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What changed in VAIL RESORTS INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of VAIL RESORTS INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+354 added−354 removedSource: 10-K (2025-09-29) vs 10-K (2024-09-26)

Top changes in VAIL RESORTS INC's 2025 10-K

354 paragraphs added · 354 removed · 269 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

89 edited+23 added−43 removed174 unchanged
Biggest changeInvestments in the past several years include: • a new high-speed six-person lift in Bergman Bowl at Keystone; • replacing Breckenridge’s fixed-grip double 5-Chair with a new high-speed four-person lift; • replacing Whistler Blackcomb’s existing four-person high speed Fitzsimmons lift with a new high-speed eight-person lift; • replacing Stevens Pass’ current fixed-grip double Kehr’s Chair lift with a new four-person lift; • replacing the three-person fixed-grip Summit Triple lift at Attitash with a new high-speed four-person lift; • a new high-speed ten-person gondola at Whistler Blackcomb replacing the existing six-person gondola; • replacing Whistler Blackcomb’s existing Big Red Express high-speed four-person lift with a high-speed six-person lift; • a new high-speed four-person lift in Vail’s Sun Down Bowl; • replacing the four-person lift in Vail’s Game Creek Bowl with a new high-speed six-person lift; • replacing Breckenridge’s fixed-grip double Rip’s Ride lift with a high-speed four-person lift; • a new high-speed six-person chair replacing Northstar’s Comstock four-person lift; • replacing Heavenly’s fixed-grip triple North Bowl lift with a high-speed four-person lift; • replacing 11 existing lifts at Stowe, Mount Snow, Attitash, Boston Mills, Brandywine, Jack Frost and Big Boulder with new high-speed and fixed-grip lifts; • the 250-acre lift-served terrain expansion in the McCoy Park area of Beaver Creek; • a new four-person high speed lift to serve Peak 7 at Breckenridge; • replacing the four-person Peru lift at Keystone with a six-person high speed lift; • replacing the Peachtree lift at Crested Butte with a new three-person fixed-grip lift; and • an upgrade of the four-person Quantum lift at Okemo with a six-person high speed lift, and relocating the four-person Quantum lift to replace the Green Ridge three-person fixed-grip lift. • Terrain Parks We are committed to leading the industry in terrain park design, education and events for the growing segment of freestyle skiers and snowboarders.
Biggest changeSignificant investments in the past ten years include, among other projects: • replacing Whistler Blackcomb’s existing four-person high-speed Jersey Cream lift with a new six-person high-speed lift; 8 • replacing Hunter Mountain’s existing fixed-grip four-person Broadway lift with a new high-speed six-person lift and replacing and relocating the existing two-person fixed-grip E lift with a new four-person lift; • a new high-speed six-person lift in Bergman Bowl at Keystone; • replacing Breckenridge’s fixed-grip double 5-Chair with a new high-speed four-person lift; • replacing Whistler Blackcomb’s existing four-person high-speed Fitzsimmons lift with a new high-speed eight-person lift; • replacing Stevens Pass’ current fixed-grip double Kehr’s Chair lift with a new four-person lift; • replacing the three-person fixed-grip Summit Triple lift at Attitash with a new high-speed four-person lift; • a new high-speed ten-person gondola at Whistler Blackcomb replacing the existing six-person gondola; • replacing Whistler Blackcomb’s existing Big Red Express high-speed four-person lift with a high-speed six-person lift; • a new high-speed four-person lift in Vail’s Sun Down Bowl; • replacing the four-person lift in Vail’s Game Creek Bowl with a new high-speed six-person lift; • replacing Breckenridge’s fixed-grip double Rip’s Ride lift with a high-speed four-person lift; • a new high-speed six-person chair replacing Northstar’s Comstock four-person lift; • replacing Heavenly’s fixed-grip triple North Bowl lift with a high-speed four-person lift; • replacing 11 existing lifts at Stowe, Mount Snow, Attitash, Boston Mills, Brandywine, Jack Frost and Big Boulder with new high-speed and fixed-grip lifts; • the 250-acre lift-served terrain expansion in the McCoy Park area of Beaver Creek; • a new four-person high-speed lift to serve Peak 7 at Breckenridge; • replacing the four-person Peru lift at Keystone with a six-person high-speed chairlift; • an upgrade of the four-person Quantum lift at Okemo with a six-person high-speed chairlift, relocating the existing four-person Quantum lift to replace the Green Ridge three-person fixed-grip chairlift; • upgrading the Daisy and Brooks fixed-grip lifts at Stevens Pass to four-person high-speed lifts; • installing a new 10-person gondola running from the base to the top of Blackcomb Mountain, replacing the Wizard and Solar four person chairs with a single state-of-the-art gondola; • upgrading the four-person Emerald express lift to a high-speed six-person lift on Whistler Mountain; • upgrading the fixed-grip High Meadow lift to a four-person high-speed lift at the Canyons area of Park City; • replacing each of the Northwoods lift at Vail Mountain, the Peak 10 Falcon SuperChair at Breckenridge and the Montezuma lift at Keystone with new high-speed, six-passenger lifts; • replacing the existing Avanti four-person quad lift at Vail with a new six-person high-speed lift; and • installing a new high-speed eight-person Gondola at the combined Park City and Canyons resort, allowing access between the two former resorts for the first time, connecting the base of the Silverlode Lift at Park City with the Flatiron Lift at Canyons. • Terrain Parks We are committed to leading the industry in terrain park design, education and events for the growing segment of freestyle skiers and snowboarders.
We then utilize this guest feedback to help us focus our capital spending and operational efforts to the areas of the greatest need. • Frontline Talent Our talent philosophy is designed to enable us to fully achieve our mission and vision by ensuring we have the talent in place to deliver on our future growth plans, and we believe our frontline talent is a strategic advantage.
We then utilize this guest feedback to help us focus our capital spending and operational efforts on the areas of the greatest need. • Frontline Talent Our talent philosophy is designed to enable us to fully achieve our mission and vision by ensuring we have the talent in place to deliver on our future growth plans, and we believe our frontline talent is a strategic advantage.
Over the past several years, ongoing investments in frontline talent have driven strong staffing levels, with high engagement and season-to-season return rates, enabling our mountain resorts to deliver strong guest experience results, including on-mountain activities as well as at our restaurants, lodging, ski and ride school, and retail/rental locations.
Over the past several years, ongoing investments in frontline talent have driven strong staffing levels, with high engagement and season-to-season return rates, enabling our mountain resorts to deliver strong guest experience results, including on-mountain activities as well as at our restaurants, lodging, ski and ride school, and retail/rental locations.
Each individual national forest is required by the National Forest Management Act to develop and maintain a Land and Resource Management Plan (a “Forest Plan”), which establishes standards and guidelines for the Forest Service to follow and consider in reviewing and approving our proposed actions. 19 Each of the Forest Service Resorts operates under a SUP, and the acreage and expiration date information for each SUP is as follows: Forest Service Resort Acres Expiration Date Breckenridge 5,702 December 31, 2029 Vail Mountain 12,353 December 1, 2031 Keystone 8,376 December 31, 2032 Beaver Creek 3,801 November 8, 2039 Heavenly 7,050 May 1, 2042 Mount Snow 894 April 4, 2047 Attitash 279 April 4, 2047 Wildcat 953 November 18, 2050 Kirkwood 2,330 March 1, 2052 Stevens Pass 2,443 August 31, 2058 Crested Butte 4,350 September 27, 2058 We anticipate requesting a new SUP for each Forest Service Resort prior to its expiration date as provided by Forest Service regulations and the terms of each existing SUP.
Each individual national forest is required by the National Forest Management Act to develop and maintain a Land and Resource Management Plan (a “Forest Plan”), which establishes standards and guidelines for the Forest Service to follow and consider in reviewing and approving our proposed actions. 18 Each of the Forest Service Resorts operates under a SUP, and the acreage and expiration date information for each SUP is as follows: Forest Service Resort Acres Expiration Date Breckenridge 5,702 December 31, 2029 Vail Mountain 12,353 December 1, 2031 Keystone 8,376 December 31, 2032 Beaver Creek 3,801 November 8, 2039 Heavenly 7,050 May 1, 2042 Mount Snow 894 April 4, 2047 Attitash 279 April 4, 2047 Wildcat 953 November 18, 2050 Kirkwood 2,330 March 1, 2052 Stevens Pass 2,443 August 31, 2058 Crested Butte 4,350 September 27, 2058 We anticipate requesting a new SUP for each Forest Service Resort prior to its expiration date as provided by Forest Service regulations and the terms of each existing SUP.
These investments included: (i) competitive wages and benefits for all of our hourly employees, including seasonal frontline staff; (ii) investments in our human resource systems and processes to support full staffing and deliver enhanced employee experience; (iii) differentiated frontline training and leadership development programming; (iv) mental health and wellness programming available for all employees, even if they are not enrolled in an employer-sponsored healthcare plan, which includes free mental health therapy sessions; and (v) unique employee benefits, including ski passes for employees and dependents, complementary ski/ride coupons and a 40% discount for retail and rental gear.
These investments included: (i) competitive wages and benefits for all of our hourly employees, including seasonal frontline staff; (ii) investments in our human resource systems and processes to support full staffing and deliver enhanced employee experience; (iii) investments in differentiated frontline training and leadership development programming; (iv) investments in mental health and wellness programming, made available to all employees, even if they are not enrolled in an employer-sponsored healthcare plan, which includes free mental health therapy sessions; and (v) investments in unique employee benefits, including ski passes for employees and dependents, complementary ski/ride coupons and a 40% discount for retail and rental gear.
The highly seasonal nature of our lodging properties typically results in lower average occupancy as compared to the upper upscale segment of the lodging industry as a whole. 12 Competition Competition in the hotel industry is generally based on quality and consistency of rooms, restaurants, meeting facilities and services, the attractiveness of locations, availability of a global distribution system and price.
The highly seasonal nature of our lodging properties typically results in lower average occupancy as compared to the upper upscale segment of the lodging industry as a whole. Competition Competition in the hotel industry is generally based on quality and consistency of rooms, restaurants, meeting facilities and services, the attractiveness of locations, availability of a global distribution system and price.
We promote our Resorts using guest-centric omni-channel marketing campaigns leveraging email, direct mail, promotional programs, digital marketing (including social, search and display) and traditional media advertising where appropriate (e.g. targeted print, TV and radio). We also have marketing programs directed at attracting groups, corporate meetings and convention business.
We promote our Resorts using guest-centric omni-channel marketing campaigns leveraging email, direct mail, promotional programs, digital marketing (including social, influencer, search and display) and traditional media advertising where appropriate (e.g. targeted print, TV and radio). We also have marketing programs directed at attracting groups, corporate meetings and convention business.
National Park Concessioner Properties We own GTLC, which is based in the Jackson Hole area in Wyoming and operates within Grand Teton National Park under a concession agreement with the NPS with an initial term that would have expired on December 31, 2021.
National Park Concessioner Properties We own GTLC, which is based in the Jackson Hole area of Wyoming and operates within Grand Teton National Park under a concession agreement with the NPS with an initial term that would have expired on December 31, 2021.
Additionally, we operate several golf courses proximate to our Resorts, as described above. 14 Sustainability & Social Responsibility Sustainability remains a core philosophy for us. As a company rooted in the great outdoors, we have a unique responsibility to protect and preserve the incredible environments in which we operate.
Additionally, we operate several golf courses proximate to our Resorts, as described above. Sustainability & Social Responsibility Sustainability remains a core philosophy for us. As a company rooted in the great outdoors, we have a unique responsibility to protect and preserve the incredible environments in which we operate.
We seek to register and protect our trademarks, service marks, trade names and logos and have obtained a significant number of registrations for those trademarks. We believe our brands have become synonymous in the travel and leisure industry 18 with a reputation for excellence in service and authentic hospitality.
We seek to register and protect our trademarks, service marks, trade names and logos and have obtained a significant number of registrations for those trademarks. We believe our brands have become synonymous in the travel and leisure industry with a reputation for excellence in service and authentic hospitality.
The NPS may also terminate the concession contract for breach, following notice and a 15 day cure period or if it believes termination is necessary to protect visitors or resources within the Grand Teton National Park. 23 Available Information We file with or furnish to the Securities and Exchange Commission (“SEC”) reports, including our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
The NPS may also terminate the concession contract for breach, following notice and a 15 day cure period or if it believes termination is necessary to protect visitors or resources within the Grand Teton National Park. 22 Available Information We file with or furnish to the Securities and Exchange Commission (“SEC”) reports, including our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
We primarily compete with such companies as Aramark Parks & Resorts, Delaware North Companies Parks & Resorts, ExploreUS and Xanterra Parks & Resorts in retaining and obtaining NPS concession agreements. Four full-service concessioners provide accommodations within Grand Teton National Park, including GTLC.
We primarily compete with such companies as Aramark Parks & Resorts, Delaware North Companies Parks & Resorts, ExploreUS and Xanterra Parks & Resorts in retaining and obtaining NPS concession agreements. Four full-service 13 concessioners provide accommodations within Grand Teton National Park, including GTLC.
With respect to Swiss operations, companies who provide for regular and commercial passenger transportation by rail, road and water as well as by cable cars and elevators must obtain a passenger transport concession from the Federal Office of Transport 22 (“FOT”).
With respect to Swiss operations, companies who provide for regular and commercial passenger transportation by rail, road and water as well as by cable cars and elevators must obtain a passenger transport concession from the Federal Office of Transport (“FOT”).
Pacific Northwest (British Columbia, Canada) • Whistler Blackcomb (“Whistler Blackcomb”) - located in the Coast Mountains of British Columbia, Canada, approximately 85 miles (135 kilometers) from the Vancouver International Airport, Whistler Blackcomb is the largest year-round mountain resort in North America, with two mountains connected by the PEAK 2 PEAK gondola, which combined offer over 200 marked runs, over 8,000 skiable acres (3,300 hectares), 14 alpine bowls, three glaciers and one of the longest ski seasons in North America.
Pacific Northwest (British Columbia, Canada) • Whistler Blackcomb (“Whistler Blackcomb”) - located in the Coast Mountains of British Columbia, Canada, approximately 85 miles (135 kilometers) from the Vancouver International Airport, Whistler Blackcomb is the largest year-round mountain resort in North America, with two mountains connected by the PEAK 2 PEAK gondola, which combined offer over 200 marked runs, over 8,000 skiable acres (3,300 hectares), 16 alpine bowls, three glaciers and one of the longest ski seasons in North America.
Additionally, we own four ski areas in New Hampshire serving guests throughout New England. Mid-Atlantic (Pennsylvania) We own and operate eight ski areas in the Mid-Atlantic region serving guests in Philadelphia, Pittsburgh, Southern New Jersey, Baltimore and Washington D.C.
Additionally, we own four ski areas in New Hampshire serving guests throughout New England. Mid-Atlantic (Pennsylvania) We own and operate eight regional ski areas in the Mid-Atlantic region serving guests in Philadelphia, Pittsburgh, Southern New Jersey, Baltimore and Washington D.C.
As a result of the extensive amenities offered, as well as 13 the tremendous popularity of the National Park System, GTLC’s accommodations within Grand Teton National Park generally operate near full capacity during their operating season.
As a result of the extensive amenities offered, as well as the tremendous popularity of the National Park System, GTLC’s accommodations within Grand Teton National Park generally operate near full capacity during their operating season.
In addition to providing a major retail/rental presence at each of our Resorts, we also have retail/rental locations throughout the Colorado Front Range and Minneapolis.
In addition to providing a major retail/rental presence at each of our Resorts, we also have retail/ 11 rental locations throughout the Colorado Front Range and in Minneapolis.
Vail Resorts was recognized by Newsweek as one of the “Most Trustworthy Companies in America” in both 2024 and 2023, which we believe reflects our focus on building customer, investor, and employee trust through listening, learning and adapting to the needs of our team members and guests, while remaining responsible stewards through our industry-leading sustainability efforts.
Vail Resorts was recognized by Newsweek as one of the “Most Trustworthy Companies in America” in 2025, 2024 and 2023, which we believe reflects our focus on building customer, investor, and employee trust through listening, learning and adapting to the needs of our team members and guests, while remaining responsible stewards through our industry-leading sustainability efforts.
We expect the NPS to confirm this extension in the fall of 2024. We also own Flagg Ranch, located in Moran, Wyoming and centrally located between Yellowstone National Park and Grand Teton National Park on the John D. Rockefeller, Jr. Memorial Parkway (the “Parkway”). Flagg Ranch operates under a concession agreement with the NPS that expires October 31, 2028.
We expect the NPS to confirm this extension in the fall of 2025. We also own Flagg Ranch, located in Moran, Wyoming and centrally located between Yellowstone National Park and Grand Teton National Park on the John D. Rockefeller, Jr. Memorial Parkway (the “Parkway”). Flagg Ranch operates under a concession agreement with the NPS that expires October 31, 2028.
Under the Ursern Framework Concession, ASA was granted the required concessions for all ski infrastructure facilities and the usage of the ski slopes on the property of the Ursern Corporation.
Under the Ursern Framework Concession, ASA was granted the required concessions for all ski infrastructure 21 facilities and the usage of the ski slopes on the property of the Ursern Corporation.
In 2024, the International Olympic Committee selected Salt Lake City as the host for the 2034 Winter Olympics, naming Park City as an official venue for certain competitions. • Keystone Resort (“Keystone”) - the ninth most visited mountain resort in the U.S. for the 2023/2024 ski season, as well as the largest area for night skiing in Colorado.
In 2024, the International Olympic Committee selected Salt Lake City as the host for the 2034 Winter Olympics, naming Park City as an official venue for certain competitions. • Keystone Resort (“Keystone”) - the ninth most visited mountain resort in the U.S. for the 2024/2025 ski season, as well as the largest area for night skiing in Colorado.
In addition, our pass products attract new guests to our Resorts. Our pass products generated approximately 65% of our total lift revenue for Fiscal 2024, and generated approximately 75% of total visitation (excluding complimentary access) for Fiscal 2024. Sales of pass products are a key component of our overall Mountain segment revenue and help create strong synergies among our Resorts.
In addition, our pass products attract new guests to our Resorts. For Fiscal 2025, our pass products generated approximately 65% of our total lift revenue and approximately 75% of total visitation (excluding complimentary access). Sales of pass products are a key component of our overall Mountain segment revenue and help create strong synergies among our Resorts.
In addition to our portfolio of owned and managed luxury resort hotels and other hotels and properties, our lodging business also features a Colorado ground transportation company, which represents the first point of contact with many of our guests when they arrive by air to Colorado.
In addition to our portfolio of owned and managed luxury resort hotels and other hotels and properties, our lodging business also includes a Colorado ground transportation company, which represents the first point of contact with many of our guests when they arrive by air to Colorado.
For Fiscal 2024, our focus for the EpicPromise community impact grant program focused on larger grants in key communities to support housing and childcare. In addition, support continues to be given for food security, equal access to education and other basic needs and services.
For Fiscal 2025, our focus for the EpicPromise community impact grant program focused on larger grants in key communities to support housing and childcare. In addition, support continues to be given for food security, equal access to education and other basic needs and services.
Pacific Northwest (U.S.) Stevens Pass Resort (“Stevens Pass’’) - located less than 85 miles from Seattle on the crest of Washington State’s Cascade Range, Stevens Pass offers terrain for all levels across more than 1,100 acres of skiable terrain.
Pacific Northwest (U.S.) Located less than 85 miles from Seattle on the crest of Washington State’s Cascade Range, Stevens Pass Resort (“Stevens Pass”) offers terrain for all levels across more than 1,100 acres of skiable terrain.
The acquired operations include: an approximate 84% ownership stake in Remontées Mécaniques Crans Montana Aminona SA (“CMA”), which controls and operates all the resort’s lifts and supporting mountain operations, including four retail and rental locations; full ownership of SportLifeAG, which operates one of the ski schools located at the resort; and full ownership of 11 restaurants located on and around the mountain (operated by Crans-Montana Food and Beverage SA, or “CMFB”).
The acquired operations include: an approximate 84% ownership stake in Remontées Mécaniques Crans Montana Aminona SA (“CMA”), which controls and operates all the resort’s lifts and supporting mountain operations, including four retail and rental locations; full ownership of SportLife AG, which operates one of the ski schools located at the resort; and full ownership of 11 restaurants located on and around the mountain (operated by Crans-Montana Food and Beverage SA, or “CMFB”).
The Epic Discovery program encourages “learn through play” by featuring extensive environmental 11 educational elements interspersed between numerous activities, consisting of zip lines, children’s activities, challenge ropes courses, tubing, mountain excursions, an alpine slide and alpine coasters.
The Epic Discovery program encourages “learn through play” by featuring environmental educational elements interspersed between numerous activities, consisting of zip lines, children’s activities, challenge ropes courses, tubing, mountain excursions, an alpine slide and alpine coasters.
