VAIL RESORTS INC
For the period ended Jul 31, 2025. Filed Sep 29, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Sep 29, 2025
MTN$156.51-2.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended July 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $297,976 | $246,979 | $282,780 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 296,437 | 279,073 | 269,178 |
| Stock-based compensation expense | 33,962 | 26,803 | 25,409 |
| Deferred income taxes, net | (20,952) | 6,702 | 23,456 |
| (Gain) loss on disposal of fixed assets and other, net | (6,933) | 9,633 | 9,070 |
| Change in estimated fair value of contingent consideration | 9,379 | 47,957 | 49,836 |
| Other non-cash income, net | (29,014) | (2,745) | (4,140) |
| Changes in assets and liabilities, net of effects of acquisitions: | |||
| Trade receivables, net | (6,708) | 12,887 | 4,248 |
| Inventories, net | 1,203 | 13,190 | (23,418) |
| Accounts payable and accrued liabilities | 18,396 | 9,369 | (7,509) |
| Deferred revenue | 26,436 | 2,647 | 60,268 |
| Income taxes payable | (36,281) | (43,442) | (32,270) |
| Other assets and liabilities, net | (29,031) | (20,031) | (19,053) |
| Net cash provided by operating activities | 554,870 | 589,022 | 637,855 |
| Cash flows from investing activities: | |||
| Capital expenditures | (235,191) | (211,197) | (314,912) |
| Acquisition of businesses, net of cash acquired | — | (94,356) | (38,567) |
| Deposit returned for acquisition of business | — | — | 114,506 |
| Investments in short-term deposits | — | — | (86,756) |
| Maturity of short-term deposits | — | 57,647 | 37,978 |
| Cash received from disposal of fixed assets | 12,373 | 337 | 5,674 |
| Other investing activities, net | 18,321 | 6,500 | 8,910 |
| Net cash used in investing activities | (204,497) | (241,069) | (273,167) |
| Cash flows from financing activities: | |||
| Proceeds from borrowings under 5.625% Notes | 500,000 | — | — |
| Proceeds from borrowings under 6.50% Notes | — | 600,000 | — |
| Proceeds from borrowings under Vail Holdings Credit Agreement | 350,000 | — | — |
| Repayments of borrowings under 6.25% Notes | — | (600,000) | — |
| Repayments of borrowings under Vail Holdings Credit Agreement | (399,219) | (55,859) | (62,500) |
| Repayments of borrowings under Whistler Credit Agreement | — | — | (11,389) |
| Repurchases of 0.0% Convertible Notes | (48,000) | — | — |
| Dividends paid | (328,168) | (323,684) | (314,350) |
| Repurchases of common stock | (270,000) | (150,000) | (500,000) |
| Employee taxes paid for share award exercises | (8,036) | (5,625) | (5,486) |
| Other financing activities, net | (39,224) | (41,868) | (20,275) |
| Net cash used in financing activities | (242,647) | (577,036) | (914,000) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 11,630 | (6,947) | (3,702) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 119,356 | (236,030) | (553,014) |
| Cash, cash equivalents and restricted cash: | |||
| Beginning of period | $337,063 | $573,093 | $1,126,107 |
| End of period | $456,419 | $337,063 | $573,093 |
| Cash paid for interest | $156,368 | $146,559 | $140,599 |
| Taxes paid, net | $161,655 | $129,350 | $94,342 |
| Non-cash investing activities: | |||
| Accrued capital expenditures | $25,788 | $24,872 | $23,210 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.