VAIL RESORTS INC
For the period ended Jul 31, 2026. Filed Sep 28, 2026.
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FY2026 · Filed Sep 28, 2026
MTN$156.51-2.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended July 31, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| Cash flows from operating activities: | |||
| Net income | $170,744 | $297,976 | $246,979 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 305,610 | 296,437 | 279,073 |
| Stock-based compensation expense | 28,164 | 33,962 | 26,803 |
| Deferred income taxes, net | (1,784) | (20,952) | 6,702 |
| Loss (gain) on disposal of fixed assets and other, net | 6,823 | (6,933) | 9,633 |
| Change in estimated fair value of contingent consideration | 19,239 | 9,379 | 47,957 |
| Other non-cash income, net | (12,148) | (29,014) | (2,745) |
| Changes in assets and liabilities, net of effects of acquisitions: | |||
| Accounts receivables, net | 30,642 | (6,708) | 12,887 |
| Inventories, net | (16,918) | 1,203 | 13,190 |
| Accounts payable and accrued liabilities | 15,802 | 18,396 | 9,369 |
| Deferred revenue | (39,564) | 26,436 | 2,647 |
| Income taxes payable | (12,003) | (36,281) | (43,442) |
| Other assets and liabilities, net | (14,981) | (29,031) | (20,031) |
| Net cash provided by operating activities | 479,626 | 554,870 | 589,022 |
| Cash flows from investing activities: | |||
| Capital expenditures | (231,625) | (235,191) | (211,197) |
| Acquisition of businesses, net of cash acquired | — | — | (94,356) |
| Purchases of short-term certificates of deposit | (75,445) | — | — |
| Maturity of short-term certificates of deposit | 38,334 | — | 57,647 |
| Cash received from disposal of fixed assets | 2,482 | 12,373 | 337 |
| Other investing activities, net | 292 | 18,321 | 6,500 |
| Net cash used in investing activities | (265,962) | (204,497) | (241,069) |
| 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 | 669,063 | 350,000 | — |
| Repayments of borrowings under 6.25% Notes | — | — | (600,000) |
| Repayments of 0.0% Convertible Notes | (525,000) | (48,000) | — |
| Repayments of borrowings under Vail Holdings Credit Agreement | (156,484) | (399,219) | (55,859) |
| Dividends paid | (317,131) | (328,168) | (323,684) |
| Repurchases of common stock | (45,000) | (270,000) | (150,000) |
| Employee taxes paid for share award exercises | (4,202) | (8,036) | (5,625) |
| Other financing activities, net | (42,286) | (39,224) | (41,868) |
| Net cash used in financing activities | (421,040) | (242,647) | (577,036) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,019) | 11,630 | (6,947) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (209,395) | 119,356 | (236,030) |
| Cash, cash equivalents and restricted cash: | |||
| Beginning of period | $456,419 | $337,063 | $573,093 |
| End of period | $247,024 | $456,419 | $337,063 |
| Cash paid for interest | $186,308 | $156,368 | $146,559 |
| Taxes paid, net | $69,938 | $161,655 | $129,350 |
| Non-cash investing activities: | |||
| Accrued capital expenditures | $27,890 | $25,788 | $24,872 |
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