The legislation also authorizes the Minister for the Environment and the Minister for Heritage (the “Minister”) to grant leases and licenses of land within the Kosciuszko National Park for various 21 purposes, including for purposes related to sustainable visitor or tourist use and enjoyment.
The legislation also authorizes the Minister for the Environment and the Minister for Heritage (the “Minister”) to grant leases and licenses of land within the Kosciuszko National Park for various 20 purposes, including for purposes related to sustainable visitor or tourist use and enjoyment.
“Financial Statements and Supplementary Data.” 4 Mountain Segment In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas, including four resorts within the top ten most visited resorts in the United States for the 2023/2024 North American ski season: *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to our regional ski areas, which tend to generate skier visits predominantly from their respective local markets.
“Financial Statements and Supplementary Data.” 4 Mountain Segment In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas, including five resorts within the top ten most visited resorts in the United States for the 2024/2025 North American ski season: *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to our regional ski areas, which tend to generate skier visits predominantly from their respective local markets.
These activities also help attract destination conference and group business to our Resorts in our off-season. In addition, the operating results of our Australian Resorts, for which the ski season generally occurs from June through early October, partially counterbalances the concentration of our revenues during this seasonally lower period in North America.
These activities also help attract destination conference and group business to our Resorts in our off-season. In addition, the operating results of our Australian Resorts, where the ski season generally occurs from June through early October, partially counterbalances the concentration of our revenues during this seasonally lower period in North America.
These pass products are available for purchase prior to the start of the ski season, offering our guests a better value in exchange for their commitment to pass products with access to our Resorts before the season begins.
These pass products are available for purchase prior to the start of the ski season, offering our guests value in exchange for their commitment to pass products with access to our Resorts before the season begins.
Vail Mountain offers some of the most expansive and varied terrain in North America with approximately 5,300 skiable acres including seven world renowned back bowls and the resort’s Blue Sky Basin. • Breckenridge Ski Resort (“Breckenridge”) - the second most visited mountain resort in the U.S. for the 2023/2024 ski season with five interconnected peaks offering an expansive variety of terrain for every skill level, including access to above tree line intermediate and expert terrain, and progressive and award-winning terrain parks. • Park City Resort (“Park City”) - the third most visited mountain resort in the U.S. for the 2023/2024 ski season and the largest by acreage in the U.S.
Vail Mountain offers some of the most expansive and varied terrain in North America with approximately 5,300 skiable acres including seven world renowned back bowls and the resort’s Blue Sky Basin. • Breckenridge Ski Resort (“Breckenridge”) - the most visited mountain resort in the U.S. for the 2024/2025 ski season with five interconnected peaks offering an expansive variety of terrain for every skill level, including access to above tree line intermediate and expert terrain, and progressive and award-winning terrain parks. • Park City Resort (“Park City”) - the fourth most visited mountain resort in the U.S. for the 2024/2025 ski season and the largest by acreage in the U.S.
Collectively, our Resorts are located in close proximity to population centers totaling approximately 110 million people. Destination Mountain Resorts Rocky Mountains (Colorado and Utah Resorts) • Vail Mountain Resort (“Vail Mountain”) - the most visited mountain resort in the United States (“U.S.”) for the 2023/2024 ski season.
Collectively, our Resorts are located in close proximity to population centers totaling approximately 110 million people. Destination Mountain Resorts Rocky Mountains (Colorado and Utah Resorts) • Vail Mountain Resort (“Vail Mountain”) - the second most visited mountain resort in the United States (“U.S.”) for the 2024/2025 ski season.
In 20 accordance with the MDAs, the Partnerships are obligated to pay annual fees to the Province at a percentage of gross revenues related to the operation of certain activities at Whistler Blackcomb.
In 19 accordance with the MDAs, the Partnerships are obligated to pay annual fees to the Province at a percentage of gross revenues related to the operation of certain activities at Whistler Blackcomb.
We expect the NPS to confirm this extension in the fall of 2024. We pay a fee to the NPS of a percentage of the majority of our sales occurring in Grand Teton National Park.
We expect the NPS to confirm this extension in the fall of 2025. We pay a fee to the NPS of a percentage of the majority of our sales occurring in Grand Teton National Park.
Our concession agreement with the NPS for GTLC, which had an initial term expiration date of December 31, 2021, was amended in June 2021 to extend the term to December 31, 2023. Additionally, in November 2023, we agreed to an amendment to the agreement extending the term until December 31, 2024.
Our concession agreement with the NPS for GTLC, which had an initial term expiration date of December 31, 2021, was amended in June 2021 to extend the term to December 31, 2023. Additionally, in November 2023 and 2024, we agreed to an amendment to the agreement extending the term until December 31, 2024 and December 31, 2025, respectively.
For additional property details, see Item 2. “Properties”. The Lodging segment currently includes approximately 5,300 owned and managed hotel rooms and condominium units.
For additional property details, see Item 2. “Properties”. The Lodging segment currently includes approximately 5,000 owned and managed hotel rooms and condominium units.
In the summer Whistler Blackcomb offers a variety of activities, including hiking trails, a bike park and sightseeing. Whistler Blackcomb is a popular destination for international visitors and was home to the 2010 Winter Olympics. Lake Tahoe Resorts • Heavenly Mountain Resort (“Heavenly”) - the twelfth most visited mountain resort in the U.S. for the 2023/2024 ski season.
In the summer Whistler Blackcomb offers a variety of activities, including hiking trails, a bike park and sightseeing. Whistler Blackcomb is a popular destination for international visitors and was home to the 2010 Winter Olympics. Lake Tahoe Resorts • Heavenly Mountain Resort (“Heavenly”) - the thirteenth most visited mountain resort in the U.S. for the 2024/2025 ski season.
Ski Industry/Competition There are approximately 770 ski areas operating in North America with approximately 485 in the U.S., ranging from small ski area operations that service day skiers to large resorts that attract both day skiers and destination guests looking for a comprehensive vacation experience.
Ski Industry/Competition There are approximately 780 ski areas operating in North America with approximately 490 in the U.S., ranging from small ski area operations that service day skiers to large resorts that attract both day skiers and destination guests looking for a comprehensive vacation experience.
Starting with the 2023/2024 North American ski season, we piloted our new rental membership program, My Epic Gear, which reimagines the traditional gear rental and ownership model, with the goal of providing more choices, at a lower cost and less hassle to our customers.
During the 2023/2024 North American ski season, we launched a new gear membership program, My Epic Gear, which reimagines the traditional gear rental and ownership model, with the goal of providing more choices, at a lower cost and less hassle to our customers.
Subject to certain conditions being met, the lease for the Perisher Valley parking lot can be extended until June 30, 2048, with an option to renew for a further 20 years.
Subject to certain conditions being met, the lease for the Perisher Valley parking lot is expected to be extended until June 30, 2048, with an option to renew for a further 20 years.
(four of the top ten for the 2023/2024 U.S. ski season), and most of our destination mountain resorts are consistently in the top ranked ski resorts in North America according to industry surveys, which we attribute to our ability to provide a high-quality experience.
(five of the top ten for the 2024/2025 U.S. ski season), and most of our destination mountain resorts are consistently in the top ranked ski resorts in North America according to industry surveys, which we attribute to our ability to provide a high-quality experience.
We have made significant investments in our snowmaking systems within the past several years in Colorado that transformed the early-season terrain experience at Vail, Keystone and Beaver Creek.
We have made significant investments in our snowmaking systems within the past several years that have transformed the early-season terrain experience at Vail, Keystone, Beaver Creek and Park City.
Our Code of Conduct states that every employee is entitled to work in a respectful environment that is free of harassment and discrimination and we require our full-time, year-round employees, as well as certain seasonal employees, to complete a Code of Conduct training on an annual basis.
Our Code of Conduct states that every employee is entitled to work in a respectful environment that is free of harassment and discrimination and we require our full-time, year-round employees, as well as certain seasonal employees, to complete annual training as part of our Code of Conduct.
This commitment includes (i) achieving zero net emissions by finding operational energy efficiencies, investing in renewable energy and investing in offsets and other emissions reduction projects, (ii) zero waste to landfill and (iii) zero net operating impact to forests and habitat by restoring an acre of forest for every acre displaced by our operations.
This commitment includes (i) achieving zero net emissions by finding operational energy efficiencies, investing in renewable energy and investing in offsets and other emissions reduction projects, (ii) zero waste to landfill and (iii) zero net operating impact to forests and habitat by restoring an acre of forest for every acre permanently impacted by our new and expanded operations.
Keystone is a premier destination for families with its “Kidtopia” program focused on providing activities for kids on and off the mountain. • Beaver Creek Resort (“Beaver Creek”) - the eleventh most visited mountain resort in the U.S. for the 2023/2024 ski season.
Keystone is a premier destination for families with its “Kidtopia” program focused on providing activities for kids on and off the mountain. 5 • Beaver Creek Resort (“Beaver Creek”) - the tenth most visited mountain resort in the U.S. for the 2024/2025 ski season.
In June 2021, we agreed to an amendment extending the term of the agreement an additional two years, with an expiration date of December 31, 2023. Additionally, in November 2023, we agreed to an amendment to the agreement extending the term until December 31, 2024.
In June 2021, we agreed to an amendment extending the term of the agreement by an additional two years, with an expiration date of December 31, 2023. Additionally, in November 2023 and 2024, we agreed to an amendment to the agreement extending the term until December 31, 2024 and December 31, 2025, respectively.
For the 2023/2024 ski season, we operated approximately 275 dining venues at our Resorts. • Retail/Rental We have approximately 330 retail/rental locations specializing in sporting goods including ski, snowboard and cycling equipment. Several of our rental locations offer delivery services, bringing ski and snowboard gear and expert advice directly to our guests.
For the 2024/2025 ski season, we operated approximately 274 dining venues at our Resorts. • Retail/Rental We have approximately 340 retail/rental locations specializing in sporting goods including ski, snowboard and cycling equipment. Several of our rental locations offer delivery services, bringing ski and snowboard gear and expert advice directly to our guests.
We also encouraged our employees to help protect the environment and support their local community by volunteering with various local organizations.
We also continue to encourage our employees to help protect the environment and support their local community by volunteering with various local organizations.
The Vail Resorts talent philosophy recognizes that people are our most important asset in driving our business growth, and outlines the role that leaders play in attracting, developing, engaging, retaining and rewarding high performing, high potential talent, including supporting them to achieve their future career growth.
We consider our employee relations to be positive. The Vail Resorts talent philosophy recognizes that people are our most important asset in driving our business growth, and outlines the role that leaders play in attracting, developing, engaging, retaining and rewarding high performing, high potential talent, including supporting them to achieve their future career growth.
Our operations are grouped into three reportable segments: Mountain, Lodging and Real Estate, which represented approximately 88%, 12% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2024 (“Fiscal 2024”). Our Mountain segment operates 42 world-class destination mountain resorts and regional ski areas (collectively, our “Resorts”).
Our operations are grouped into three reportable segments: Mountain, Lodging and Real Estate, which represented approximately 89%, 11% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2025 (“Fiscal 2025”). Our Mountain segment operates 42 world-class destination mountain resorts and regional ski areas (collectively, our “Resorts”).
Our owned and managed properties proximate to our mountain resorts, including six RockResorts branded properties (with a seventh RockResorts property planned for opening in 2025 in Keystone, Colorado) and a significant inventory of managed condominium units, provide numerous accommodation options for our mountain resort guests.
Our owned and managed properties proximate to our mountain resorts, including six RockResorts branded properties (with a seventh RockResorts property planned for opening in Keystone, Colorado during the 2025/2026 North American ski season) and a significant inventory of managed condominium units, provide numerous accommodation options for our mountain resort guests.
This annual requirement includes training on various topics, such as financial integrity, information security, ethical leadership and anti-harassment. In Fiscal 2024, the training was completed by 98% of this employee base. Mountain Safety The nature of our on-mountain operations comes with inherent safety risks, and the health and safety of our employees is a top priority.
This annual requirement includes training on a variety of topics, such as ethical leadership, financial integrity, information security/data privacy, and anti-harassment. In Fiscal 2025, the training was completed by 93% of this employee base. 16 Mountain Safety The nature of our on-mountain operations comes with inherent safety risks, and the health and safety of our employees is a top priority.
Additionally, we enter into strategic long-term season pass alliance agreements with third-party mountain resorts, which for the 2024/2025 ski season include Telluride Ski Resort in Colorado, Hakuba Valley and Rusutsu Resort in Japan, Resorts of the Canadian Rockies in Canada, Les 3 Vallées in France, Disentis Ski Area and Verbier 4 Vallées in Switzerland, Skirama Dolomiti in Italy and Ski Arlberg in Austria, which further increase the value proposition of our pass products.
Additionally, we enter into strategic long-term season pass alliance agreements with third-party mountain resorts, which for the 2025/2026 ski season include Telluride Ski Resort in Colorado, Hakuba Valley and Rusutsu Resort in Japan, Resorts of the Canadian Rockies in Canada, Les 3 Vallées in France, Disentis Ski Area and Verbier 4 Vallées in Switzerland, Skirama Dolomiti in Italy and Ski Arlberg, Saalbach and Zell am See-Kaprun, Mayrhofen and Hintertux, Sölden and Silvretta Montafon in Austria, which further increase the value proposition of our pass products.
We recently achieved the following technological milestones: • My Epic mobile application (“My Epic App”) - During the 2023/2024 North American ski season, we launched the My Epic App, which allows our guests to purchase their pass product or lift ticket online and access our Resorts via the new app, utilizing hands free Bluetooth® technology, eliminating the need to wait in line to purchase lift tickets.
We recently achieved the following technological milestones: 9 • My Epic mobile application (“My Epic App”) - My Epic App allows our guests to purchase their pass product or lift ticket online and access our Resorts via the new app, utilizing hands free Bluetooth® technology, eliminating the need to wait in line to purchase lift tickets.
Louis, Indianapolis, Cleveland, Columbus, Kansas City and Louisville, among others. Located within close proximity to major metropolitan markets, these ski areas provide beginners with easy access to beginner ski programs and many also offer night skiing for young adults and families. Additionally, the proximity of these ski areas to metropolitan areas allows for regular usage by avid skiers.
Located within close proximity to major metropolitan markets, these ski areas provide beginners with easy access to beginner ski programs and many also offer night skiing for young adults and families. Additionally, the proximity of these ski areas to metropolitan areas allows for regular usage by avid skiers.
We have a holistic set of total rewards programs designed to support all aspects of that experience for people of all races and genders, and we strive for competitiveness against the external market for talent. In addition, as part of our “Be Inclusive” core value, we conduct regular pay equity audits and make adjustments as needed.
We have a holistic set of total rewards programs designed to support all aspects of that experience for all, and we strive for competitiveness against the external market for talent. In addition, we conduct regular pay equity audits and make adjustments as needed.
Our presence in the region allows us to offer compelling local options and easy overnight weekend and holiday trips to our premium Northeast regional ski areas, which are within driving distance from these markets. Midwest We own and operate ten ski areas in the Midwest that draw guests from Chicago, Detroit, Minneapolis, St.
Our presence in the region allows us to offer compelling local options and easy overnight weekend and holiday trips, which are within driving distance from these markets. Midwest We own and operate ten regional ski areas in the Midwest that draw guests from Chicago, Detroit, Minneapolis, St. Louis, Indianapolis, Cleveland, Columbus, Kansas City and Louisville, among others.
As Vail Resorts employees, we hold ourselves accountable for living these seven core values every day in everything we do: Serve Others, Do Right, Do Good, Be Safe, Have Fun, Be Inclusive and Drive Value.
We look for people to join Vail Resorts who are brave, passionate and ambitious. As Vail Resorts employees, we hold ourselves accountable for living these seven core values every day in everything we do: Serve Others, Do Right, Do Good, Be Safe, Have Fun, Be Inclusive and Drive Value.
Human Capital Management At Vail Resorts, our talent philosophy is designed to enable us to fully achieve our mission and vision by ensuring we have the talent in place to deliver on our future growth plans.
Information on our websites does not constitute part of this document. 15 Human Capital Management At Vail Resorts, our talent philosophy is designed to enable us to fully achieve our mission and vision by ensuring we have the talent in place to deliver on our future growth plans.
As a result of this commitment, Vail Resorts was accepted as the first travel and tourism company into RE100, a collaborative initiative uniting more than 400 global and influential businesses committed to 100% renewable electricity. During Fiscal 2024, we continued to make progress toward our Commitment to Zero goals.
As a result of this commitment, Vail Resorts was accepted as the first travel and tourism company into RE100, a collaborative initiative uniting more than 400 global and influential businesses committed to 100% renewable electricity.
Crans-Montana has a legacy of being a renowned outdoor sports destination, having hosted signature events such as the Ski World Cup, Mountain Bike World Cup, Omega European Masters and Caprices Festival.
Crans-Montana has a legacy of being a renowned outdoor sports destination, having hosted signature events such as the Ski World Cup, Mountain Bike World Cup, Omega European Masters and Caprices Festival. The commune of Crans-Montana has gourmet restaurants and luxury retail stores, as well as five-star hotels.
During the 2023/2024 North American ski season, combined skier visits for all ski areas in North America were approximately 78.4 million. Our North American Resorts had approximately 15.8 million skier visits during the 2023/2024 ski season, representing approximately 20.2% of North American skier visits.
During the 2024/2025 North American ski season, combined skier visits for all ski areas in North America were approximately 81.1 million. Our North American Resorts had approximately 15.4 million skier visits during the 2024/2025 ski season, representing approximately 18.9% of North American skier visits.
The luxury and upper upscale segments consist of approximately 860,000 rooms at approximately 2,800 properties in the U.S. as of July 31, 2024.
The luxury and upper upscale segments consist of 12 approximately 890,000 rooms at approximately 3,000 properties in the U.S. as of July 31, 2025.
The NPS currently expects to release a contract solicitation for the services offered by GTLC by the end of calendar year 2024. We currently expect that our existing agreement will be extended for an additional one year through December 31, 2025 due to the time needed for solicitation, preparation, review and award of a new contract.
The NPS has released a contract solicitation for the services offered by GTLC, and we intend to timely submit a bid on behalf of the Company. We currently expect that our existing agreement will be extended for an additional one year through December 31, 2026 due to the time needed for solicitation, preparation, review and award of a new contract.
The NPS currently expects to release a contract solicitation for the services offered by GTLC by the end of calendar year 2024. We currently expect that our existing agreement will be extended for an additional one year through December 31, 2025 due to the time needed for solicitation, preparation, review and award of a new contract.
The NPS has released a contract solicitation for the services offered by GTLC, and we intend to timely submit a bid on behalf of the Company. We currently expect that our existing agreement will be extended for an additional one year through December 31, 2026 due to the time needed for solicitation, preparation, review and award of a new contract.
Expansion of the application is planned to additional resorts in future seasons. Powered by artificial intelligence and resort experts, My Epic Assistant will provide real-time service to allow our guests to navigate their day at our resorts with confidence, efficiency and ease.
Powered by artificial intelligence and resort experts, My Epic Assistant provides real-time service to allow our guests to navigate their day at our resorts with confidence, efficiency and ease.
For Fiscal 2024, our owned hotels, which include a combination of RockResort hotels as well as other hotels in proximity to our Resorts, had an overall ADR of $317.65, a paid occupancy rate of 50.9% and revenue per available room (“RevPAR”) of $161.82, as compared to the upper upscale segment’s ADR of $225.01, a paid occupancy rate of 68.3% and RevPAR of $153.70.
For Fiscal 2025, our owned hotels, which include a combination of RockResort hotels as well as other hotels in proximity to our Resorts, had an overall ADR of $325.65, a paid occupancy rate of 52.4% and revenue per available room (“RevPAR”) of $170.70, as compared to the upper upscale segment’s ADR of $228.67, a paid occupancy rate of 68.5% and RevPAR of $156.74.
Our other ski areas receive less snowfall than our western North American mountain resorts, but we have invested in snowmaking operations at these resorts in order to provide a consistent experience for our guests.
Our other ski areas receive less snowfall than our western North American mountain resorts, but we have invested in snowmaking operations at these resorts in order to provide a consistent experience for our guests. In calendar year 2025, the Company invested in snowmaking projects at Andermatt-Sedrun in order to enhance the early season guest experience and improve energy efficiency.
Annually more than $1.0 million in grants and scholarships are provided to help employees in times of need or to pursue educational opportunities. For more information on both the Foundation and our environmental stewardship, visit www.vailresorts.com. Information on our websites does not constitute part of this document.
Annually more than $1.0 million in grants and scholarships are provided to help employees in times of need or to pursue educational opportunities. For more information on EpicPromise programs - community engagement, access to snowsports and the Foundation - visit www.vailresorts.com.
