscal 2025 [21][30] - Fiscal 2026 is expected to deliver approximately $75 million in efficiencies, partially offset by one-time costs of about $14 million [21][22] Capital Investments - The company plans to invest approximately $249 million to $254 million in capital expenditures for calendar year 2025, including core capital and growth capital investments [34][35] - Key projects include upgrades at Park City Mountain and enhancements to the My Epic App [35][34] Guidance and Outlook - The guidance for fiscal 2026 assumes growth from price increases and ancillary revenue capture, alongside expected efficiencies from the resource efficiency transformation plan [22][23] - The company aims to increase guest visitation and evolve its guest engagement strategy to drive revenue growth [11][12]