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VAIL RESORTS INC

MTN Clue Score40
United States Fiscal year ends July CIK 0000812011
$146.03 -0.04% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $146.03 −56.95% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 11 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue1,907.2Operating income379.3Net income210.6EPS, diluted5.22Fiscal year 2018Revenue2,011.6 +5.5%Operating income408.8Net income379.9 +80.4%EPS, diluted9.13 +74.9%Fiscal year 2019Revenue2,271.6 +12.9%Operating income476.3Net income301.2 −20.7%EPS, diluted7.32 −19.8%Fiscal year 2020Revenue1,963.7 −13.6%Operating income223.4Net income98.8 −67.2%EPS, diluted2.42 −66.9%Fiscal year 2021Revenue1,909.7 −2.7%Operating income261.0Net income127.9 +29.4%EPS, diluted3.13 +29.3%Fiscal year 2022Revenue2,525.9 +32.3%Operating income601.7Net income347.9 +172.1%EPS, diluted8.55 +173.2%Fiscal year 2023Revenue2,889.4 +14.4%Operating income504.4Net income265.8 −23.6%EPS, diluted6.69 −21.8%Fiscal year 2024Revenue2,885.2 −0.1%Operating income488.8Net income231.1 −13.1%EPS, diluted6.09 −9.0%Fiscal year 2025Revenue2,964.3 +2.7%Operating income560.0Net income280.0 +21.2%EPS, diluted7.53 +23.6%Fiscal year 2026Revenue2,838.2 −4.3%Operating income420.5Net income147.5 −47.3%EPS, diluted4.12 −45.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 1,907.2 2,011.6 2,271.6 1,963.7 1,909.7 2,525.9 2,889.4 2,885.2 2,964.3 2,838.2
Growth +5.5% +12.9% −13.6% −2.7% +32.3% +14.4% −0.1% +2.7% −4.3%
Operating income 379.3 408.8 476.3 223.4 261.0 601.7 504.4 488.8 560.0 420.5
Net income 210.6 379.9 301.2 98.8 127.9 347.9 265.8 231.1 280.0 147.5
Growth +80.4% −20.7% −67.2% +29.4% +172.1% −23.6% −13.1% +21.2% −47.3%
EPS, diluted 5.22 9.13 7.32 2.42 3.13 8.55 6.69 6.09 7.53 4.12
Growth +74.9% −19.8% −66.9% +29.3% +173.2% −21.8% −9.0% +23.6% −45.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin19.9%Net margin11.0%Free cash flow margin17.1%Fiscal year 2018Operating margin20.3%Net margin18.9%Free cash flow margin20.3%Fiscal year 2019Operating margin21.0%Net margin13.3%Free cash flow margin19.5%Fiscal year 2020Operating margin11.4%Net margin5.0%Free cash flow margin11.3%Fiscal year 2021Operating margin13.7%Net margin6.7%Free cash flow margin21.5%Fiscal year 2022Operating margin23.8%Net margin13.8%Free cash flow margin20.5%Fiscal year 2023Operating margin17.5%Net margin9.2%Free cash flow margin11.2%Fiscal year 2024Operating margin16.9%Net margin8.0%Free cash flow margin13.1%Fiscal year 2025Operating margin18.9%Net margin9.4%Free cash flow margin10.8%Fiscal year 2026Operating margin14.8%Net margin5.2%Free cash flow margin8.7%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating margin 19.9% 20.3% 21.0% 11.4% 13.7% 23.8% 17.5% 16.9% 18.9% 14.8%
Net margin 11.0% 18.9% 13.3% 5.0% 6.7% 13.8% 9.2% 8.0% 9.4% 5.2%
Free cash flow margin 17.1% 20.3% 19.5% 11.3% 21.5% 20.5% 11.2% 13.1% 10.8% 8.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow471.0Capital expenditure−144.4Free cash flow326.6Buybacks−0.2Dividends paid−146.2Fiscal year 2018Operating cash flow548.5Capital expenditure−140.6Free cash flow407.9 +24.9%Buybacks−25.8Dividends paid−204.2Fiscal year 2019Operating cash flow634.2Capital expenditure−192.0Free cash flow442.2 +8.4%Buybacks−85.0Dividends paid−260.6Fiscal year 2020Operating cash flow395.0Capital expenditure−172.3Free cash flow222.6 −49.7%Buybacks−46.4Dividends paid−212.7Fiscal year 2021Operating cash flow525.3Capital expenditure−115.1Free cash flow410.2 +84.2%Buybacks0.0Dividends paid0.0Fiscal year 2022Operating cash flow710.5Capital expenditure−192.8Free cash flow517.7 +26.2%Buybacks−75.0Dividends paid−225.8Fiscal year 2023Operating cash flow637.9Capital expenditure−314.9Free cash flow322.9 −37.6%Buybacks−500.0Dividends paid−314.4Fiscal year 2024Operating cash flow589.0Capital expenditure−211.2Free cash flow377.8 +17.0%Buybacks−150.0Dividends paid−323.7Fiscal year 2025Operating cash flow554.9Capital expenditure−235.2Free cash flow319.7 −15.4%Buybacks−270.0Dividends paid−328.2Fiscal year 2026Operating cash flow479.6Capital expenditure−231.6Free cash flow248.0 −22.4%Buybacks−45.0Dividends paid−317.1