We offer a wide variety of adult and child group and private lesson options with a goal of creating lifelong skiers and riders and showcasing to our guests all the terrain our resorts have to offer. • Dining Our Resorts provide a variety of quality on-mountain and base village dining venues, ranging from top-rated fine dining restaurants to on-mountain express service restaurants.
We offer a wide variety of adult and child group and private lesson options with a goal of creating lifelong skiers and riders and showcasing to our guests all the terrain our resorts have to offer.
Across both the Mountain and Lodging segments, sales made through our websites and call center allow us to transact directly with our guests, which further expands our customer base and enables analytics to deliver an increasingly guest-centric marketing experience.
Across both the Mountain and Lodging segments, sales made through our websites and call center allow us to transact directly with our guests, which further expands our customer base and enables analytics to deliver an increasingly guest-centric marketing experience. 14 Seasonality Ski resort operations are highly seasonal in nature, with a typical ski season in North America and Europe generally beginning in mid-November and running through mid-April.
Discretionary capital expenditures expected for calendar year 2024 include, among other projects: • replacing Whistler Blackcomb’s existing four-person high speed Jersey Cream lift with a new six-person high-speed lift, which is expected to provide a meaningful increase to uphill capacity and better distribute guests at a central part of the resort; • replacing Hunter Mountain’s existing fixed-grip four-person Broadway lift with a new high-speed six-person lift and relocating the two-person fixed-grip E lift, providing a meaningful increase in uphill capacity and improved access to terrain that is key to the progressive learning experience for our guests; • replacing Perisher’s Double and Triple Chairs with a new high-speed six-person lift, which is expected in advance of the 2025 winter season in Australia; and • preparatory work for the planned replacement of Park City’s fixed-grip two-person lift with a new ten-person Sunrise Gondola in calendar year 2025 in partnership with Canyons Village Management Association, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village. 8 • In the past several years, we have installed or upgraded several high speed chairlifts and gondolas across our Resorts, including five new or replacement lifts across five Resorts for the 2023/2024 North American ski season, which meaningfully increased lift capacity and reduced wait times at those lift locations.
Discretionary capital expenditures expected for the remainder of calendar year 2025 include, among other projects: • replacing Perisher’s Double and Triple Chairs with a new high-speed six-person lift, which was completed in advance of the 2025 winter season in Australia; and • replacing Park City’s fixed-grip two-person lift with a new ten-person Sunrise Gondola in partnership with Canyons Village Management Association, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village. • Since calendar year 2015 we have invested over $500 million in lift upgrades and new lifts across our network, which meaningfully increased lift capacity and reduced wait times at those lift locations, including three new or replacement lifts across two Resorts for the 2024/2025 North American ski season.
Regional Ski Areas Our ski resort network allows us to connect guests with drive-to access and destination resort access on a single pass product.
Additionally, the International Ski Federation Council has awarded the FIS Alpine World Ski Championships 2027 to Crans-Montana. Regional Ski Areas Our ski resort network allows us to connect guests with drive-to access and destination resort access on a single pass product.
At Vail Resorts, one of our core values is “Be Inclusive,” which means that we expect everyone at our Company to be welcoming to others, including all races, gender identities, sexual orientations, abilities and other differences.
Our “Be Inclusive” core value is foundational to the business imperative of driving and sustaining future growth and means that we expect everyone at our Company to be welcoming to others, including all backgrounds, races, gender identities, sexual orientations, abilities and other differences.
We file applications for and obtain trademark registrations and have filed for patents to protect inventions and will continue to do so where appropriate. We also seek to maintain our trade secrets and confidential information by nondisclosure policies and through the use of appropriate confidentiality agreements and contractual provisions.
We also 17 seek to maintain our trade secrets and confidential information by nondisclosure policies and through the use of appropriate confidentiality agreements and contractual provisions.
We offer a broad range of professionally designed leadership development programs, with differentiated development for our highest performing, highest potential employees who make up our long-term leadership succession pipeline. Building upon our culture of leadership development for seasonal, frontline talent, we also provide our signature “Epic Service” training.
We offer a broad range of professionally designed development programs, including tailored development for our highest performing, highest potential employees who make up our long-term leadership succession pipeline, as well as programs for our seasonal, frontline talent, designed to ensure we deliver a differentiated guest experience through service-based leadership.
In the third year of our Epic for Everyone Youth Access in partnership with the Katz Amsterdam Foundation, we hosted 2,584 urban youth to attend a 5-day snowsports program. We also continued our legacy access program with more than 12,000 youth participating in multi-day programs focused on mentorship, leadership and the beneficial impact of outdoor time on mental health.
We also continued our legacy access program focused on mountain resort communities, in total hosting more than 12,000 youth participating in multi-day programs focused on mentorship, leadership and the beneficial impact of outdoor time on mental health.
For the 2024/2025 North American ski season, we expect to serve approximately 6,100 frontline team members with affordable housing across our Resorts, as well as an additional 1,200 team members at GTLC for the 2025 summer season.
For the 2025/2026 North American ski season, we expect to serve approximately 5,900 frontline team members with affordable housing across our Resorts, as well as an additional 1,300 team members at GTLC for the 2026 summer season. Resource Efficiency Transformation Over the past decade, Vail Resorts has undergone rapid expansion, growing from 10 to 42 owned and operated mountain resorts.
My Epic Gear provides members with the ability to choose the gear they want from a selection of popular ski and snowboard models, and have that gear delivered to them when and where they want it, with free slopeside pick up and drop off.
Whether looking for the latest snow conditions, or on-mountain support with rentals and lessons, guests can simply open the My Epic App and use My Epic Assistant to point them in the right direction. • My Epic Gear - During the 2023/2024 North American ski season, we launched a new gear membership program, My Epic Gear, which provides members with the ability to choose the gear they want from a selection of popular ski and snowboard models, and have that gear delivered to them when and where they want it, with free slopeside pick up and drop off.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeExamples of such risks include: • the evolving regulatory requirements affecting ESG practices; • the availability of suppliers that can meet sustainability, diversity and other ESG standards that we may set; and • our ability to recruit, develop and retain diverse talent in our labor markets.
Biggest changeExamples of such risks include: • the evolving regulatory requirements affecting sustainability practices; • the availability of suppliers that can meet sustainability, and other corporate responsibility standards that we may set; and • our ability to recruit, develop and retain diverse talent in our labor markets. 31 If we fail, or are perceived to be failing, to meet the standards included in any sustainability disclosure, or fail to achieve our sustainability targets or complete previously announced sustainability initiatives, or otherwise fail to meet the expectations of our various stakeholders, it could negatively impact our reputation, customer attraction and retention, access to capital, and employee retention.
Risks relating to our international operations and properties include: • changing governmental rules and policies, including changes in land use and zoning laws; • enactment of laws relating to international ownership and laws restricting the ability to remove profits earned from activities within a particular country to a person’s or company’s country of origin; • changes in laws or policies governing foreign trade or investment and use of foreign operations or workers, and any negative sentiments towards multinational companies as a result of any such changes to laws, regulations or policies or due to trends such as political populism and economic nationalism; 33 • variations in currency exchange rates and the imposition of currency controls; • adverse market conditions caused by terrorism, civil unrest, natural disasters, infectious disease and changes in international, national or local governmental or economic conditions; • business disruptions arising from public health crises and outbreaks of communicable diseases, including the recent coronavirus outbreak; • the willingness of U.S. or international lenders to make loans in certain countries and changes in the availability, cost and terms of secured and unsecured debt resulting from varying governmental economic policies; • the imposition of unique tax structures and changes in tax rates and other operating expenses in particular countries, including the potential imposition of adverse or confiscatory taxes; • the potential imposition of restrictions on currency conversions or the transfer of funds; • general political and economic instability; • compliance with international laws and regulations (including anti-corruption regulations, such as the U.S.
Risks relating to our international operations and properties include: • changing governmental rules and policies, including changes in land use and zoning laws; • enactment of laws relating to international ownership and laws restricting the ability to remove profits earned from activities within a particular country to a person’s or company’s country of origin; • changes in laws or policies governing foreign trade or investment and use of foreign operations or workers, and any negative sentiments towards multinational companies as a result of any such changes to laws, regulations or policies or due to trends such as political populism and economic nationalism; • variations in currency exchange rates and the imposition of currency controls; • adverse market conditions caused by terrorism, civil unrest, natural disasters, infectious disease and changes in international, national or local governmental or economic conditions; • business disruptions arising from public health crises and outbreaks of communicable diseases, including the recent coronavirus outbreak; • the willingness of U.S. or international lenders to make loans in certain countries and changes in the availability, cost and terms of secured and unsecured debt resulting from varying governmental economic policies; 32 • the imposition of unique tax structures and changes in tax rates and other operating expenses in particular countries, including the potential imposition of adverse or confiscatory taxes; • the potential imposition of restrictions on currency conversions or the transfer of funds; • general political and economic instability; • compliance with international laws and regulations (including anti-corruption regulations, such as the U.S.
As a result, the amount, if any, of the dividends to be paid in the future will depend upon a number of factors, including our available cash on hand, anticipated cash needs, overall financial condition, restrictions contained in our Ninth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), any future contractual restrictions, future prospects for earnings and cash flows, as well as other factors considered relevant by our Board of Directors.
As a result, the amount, if any, of the dividends to be paid in the future will depend upon a number of factors, including our available cash on hand, anticipated cash needs, overall financial condition, restrictions contained in our Ninth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), any future contractual restrictions, future prospects for earnings and cash flows, as well as other factors considered relevant by our Board.
Elevated interest rates increase the borrowing costs on new debt, including debt we may refinance, as well as any existing variable rate indebtedness, and could affect the fair value of our investments. We are vulnerable to unfavorable weather conditions and the impact of natural disasters.
Elevated interest rates increase the borrowing costs on new debt, including debt we may refinance, as well as any existing variable rate indebtedness, and could affect the fair value of our investments. 23 We are vulnerable to unfavorable weather conditions and the impact of natural disasters.
Unseasonably warm weather may result in inadequate natural snowfall and reduce skiable terrain, which increases the cost of 24 snowmaking and could render snowmaking, wholly or partially, ineffective in maintaining quality skiing conditions, including in areas which are not accessible by snowmaking equipment.
Unseasonably warm weather may result in inadequate natural snowfall and reduce skiable terrain, which increases the cost of snowmaking and could render snowmaking, wholly or partially, ineffective in maintaining quality skiing conditions, including in areas which are not accessible by snowmaking equipment.
Share repurchases could also increase the volatility of the price of our common stock and could diminish our cash reserves. On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares.
Share repurchases could also increase the volatility of the price of our common stock and could diminish our cash reserves. On March 9, 2006, the Company’s Board approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares.
Perisher also holds a number of environmental approvals to regulate its operations, including an environment protection license and a suite of dangerous goods 29 licenses related to the storage of diesel, heating oil and propane in storage tanks across the resort.
Perisher also holds a number of environmental approvals to regulate its operations, including an environment protection license and a suite of dangerous goods licenses related to the storage of diesel, heating oil and propane in storage tanks across the resort.
Labor shortages, affordable employee housing shortages, increased employee turnover and health care mandates can increase our labor costs. We are subject to mandated minimum wage rates and we also experience market-driven pressures to pay wages even higher than mandated minimum wages.
Labor shortages, affordable employee housing shortages, increased employee turnover and health care mandates can increase our labor costs. We are subject to mandated minimum wage rates and we also experience market-driven pressures to pay wages 30 even higher than mandated minimum wages.
Our operations at Whistler Blackcomb are located on Crown Land within the traditional territory of the Squamish and Lil’wat Nations, and the operations and future development of both Whistler Mountain and Blackcomb Mountain are governed by Master Development Agreements, which expire on February 23, 2077.
Our operations at Whistler Blackcomb are located on 28 Crown Land within the traditional territory of the Squamish and Lil’wat Nations, and the operations and future development of both Whistler Mountain and Blackcomb Mountain are governed by Master Development Agreements, which expire on February 23, 2077.
To create organizational effectiveness and scale for operating leverage as we grow globally, we announced a multi-year resource efficiency transformation plan to achieve $100 million in annualized savings by the end of 2026.
To create organizational effectiveness and scale for operating leverage as we grow globally, we announced a multi-year resource efficiency transformation plan to achieve $100 million in annualized savings by the end of Fiscal 2026.
Any complaints posted by customers on social media platforms, even if inaccurate, may harm our reputation, and may divert management’s time and attention away from other business matters. 25 Leisure travel is particularly susceptible to various factors outside of our control, including terrorism, the uncertainty of military and geopolitical conflicts, the cost and availability of travel options and changing consumer preferences or willingness to travel.
Any complaints posted by customers on social media platforms, even if inaccurate, may harm our reputation, and may divert management’s time and attention away from other business matters. 24 Leisure travel is particularly susceptible to various factors outside of our control, including terrorism, the uncertainty of military and geopolitical conflicts, the cost and availability of travel options and changing consumer preferences or willingness to travel.
In addition, despite our efforts to proactively institute cybersecurity defense mechanisms, such as regular cybersecurity tabletop exercises, control gap analyses, threat modeling, impact analyses, internal and external cybersecurity audits, vulnerability scans, penetration tests, third party 26 analyses, and other cybersecurity threat defense strategies, such strategies may ultimately prove ineffective, as they are, by their nature, largely reactive, and cybersecurity threats are constantly evolving as threat actors become more sophisticated.
In addition, 25 despite our efforts to proactively institute cybersecurity defense mechanisms, such as regular cybersecurity tabletop exercises, control gap analyses, threat modeling, impact analyses, internal and external cybersecurity audits, vulnerability scans, penetration tests, third party analyses, and other cybersecurity threat defense strategies, such strategies may ultimately prove ineffective, as they are, by their nature, largely reactive, and cybersecurity threats are constantly evolving as threat actors become more sophisticated.
These restrictions limit our ability and the ability of our subsidiaries to, among other things: • incur or guarantee additional debt or issue capital stock; • pay dividends and make other distributions on, or redeem or repurchase, capital stock; • make certain investments; 35 • incur certain liens; • enter into transactions with affiliates; • merge or consolidate; • enter into agreements that restrict the ability of subsidiaries to make dividends, distributions or other payments to us or the guarantors; • designate restricted subsidiaries as unrestricted subsidiaries; and • transfer or sell assets.
These restrictions limit our ability and the ability of our subsidiaries to, among other things: • incur or guarantee additional debt or issue capital stock; • pay dividends and make other distributions on, or redeem or repurchase, capital stock; • make certain investments; • incur certain liens; • enter into transactions with affiliates; • merge or consolidate; • enter into agreements that restrict the ability of subsidiaries to make dividends, distributions or other payments to us or the guarantors; 34 • designate restricted subsidiaries as unrestricted subsidiaries; and • transfer or sell assets.
Although our Board of Directors has approved a share repurchase program, the share repurchase program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares.
Although our Board has approved a share repurchase program, the share repurchase program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares.
In addition, our Board of Directors may also suspend the payment of dividends at any time if it deems such action to be in the best interests of the Company and its stockholders. If we do not pay dividends, the price of our common stock must appreciate for investors to realize a gain on their investment in Vail Resorts, Inc.
In addition, our Board may also suspend the payment of dividends at any time if it deems such action to be in the best interests of the Company and its stockholders. If we do not pay dividends, the price of our common stock must appreciate for 33 investors to realize a gain on their investment in Vail Resorts, Inc.
This seasonality is partially mitigated by the sale of pass products (which for Fiscal 2024 accounted for approximately 65% of the total lift revenue) predominately occurring during the period prior to the start of the ski season as the cash from those sales is collected in advance and revenue is primarily recognized in the second and third fiscal quarters.
This seasonality is partially mitigated by the sale of pass products (which for Fiscal 2025 accounted for approximately 65% of the total lift revenue) predominately occurring during the period prior to the start of the ski season as the cash from those sales is collected in advance and revenue is primarily recognized in the second and third fiscal quarters.
Although our share repurchase program is intended to enhance long-term stockholder value, there is no assurance that it will do so and short-term stock price fluctuations could reduce the program’s effectiveness. 36 General Risk Factors We are subject to litigation in the ordinary course of business.
Although our share repurchase program is intended to enhance long-term stockholder value, there is no assurance that it will do so and short-term stock price fluctuations could reduce the program’s effectiveness. 35 General Risk Factors We are subject to litigation in the ordinary course of business.
Economic conditions in North America, Europe and parts of the rest of the world, including inflationary pressures, elevated interest rates, supply chain disruption, fluctuating commodity pricing, geopolitical conflicts and uncertainties, increased labor costs and shortages, increased fuel prices, high unemployment, erosion of consumer confidence, health pandemics, sovereign debt issues and financial instability in the global markets, among other factors, could have negative effects on the travel and leisure industry and on our results of operations.
Economic conditions in North America, Europe and parts of the rest of the world, including inflationary pressures, elevated interest rates, supply chain disruption, tariff and trade disputes, fluctuating commodity pricing, geopolitical conflicts and uncertainties, increased labor costs and shortages, increased fuel prices, high unemployment, erosion of consumer confidence, health pandemics, sovereign debt issues and financial instability in the global markets, among other factors, could have negative effects on the travel and leisure industry and on our results of operations.
For example, operations at our Northstar, Park City and Mad River Mountain Resorts are conducted pursuant to long-term leases with third parties who require us to operate the Resorts in accordance with the terms of the leases and seek certain approvals from the respective landlords for improvements made to the Resorts.
For example, operations at our Northstar, Park City, Mad River Mountain Resorts and Paoli Peaks are conducted pursuant to long-term leases with third parties who require us to operate the Resorts in accordance with the terms of the leases and seek certain approvals from the respective landlords for certain improvements made to the Resorts.
The terms of our Credit Facilities, the 0.0% Convertible Notes and the 6.50% Notes do not fully prohibit us from doing so. If we incur additional debt, the related risks that we face could intensify. Additionally, our Credit Facilities also impose significant operating and financial restrictions on us.
The terms of our Credit Facilities, the 5.625% Notes, the 0.0% Convertible Notes and the 6.50% Notes do not fully prohibit us from doing so. If we incur additional debt, the related risks that we face could intensify. Additionally, our Credit Facilities also impose significant operating and financial restrictions on us.
As a result, we face various risks from acquisitions, including our recent acquisitions of the Seven Springs Resorts, Andermatt-Sedrun and Crans-Montana, some of which include: • our evaluation of the synergies and/or long-term benefits of an acquired business; • our inability to integrate acquired businesses into our operations as planned; • diversion of our management’s attention; • increased expenditures (including legal, accounting and due diligence expenses, higher administrative costs to support the acquired entities, information technology, personnel and other integration expenses); • potential increased debt leverage; • potential issuance of dilutive equity securities; • litigation arising from acquisition activity; • potential impairment of goodwill, intangible or tangible assets; • additional risks with respect to current and potential international operations, including by unique laws, regulations and business practices of foreign jurisdictions; and • unanticipated problems or liabilities.
As a result, we face various risks from acquisitions, including our recent acquisitions of the Seven Springs Resorts, Andermatt-Sedrun and Crans-Montana, some of which include: • our evaluation of the synergies and/or long-term benefits of an acquired business; • our inability to integrate acquired businesses into our operations as planned; • diversion of our management’s attention; • increased expenditures (including legal, accounting and due diligence expenses, higher administrative costs to support the acquired entities, information technology, personnel and other integration expenses); • diversion of financial and operational resources from enhancing our existing business operations and assets; • potential increased debt leverage; • potential issuance of dilutive equity securities; • litigation arising from acquisition activity; • potential impairment of goodwill, intangible or tangible assets; • additional risks with respect to current and potential international operations, including by unique laws, regulations and business practices of foreign jurisdictions; and • unanticipated problems or liabilities.
Furthermore, Congress may materially increase the fees we pay to the Forest Service for use of these National Forest lands.
Furthermore, Congress may materially increase the fees we pay to the Forest Service for use of these National Forest System lands.
While only a very small portion of our employees are unionized at present, we may experience additional union activity in the future, which could lead to disruptions in our business, increases in 31 our operating costs and/or constraints on our operating flexibility. These potential labor impacts could adversely impact our results of operations.
While only a very small portion of our employees are unionized at present, we have and may again experience additional union activity in the future, which could lead to disruptions in our business, increases in our operating costs and/or constraints on our operating flexibility. These potential labor impacts could adversely impact our results of operations.
For Fiscal 2024, approximately 82% of total combined Mountain and Lodging segment net revenue (excluding Lodging segment revenue associated with reimbursement of payroll costs) was earned during our second and third fiscal quarters.
For Fiscal 2025, approximately 82% of total combined Mountain and Lodging segment net revenue (excluding Lodging segment revenue associated with reimbursement of payroll costs) was earned during our second and third fiscal quarters.
