VAIL RESORTS INC
For the period ended Jul 31, 2025. Filed Sep 29, 2025.
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FY2025 · Filed Sep 29, 2025
MTN$159.89+0.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(In thousands, except per share amounts)
| Year Ended July 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net revenue: | |||
| Mountain and Lodging services and other | $2,464,910 | $2,388,227 | $2,372,175 |
| Mountain and Lodging retail and dining | 499,002 | 492,260 | 509,124 |
| Resort net revenue | 2,963,912 | 2,880,487 | 2,881,299 |
| Real Estate | 435 | 4,704 | 8,065 |
| Total net revenue | 2,964,347 | 2,885,191 | 2,889,364 |
| Operating expense (exclusive of depreciation and amortization shown separately below): | |||
| Mountain and Lodging operating expense | 1,507,993 | 1,458,369 | 1,454,324 |
| Mountain and Lodging retail and dining cost of products sold | 181,988 | 188,054 | 203,278 |
| General and administrative | 433,714 | 410,027 | 389,465 |
| Resort operating expense | 2,123,695 | 2,056,450 | 2,047,067 |
| Real Estate | 6,213 | 9,514 | 10,635 |
| Total segment operating expense | 2,129,908 | 2,065,964 | 2,057,702 |
| Other operating (expense) income: | |||
| Depreciation and amortization | (296,437) | (279,073) | (269,178) |
| Gain on sale of real property | 24,404 | 6,285 | 842 |
| Change in estimated fair value of contingent consideration (Note 9) | (9,379) | (47,957) | (49,836) |
| Gain (loss) on disposal of fixed assets and other, net | 6,933 | (9,633) | (9,070) |
| Income from operations | 559,960 | 488,849 | 504,420 |
| Interest expense, net | (171,628) | (164,599) | (155,446) |
| Mountain equity investment income, net | 3,919 | 1,053 | 605 |
| Investment income and other, net | 10,126 | 18,592 | 23,744 |
| Foreign currency gain (loss) on intercompany loans (Note 6) | 20 | (4,140) | (2,907) |
| Income before provision for income taxes | 402,397 | 339,755 | 370,416 |
| Provision for income taxes (Note 10) | (104,421) | (92,776) | (87,636) |
| Net income | 297,976 | 246,979 | 282,780 |
| Net income attributable to noncontrolling interests | (17,972) | (15,874) | (16,955) |
| Net income attributable to Vail Resorts, Inc. | $280,004 | $231,105 | $265,825 |
| Per share amounts (Note 5): | |||
| Basic net income per share attributable to Vail Resorts, Inc. | $7.54 | $6.10 | $6.70 |
| Diluted net income per share attributable to Vail Resorts, Inc. | $7.53 | $6.09 | $6.69 |
| Cash dividends declared per share | $8.88 | $8.56 | $7.94 |
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