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow 471.0 548.5 634.2 395.0 525.3 710.5 637.9 589.0 554.9 479.6
Capital expenditure −144.4 −140.6 −192.0 −172.3 −115.1 −192.8 −314.9 −211.2 −235.2 −231.6
Free cash flow 326.6 407.9 442.2 222.6 410.2 517.7 322.9 377.8 319.7 248.0
Growth +24.9% +8.4% −49.7% +84.2% +26.2% −37.6% +17.0% −15.4% −22.4%
Buybacks −0.2 −25.8 −85.0 −46.4 0.0 −75.0 −500.0 −150.0 −270.0 −45.0
Dividends paid −146.2 −204.2 −260.6 −212.7 0.0 −225.8 −314.4 −323.7 −328.2 −317.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash117.4Total debt1,272.4Net cash (debt)−1,155.0Shareholders’ equity1,571.2Debt to equity0.81Fiscal year 2018Cash178.1Total debt1,272.7Net cash (debt)−1,094.6Shareholders’ equity1,589.4Debt to equity0.80Fiscal year 2019Cash108.9Total debt1,576.3Net cash (debt)−1,467.4Shareholders’ equity1,500.6Debt to equity1.05Fiscal year 2020Cash391.0Total debt2,450.8Net cash (debt)−2,059.8Shareholders’ equity1,316.7Debt to equity1.86Fiscal year 2021Cash1,244.0Total debt2,850.3Net cash (debt)−1,606.3Shareholders’ equity1,594.6Debt to equity1.79Fiscal year 2022Cash1,107.4Total debt2,734.0Net cash (debt)−1,626.6Shareholders’ equity1,612.4Debt to equity1.70Fiscal year 2023Cash563.0Total debt2,819.8Net cash (debt)−2,256.9Shareholders’ equity1,003.9Debt to equity2.81Fiscal year 2024Cash322.8Total debt2,790.8Net cash (debt)−2,468.0Shareholders’ equity709.9Debt to equity3.93Fiscal year 2025Cash440.3Total debt3,194.3Net cash (debt)−2,754.0Shareholders’ equity424.5Debt to equity7.52Fiscal year 2026Cash231.3Total debt3,186.4Net cash (debt)−2,955.0Shareholders’ equity240.5Debt to equity13.25
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 117.4 178.1 108.9 391.0 1,244.0 1,107.4 563.0 322.8 440.3 231.3
Total debt 1,272.4 1,272.7 1,576.3 2,450.8 2,850.3 2,734.0 2,819.8 2,790.8 3,194.3 3,186.4
Net cash (debt) −1,155.0 −1,094.6 −1,467.4 −2,059.8 −1,606.3 −1,626.6 −2,256.9 −2,468.0 −2,754.0 −2,955.0
Shareholders’ equity 1,571.2 1,589.4 1,500.6 1,316.7 1,594.6 1,612.4 1,003.9 709.9 424.5 240.5
Debt to equity 0.81 0.80 1.05 1.86 1.79 1.70 2.81 3.93 7.52 13.25

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending July, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Jul 2017 FY2018 31 Jul 2018 FY2019 31 Jul 2019 FY2020 31 Jul 2020 FY2021 31 Jul 2021 FY2022 31 Jul 2022 FY2023 31 Jul 2023 FY2024 31 Jul 2024 FY2025 31 Jul 2025 FY2026 31 Jul 2026
Revenue and profit
1,907.2 2,011.6 2,271.6 1,963.7 1,909.7 2,525.9 2,889.4 2,885.2 2,964.3 2,838.2
Growth +5.5% +12.9% −13.6% −2.7% +32.3% +14.4% −0.1% +2.7% −4.3%
379.3 408.8 476.3 223.4 261.0 601.7 504.4 488.8 560.0 420.5
Growth +7.8% +16.5% −53.1% +16.8% +130.5% −16.2% −3.1% +14.5% −24.9%
348.4 340.1 399.0 116.4 125.2 457.2 370.4 339.8 402.4 227.0
116.7 −61.1 75.5 7.4 0.7 88.8 87.6 92.8 104.4 56.2
210.6 379.9 301.2 98.8 127.9 347.9 265.8 231.1 280.0 147.5
Growth +80.4% −20.7% −67.2% +29.4% +172.1% −23.6% −13.1% +21.2% −47.3%
Per share
5.36 9.40 7.46 2.45 3.17 8.60 6.70 6.10 7.54 4.13
5.22 9.13 7.32 2.42 3.13 8.55 6.69 6.09 7.53 4.12
Growth +74.9% −19.8% −66.9% +29.3% +173.2% −21.8% −9.0% +23.6% −45.3%
39.3 40.4 40.3 40.3 40.3 40.5 39.7 37.9 37.2 35.7
40.4 41.6 41.2 40.8 40.8 40.7 39.8 38.0 37.2 35.8
Growth +3.1% −1.1% −0.8% −0.0% −0.3% −2.3% −4.5% −2.0% −3.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 8.2% a year over five years, and earnings per share grew 5.7% a year.
  • The diluted share count fell 12.3% in five years, so buybacks did some of the work per share.
  • Operating margin is up 1.1 points on five years ago, at 14.8%.
  • Profitable in every one of the 10 years on file.