The declaration of dividends is subject to the discretion of our Board of Directors, and is limited by applicable state law concepts of available funds for distribution, as well 34 as contractual restrictions.
The declaration of dividends is subject to the discretion of our Board of Directors (the “Board”), and is limited by applicable state law concepts of available funds for distribution, as well as contractual restrictions.
We also have a credit agreement at Whistler Blackcomb that matures in 2028 (the “Whistler Credit Agreement”), which had no amounts outstanding as of July 31, 2024.
We also have a credit agreement at Whistler Blackcomb that matures in 2028 (the “Whistler Credit Agreement”), which had no amounts outstanding as of July 31, 2025.
Virtually all of our ski trails and related activities, including our summer activities, at Vail Mountain, Breckenridge, Keystone, Crested Butte, Stevens Pass, Heavenly, Kirkwood, Mount Snow, Wildcat, a majority of Beaver Creek and portions of Attitash are located on National Forest land.
Virtually all of our ski trails and related activities, including our summer activities, at Vail Mountain, Breckenridge, Keystone, Crested Butte, Stevens Pass, Heavenly, Kirkwood, Mount Snow, Wildcat, a majority of Beaver Creek and portions of Attitash are located on National Forest System lands.
Additionally, our Resorts that operate on privately-owned land are subject to local land use regulation and oversight by county and/or town governments, and we may not be able to obtain the requisite approvals needed for resort improvements or expansions.
Additionally, our Resorts that operate entirely or partially on privately-owned land are subject to local land use regulation and oversight by state, county and/or town governments, and we may not be able to obtain the requisite approvals needed for resort improvements or expansions.
We use many methods, estimates and judgments in applying our accounting policies (see “Critical Accounting Policies” in Item 7 of this Form 10-K). Such methods, estimates and judgments are, by their nature, subject to substantial risks, uncertainties and assumptions, and factors may arise over time that lead us to change our methods, estimates and judgments.
We use many methods, estimates and judgments in applying our accounting policies (see “Critical Accounting Policies” in Item 7 of this Form 10-K), including in connection with acquisitions. Such methods, estimates and judgments are, by their nature, subject to substantial risks, uncertainties and assumptions, and factors may arise over time that lead us to change our methods, estimates and judgments.
We are required to seek approval from such states for certain developments and improvements made to the resort. Certain other resorts are operated on land under long-term leases with third parties.
We are required to seek approval from such states for certain developments and improvements made to these resorts. Certain other resorts are operated on land under long-term leases with third parties.
The indenture governing the 6.50% Notes contains a number of significant restrictions and covenants that limit our ability to: • grant or permit liens; • engage in sale/leaseback transactions; and • engage in a consolidation or merger, or sell, transfer or otherwise dispose of all or substantially all of our assets.
The indentures governing the 5.625% Notes and the 6.50% Notes contains a number of significant restrictions and covenants that limit our ability to: • grant or permit liens; • engage in sale/leaseback transactions; and • engage in a consolidation or merger, or sell, transfer or otherwise dispose of all or substantially all of our assets.
There are approximately 770 ski areas in North America, including approximately 485 in the U.S. that serve local and destination guests, and these ski areas can be more or less impacted by weather conditions based on their location and snowmaking capabilities.
There are approximately 780 ski areas in North America, including approximately 490 in the U.S. that serve local and destination guests, and these ski areas can be more or less impacted by weather conditions based on their location and snowmaking capabilities.
Under the Vail Holdings Credit Agreement, borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at a rate of SOFR plus 1.60%. As of July 31, 2024 we also have, on a cumulative basis, minimum lease payment obligations under operating leases of approximately $371.1 million over the term of the leases.
Under the Vail Holdings Credit Agreement, borrowings under the Vail Holdings Credit Agreement, including the term loan facility, bear interest annually at a rate of SOFR plus 1.60%. As of July 31, 2025 we also have, on a cumulative basis, minimum lease payment obligations under operating leases of approximately $342.6 million over the term of the leases.
This amount includes (i) $959.8 million of indebtedness pursuant to the term loan facility under the Vail Holdings Credit Agreement that matures in 2029, (ii) $600.0 million aggregate principal amount of our unsecured senior notes due 2032 (the “6.50% Notes”), (iii) $575.0 million in aggregate principal amount of 0.0% convertible notes due 2026 (the “0.0% Convertible Notes”), (iv) $369.1 million with respect to our obligation associated with the Canyons long-term lease, (v) $114.2 million with respect to the EPR Secured Notes under the master credit and security agreements and other related agreements with EPT Ski Properties, Inc. and its affiliates (“EPR”), as amended (collectively, the “EPR Agreements”), (vi) $52.6 million with respect to our obligations associated with outstanding debt of certain employee housing entities, (vii) $37.1 million with respect to the New Regional Policy loan between Andermatt-Sedrun and the Canton of Uri and Canton of Graubünden (the “NRP Loan”), and (viii) $27.9 million with respect to our obligations associated with Whistler Blackcomb employee housing leases.
This amount includes (i) $910.5 million of indebtedness pursuant to the term loan facility under the Vail Holdings Credit Agreement that matures in 2029, (ii) $600.0 million aggregate principal amount of our unsecured senior notes due 2032 (the “6.50% Notes”), (iii) $525.0 million in aggregate principal amount of 0.0% convertible notes due 2026 (the “0.0% Convertible Notes”), (iv) $500 million in aggregate principal amount of our unsecured senior notes due 2030 (the “5.625% Notes”), and (v) $374.9 million with respect to our obligation associated with the Canyons long-term lease, (vi) $114.2 million with respect to the EPR Secured Notes under the master credit and security agreements and other related agreements with EPT Ski Properties, Inc. and its affiliates (“EPR”), as amended (collectively, the “EPR Agreements”), (vii) $52.6 million with respect to our obligations associated with outstanding debt of certain employee housing entities, (viii) $37.1 million with respect to the New Regional Policy loan between Andermatt-Sedrun and the Canton of Uri and Canton of Graubünden (the “NRP Loan”), and (xi) $27.4 million with respect to our obligations associated with Whistler Blackcomb employee housing leases.
Companies across all industries are facing increasing scrutiny related to their environmental, social and governance (“ESG”) practices and reporting. Investors, consumers, employees and other stakeholders have focused increasingly on ESG practices and have placed increasing importance on the implications and social cost of their investments, purchases and other interactions with companies.
Companies across all industries are facing scrutiny related to their sustainability practices and reporting. Investors, consumers, employees and other stakeholders have focused increasingly on sustainability practices and have placed increasing importance on the implications and social cost of their investments, purchases and other interactions with companies.
Increased scrutiny and changing expectations from investors, consumers, employees, regulators, and others regarding our environmental, social and governance practices and reporting could cause us to incur additional costs, devote additional resources and expose us to additional risks, which could adversely impact our reputation, customer attraction, access to capital and employee recruitment and retention.
Increased scrutiny and changing expectations from investors, consumers, employees, regulators, and others regarding our sustainability practices and reporting could cause us to incur additional costs, devote additional resources and expose us to additional risks, which could adversely impact our reputation, guest attraction, access to capital and employee recruitment and retention.
We have a substantial amount of debt, which requires significant interest and principal payments. As of July 31, 2024, we had $2.8 billion in total indebtedness outstanding.
We have a substantial amount of debt, which requires significant interest and principal payments. As of July 31, 2025, we had $3.2 billion in total indebtedness outstanding.
The expiration dates for our permits are set forth in the Business section of this Form 10-K under the heading “ Contracts with Governmental Authorities for Resort Operations”. The Forest Service can terminate or amend these permits if, in its opinion, such termination is required in the public interest.
The expiration dates for our permits are set forth in the Business section of this Form 10-K under the heading “ Contracts with Governmental Authorities for Resort Operations”. The Forest Service can terminate these permits if it determines that such termination is required in the public interest.
If we fail to identify the need for a maintenance project, address a maintenance project timely, or fail to anticipate the criticality of a maintenance project for key infrastructure and therefore defer maintenance projects, we could be forced as a result to temporarily close certain of our facilities, particularly during peak operating periods, and our business and results of operations could be materially adversely impacted. 28 A disruption in our water supply would impact our snowmaking capabilities and operations.
If we fail to identify the need for a maintenance 27 project, address a maintenance project timely, or fail to anticipate the criticality of a maintenance project for key infrastructure and therefore defer maintenance projects, we could be forced as a result to temporarily close certain of our facilities, particularly during peak operating periods, and our business and results of operations could be materially adversely impacted.
A termination or amendment of any of our permits could have a materially adverse effect on our business and operations. In order to undertake improvements and new development, we must apply for permits and other approvals. These efforts, if unsuccessful, could impact our expansion efforts.
A termination of any of our permits could have a materially adverse effect on our business and operations. In order to undertake improvements and new development, we must apply for and obtain permits and other approvals from the Forest Service. These efforts, if unsuccessful, could impact some of our expansion efforts.
Our business depends on the quality and reputation of our brands, and any deterioration in the quality or reputation of these brands, including as a result of misappropriation of our intellectual property or the risk of accidents occurring at our mountain resorts or competing mountain resorts, may reduce visitation and negatively impact our operations.
For additional details, see “Business—Human Capital Management.” Our business depends on the quality and reputation of our brands, and any deterioration in the quality or reputation of these brands, including as a result of misappropriation of our intellectual property or the risk of accidents occurring at our mountain resorts or competing mountain resorts, may reduce visitation and negatively impact our operations.
We have experienced cybersecurity threats and incidents, none of which have been material. We have taken, and continue to take, steps to address these concerns by implementing various cybersecurity risk management strategies, initiatives, and internal controls, with the goal of enhancing cybersecurity.
As a result, the risks associated with such an event continue to increase. We have experienced cybersecurity threats and incidents, none of which have been material. We have taken, and continue to take, steps to address these concerns by implementing various cybersecurity risk management strategies, initiatives, and internal controls, with the goal of enhancing cybersecurity.
However, our efforts to comply do not eliminate the risk that we may be held liable, incur fines or be subject to claims for damages, and that the amount of any liability, fines, damages or remediation costs may be material for, among other things, the presence or release of regulated materials at, on or emanating from properties we now or formerly owned or operated, newly discovered environmental impacts or contamination at or from any of our properties, or changes in environmental laws and regulations or their enforcement. 30 Changes in security and privacy laws and regulations could increase our operating costs, increase our exposure to fines and litigation, and adversely affect our ability to market our products, properties and services effectively.
However, our efforts to comply do not eliminate the 29 risk that we may be held liable, incur fines or be subject to claims for damages, and that the amount of any liability, fines, damages or remediation costs may be material for, among other things, the presence or release of regulated materials at, on or emanating from properties we now or formerly owned or operated, newly discovered environmental impacts or contamination at or from any of our properties, or changes in environmental laws and regulations or their enforcement.
In addition, a severe and prolonged drought may adversely affect our water supply and increase the cost of snowmaking.
Changes in these laws and regulations may adversely affect our operations. In addition, a severe and prolonged drought may adversely affect our water supply and increase the cost of snowmaking.
In addition, the Organization for Economic Cooperation and Development reached agreement among various countries to implement a minimum 15% tax rate on certain multinational enterprises, commonly referred to as Pillar Two. Many countries continue to announce changes in their tax laws and regulations based on the Pillar Two proposals.
In addition, the Organization for Economic Cooperation and Development reached agreement among various countries to implement a minimum 15% tax rate on certain multinational enterprises, commonly referred to as Pillar Two.
This appreciation may not occur and our stock may in fact depreciate in value. On September 25, 2024, our Board of Directors approved a cash dividend of $2.22 per share payable on October 24, 2024 to stockholders of record as of October 8, 2024.
This appreciation may not occur and our stock may in fact depreciate in value. On September 26, 2025, our Board approved a cash dividend of $2.22 per share payable on October 27, 2025 to stockholders of record as of October 9, 2025.
On July 16, 2008, December 4, 2015 and March 7, 2023, the Company’s Board of Directors increased the authorization by an additional 3,000,000, 1,500,000 and 2,500,000 Vail Shares, respectively, for a total authorization to repurchase up to 10,000,000 Vail Shares.
On July 16, 2008, December 4, 2015, March 7, 2023, September 25, 2024, and June 4, 2025 the Company’s Board increased the authorization by an additional 3,000,000, 1,500,000, 2,500,000, 1,100,000 and 1,500,000 Vail Shares, respectively, for a total authorization to repurchase up to 12,600,000 Vail Shares.
Since inception of this stock repurchase program through July 31, 2024, the Company has repurchased 9,369,680 shares at a cost of approximately $1,129.4 million, excluding accrued excise tax. As of July 31, 2024, 630,320 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date.
Since inception of this stock repurchase program through July 31, 2025, the Company has repurchased 11,060,183 shares at a cost of approximately $1,399.4 million, excluding accrued excise tax. As of July 31, 2025, 1,539,817 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date.
Any misappropriation, infringement or violation of our intellectual property rights could also diminish the value of our brands and their market acceptance, competitive advantages or goodwill, which could adversely affect our business.
Any misappropriation, infringement or violation of our intellectual property rights could also diminish the value of our brands and their market acceptance, competitive advantages or goodwill, which could adversely affect our business. In addition, the quality and reputation of our brands is dependent on our marketing strategies and execution.
We cannot always predict where and when capital will need to be expended in a given fiscal year and capital expenditures can increase due to circumstances beyond our control. We currently anticipate that we will spend approximately $216 million to $221 million on capital projects in calendar year 2024.
We cannot always predict where and when capital will need to be expended in a given fiscal year and capital expenditures can increase due to circumstances beyond our control, including due to the impact of tariff and trade disputes. We currently anticipate that we will spend approximately $198 million to $203 million on capital projects in calendar year 2025.
Maintaining the integrity and security of data can be costly and is critical to our business, and our guests and employees have a high expectation that we will adequately protect their personal information.
We also maintain personal information about our employees. We could make faulty decisions if data is inaccurate or incomplete. Maintaining the integrity and security of data can be costly and is critical to our business, and our guests and employees have a high expectation that we will adequately protect their personal information.
Our operations are heavily dependent upon our access to adequate supplies of water for snowmaking and to otherwise conduct our operations. Our mountain Resorts are subject to federal, state, provincial and local laws and regulations relating to water rights. Changes in these laws and regulations may adversely affect our operations.
A disruption in our water supply would impact our snowmaking capabilities and operations. Our operations are heavily dependent upon our access to adequate supplies of water for snowmaking and to otherwise conduct our operations. Our mountain Resorts are subject to federal, state, provincial and local laws and regulations relating to water rights.
We are continuing to evaluate the impact of these proposed and enacted legislative changes as new guidance becomes available. Some of these legislative changes could impact our effective tax rate and tax liabilities. Given the numerous proposed tax law changes and the uncertainty regarding such proposed legislative changes, the impact of Pillar Two cannot be determined at this time.
Some of these legislative changes could impact our effective tax rate and tax liabilities. Given the numerous proposed tax law changes and the uncertainty regarding such proposed legislative changes, the impact of Pillar Two cannot be determined at this time.
The factors that we believe are important to customers include: • proximity to population centers; • availability and cost of transportation to ski areas; • availability and quality of lodging options and other amenities in resort areas; • ease of travel to ski areas (including direct flights by major airlines); • pricing of lift tickets and/or pass products; • the magnitude, quality and price of related ancillary services (ski school, dining and retail/rental); • quality of snowmaking; • type and quality of skiing and snowboarding offered; • duration of the ski season; • weather conditions; and • reputation. 27 There are many competing options for our guests, including other major resorts in Colorado, Utah, California, Nevada, the Pacific Northwest, Northeast and Southwest United States, and British Columbia, Canada, Australia, Switzerland, and other major destination ski areas worldwide.
The factors that we believe are important to customers include: • proximity to population centers; • availability and cost of transportation to ski areas; • availability and quality of lodging options and other amenities in resort areas; • ease of travel to ski areas (including direct flights by major airlines); • pricing of lift tickets and/or pass products; • the magnitude, quality and price of related ancillary services (ski school, dining and retail/rental); • quality of snowmaking; • type and quality of skiing and snowboarding offered; 26 • duration of the ski season; • weather conditions; and • reputation.
There is no guarantee that at the end of the lease/license or agreements under which we operate our Resorts we will renew or, if desired, be able to negotiate new terms that are favorable to us.
We expect the NPS to confirm this extension in the fall of 2025. There is no guarantee that at the end of the lease, license, concession or other agreement under which we operate our Resorts, the agreement will be renewed, if desired, or that we will be able to negotiate new terms that are favorable to us.
In addition, most projects to improve, upgrade or expand our ski areas are subject to environmental review under the NEPA, FRPA, Act 250, the CEQA, the Australian NPW Act, the Australian EPA Act or the Australian EP Act, as applicable.
In addition, most projects to improve, upgrade or expand our ski areas are subject to environmental review under the NEPA, FRPA, Act 250, the CEQA, the Australian NPW Act, the Australian EPA Act or the Australian EP Act, the Swiss Environmental Protection Act, the Swiss Waters Protection Act, the Swiss Act on the Protection of Nature and Cultural Heritage, the Swiss Forest Act, the Swiss Act on Hunting and the Protection of Wild Mammals and Birds, and the Swiss Spatial Planning Act, as applicable.
Further, zoning regulations, protracted approval processes and local anti-development sentiment can prevent or substantially delay new housing projects that we or other parties may pursue to meet the demand for new affordable housing stock. Changes in immigration laws could also impact our workforce because we typically recruit and hire foreign nationals as part of our seasonal workforce.
Further, zoning regulations, protracted approval processes and local anti-development sentiment can prevent or substantially delay new housing projects that we or other parties may pursue to meet the demand for new affordable housing stock.
There has been a rise in the number of sophisticated cyberattacks on network and information systems, including ransomware attacks that prevent the target from accessing its own data and/or systems until a ransom is paid. As a result, the risks associated with such an event continue to increase.
There has been a rise in the number of sophisticated cyberattacks on network and information systems, including ransomware attacks that prevent the target from accessing its own data and/or systems until a ransom is paid. The rapid evolution and increased adoption of artificial intelligence technologies have also intensified cybersecurity risks.
In addition, inflation has accelerated in the U.S. and globally in recent years due in part to global supply chain issues, the Ukraine-Russia war, a rise in energy prices and strong consumer demand.
In addition, although inflation has shown recent signs of moderation in the U.S., it has remained persistent in the U.S. and globally in recent years due in part to global supply chain issues, the Ukraine-Russia war, escalating conflicts in the Middle East, elevated energy prices and strong consumer demand, among other factors.
Our business relies on the use of large volumes of data. We collect and retain guest data, including credit card numbers and other sensitive personal information, for various business purposes, such as processing transactions, marketing and other promotional purposes. We also maintain personal information about our employees. We could make faulty decisions if data is inaccurate or incomplete.
Our business relies on the use of large volumes of data. We collect and retain guest data, including sensitive personal information, for various business purposes, such as processing transactions, marketing and other promotional purposes. While we handle payment information to complete transactions, we do not store credit card numbers, ensuring sensitive data remains secure through our payment processors.
Our retail/rental business competes with numerous other national, regional, local and online retail and rental businesses. RockResorts hotels, our other hotels and our property management business compete with numerous other hotel and property management companies.
In addition, other forms of leisure such as sporting events and participation in other competing indoor and outdoor recreational activities are available to potential guests. Our retail/rental business competes with numerous other national, regional, local and online retail and rental businesses. RockResorts hotels, our other hotels and our property management business compete with numerous other hotel and property management companies.
Additionally, GTLC and Flagg Ranch operate under concession agreements with the NPS that expire on December 31, 2024 (which we currently expect will be extended in the fall of 2024 for an additional year through December 31, 2025 due to the time needed for solicitation, preparation, review and award of a new contract) and October 31, 2028, respectively.
The NPS has released a contract solicitation for the services offered by GTLC, and we intend to timely submit a bid on behalf of the Company. We currently expect that our existing agreement will be extended for an additional one year through December 31, 2026 due to the time needed for solicitation, preparation, review and award of a new contract.
In addition, the existence of inflation in certain economies has resulted in, and may continue to result in, elevated interest rates. Our business could be adversely impacted by increases in the cost of borrowing from elevated interest rates.
As a result, it remains to be seen whether interest rates will stabilize, increase or decrease, either globally or in the United States specifically. Our business could be adversely impacted by increases in the cost of borrowing from elevated interest rates.
Following the initial lease term expiration, we have six 50-year renewal options.
Following the initial lease term expiration, we have six 50-year renewal options. Additionally, GTLC and Flagg Ranch are operated under concession agreements with the NPS that expire on December 31, 2025 and October 31, 2028, respectively.
Our guests can choose from any of these alternatives, as well as non-skiing vacation options and destinations around the world. In addition, other forms of leisure such as sporting events and participation in other competing indoor and outdoor recreational activities are available to potential guests.
There are many competing options for our guests, including other major resorts in Colorado, Utah, California, Nevada, the Pacific Northwest, Northeast and Southwest United States, and British Columbia, Canada, Australia, Switzerland, and other major destination ski areas worldwide. Our guests can choose from any of these alternatives, as well as non-skiing vacation options and destinations around the world.
Removed
For additional details, see “Business—Human Capital Management.” We have recently acquired Crans-Montana, which was not subject to rules and regulations promulgated under the Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley"), and may therefore lack the internal controls that would be required of a U.S. public company, which could ultimately affect our ability to ensure compliance with the requirements of Section 404 of Sarbanes-Oxley.
Added
In addition, the existence of inflation in certain economies has resulted in, and may continue to result in, elevated interest rates. For example, while the U.S. Federal Reserve cut the federal funds rate three times in 2024 by a total of 100 basis points, the U.S. Federal Reserve held rates steady following their January 2025 meeting.
Removed
We have recently acquired Crans-Montana, which was not previously subject to the rules and regulations promulgated under Sarbanes-Oxley and accordingly was not required to establish and maintain an internal control infrastructure meeting the standards promulgated under Sarbanes-Oxley.
Added
Changes in security and privacy laws and regulations could increase our operating costs, increase our exposure to fines and litigation, and adversely affect our ability to market our products, properties and services effectively.
Removed
Our assessment of and conclusion on the effectiveness of our internal control over financial reporting as of July 31, 2024 did not include certain elements of the internal controls of Crans-Montana, which was acquired on May 2, 2024.
Added
Changes in immigration laws, including changes to the manner in which the laws and regulations are interpreted or enforced, could also impact our workforce because we typically recruit and hire foreign nationals as part of our seasonal workforce.
Removed
Although our management will continue to review and evaluate the effectiveness of our internal controls in light of this acquisition, we cannot provide any assurances that there will be no significant deficiencies or material weaknesses in our internal control over financial reporting.
Added
The continuously changing marketing environment, guest behavior and advertising technologies require that we regularly reassess and adapt our communication approaches and marketing techniques.
Removed
Any significant deficiencies or material weaknesses in the internal control structure of our acquired businesses may cause significant deficiencies or material weaknesses in our internal control over financial reporting, which could have a material adverse effect on our business and our ability to comply with Section 404 of Sarbanes-Oxley.
Added
If we fail to adequately keep pace with these changes, or if we fail to effectively execute our marketing strategies, we may be unable to maintain strong brand awareness and reputation, which may ultimately impact our results of operations.
Removed
In 2017, we launched an ambitious Commitment to Zero pledge to have a zero net operating footprint by 2030, which includes commitments to (i) achieving zero net emissions, (ii) zero waste to landfill, and (iii) zero net operating impact to forests.
Added
We have launched numerous sustainability initiatives in recent years, including commitments to achieve various sustainability targets. Our ability to achieve any sustainability objective is subject to numerous risks, many of which are outside of our control.
Removed
Additionally, we were awarded the NSAA’s Golden Eagle Climate Change award at the 2023 NSAA annual conference and we were a finalist for the NSAA Golden Eagle Overall Environmental Excellence Award at the 2024 NSAA annual conference; however we may not be able to sustain such recognition for our ESG efforts.
Added
Many countries continue to announce changes in their tax laws and regulations based on the Pillar Two proposals and have enacted legislation to implement the core elements of the Pillar Two model rules. We are continuing to evaluate the impact of these proposed and enacted legislative changes as new guidance becomes available.
Removed
If our ESG practices do not meet investor, consumer or employee expectations related to our Commitment to Zero or any other ESG initiative, which continue to evolve, or if we do not maintain recognition for our ESG efforts, our brand, reputation and customer retention may be negatively impacted. 32 Our ability to achieve any ESG objective is subject to numerous risks, many of which are outside of our control.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeIn addition, our Vice President of Information Security has previously held roles including Vice President of Information Security and Technology, Senior Director Information Technology, Director IT Security and Compliance, and Senior IT Audit Manager. Our Vice President of Information Security holds several certifications including CISSP, CISA, CISSM, and PCI-ISA.
Biggest changeIn addition, our Vice President of Information Security has previously held roles including Vice President of Information Security and Technology, Senior Director Information Technology, Director IT Security and Compliance, and Senior IT Audit Manager. Our Vice President of Information Security has earned several certifications including CISSP, CISA, CISSM, and PCI-ISA.
Our program is designed to maintain the confidentiality, integrity, security, and availability of data created, collected, stored, and used to operate our business. 37 We identify, assess, and manage risks from cybersecurity threats through various mechanisms, which from time to time may include tabletop exercises, control gap analyses, threat modeling, impact analyses, internal audits, external audits, vulnerability scans, penetration tests, and engagement of third parties to conduct analyses of our information security program.
Our program is designed to maintain the confidentiality, integrity, security, and availability of data created, collected, stored, and used to operate our business. 36 We identify, assess, and manage risks from cybersecurity threats through various mechanisms, which from time to time may include tabletop exercises, control gap analyses, threat modeling, impact analyses, internal audits, external audits, vulnerability scans, penetration tests, and engagement of third parties to conduct analyses of our information security program.
To facilitate 38 the success of this program, multidisciplinary teams throughout the company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with our incident response and recovery plans.
To facilitate 37 the success of this program, multidisciplinary teams throughout the company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with our incident response and recovery plans.

Item 2. Properties

Properties — owned and leased real estate

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Biggest change(“VRR”) Properties; CO, CA, NV, UT, MN & BC, Canada Owned/Leased Approximately 245 rental and retail stores (of which approximately 85 stores are currently held under lease) for recreational products, 7 leased warehouses and 4 My Epic Gear member services locations.
Biggest change(“VRR”) Properties; CO, CA, NV, UT, MN & BC, Canada Owned/Leased Approximately 240 rental and retail stores (of which approximately 85 stores are currently held under lease) for recreational products, 7 leased warehouses and 16 My Epic Gear member services locations.
The following table sets forth the principal properties that we own or lease for use in our operations: Location Ownership Use Afton Alps, MN Owned Ski resort operations, including ski lifts, ski trails, clubhouse, buildings, commercial space and other improvements Alpine Valley Resort, OH Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, commercial space and other improvements Andermatt Ski Resort, Switzerland Owned Ski resort operations, including ski lifts, ski trails, buildings, commercial space and other improvements, and dining facilities Andermatt Ski Resort, Switzerland Leased Ski resort operations, including buildings, commercial space, parking and other improvements, dining facilities and employee housing Andermatt Ski Resort, Switzerland Easement Ski resort operations, including third party land use rights, and dining facilities Andermatt Ski Resort, Switzerland Concession contract Ski resort operations, including third party land use rights Arrowhead Mountain, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Attitash Mountain, NH Owned Ski resort operations, including ski lifts, ski trails, buildings, commercial space and other improvements Attitash Mountain, NH (279 acres) SUP Ski trails, ski lifts, buildings and other improvements BC Housing RiverEdge, CO 26% Owned Employee housing facilities Bachelor Gulch Village, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Beaver Creek Resort, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Beaver Creek Mountain, CO (3,801 acres) SUP Ski trails, ski lifts, buildings and other improvements Beaver Creek Mountain Resort, CO Owned Golf course, clubhouse, commercial space and residential condominium units Big Boulder Mountain, PA Owned Ski trails, ski lifts, buildings and other improvements Boston Mills, OH Owned Ski trails, ski lifts, buildings and other improvements Brandywine, OH Owned Ski trails, ski lifts, buildings and other improvements 39 Location Ownership Use Breckenridge Ski Resort, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Breckenridge Mountain, CO (5,702 acres) SUP Ski trails, ski lifts, buildings and other improvements Breckenridge Terrace, CO 50% Owned Employee housing facilities Broomfield, CO Leased Corporate offices Colter Bay Village, WY Concession contract Lodging and dining facilities Crans-Montana Mountain Resort, Switzerland 84% Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space Crans-Montana Mountain Resort, Switzerland Owned Ski resort operations, including ski school and dining operations Crested Butte Mountain Resort, CO Owned Buildings, other improvements and land used for operation of Crested Butte Mountain Resort Crested Butte Mountain Resort, CO (4,350 acres) SUP Ski trails, ski lifts, buildings and other improvements Crotched Mountain, NH Owned Ski trails, ski lifts, buildings and other improvements Eagle-Vail, CO Owned Warehouse facility Edwards, CO Leased Administrative offices Falls Creek Alpine Resort, Victoria, Australia (1,112 acres) Leased Ski resort operations, including ski lifts, ski trails, buildings and other improvements Headwaters Lodge & Cabins at Flagg Ranch, WY Concession contract Lodging and dining facilities Heavenly Mountain Resort, CA & NV Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space Heavenly Mountain, CA & NV (7,050 acres) SUP Ski trails, ski lifts, buildings and other improvements Hidden Valley Resort, MO Owned Ski trails, ski lifts, buildings and other improvements Hidden Valley Resort, PA Owned Ski trails, ski lifts, buildings and other improvements Hotham Alpine Resort, Victoria, Australia (791 acres) Leased Ski resort operations, including ski lifts, ski trails, buildings and other improvements Hunter Mountain, NY Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, commercial space and other improvements.
The following table sets forth the principal properties that we own or lease for use in our operations: Location Ownership Use Afton Alps, MN Owned Ski resort operations, including ski lifts, ski trails, clubhouse, buildings, commercial space and other improvements Alpine Valley Resort, OH Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, commercial space and other improvements Andermatt Ski Resort, Switzerland Owned Ski resort operations, including ski lifts, ski trails, buildings, commercial space and other improvements, and dining facilities Andermatt Ski Resort, Switzerland Leased Ski resort operations, including buildings, commercial space, parking and other improvements, dining facilities and employee housing Andermatt Ski Resort, Switzerland Easement Ski resort operations, including third party land use rights, and dining facilities Andermatt Ski Resort, Switzerland Concession contract Ski resort operations, including third party land use rights Arrowhead Mountain, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Attitash Mountain, NH Owned Ski resort operations, including ski lifts, ski trails, buildings, commercial space and other improvements Attitash Mountain, NH (279 acres) SUP Ski trails, ski lifts, buildings and other improvements BC Housing RiverEdge, CO 26% Owned Employee housing facilities Bachelor Gulch Village, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Beaver Creek Resort, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Beaver Creek Mountain, CO (3,801 acres) SUP Ski trails, ski lifts, buildings and other improvements Beaver Creek Mountain Resort, CO Owned Golf course, clubhouse, commercial space and residential condominium units Big Boulder Mountain, PA Owned Ski trails, ski lifts, buildings and other improvements Boston Mills, OH Owned Ski trails, ski lifts, buildings and other improvements Brandywine, OH Owned Ski trails, ski lifts, buildings and other improvements 38 Location Ownership Use Breckenridge Ski Resort, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Breckenridge Mountain, CO (5,702 acres) SUP Ski trails, ski lifts, buildings and other improvements Breckenridge Terrace, CO 50% Owned Employee housing facilities Broomfield, CO Leased Corporate offices Colter Bay Village, WY Concession contract Lodging and dining facilities Crans-Montana Mountain Resort, Switzerland 84% Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space Crans-Montana Mountain Resort, Switzerland Owned Ski resort operations, including ski school and dining operations Crested Butte Mountain Resort, CO Owned Buildings, other improvements and land used for operation of Crested Butte Mountain Resort Crested Butte Mountain Resort, CO (4,350 acres) SUP Ski trails, ski lifts, buildings and other improvements Crotched Mountain, NH Owned Ski trails, ski lifts, buildings and other improvements Eagle-Vail, CO Owned Warehouse facility Edwards, CO Leased Administrative offices Falls Creek Alpine Resort, Victoria, Australia (1,112 acres) Leased Ski resort operations, including ski lifts, ski trails, buildings and other improvements Headwaters Lodge & Cabins at Flagg Ranch, WY Concession contract Lodging and dining facilities Heavenly Mountain Resort, CA & NV Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space Heavenly Mountain, CA & NV (7,050 acres) SUP Ski trails, ski lifts, buildings and other improvements Hidden Valley Resort, MO Owned Ski trails, ski lifts, buildings and other improvements Hidden Valley Resort, PA Owned Ski trails, ski lifts, buildings and other improvements Hotham Alpine Resort, Victoria, Australia (791 acres) Leased Ski resort operations, including ski lifts, ski trails, buildings and other improvements Hunter Mountain, NY Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, commercial space and other improvements.
Ski Tip Lodge, CO Owned Lodging and dining facilities Stevens Pass, WA Owned Employee housing and guest parking facilities Stevens Pass Mountain, WA (2,443 acres) SUP Ski trails, ski lifts, buildings and other improvements Stevens Pass Ski Resort, WA Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space Stowe Mountain Resort, VT Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space The Arrabelle at Vail Square, CO Owned Lodging, spa, dining and conference facilities The Lodge at Vail, CO Owned Lodging, spa, dining and conference facilities The Osprey at Beaver Creek, CO Owned Lodging, dining and conference facilities The Tarnes at Beaver Creek, CO 31% Owned Employee housing facilities 41 Location Ownership Use Tenderfoot Housing, CO 50% Owned Employee housing facilities The Pines Lodge at Beaver Creek, CO Owned Lodging, dining and conference facilities Vail Mountain, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Vail Mountain, CO (12,353 acres) SUP Ski trails, ski lifts, buildings and other improvements Whistler Blackcomb Resort, BC, Canada 75% Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Whistler Mountain and Blackcomb Mountain, BC, Canada MDA Ski resort operations, including ski lifts, ski trails, buildings and other improvements Whistler Blackcomb Resort, BC, Canada Leased Employee housing facilities Whitetail Resort, PA Owned Ski resort operations, including ski lifts, ski trails, golf course, buildings, commercial space and other improvements Wildcat Mountain, NH (953 acres) SUP Ski trails, ski lifts, buildings and other improvements Wilmot Mountain, WI Owned Ski trails, ski lifts, buildings and other improvements Many of our properties are used across all segments in complementary and interdependent ways.
Ski Tip Lodge, CO Owned Lodging and dining facilities Stevens Pass, WA Owned Employee housing and guest parking facilities Stevens Pass Mountain, WA (2,443 acres) SUP Ski trails, ski lifts, buildings and other improvements Stevens Pass Ski Resort, WA Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space Stowe Mountain Resort, VT Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements and commercial space The Arrabelle at Vail Square, CO Owned Lodging, spa, dining and conference facilities The Lodge at Vail, CO Owned Lodging, spa, dining and conference facilities The Osprey at Beaver Creek, CO Owned Lodging, dining and conference facilities The Tarnes at Beaver Creek, CO 31% Owned Employee housing facilities 40 Location Ownership Use Tenderfoot Housing, CO 50% Owned Employee housing facilities The Pines Lodge at Beaver Creek, CO Owned Lodging, dining and conference facilities Vail Mountain, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Vail Mountain, CO (12,353 acres) SUP Ski trails, ski lifts, buildings and other improvements Whistler Blackcomb Resort, BC, Canada 75% Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management, commercial space and real estate held for sale or development Whistler Mountain and Blackcomb Mountain, BC, Canada MDA Ski resort operations, including ski lifts, ski trails, buildings and other improvements Whistler Blackcomb Resort, BC, Canada Leased Employee housing facilities Whitetail Resort, PA Owned Ski resort operations, including ski lifts, ski trails, golf course, buildings, commercial space and other improvements Wildcat Mountain, NH (953 acres) SUP Ski trails, ski lifts, buildings and other improvements Wilmot Mountain, WI Owned Ski trails, ski lifts, buildings and other improvements Many of our properties are used across all segments in complementary and interdependent ways.
Jack Frost Ski Resort, PA Owned Ski trails, ski lifts, buildings and other improvements Jackson Hole Golf & Tennis Club, WY Owned Golf course, clubhouse, tennis and dining facilities Jackson Lake Lodge, WY Concession contract Lodging, dining and conference facilities Jenny Lake Lodge, WY Concession contract Lodging and dining facilities Keystone Conference Center, CO Owned Conference facility Keystone Lodge, CO Owned Lodging, spa, dining and conference facilities Keystone Resort, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, commercial space, property management, dining and real estate held for sale or development Keystone Mountain, CO (8,376 acres) SUP Ski trails, ski lifts, buildings and other improvements Keystone Ranch, CO Owned Golf course, clubhouse and dining facilities Kirkwood Mountain Resort, CA Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Kirkwood Mountain, CA (2,330 acres) SUP Ski trails, ski lifts, buildings and other improvements Laurel Mountain, PA Leased Ski trails, ski lifts, buildings and other improvements Liberty Mountain Resort, PA Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings and other improvements 40 Location Ownership Use Mad River Mountain, OH Leased Ski trails, ski lifts, buildings and other improvements Mount Snow, VT Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, commercial space and other improvements.
Jack Frost Ski Resort, PA Owned Ski trails, ski lifts, buildings and other improvements Jackson Hole Golf & Tennis Club, WY Owned Golf course, clubhouse, tennis and dining facilities Jackson Lake Lodge, WY Concession contract Lodging, dining and conference facilities Jenny Lake Lodge, WY Concession contract Lodging and dining facilities Keystone Conference Center, CO Owned Conference facility Keystone Lodge, CO Owned Lodging, spa, dining and conference facilities Keystone Resort, CO Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, commercial space, property management, dining and real estate held for sale or development Keystone Mountain, CO (8,376 acres) SUP Ski trails, ski lifts, buildings and other improvements Keystone Ranch, CO Owned Golf course, clubhouse and dining facilities Kirkwood Mountain Resort, CA Owned Ski resort operations, including ski lifts, ski trails, buildings and other improvements, property management and commercial space Kirkwood Mountain, CA (2,330 acres) SUP Ski trails, ski lifts, buildings and other improvements Laurel Mountain, PA Leased Ski trails, ski lifts, buildings and other improvements Liberty Mountain Resort, PA Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings and other improvements 39 Location Ownership Use Mad River Mountain, OH Leased Ski trails, ski lifts, buildings and other improvements Mount Snow, VT Owned Ski resort operations, including ski lifts, ski trails, golf course, clubhouse, buildings, commercial space and other improvements.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed2 unchanged
Biggest changeFor additional information, see Notes to Consolidated Financial Statements. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. 42 PART II
Biggest changeFor additional information, see Notes to Consolidated Financial Statements. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. 41 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

13 edited+0 added−2 removed2 unchanged
Biggest changeRepurchase of Equity Securities The following table sets forth our purchases of shares of our common stock during the fourth quarter of our fiscal year ended July 31, 2024 (“Fiscal 2024”): Period Total Number of Shares Purchased Average Price Paid per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) May 1, 2024 - May 31, 2024 — $ — — 768,910 June 1, 2024 - June 30, 2024 138,590 $ 180.38 138,590 630,320 July 1, 2024 - July 31, 2024 — $ — — 630,320 Total 138,590 $ 180.38 138,590 630,320 (1) Average price per share excludes any excise tax imposed on stock repurchases as part of the Inflation Reduction Act of 2022.
Biggest changeRepurchase of Equity Securities The following table sets forth our purchases of shares of our common stock during the fourth quarter of our fiscal year ended July 31, 2025 (“Fiscal 2025”): Period Total Number of Shares Purchased Average Price Paid per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) 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 (1) Average price per share excludes any excise tax imposed on stock repurchases as part of the Inflation Reduction Act of 2022.
The amount, if any, of dividends to be paid in the future will depend on our available cash on hand, anticipated cash needs, overall financial condition, restrictions contained in our Ninth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), future prospects for earnings and cash flows, as well as other factors considered relevant by our Board of Directors.
The amount, if any, of dividends to be paid in the future will depend on our available cash on hand, anticipated cash needs, overall financial condition, restrictions contained in our Ninth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), future prospects for earnings and cash flows, as well as other factors considered relevant by our Board.
The comparison assumes that $100 was invested at the beginning of the period in our common stock (“MTN”), The Russell 2000 Stock Index, The Standard & Poor’s 500 Stock Index and the Dow Jones U.S. Travel and Leisure 43 Stock Index, with dividends reinvested where applicable. We include the Dow Jones U.S.
The comparison assumes that $100 was invested at the beginning of the period in our common stock (“MTN”), The Russell 2000 Stock Index, The Standard & Poor’s 500 Stock Index and the Dow Jones U.S. Travel and Leisure Stock Index, with dividends reinvested where applicable. We include the Dow Jones U.S.
Dividend Policy In fiscal 2011, our Board of Directors approved the commencement of a regular quarterly cash dividend on our common stock, subject to quarterly declaration, which has typically been increased on an annual basis.
Dividend Policy In fiscal 2011, our Board approved the commencement of a regular quarterly cash dividend on our common stock, subject to quarterly declaration, which has typically been increased on an annual basis.
(2) The share repurchase program is conducted under authorizations made from time to time by our Board of Directors.
(2) The share repurchase program is conducted under authorizations made from time to time by our Board.
These authorizations have no expiration date. Performance Graph The total return graph below is presented for the period from the beginning of our fiscal year ended July 31, 2020 through the end of Fiscal 2024.
These authorizations have no expiration date. Performance Graph The total return graph below is presented for the period from the beginning of our fiscal year ended July 31, 2021 through the end of Fiscal 2025.
Travel and Leisure $ 100.00 $ 88.25 $ 129.66 $ 105.59 $ 138.95 $ 144.40 ITEM 6. [Reserved]
Travel and Leisure $ 100.00 $ 129.66 $ 105.59 $ 138.95 $ 144.40 $ 153.50 ITEM 6. [Reserved]
As of July 31, 2019 2020 2021 2022 2023 2024 Vail Resorts, Inc. $ 100.00 $ 73.31 $ 116.51 $ 92.40 $ 94.94 $ 76.48 Russell 2000 $ 100.00 $ 91.14 $ 138.48 $ 118.64 $ 127.97 $ 146.17 Standard & Poor’s 500 $ 100.00 $ 120.87 $ 164.90 $ 157.22 $ 177.64 $ 216.97 Dow Jones U.S.
As of July 31, 2020 2021 2022 2023 2024 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.
The Board of Directors initially authorized the repurchase of up to 3,000,000 Vail Shares (March 9, 2006), and later authorized additional repurchases of up to 3,000,000 Vail Shares (July 16, 2008), 1,500,000 Vail Shares (December 4, 2015), and 2,500,000 Vail Shares (March 7, 2023), for a total authorization to repurchase up to 10,000,000 Vail Shares.
The Board initially authorized the repurchase of up to 3,000,000 Vail Shares (March 9, 2006), and later authorized additional repurchases of up to 3,000,000 Vail Shares (July 16, 2008), 1,500,000 Vail Shares (December 4, 2015), 2,500,000 Vail Shares (March 7, 2023), 1,100,000 (September 25, 2024) and 1,500,000 (June 4, 2025), for a total authorization to repurchase up to 12,600,000 Vail Shares.
On September 25, 2024, our Board of Directors approved a cash dividend of $2.22 per share payable on October 24, 2024 to stockholders of record as of October 8, 2024. We expect to fund the dividend with available cash on hand.
On September 26, 2025, our Board of Directors approved a cash dividend of $2.22 per share payable on October 27, 2025 to stockholders of record as of October 9, 2025. We expect to fund the dividend with available cash on hand.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Market and Stockholders Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “MTN.” As of September 23, 2024, 37,485,473 shares of common stock were outstanding, held by approximately 231 holders of record.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Market and Stockholders Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “MTN.” As of September 24, 2025, 35,884,970 shares of common stock were outstanding, held by approximately 228 holders of record.
The performance graph is not deemed filed with the Securities and Exchange Commission (“SEC”) and is not to be incorporated by reference into any of our filings under the Securities Act of 1933 or the Exchange Act, unless such filings specifically incorporate the performance graph by reference therein.
Travel and Leisure Index as we believe we compete in the travel and leisure industry. 42 The performance graph is not deemed filed with the Securities and Exchange Commission (“SEC”) and is not to be incorporated by reference into any of our filings under the Securities Act of 1933 or the Exchange Act, unless such filings specifically incorporate the performance graph by reference therein.
From inception of this stock repurchase program through July 31, 2024, the Company has repurchased 9,369,680 shares at a cost of approximately $1,129.4 million, excluding excise tax. As of July 31, 2024, 630,320 shares remained available to repurchase under the existing repurchase authorization.
From inception of this stock repurchase program through July 31, 2025, the Company has repurchased 11,060,183 shares at a cost of approximately $1,399.4 million, excluding excise tax. As of July 31, 2025, 1,539,817 shares remained available to repurchase under the existing repurchase authorization.
Removed
On September 25, 2024, the Company’s Board of Directors approved an increase in the number of shares authorized to be repurchased under the share repurchase program by an additional 1,100,000 Vail Shares. As a result, 1,730,320 Vail Shares are available to repurchase under the share repurchase program.
Removed
Travel and Leisure Index as we believe we compete in the travel and leisure industry.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

91 edited+55 added−29 removed82 unchanged
Biggest changeThe increase in the effective tax rate was primarily due to an increase in net unfavorable discrete items impacting the tax provision in the current period, including a decrease in the impact of the lapse of the statute of limitations for an uncertain tax position ($5.9 million) and a nonrecurring foreign partnership basis adjustment ($4.7 million). 53 Reconciliation of Non-GAAP Measures The following table reconciles net income attributable to Vail Resorts, Inc. to Total Reported EBITDA for Fiscal 2024, Fiscal 2023 and Fiscal 2022 (in thousands): Year ended July 31, 2024 2023 2022 Net income attributable to Vail Resorts, Inc. $ 230,405 $ 268,148 $ 347,923 Net income attributable to noncontrolling interests 15,874 16,955 20,414 Net income 246,279 285,103 368,337 Provision for income taxes 98,816 88,414 88,824 Income before provision for income taxes 345,095 373,517 457,161 Depreciation and amortization 276,493 268,501 252,391 Loss (gain) on disposal of fixed assets and other, net 9,633 9,070 (43,992) Change in estimated fair value of contingent consideration 47,957 49,836 20,280 Investment income and other, net (18,592) (23,744) (3,718) Foreign currency loss on intercompany loans 4,140 2,907 2,682 Interest expense, net 161,839 153,022 148,183 Total Reported EBITDA $ 826,565 $ 833,109 $ 832,987 Mountain Reported EBITDA $ 802,072 $ 822,570 $ 811,167 Lodging Reported EBITDA 23,018 12,267 25,747 Resort Reported EBITDA 825,090 834,837 836,914 Real Estate Reported EBITDA 1,475 (1,728) (3,927) Total Reported EBITDA $ 826,565 $ 833,109 $ 832,987 The following table reconciles long-term debt, net to Net Debt (defined as long-term debt, net plus long-term debt due within one year less cash and cash equivalents) (in thousands): Year ended July 31, 2024 2023 Long-term debt, net $ 2,721,597 $ 2,750,675 Long-term debt due within one year 57,153 69,160 Total debt 2,778,750 2,819,835 Less: cash and cash equivalents 322,827 562,975 Net Debt $ 2,455,923 $ 2,256,860 Liquidity and Capital Resources Changes in significant sources and uses of cash for Fiscal 2024, Fiscal 2023 and Fiscal 2022 are presented by categories as follows (in thousands): Year ended July 31, 2024 2023 2022 Net cash provided by operating activities $ 586,774 $ 639,563 $ 710,499 Net cash used in investing activities $ (241,069) $ (273,167) $ (347,917) Net cash used in financing activities $ (574,788) $ (915,708) $ (493,136) Historically, we have lower cash available at the end of each first and fourth fiscal quarter-ends as compared to our second and third fiscal quarter-ends, primarily due to the seasonality of our Mountain segment operations. 54 Fiscal 2024 compared to Fiscal 2023 We generated $586.8 million of cash from operating activities during Fiscal 2024, a decrease of $52.8 million compared to $639.6 million generated during Fiscal 2023.
Biggest changeThe decrease in the effective tax rate was primarily due to an increase in favorable discrete items impacting the tax provision in the current period, including US return-to-provision adjustments during the year ended July 31, 2025. 52 Reconciliation of Non-GAAP Measures The following table reconciles net income attributable to Vail Resorts, Inc. to Total Reported EBITDA for Fiscal 2025, Fiscal 2024 and Fiscal 2023 (in thousands): Year ended July 31, 2025 2024 2023 Net income attributable to Vail Resorts, Inc. $ 280,004 $ 231,105 $ 265,825 Net income attributable to noncontrolling interests 17,972 15,874 16,955 Net income 297,976 246,979 282,780 Provision for income taxes 104,421 92,776 87,636 Income before provision for income taxes 402,397 339,755 370,416 Depreciation and amortization 296,437 279,073 269,178 (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 Investment income and other, net (10,126) (18,592) (23,744) Foreign currency (gain) loss on intercompany loans (20) 4,140 2,907 Interest expense, net 171,628 164,599 155,446 Total Reported EBITDA $ 862,762 $ 826,565 $ 833,109 Mountain Reported EBITDA $ 821,341 $ 802,072 $ 822,570 Lodging Reported EBITDA 22,795 23,018 12,267 Resort Reported EBITDA 844,136 825,090 834,837 Real Estate Reported EBITDA 18,626 1,475 (1,728) Total Reported EBITDA $ 862,762 $ 826,565 $ 833,109 The following table reconciles long-term debt, net to Net Debt (defined as long-term debt, net plus long-term debt due within one year less cash and cash equivalents) (in thousands): Year ended July 31, 2025 2024 Long-term debt, net $ 2,594,765 $ 2,731,492 Long-term debt due within one year 599,509 59,314 Total debt 3,194,274 2,790,806 Less: cash and cash equivalents 440,290 322,827 Net Debt $ 2,753,984 $ 2,467,979 Liquidity and Capital Resources Changes in significant sources and uses of cash for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are presented by categories as follows (in thousands): Year ended July 31, 2025 2024 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) Historically, we have lower cash available at the end of each first and fourth fiscal quarter-ends as compared to our second and third fiscal quarter-ends, primarily due to the seasonality of our Mountain segment operations. 53 Fiscal 2025 compared to Fiscal 2024 We generated $554.9 million of cash from operating activities during Fiscal 2025, a decrease of $34.2 million compared to $589.0 million generated during Fiscal 2024.
The amount, if any, of dividends to be paid in the future will depend on our available cash on hand, anticipated cash needs, overall financial condition, restrictions contained in our Vail Holdings Credit Agreement, future prospects for earnings and cash flows, as well as other factors considered relevant by our Board of Directors.
The amount, if any, of dividends to be paid in the future will depend on our available cash on hand, anticipated cash needs, overall financial condition, restrictions contained in our Vail Holdings Credit Agreement, future prospects for earnings and cash flows, as well as other factors considered relevant by our Board.
We also have other policies considered key accounting policies; however, these policies do not meet the definition of critical accounting policies because they do not generally require us to make estimates or judgments that are complex or subjective. We have reviewed these critical accounting policies and related disclosures with our Audit Committee of the Board of Directors.
We also have other policies considered key accounting policies; however, these policies do not meet the definition of critical accounting policies because they do not generally require us to make estimates or judgments that are complex or subjective. We have reviewed these critical accounting policies and related disclosures with our Audit Committee of the Board.
Refer to the end of the Results of Operations section for a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA and Resort Reported EBITDA, and long-term debt, net to Net Debt. Items excluded from Resort Reported EBITDA, Total Reported EBITDA and Net Debt are significant components in understanding and assessing financial performance or liquidity.
Refer to the end of the Results of Operations section for a 43 reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA and Resort Reported EBITDA, and long-term debt, net to Net Debt. Items excluded from Resort Reported EBITDA, Total Reported EBITDA and Net Debt are significant components in understanding and assessing financial performance or liquidity.
Lodging Segment Operations within the Lodging segment include: (i) ownership/management of a group of luxury hotels through the RockResorts brand proximate to our Colorado and Utah mountain resorts; (ii) ownership/management of non-RockResorts branded hotels and condominiums proximate to our North American Resorts; (iii) National Park Service (“NPS”) concessioner properties, including the Grand Teton Lodge Company (“GTLC”); (iv) a Colorado resort ground transportation company; and (v) mountain resort golf courses. 46 The performance of our lodging properties (including managed condominium rooms) proximate to our Resorts, and our Colorado resort ground transportation company, are closely aligned with the performance of the Mountain segment and generally experience similar seasonal trends, particularly with respect to visitation by Destination guests.
Lodging Segment Operations within the Lodging segment include: (i) ownership/management of a group of luxury hotels through the RockResorts brand proximate to our Colorado and Utah mountain resorts; (ii) ownership/management of non-RockResorts branded hotels and condominiums proximate to our North American Resorts; (iii) National Park Service (“NPS”) concessioner properties, including the Grand Teton Lodge Company (“GTLC”); (iv) a Colorado resort ground transportation company; and (v) mountain resort golf courses. 45 The performance of our lodging properties (including managed condominium rooms) proximate to our Resorts, and our Colorado resort ground transportation company, are closely aligned with the performance of the Mountain segment and generally experience similar seasonal trends, particularly with respect to visitation by Destination guests.
Skiing, travel and tourism are discretionary recreational activities that can entail a relatively high cost of participation. As a result, economic downturns and other negative impacts to consumer discretionary spending may have a pronounced impact on visitation to our 47 Resorts.
Skiing, travel and tourism are discretionary recreational activities that can entail a relatively high cost of participation. As a result, economic downturns and other negative impacts to consumer discretionary spending may have a pronounced impact on visitation to our Resorts.
Increases in the fair value of contingent consideration are recorded as losses on our Consolidated Statements of Operations, while decreases in fair value are recorded as gains. New Accounting Standards Refer to the Summary of Significant Accounting Policies within the Notes to Consolidated Financial Statements for a discussion of new accounting standards.
Increases in the fair value of contingent consideration are recorded as losses on our Consolidated Statements of Operations, while decreases in fair value are recorded as gains. 60 New Accounting Standards Refer to the Summary of Significant Accounting Policies within the Notes to Consolidated Financial Statements for a discussion of new accounting standards.
Assets may become obsolete or require replacement before the end of their useful life in which the remaining book value would be written-off or we could incur costs to remove or dispose of assets no longer in use.
Assets may 59 become obsolete or require replacement before the end of their useful life in which the remaining book value would be written-off or we could incur costs to remove or dispose of assets no longer in use.
We currently plan to utilize cash on hand, borrowings available under our credit agreements and/or cash flow generated from future operations to provide the cash necessary to complete our capital plans.
We currently plan to 54 utilize cash on hand, borrowings available under our credit agreements and/or cash flow generated from future operations to provide the cash necessary to complete our capital plans.
In particular, revenue and profits for our North American and European mountain and most of our lodging operations are substantially lower and historically result in losses from late 61 spring to late fall.
In particular, revenue and profits for our North American and European mountain and most of our lodging operations are substantially lower and historically result in losses from late spring to late fall.
We also 44 believe that Net Debt is an important measurement as it is an indicator of our ability to obtain additional capital resources for our future cash needs.
We also believe that Net Debt is an important measurement as it is an indicator of our ability to obtain additional capital resources for our future cash needs.
We cannot predict if these trends will continue through the 2024 North American pass sales campaign or the overall impact that pass sales will have on lift revenue for the 2024/2025 North American ski season. • The economies in the countries in which we operate and from which we attract our guests may be impacted by economic challenges associated with elevated inflation, prolonged elevated interest rates, geopolitical conflicts, political uncertainty and financial institution disruptions and/or fluctuating commodity prices that could adversely impact our business, including decreased guest spending or visitation or increased costs of operations.
We cannot predict if these trends will continue through the 2025 North American pass sales campaign or the overall impact that pass sales will have on lift revenue for the 2025/2026 North American ski season. • The economies in the countries in which we operate and from which we attract our guests may be impacted by economic challenges associated with elevated inflation, prolonged elevated interest rates, geopolitical conflicts, political uncertainty and financial institution disruptions and/or fluctuating commodity prices that could adversely impact our 46 business, including decreased guest spending or visitation or increased costs of operations.
Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.74 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales.
Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.72 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales.
We expect that we will continue to meet all applicable financial maintenance covenants in effect in our credit agreements throughout the year ending July 31, 2025; however, there can be no assurance that we will continue to meet such financial covenants.
We expect that we will continue to meet all applicable financial maintenance covenants in effect in our credit agreements throughout the year ending July 31, 2026; however, there can be no assurance that we will continue to meet such financial covenants.
The future annual interest obligations noted herein are estimated only in relation to debt outstanding as of July 31, 2024, and do not reflect interest obligations on potential future debt or refinancing.
The future annual interest obligations noted herein are estimated only in relation to debt outstanding as of July 31, 2025, and do not reflect interest obligations on potential future debt or refinancing.
Our borrowing availability under the Whistler Credit Agreement is primarily determined by the Consolidated Total Leverage Ratio, which is based on the operating performance of the loan parties, as defined in the Whistler Credit Agreement. We were in compliance with all restrictive financial covenants in our debt instruments as of July 31, 2024.
Our borrowing availability under the Whistler Credit Agreement is primarily determined by the Consolidated Total Leverage Ratio, which is based on the operating performance of the loan parties, as defined in the Whistler Credit Agreement. 57 We were in compliance with all restrictive financial covenants in our debt instruments as of July 31, 2025.
During Fiscal 2024, approximately 82% of total combined Mountain and Lodging segment net revenue (excluding Lodging segment revenue associated with reimbursement of payroll costs) was earned during the second and third fiscal quarters.
During Fiscal 2025, approximately 82% of total combined Mountain and Lodging segment net revenue (excluding Lodging segment revenue associated with reimbursement of payroll costs) was earned during the second and third fiscal quarters.
A 10% decrease in the estimated useful lives of depreciable assets would have increased depreciation expense by approximately $30.3 million for Fiscal 2024. Business Combinations Description A component of our growth strategy has been to acquire and integrate businesses that complement our existing operations. We account for business combinations in accordance with the guidance for business combinations and related literature.
A 10% decrease in the estimated useful lives of depreciable assets would have increased depreciation expense by approximately $31.3 million for Fiscal 2025. Business Combinations Description A component of our growth strategy has been to acquire and integrate businesses that complement our existing operations. We account for business combinations in accordance with the guidance for business combinations and related literature.
Lift revenue consists of pass product lift revenue (“pass revenue”) and non-pass product lift revenue (“non-pass revenue”). Approximately 65%, 61% and 61% of total lift revenue was derived from pass revenue for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.
Lift revenue consists of pass product lift revenue (“pass revenue”) and non-pass product lift revenue (“non-pass revenue”). Approximately 65%, 65% and 61% of total lift revenue was derived from pass revenue for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.
Material Cash Requirements As part of our ongoing operations, we enter into arrangements that obligate us to make future payments under contracts such as debt agreements and construction agreements in conjunction with our resort capital expenditures. Debt obligations, which totaled $2.8 billion as of July 31, 2024, are recognized as liabilities in our Consolidated Balance Sheet.
Material Cash Requirements As part of our ongoing operations, we enter into arrangements that obligate us to make future payments under contracts such as debt agreements and construction agreements in conjunction with our resort capital expenditures. Debt obligations, which totaled $3.2 billion as of July 31, 2025, are recognized as liabilities in our Consolidated Balance Sheet.
Long-term debt also includes $12.8 million of proceeds resulting from real estate transactions accounted for as financing arrangements, which are expected to be recognized on the Company’s Statements of Operations in future years as a result of the anticipated resolution of continuing involvement, with no associated cash outflow.
Long-term debt also includes $17.3 million of proceeds resulting from real estate transactions accounted for as financing arrangements, which are expected to be recognized on the Company’s Statements of Operations in future years as a result of the anticipated resolution of continuing involvement, with no associated cash outflow.
The 2024 Indenture does not contain any financial maintenance covenants. Certain of the covenants will not apply to the Notes so long as the Notes have investment grade ratings from two specified rating agencies and no event of default has occurred and is continuing under the 2024 Indenture.
The 2025 Indenture does not contain any financial maintenance covenants. Certain of the covenants will not apply to the 5.625% Notes so long as the 5.625% Notes have investment grade ratings from two specified rating agencies and no event of default has occurred and is continuing under the 2025 Indenture.
Other revenue mainly consists of summer revenues, other mountain activities revenue, employee housing revenue, guest services revenue, commercial leasing revenue, marketing and internet advertising revenue, private club revenue (which includes both club dues and amortization of initiation fees), municipal services revenue and other recreation activity revenue. Other revenue also includes Australian resort lodging and transportation revenue.
Other revenue mainly consists of revenue stemming from summer visitation, other mountain activities revenue, employee housing revenue, guest services revenue, commercial leasing revenue, marketing and internet advertising revenue, private club revenue (which includes both club dues and amortization of initiation fees), municipal services revenue and other recreation activity revenue. Other revenue also includes Australian resort lodging and transportation revenue.
Under the Vail Holdings Credit Agreement and the Whistler Credit Agreement, any new borrowings would be priced at the Secured Overnight Financing Rate plus 1.60% and Canadian Overnight Repo Rate Average plus 1.75%, respectively.
Under the Vail Holdings Credit Agreement and the Whistler Credit Agreement, any new borrowings would be priced at the Secured Overnight Financing Rate plus 2.10% and Canadian Overnight Repo Rate Average plus 1.75%, respectively.
The 2024 Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the 2024 Indenture, certain defaults on certain other indebtedness, certain events of bankruptcy, insolvency or reorganization, and invalidity of the guarantees of the Notes issued pursuant to the 2024 Indenture.
The 2025 Indenture includes customary events of default, including failure to make payment, failure to comply with the obligations set forth in the 2025 Indenture, certain defaults on certain other indebtedness, certain events of bankruptcy, insolvency or reorganization, and invalidity of the guarantees of the 5.625% Notes issued pursuant to the 2025 Indenture.
Additionally, we had C$296.6 million ($214.8 million) available under the revolver component of our Whistler Credit Agreement (which represents the total commitment of C$300.0 million ($217.3 million) less certain outstanding letters of credit of C$3.4 million ($2.5 million)).
Additionally, we had C$296.6 million ($214.1 million) available under the revolver component of our Whistler Credit Agreement (which represents the total commitment of C$300.0 million ($216.5 million) less certain outstanding letters of credit of C$3.4 million ($2.4 million)).
However, it is not possible at this time to determine if an impairment charge would result or if such a charge would be material. As of July 31, 2024, we had $1,678.0 million of goodwill and $252.2 million of indefinite-lived intangible assets recorded on our Consolidated Balance Sheet.
However, it is not possible at this time to determine if an impairment charge would result or if such a charge would be material. As of July 31, 2025, we had $1,675.2 million of goodwill and $252.4 million of indefinite-lived intangible assets recorded on our Consolidated Balance Sheet.
In March 2024, we began our season pass sales program for the 2024/2025 North American ski season. Pass product sales through September 20, 2024 for the upcoming 2024/2025 North American ski season decreased approximately 3% in units and increased approximately 3% in sales dollars as compared to the prior year period through September 22, 2023.
In March 2025, we began our season pass sales program for the 2025/2026 North American ski season. 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 as compared to the period in the prior year through September 20, 2024.
Our largest source of Mountain segment revenue comes from the sale of lift tickets (including pass products), which represented approximately 57%, 56%, and 59% of Mountain segment net revenue for Fiscal 2024, the fiscal year ended July 31, 2023 (“Fiscal 2023”) and the fiscal year ended July 31, 2022 (“Fiscal 2022”), respectively. Lift revenue is driven by volume and pricing.
Our largest source of Mountain segment revenue comes from the sale of lift tickets (including pass products), which represented approximately 57%, 57% and 56% of Mountain segment net revenue for Fiscal 2025, the fiscal year ended July 31, 2024 (“Fiscal 2024”) and the fiscal year ended July 31, 2023 (“Fiscal 2023”), respectively. 44 Lift revenue is driven by volume and pricing.
Revenues from such properties represented approximately 68%, 71% and 73% of Lodging segment net revenue (excluding Lodging segment revenue associated with the reimbursement of payroll costs) for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.
Revenues from such properties represented approximately 66%, 68% and 71% of Lodging segment net revenue (excluding Lodging segment revenue associated with the reimbursement of payroll costs) for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.
The sections titled “Fiscal 2024 compared to Fiscal 2023” in each of the Mountain and Lodging segment discussions below provide comparisons of financial and operating performance for Fiscal 2024 to Fiscal 2023, unless otherwise noted.
The sections titled “Fiscal 2025 compared to Fiscal 2024” in each of the Mountain and Lodging segment discussions below provide comparisons of financial and operating performance for Fiscal 2025 to Fiscal 2024, unless otherwise noted.
Our reserves for uncertain tax positions, including any income tax related interest and penalties, are $57.1 million as of July 31, 2024. This reserve solely relates to the treatment of the Canyons lease payments obligation as payments of debt obligations and that the tax basis in Canyons goodwill is deductible.
Our reserves for uncertain tax positions, including any income tax related interest and penalties, are $56.8 million as of July 31, 2025. This reserve solely relates to the treatment of the Canyons lease payments obligation as payments of debt obligations and that the tax basis in Canyons goodwill is deductible.
We cannot predict the extent to which we may be impacted by such potential economic challenges, whether in North America or globally. • As of July 31, 2024, we had $322.8 million of cash and cash equivalents, as well as $407.9 million available under the revolver component of the Vail Holdings Credit Agreement, which represents the total commitment of $500.0 million less certain letters of credit outstanding of $92.1 million.
We cannot predict the extent to which we may be impacted by such potential economic challenges, whether in North America or globally. • As of July 31, 2025, we had $440.3 million of cash and cash equivalents, as well as $507.9 million available under the revolver component of the Vail Holdings Credit Agreement, which represents the total commitment of $600.0 million less certain letters of credit outstanding of $92.1 million.
Net Debt (defined as long-term debt, net plus long-term debt due within one year less cash and cash equivalents) was $2.5 billion and $2.3 billion as of July 31, 2024 and 2023, respectively.
As of July 31, 2025 and 2024, total long-term debt, net (including long-term debt due within one year) was $3.2 billion and 2.8 billion, respectively. Net Debt (defined as long-term debt, net plus long-term debt due within one year less cash and cash equivalents) was $2.8 billion and $2.5 billion as of July 31, 2025 and 2024, respectively.
Prior to May 15, 2027, we may redeem some or all of the Notes at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, plus a “make-whole” premium as specified in the 2024 Indenture.
Prior to July 15, 2027, the Company may redeem some or all of the 5.625% Notes at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, plus a “make-whole” premium as specified in the 2025 Indenture.
We refer to “Resort” as the combination of the Mountain and Lodging segments. The Mountain, Lodging and Real Estate segments represented approximately 88%, 12% and 0%, respectively, of our net revenue for Fiscal 2024.
We refer to “Resort” as the combination of the Mountain and Lodging segments. The Mountain, Lodging and Real Estate segments represented approximately 89%, 11% and 0%, respectively, of our net revenue for Fiscal 2025.
On March 9, 2006, our Board of Directors initially authorized the repurchase of up to 3,000,000 shares of Vail Shares and later authorized additional repurchases of up to 3,000,000 additional Vail Shares (July 16, 2008), 1,500,000 Vail Shares (December 4, 2015), and 2,500,000 Vail Shares (March 7, 2023), for a total authorization to repurchase shares of up to 10,000,000 Vail Shares.
On March 9, 2006, our Board initially authorized the repurchase of up to 3,000,000 shares of Vail Shares and later authorized additional repurchases of up to 3,000,000 additional Vail Shares (July 16, 2008), 1,500,000 Vail Shares (December 4, 2015), 2,500,000 Vail Shares (March 7, 2023), 1,100,000 Vail Shares (September 25, 2024) and 1,500,000 Vail Shares (June 4, 2025), for a total authorization to repurchase shares of up to 12,600,000 Vail Shares.
Currently planned capital expenditures primarily include investments that will allow us to maintain our high-quality standards for the guest experience, as well as certain incremental discretionary improvements at our Resorts, throughout our owned hotels and in technology that can impact the full network.
Currently planned capital expenditures primarily include investments that will allow us to maintain our high-quality standards for the guest experience, as well as certain incremental discretionary improvements at our Resorts, throughout our owned hotels and in technology that can impact the full network. We evaluate additional discretionary capital improvements based on an expected level of return on investment.
In addition to our $322.8 million of cash and cash equivalents at July 31, 2024, we had $407.9 million available under the revolver component of our Vail Holdings Credit Agreement as of July 31, 2024 (which represents the total commitment of $500.0 million less outstanding letters of credit of $92.1 million).
In addition to our $440.3 million of cash and cash equivalents at July 31, 2025, we had $507.9 million available under the revolver component of our Vail Holdings Credit Agreement as of July 31, 2025 (which represents the total commitment of $600.0 million less outstanding letters of credit of $92.1 million).
Judgments and Uncertainties The estimates of our useful lives of the assets contain uncertainty because management must use judgment to estimate the useful life of the asset. 60 Effect if Actual Results Differ From Assumptions Although we believe the estimates and judgments discussed herein are reasonable, actual results could differ, and we may be exposed to increased expense related to depreciable assets disposed of, removed or taken out of service prior to its originally estimated useful life, which may be material.
Effect if Actual Results Differ From Assumptions Although we believe the estimates and judgments discussed herein are reasonable, actual results could differ, and we may be exposed to increased expense related to depreciable assets disposed of, removed or taken out of service prior to its originally estimated useful life, which may be material.
For the 2024/2025 ski season, our pass alliances include Telluride Ski Resort in Colorado, Hakuba Valley and Rusutsu Resort in Japan, Resorts of the Canadian Rockies in Canada, Les 3 Vallées in France, Disentis Ski Area and Verbier 4 Vallées in Switzerland, Skirama Dolomiti in Italy and Ski Arlberg in Austria.
For the 2025/2026 ski season, our pass alliances include Telluride Ski Resort in Colorado, Hakuba Valley and Rusutsu Resort in Japan, Resorts of the Canadian Rockies in Canada, Les 3 Vallées in France, Disentis Ski Area and Verbier 4 Vallées in Switzerland, Skirama Dolomiti in Italy and Ski Arlberg, Sölden, Saalbach and Zell am See-Kaprum, Mayrhofen and Hintertux and Silvretta Montafon in Austria.
The Notes are redeemable, in whole or in part, at any time on or after May 15, 2027 at the redemption prices specified in a 2024 Indenture dated as of May 8, 2024 (the “2024 Indenture”) plus accrued and unpaid interest.
The 5.625% Notes are redeemable, in whole or in part, at any time on or after July 15, 2027 at the redemption prices specified in a 2025 Indenture dated as of July 2, 2025 (the “2025 Indenture”) plus accrued and unpaid interest.
On September 25, 2024, our Board of Directors approved a cash dividend of $2.22 per share payable on October 24, 2024 to stockholders of record as of October 8, 2024. We expect to fund the dividend with available cash on hand.
On September 26, 2025, our Board approved a cash dividend of $2.22 per share payable on October 27, 2025 to stockholders of record as of October 9, 2025. We expect to fund the dividend with available cash on hand.
In addition, prior to May 15, 2027, we may redeem up to 40% of the aggregate principal amount of the Notes with an amount not to exceed the net cash proceeds from certain equity offerings at the redemption price of 106.50% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest.
In addition, prior to July 15, 2027, the Company may redeem up to 40% of the aggregate principal amount of the 5.625% Notes with an amount not to exceed the net cash proceeds from certain equity offerings at the redemption price of 105.625% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
The Notes are senior unsecured obligations of the Company and rank equally in right of payment with existing and future senior indebtedness of the Company and the guarantors (as defined in the 2024 Indenture). 56 The 2024 Indenture contains covenants that, among other things, restrict the ability of the Company and the guarantors to incur liens on assets; merge or consolidate with another company or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s assets or engage in Sale and Leaseback Transactions (as defined in the 2024 Indenture).
The 2025 Indenture contains covenants that, among other things, restrict the ability of the Company and the guarantors to incur liens on assets; merge or consolidate with another company or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s assets or engage in Sale and Leaseback Transactions (as defined in the 2025 Indenture).
(2) Purchase obligations and other primarily includes amounts which are classified as trade payables ($141.2 million), accrued payroll and benefits ($104.2 million), accrued fees and assessments ($33.9 million), contingent consideration liability ($104.2 million) and accrued taxes (including taxes for uncertain tax positions) ($112.5 million) on our Consolidated Balance Sheet as of July 31, 2024.
(2) Purchase obligations and other primarily includes amounts which are classified as trade payables ($131.4 million), accrued payroll and benefits ($123.5 million), accrued fees and assessments ($46.5 million), contingent consideration liability ($93.3 million) and accrued taxes (including taxes for uncertain tax positions) ($68.2 million) on our Consolidated Balance Sheet as of July 31, 2025.
Mountain equity investment income, net primarily includes our share of income from the operations of a real estate brokerage company. 50 Lodging Segment Lodging segment operating results for Fiscal 2024, Fiscal 2023 and Fiscal 2022 are presented by category as follows (in thousands, except average daily rate (“ADR”) and revenue per available room (“RevPAR”)): Percentage Year ended July 31, Increase/(Decrease) 2024 2023 2022 2024/2023 2023/2022 Lodging net revenue: Owned hotel rooms $ 83,977 $ 80,117 $ 80,579 4.8 % (0.6) % Managed condominium rooms 86,199 96,785 97,704 (10.9) % (0.9) % Dining 63,255 62,445 48,569 1.3 % 28.6 % Transportation 16,309 15,242 16,021 7.0 % (4.9) % Golf 13,722 12,737 10,975 7.7 % 16.1 % Other 56,368 55,816 46,500 1.0 % 20.0 % Lodging net revenue (excluding payroll cost reimbursements) 319,830 323,142 300,348 (1.0) % 7.6 % Payroll cost reimbursements 16,287 17,251 11,742 (5.6) % 46.9 % Total Lodging net revenue 336,117 340,393 312,090 (1.3) % 9.1 % Lodging operating expense: Labor and labor-related benefits 139,840 148,915 128,884 (6.1) % 15.5 % General and administrative 59,239 63,562 55,081 (6.8) % 15.4 % Other 97,733 98,398 90,636 (0.7) % 8.6 % Lodging operating expense (excluding reimbursed payroll costs) 296,812 310,875 274,601 (4.5) % 13.2 % Reimbursed payroll costs 16,287 17,251 11,742 (5.6) % 46.9 % Total Lodging operating expense 313,099 328,126 286,343 (4.6) % 14.6 % Lodging Reported EBITDA $ 23,018 $ 12,267 $ 25,747 87.6 % (52.4) % Owned hotel statistics (1) : ADR $ 317.65 $ 312.15 $ 309.78 1.8 % 0.8 % RevPar $ 161.82 $ 160.75 $ 170.84 0.7 % (5.9) % Managed condominium statistics: ADR $ 424.13 $ 416.77 $ 410.13 1.8 % 1.6 % RevPar $ 118.91 $ 124.41 $ 122.15 (4.4) % 1.9 % Owned hotel and managed condominium statistics (combined): ADR $ 381.60 $ 378.62 $ 373.89 0.8 % 1.3 % RevPar $ 130.41 $ 133.48 $ 133.53 (2.3) % — % Lodging Reported EBITDA includes $3.3 million, $4.0 million and $3.7 million of stock-based compensation expense for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.
Mountain equity investment income, net primarily includes our share of income from the operations of a real estate brokerage company. 49 Lodging Segment Lodging segment operating results for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are presented by category as follows (in thousands, except average daily rate (“ADR”) and revenue per available room (“RevPAR”)): Percentage Year ended July 31, Increase/(Decrease) 2025 2024 2023 2025/2024 2024/2023 Lodging net revenue: Owned hotel rooms $ 88,184 $ 83,977 $ 80,117 5.0 % 4.8 % Managed condominium rooms 81,525 86,199 96,785 (5.4) % (10.9) % Dining 66,374 63,255 62,445 4.9 % 1.3 % Transportation 14,853 16,309 15,242 (8.9) % 7.0 % Golf 16,008 13,722 12,737 16.7 % 7.7 % Other 52,805 56,368 55,816 (6.3) % 1.0 % Lodging net revenue (excluding payroll cost reimbursements) 319,749 319,830 323,142 — % (1.0) % Payroll cost reimbursements 14,290 16,287 17,251 (12.3) % (5.6) % Total Lodging net revenue 334,039 336,117 340,393 (0.6) % (1.3) % Lodging operating expense: Labor and labor-related benefits 138,041 139,840 148,915 (1.3) % (6.1) % General and administrative 60,310 59,239 63,562 1.8 % (6.8) % Other 98,603 97,733 98,398 0.9 % (0.7) % Lodging operating expense (excluding reimbursed payroll costs) 296,954 296,812 310,875 — % (4.5) % Reimbursed payroll costs 14,290 16,287 17,251 (12.3) % (5.6) % Total Lodging operating expense 311,244 313,099 328,126 (0.6) % (4.6) % Lodging Reported EBITDA $ 22,795 $ 23,018 $ 12,267 (1.0) % 87.6 % Owned hotel statistics: ADR $ 325.65 $ 317.65 $ 312.15 2.5 % 1.8 % RevPar $ 170.70 $ 161.82 $ 160.75 5.5 % 0.7 % Managed condominium statistics: ADR $ 413.47 $ 424.13 $ 416.77 (2.5) % 1.8 % RevPar $ 116.70 $ 118.91 $ 124.41 (1.9) % (4.4) % Owned hotel and managed condominium statistics (combined): ADR $ 376.95 $ 381.60 $ 378.62 (1.2) % 0.8 % RevPar $ 131.55 $ 130.41 $ 133.48 0.9 % (2.3) % Lodging Reported EBITDA includes $4.0 million, $3.3 million and $4.0 million of stock-based compensation expense for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.
Our long term liquidity needs depend upon operating results that impact the borrowing capacity under our credit agreements. We can respond to liquidity impacts of changes in the business and economic environment by managing our capital expenditures, variable operating expenses, the timing of new real estate development activity and the payment of cash dividends on our common stock.
We can respond to liquidity impacts of changes in the business and economic environment by managing our capital expenditures, variable operating expenses, the timing of new real estate development activity and the payment of cash dividends on our common stock.
Mountain Segment In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas (collectively, “Resorts”): *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to our regional ski areas, which tend to generate skier visits predominantly from their respective local markets. 45 Additionally, we operate ancillary services, primarily including ski school, dining and retail/rental operations, and for our Australian ski areas, including lodging and transportation operations.
Mountain Segment In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas (collectively, “Resorts”): *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to our regional ski areas, which tend to generate skier visits predominantly from their respective local markets.
These amounts also include other commitments for goods and services not yet received, including construction contracts and minimum commitments under season pass alliance agreements, which are not included on our Consolidated Balance Sheet as of July 31, 2024 in accordance with GAAP. 57 Share Repurchase Program Our share repurchase program is conducted under authorizations made from time to time by our Board of Directors.
These amounts also include other commitments for goods and services not yet received, including construction contracts and minimum commitments under season pass alliance agreements, which are not included on our Consolidated Balance Sheet as of July 31, 2025 in accordance with GAAP.
Investment income and other, net for Fiscal 2024 decreased $5.2 million compared to Fiscal 2023, primarily as a result of decreased average balances of interest-earning investments, as excess cash balances were utilized during Fiscal 2024 for share repurchases and the cash purchase price for the acquisition of Crans-Montana. Provision for income taxes.
Investment income and other, net for Fiscal 2025 decreased $8.5 million compared to Fiscal 2024, primarily as a result of decreased average balances of interest-earning investments, as excess cash balances were utilized during Fiscal 2025 for share repurchases, as well as a decrease in interest rates. Provision for income taxes.
Discussion of our financial results for Fiscal 2023 compared to Fiscal 2022 can be found in our Annual Report on Form 10-K for Fiscal 2023, which was filed on September 28, 2023. 48 Mountain Segment Mountain segment operating results for Fiscal 2024, Fiscal 2023 and Fiscal 2022 are presented by category as follows (in thousands, except effective ticket price (“ETP)): Percentage Year ended July 31, Increase/(Decrease) 2024 2023 2022 2024/2023 2023/2022 Mountain net revenue: Lift $ 1,442,784 $ 1,420,900 $ 1,310,213 1.5 % 8.4 % Ski school 304,548 287,275 223,645 6.0 % 28.5 % Dining 227,572 224,642 163,705 1.3 % 37.2 % Retail/rental 317,196 361,484 311,768 (12.3) % 15.9 % Other 252,270 246,605 203,783 2.3 % 21.0 % Total Mountain net revenue 2,544,370 2,540,906 2,213,114 0.1 % 14.8 % Mountain operating expense: Labor and labor-related benefits 731,153 744,613 561,266 (1.8) % 32.7 % Retail cost of sales 107,093 118,717 99,024 (9.8) % 19.9 % Resort related fees 110,113 104,797 93,177 5.1 % 12.5 % General and administrative 350,788 325,903 292,412 7.6 % 11.5 % Other 444,204 424,911 358,648 4.5 % 18.5 % Total Mountain operating expense 1,743,351 1,718,941 1,404,527 1.4 % 22.4 % Mountain equity investment income, net 1,053 605 2,580 74.0 % (76.6) % Mountain Reported EBITDA $ 802,072 $ 822,570 $ 811,167 (2.5) % 1.4 % Total skier visits 17,564 19,410 17,298 (9.5) % 12.2 % ETP $ 82.14 $ 73.20 $ 75.74 12.2 % (3.4) % Mountain Reported EBITDA includes $23.2 million, $21.2 million and $20.9 million of stock-based compensation expense for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.
Discussion of our financial results for Fiscal 2024 compared to Fiscal 2023 can be found in our Annual Report on Form 10-K for Fiscal 2024, which was filed on September 26, 2024. 47 Mountain Segment Mountain segment operating results for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are presented by category as follows (in thousands, except effective ticket price (“ETP)): Percentage Year ended July 31, Increase/(Decrease) 2025 2024 2023 2025/2024 2024/2023 Mountain net revenue: Lift $ 1,503,187 $ 1,442,784 $ 1,420,900 4.2 % 1.5 % Ski school 309,863 304,548 287,275 1.7 % 6.0 % Dining 240,900 227,572 224,642 5.9 % 1.3 % Retail/rental 302,450 317,196 361,484 (4.6) % (12.3) % Other 273,473 252,270 246,605 8.4 % 2.3 % Total Mountain net revenue 2,629,873 2,544,370 2,540,906 3.4 % 0.1 % Mountain operating expense: Labor and labor-related benefits 760,955 731,153 744,613 4.1 % (1.8) % Retail cost of sales 97,289 107,093 118,717 (9.2) % (9.8) % Resort related fees 111,830 110,113 104,797 1.6 % 5.1 % General and administrative 373,404 350,788 325,903 6.4 % 7.6 % Other 468,973 444,204 424,911 5.6 % 4.5 % Total Mountain operating expense 1,812,451 1,743,351 1,718,941 4.0 % 1.4 % Mountain equity investment income, net 3,919 1,053 605 272.2 % 74.0 % Mountain Reported EBITDA $ 821,341 $ 802,072 $ 822,570 2.4 % (2.5) % Total skier visits 17,665 17,564 19,410 0.6 % (9.5) % ETP $ 85.09 $ 82.14 $ 73.20 3.6 % 12.2 % Mountain Reported EBITDA includes $29.6 million, $23.2 million and $21.2 million of stock-based compensation expense for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.
As a result, there can be no assurance that the estimates and assumptions made for purposes of the annual goodwill or indefinite-lived asset impairment tests are accurate.
Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the annual goodwill or indefinite-lived asset impairment tests are accurate.
Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units may include such items as: (1) prolonged adverse weather conditions resulting in a sustained decline in guest visitation; (2) a prolonged weakness in the general economic conditions in which guest visitation and spending is adversely impacted; and (3) volatility in the equity and debt markets which could result in a higher discount rate. 59 While we believe that our estimates and judgments are reasonable and while historical quantitative tests concluded that the estimated fair values of our reporting units and indefinite-lived assets that are in excess of carrying values, if our assumptions are not realized, it is possible that an impairment charge may need to be recorded in the future.
Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units may include such items as: (1) prolonged adverse weather conditions resulting in a sustained decline in guest visitation; (2) a prolonged weakness in the general economic conditions in which guest visitation and spending is adversely impacted; and (3) volatility in the equity and debt markets which could result in a higher discount rate.
As of July 31, 2024, the Vail Holdings Credit Agreement provides for (i) a revolving loan facility in an aggregate principal amount of $500.0 million and (ii) a term loan facility of $959.8 million, and the Whistler Credit Agreement provides for a revolving loan facility in an aggregate principal amount of C$300.0 million.
As of July 31, 2025, the Vail Holdings Credit Agreement provides for (i) a revolving loan facility in an aggregate principal amount of $600.0 million, (ii) a term loan facility of $910.5 million and (iii) an incremental term loan facility of $275.0 million in the form of a delayed draw term loan, and the Whistler Credit Agreement provides for a revolving loan facility in an aggregate principal amount of C$300.0 million.
For both the 2023/2024 and 2022/2023 North American ski seasons, Destination guests comprised approximately 57% of our North American destination mountain resort skier visits (excluding complimentary access), while Local guests comprised approximately 43%, which compares to approximately 58% and 42%, respectively, for the 2021/2022 North American ski season.
For both the 2023/2024 and 2022/2023 North American ski seasons, Destination guests comprised approximately 57% of our North American destination mountain resort skier visits (excluding complimentary access), while Local guests comprised approximately 43%. Skier visitation at our regional ski areas is largely comprised of Local guests.
Additionally, we have a credit facility which supports the liquidity needs of Whistler Blackcomb (the “Whistler Credit Agreement”). As of July 31, 2024, we had C$296.6 million ($214.8 million) available under the revolver component of the Whistler Credit Agreement which represents the total commitment of C$300.0 million ($217.3 million) less letters of credit outstanding of C$3.4 million ($2.5 million).
As of July 31, 2025, we had C$296.6 million ($214.1 million) available under the revolver component of the Whistler Credit Agreement which represents the total commitment of C$300.0 million ($216.5 million) less letters of credit outstanding of C$3.4 million ($2.4 million).
As a result, 1,730,320 Vail Shares are available to repurchase under the share repurchase program. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of shares under our share award plan.
As of July 31, 2025, 1,539,817 Vail Shares remained available to repurchase under the existing repurchase authorization. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of shares under our share award plan.
The share repurchase program has no expiration date. Dividend Payments During Fiscal 2024, we paid cash dividends of $8.56 per share ($323.7 million). During Fiscal 2023, we paid cash dividends of $7.94 per share ($314.4 million, including cash dividends paid to Exchangeco shareholders).
The share repurchase program has no expiration date. Dividend Payments During Fiscal 2025, we paid cash dividends of $8.88 per share ($328.2 million). During Fiscal 2024, we paid cash dividends of $8.56 per share ($323.7 million).
Retail cost of sales decreased 9.8%, compared to a decrease in retail sales of 13.8%, reflecting decreased margins on retail products driven by higher sales of discounted inventory. Resort related fees increased 5.1% primarily as a result of an increase in revenues on which those fees are based.
Retail cost of sales decreased 9.2%, compared to a decrease in retail sales of 6.4%, reflecting increased margins driven by the mix of retail merchandise purchased by customers, including lower sales of discounted retail products compared to the prior year. Resort related fees increased 1.6% primarily as a result of an increase in revenues on which those fees are based.
During Fiscal 2024, we repurchased 721,378 shares (at an average price of $207.93) for a total cost of approximately $150.0 million, excluding accrued excise tax. Since the inception of this stock repurchase program through July 31, 2024, we have repurchased 9,369,680 Vail Shares at a cost of approximately $1,129.4 million.
During Fiscal 2025, we repurchased 1,690,503 shares (at an average price of $162.61) for a total cost of approximately $270.0 million, excluding accrued excise tax. Since the inception of this stock repurchase program through July 31, 2025, we have repurchased 11,060,183 Vail Shares at a cost of approximately $1,399.4 million.
The decrease in operating cash flows was primarily a result of (i) an increase in income tax payments of approximately $35.0 million, driven by overpayments, net operating loss carryforwards and other deductions in the prior year which offset our estimated payments during Fiscal 2023; (ii) an increase in cash interest payments ($6.1 million); and (iii) a decrease in investment income collected ($5.2 million).
The decrease in operating cash flows was primarily a result of (i) an increase in income tax payments of approximately $32.3 million, driven by net operating loss carryforwards and other deductions in the prior year which offset our estimated payments during Fiscal 2024, and higher taxable income for the current fiscal year; (ii) an increase in cash interest payments ($10.1 million) due to increases in variable interest rates and an increase in seasonal borrowing on our revolving credit facilities; and (iii) a decrease in investment income collected ($8.5 million).
Depreciation and amortization expense for Fiscal 2024 increased $8.0 million compared to the prior year, primarily due to depreciation expense recorded for capital projects recently completed at our Resorts and assets acquired in the acquisition of Crans-Montana ($3.4 million). Interest expense, net.
Depreciation and amortization expense for Fiscal 2025 increased $17.4 million, compared to the prior year, primarily due to assets acquired in the acquisition of Crans-Montana and additional capital projects completed at our Resorts during the prior capital year. Change in estimated fair value of contingent consideration.
A 100-basis point change in our borrowing rates would cause our annual interest payments on our net variable-rate debt to change by approximately $6.1 million based on the rates in effect as of July 31, 2024, which does not include the impact of the expiration of the interest rate swaps.
A 100-basis point change in our borrowing rates would cause our annual interest payments on our net variable-rate debt to change by approximately $9.6 million based on the rates in effect as of July 31, 2025. Additionally, the annual payments associated with the financing of the Canyons Resort transaction increase by the greater of CPI less 1%, or 2%.
Off Balance Sheet Arrangements We do not have off balance sheet transactions that are expected to have a material effect on our financial condition, revenue, expenses, results of operations, liquidity, capital expenditures or capital resources. 58 Critical Accounting Policies The preparation of Consolidated Financial Statements in conformity with GAAP requires us to select accounting policies and to make judgments and estimates affecting the application of those accounting policies.
Off Balance Sheet Arrangements We do not have off balance sheet transactions that are expected to have a material effect on our financial condition, revenue, expenses, results of operations, liquidity, capital expenditures or capital resources.
Skier visitation at our regional ski areas is largely comprised of Local guests. Destination guests generally purchase our higher-priced lift tickets (including pass products) and utilize more ancillary services such as ski school, dining and retail/rental, as well as lodging at or around our mountain resorts.
Destination guests generally utilize more ancillary services such as ski school, dining and retail/rental, as well as lodging at or around our mountain resorts.
Debt As of July 31, 2024, principal payments on $2.0 billion of our $2.8 billion in long-term debt outstanding as of July 31, 2024 are not due until fiscal year 2029 and beyond. As of both July 31, 2024 and 2023, total long-term debt, net (including long-term debt due within one year) was $2.8 billion.
Debt As of July 31, 2025, principal payments on the majority of our long-term debt outstanding ($2.5 billion of our $3.2 billion as of July 31, 2025) are not due until fiscal year 2029 and beyond.
Real Estate segment operating results for Fiscal 2024, Fiscal 2023 and Fiscal 2022 are presented by category as follows (in thousands): Percentage Year ended July 31, Increase/(Decrease) 2024 2023 2022 2024/2023 2023/2022 Total Real Estate net revenue $ 4,704 $ 8,065 $ 708 (41.7) % 1,039.1 % Real Estate operating expense: Cost of sales (including sales commissions) 3,607 5,146 251 (29.9) % 1,950.2 % Other 5,907 5,489 5,660 7.6 % (3.0) % Total Real Estate operating expense 9,514 10,635 5,911 (10.5) % 79.9 % Gain on sale of real property 6,285 842 1,276 646.4 % (34.0) % Real Estate Reported EBITDA $ 1,475 $ (1,728) $ (3,927) 185.4 % 56.0 % Fiscal 2024 During Fiscal 2024, we closed on the sale of a land parcel in Keystone, CO for $4.2 million, which was recorded within Real Estate net revenue, with a corresponding cost of sale of $3.6 million.
Real Estate segment operating results for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are presented by category as follows (in thousands): Percentage Year ended July 31, Increase/(Decrease) 2025 2024 2023 2025/2024 2024/2023 Total Real Estate net revenue $ 435 $ 4,704 $ 8,065 (90.8) % (41.7) % Real Estate operating expense: Cost of sales — 3,607 5,146 (100.0) % (29.9) % Other 6,213 5,907 5,489 5.2 % 7.6 % Total Real Estate operating expense 6,213 9,514 10,635 (34.7) % (10.5) % Gain on sale of real property 24,404 6,285 842 288.3 % 646.4 % Real Estate Reported EBITDA $ 18,626 $ 1,475 $ (1,728) 1,162.8 % 185.4 % Fiscal 2025 During Fiscal 2025, we recorded a gain on sale of real property for $16.5 million related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail’s condemnation of our East Vail property, for which we received proceeds of $17.6 million.
Operating expense includes $8.0 million and $3.1 million of acquisition and integration related expenses for Fiscal 2024 and Fiscal 2023, respectively.
Additionally, operating expense includes the impact of acquisition and integration related expenses of $1.2 million and $8.0 million for the year ended July 31, 2025 and 2024, respectively.
Results of Operations Summary Shown below is a summary of operating results for Fiscal 2024, Fiscal 2023 and Fiscal 2022 (in thousands): Year ended July 31, 2024 2023 2022 Net income attributable to Vail Resorts, Inc. $ 230,405 $ 268,148 $ 347,923 Income before provision for income taxes $ 345,095 $ 373,517 $ 457,161 Mountain Reported EBITDA $ 802,072 $ 822,570 $ 811,167 Lodging Reported EBITDA 23,018 12,267 25,747 Resort Reported EBITDA $ 825,090 $ 834,837 $ 836,914 Real Estate Reported EBITDA $ 1,475 $ (1,728) $ (3,927) A discussion of segment results, including reconciliations of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA, and other items can be found below.
Results of Operations Summary Shown below is a summary of operating results for Fiscal 2025, Fiscal 2024 and Fiscal 2023 (in thousands): Year ended July 31, 2025 2024 2023 Net income attributable to Vail Resorts, Inc. $ 280,004 $ 231,105 $ 265,825 Income before provision for income taxes $ 402,397 $ 339,755 $ 370,416 Mountain Reported EBITDA $ 821,341 $ 802,072 $ 822,570 Lodging Reported EBITDA 22,795 23,018 12,267 Resort Reported EBITDA $ 844,136 $ 825,090 $ 834,837 Real Estate Reported EBITDA 18,626 1,475 (1,728) Total Reported EBITDA $ 862,762 $ 826,565 $ 833,109 A discussion of segment results, including reconciliations of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA, and other items can be found below.
We believe that our existing cash and cash equivalents, availability under our credit agreements and the continued positive cash flow from operating activities of our Mountain and Lodging segments less resort capital expenditures will continue to provide us with sufficient liquidity to fund our operations. • On May 2, 2024, we acquired Crans-Montana Mountain Resort (“Crans-Montana”) in Switzerland from CPI Property Group for a cash purchase price of CHF 97.2 million ($106.8 million), after adjustments for certain agreed-upon items.
We believe that our existing cash and cash equivalents, availability under our credit agreements and the continued positive cash flow from operating activities of our Mountain and Lodging segments less resort capital expenditures will continue to provide us with sufficient liquidity to fund our operations.
In applying our accounting policies, different business conditions or the use of different assumptions may result in materially different amounts reported in the Consolidated Financial Statements. We have identified the most critical accounting policies which were determined by considering accounting policies that involve the most complex or subjective decisions or assessments.
We have identified the most critical accounting policies which were determined by considering accounting policies that involve the most complex or subjective decisions or assessments.
Revenue from managed condominium rooms decreased $10.6 million, or 10.9% primarily due to a reduction in our inventory of available managed condominium rooms proximate to our mountain resorts, as well as decreased demand, including the impact of decreased skier visitation driven by challenging weather conditions at our North American resorts for a large portion of the season compared to the prior year.
Revenue from managed condominium rooms decreased $4.7 million, or 5.4%, primarily due to lower ADR driven by lower peak-season holiday pricing compared to the prior year, as well as a net reduction in our inventory of available managed condominium rooms proximate to our mountain resorts.
Additionally, the annual payments associated with the financing of the Canyons Resort transaction increase by the greater of CPI less 1%, or 2%. The fluctuation in our debt service requirements, in addition to interest rate and inflation changes, may be impacted by future borrowings under our credit agreements or other alternative financing arrangements we may enter into.
The fluctuation in our debt service requirements, in addition to interest rate and inflation changes, may be impacted by future borrowings under our credit agreements or other alternative financing arrangements we may enter into. Our long term liquidity needs depend upon operating results that impact the borrowing capacity under our credit agreements.
Our debt service requirements can be impacted by changing interest rates as we had approximately $0.6 billion of net variable-rate debt outstanding as of July 31, 2024 (net of $400.0 million of interest rate swap agreements which hedged the variable interest rate component of the Vail Holdings Credit Agreement, and which expired on September 23, 2024).
Our debt service requirements can be impacted by changing interest rates as we had approximately $1.0 billion of net variable-rate debt outstanding as of July 31, 2025.
The effective tax rate for Fiscal 2024 was 28.6%, compared to 23.7% for Fiscal 2023.
The effective tax rate for Fiscal 2025 was 25.9%, compared to 27.3% for Fiscal 2024.
Other operating expense of $5.5 million was primarily comprised of general and administrative costs, such as labor and labor-related benefits, professional services and allocated corporate overhead costs. 52 Other Items In addition to segment operating results, the following items contributed to our overall financial position and results of operations (in thousands).
Other Items In addition to segment operating results, the following items contributed to our overall financial position and results of operations (in thousands).
Interest expense, net for Fiscal 2024 increased $8.8 million compared to the prior year, primarily due to an increase in variable interest rates associated with the unhedged portion of our term loan borrowings under the Vail Holdings Credit Agreement. Investment income and other, net.
Interest expense, net for Fiscal 2025 increased $7.0 million compared to the prior year, primarily due to the expiration of various interest rate swap agreements on September 23, 2024, which hedged the SOFR-based variable interest rate component of the Vail Holdings Credit Agreement in prior year. Investment income and other, net.
The geographic mix depends on levels of visitation to our destination mountain resorts versus our regional ski areas.
The geographic mix depends on levels of visitation to our destination mountain resorts versus our regional ski areas. For the 2024/2025 North American ski seasons, Destination guests comprised approximately 56% of our North American destination mountain resort skier visits (excluding complimentary access), while Local guests comprised approximately 44%.
A summary of our material cash obligations as of July 31, 2024 (excluding obligations presented elsewhere, including Notes to Consolidated Financial Statements) is presented below (in thousands): Payments Due by Period Fiscal 2-3 4-5 More than Total 2025 years years 5 years Long-term debt (1) $ 3,481,028 171,107 912,578 1,007,745 1,389,598 Service contracts $ 45,577 33,480 11,317 780 — Purchase obligations and other (2) $ 591,423 409,398 93,811 3,119 85,095 Total contractual cash obligations $ 4,118,028 $ 613,985 $ 1,017,706 $ 1,011,644 $ 1,474,693 (1) Long-term debt includes principal payments, fixed-rate interest payments (including payments that are required under interest rate swaps) and estimated variable interest payments utilizing interest rates in effect at July 31, 2024, and assumes all debt outstanding as of July 31, 2024 will be held to maturity.
A summary of our material cash obligations as of July 31, 2025 (excluding obligations presented elsewhere, including Notes to Consolidated Financial Statements) is presented below (in thousands): Payments Due by Period Fiscal 2-3 4-5 More than Total 2026 years years 5 years Long-term debt (1) $ 3,968,006 740,622 397,649 1,481,862 1,347,873 Service contracts $ 58,470 39,548 17,460 1,462 — Purchase obligations and other (2) $ 631,114 466,065 83,480 2,290 79,279 Total contractual cash obligations $ 4,657,590 $ 1,246,235 $ 498,589 $ 1,485,614 $ 1,427,152 56 (1) Long-term debt includes principal payments, fixed-rate interest payments and estimated variable interest payments utilizing interest rates in effect at July 31, 2025, and assumes all debt outstanding as of July 31, 2025 will be held to maturity.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

3 edited+0 added−2 removed5 unchanged
Biggest changeAt July 31, 2024, we had approximately $0.6 billion of net variable rate indebtedness (after taking into consideration $400.0 million in interest rate swaps which converts variable-rate debt to fixed-rate debt, which expired on September 23, 2024), representing approximately 22% of our total debt outstanding, at an average interest rate during Fiscal 2024 of approximately 6.9%.
Biggest changeAt July 31, 2025, we had approximately $1.0 billion of net variable rate indebtedness, representing approximately 30% of our total debt outstanding, at an average interest rate during Fiscal 2025 of approximately 6.1%.
The following table summarizes the amounts of foreign currency translation adjustments, representing losses, and foreign currency loss on intercompany loans recognized in comprehensive income (in thousands): Year ended July 31, 2024 2023 2022 Foreign currency translation adjustments $ (67,384) $ (25,439) $ (46,493) Foreign currency loss on intercompany loans $ (4,140) $ (2,907) $ (2,682) 62
The following table summarizes the amounts of foreign currency translation adjustments, representing losses, and foreign currency loss on intercompany loans recognized in comprehensive income (in thousands): Year ended July 31, 2025 2024 2023 Foreign currency translation adjustments $ 21,948 $ (67,384) $ (25,439) Foreign currency gain (loss) on intercompany loans $ 20 $ (4,140) $ (2,907) 61
Based on variable-rate borrowings outstanding as of July 31, 2024, a 100-basis point (or 1.0%) change in our borrowing rates would result in our annual interest payments changing by $6.1 million.
Based on variable-rate borrowings outstanding as of July 31, 2025, a 100-basis point (or 1.0%) change in our borrowing rates would result in our annual interest payments changing by $9.6 million. Our market risk exposure fluctuates based on changes in underlying interest rates. Foreign Currency Exchange Rate Risk.
Removed
Our market risk exposure fluctuates based on changes in underlying interest rates, as well as our potential entry into future interest rate hedging instruments or expiration of existing interest rate hedging agreements. Foreign Currency Exchange Rate Risk.
Removed
Additionally, we have foreign currency transaction exposure from an intercompany loan to Whistler Blackcomb that is not deemed to be permanently invested, which has and could materially change due to fluctuations in the Canadian dollar exchange rate.

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