VAIL RESORTS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VAIL RESORTS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,601	1,907	2,012	2,272	1,964	1,910	2,526	2,889	2,885	2,964
Operating income	283	379	409	476	223	261	602	504	489	560
Interest expense	42.4	54.1	63.2	79.5	107	151	148	155	165	172
Interest income	0.72	6.11	1.94	3.09	1.31	0.59	3.72	23.7	18.6	10.1
Pre-tax income	243	348	340	399	116	125	457	370	340	402
Income tax	93.2	117	-61.1	75.5	7.38	0.73	88.8	87.6	92.8	104
Net income to minority interests	-0.3	21.2	21.3	22.3	10.2	-3.39	20.4	17	15.9	18
Net income	150	211	380	301	98.8	128	348	266	231	280
EBITDA	444	568	613	694	473	514	854	774	768	856
EPS, basic	4.13	5.36	9.40	7.46	2.45	3.17	8.60	6.70	6.10	7.54
EPS, diluted	4.01	5.22	9.13	7.32	2.42	3.13	8.55	6.69	6.09	7.53
Shares, basic (weighted)	36.3	39.3	40.4	40.3	40.3	40.3	40.5	39.7	37.9	37.2
Shares, diluted (weighted)	37.3	40.4	41.6	41.2	40.8	40.8	40.7	39.8	38	37.2
Dividend per share	2.87	3.73	5.05	6.46	5.28	0.00	5.58	7.94	8.56	8.88

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	67.9	117	178	109	391	1,244	1,107	563	323	440
Receivables	147	187	231	271	107	345	383	381	376	382
Inventory	74.6	84.8	85.6	96.5	102	80.3	109	133	119	117
Other current assets	27.2	33.7	37.3	42.1	54.5	61.3	173	121	70.2	93.8
Total current assets	323	433	539	528	665	1,746	1,792	1,208	902	1,050
Property, plant and equipment	1,364	1,714	1,627	1,843	2,193	2,068	2,118	2,372	2,419	2,375
Lease right-of-use assets				0	226	205	192	192	258	242
Goodwill	509	1,520	1,476	1,608	1,709	1,781	1,755	1,720	1,678	1,675
Intangible assets	140	295	281	306	315	319	314	309	303	298
Other non-current assets	35.2	45.4	43.4	40.2	40.1	37.1	51.4	55.9	40.8	49.4
Total assets	2,482	4,111	4,065	4,426	5,244	6,251	6,318	5,948	5,687	5,778
Accounts payable	72.7	71.6	80.8	96.4	59.7	98.3	151	149	141	140
Deferred revenue	183	240	282	336	256	457	511	573	576	602
Short-term debt	13.4	38.4	38.5	48.5	63.7	114	63.7	69.2	59.3	525
Total current liabilities	506	605	594	719	603	978	1,111	1,131	1,107	1,668
Long-term debt	687	1,234	1,234	1,528	2,387	2,736	2,670	2,751	2,731	2,595
Lease liabilities				0	218	191	175	168	235	215
Other non-current liabilities	121	159	155	155	165
Total liabilities	1,594	2,312	2,253	2,699	3,713	4,422	4,471	4,612	4,662	5,024
Total debt	702	1,277	1,276	1,580	2,444	2,949	2,807	2,826	2,788	3,194
Paid-in capital	636	1,223	1,137	1,130	1,132	1,197	1,185	1,124	1,146	1,172
Retained earnings	487	551	727	760	646	774	896	874	767	719
Treasury stock	-247	-247	-273	-358	-404	-404	-479			-1,408
Other comprehensive income	-1.55	44.4	-2.23	-31.7	-56.8	27.8	10.9	-10.4	-67.3	-57.9
Shareholders' equity	875	1,571	1,589	1,501	1,317	1,595	1,612	1,004	710	424
Minority interests	13.9	228	222	226	215	234	235	332	315	329
Total equity	888	1,799	1,812	1,727	1,532	1,829	1,836	1,321	1,025	754
Total liabilities and equity	2,482	4,111	4,065	4,426	5,244	6,251	6,318	5,948	5,687	5,778

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	149	232	401	323	109	124	368	283	247	298
Depreciation and amortization	161	189	204	218	250	253	252	269	279	296
Stock-based compensation	17	18.3	19	19.9	21	24.4	24.9	25.4	26.8	34
Deferred income tax	7.63	36.4	-45.8	22.4	17.4	-16.1	-9.39	23.5	6.7	-21
Change in receivables	-33	-36.3	-44.3	-35.4	167	-237	-39	4.25	12.9	-6.71
Change in inventory	-0.84	8.09	-0.96	-7.27	-1.92	22.8	-28	-23.4	13.2	1.2
Change in payables	16	-22.1	1.88	23.3	-82.4	119	41.1	-7.51	9.37	18.4
Cash from operations	437	471	548	634	395	525	710	638	589	555
Capital expenditures	-109	-144	-141	-192	-172	-115	-193	-315	-211	-235
Acquisitions	-20.2	-547	-1.36	-419	-328	0	-116	-38.6	-94.4	0
Purchases of investments						0	0	-86.8	0	0
Sales and maturities of investments						0	0	38	57.6	0
Cash from investing	-124	-677	-135	-596	-493	-103	-348	-273	-241	-204
Debt repaid	-0.27									-50
Share buybacks	-53.8	-0.21	-25.8	-85	-46.4	0	-75	-500	-150	-270
Dividends paid	-104	-146	-204	-261	-213	0	-226	-314	-324	-328
Cash from financing	-281	256	-351	-99.6	376	435	-493	-914	-577	-243
Exchange rate effect	0.91	3.78	-5.81	-5.29	5.25	-0.1	-1.91	-3.7	-6.95	11.6
Net change in cash	32.4	53.7	57.4	-66.7	284	856	-132	-553	-236	119
Free cash flow	328	327	408	442	223	410	518	323	378	320
Interest paid	33.2	46.5	53.8	70.9	88.4	126	114	141	147	156
Income taxes paid	22	49.4	16.9	27.2	4.13	5.01	19.7	94.3	129	162

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to April 30, 2026; growth uses fiscal years. Valuation uses the share price of $136.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	15.2%	Operating income / revenue.
EBITDA margin	25.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.7%	Pre-tax income / revenue.
Net margin	5.5%	Net income / revenue.
FCF margin	6.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.6%	Cash from operations / revenue.
Effective tax rate	26.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	9.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.4%	Capital expenditures / revenue.
D&A / revenue	10.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	14.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	21.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-7.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	23.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-4.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	25.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-7.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-15.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-14.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	16.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	11.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-40.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-35.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-20.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.91x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Debt / equity	5.48x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.2%	Total debt / total assets.
Liabilities / assets	83.9%	Total liabilities / total assets.
Net debt	$2.65B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.19x	Operating income / interest expense.
Working capital	-$92.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	35.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	1.19x	Revenue / average property, plant and equipment.
Receivables turnover	7.93x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
FCF conversion	111.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	57.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$79.34	Revenue / diluted weighted shares.
FCF per share	$4.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.57	Cash from operations / diluted weighted shares.
Book value per share	$15.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$40.66	Tangible book value / shares outstanding.
Cash per share	$10.41	(Cash + short-term investments) / shares outstanding.
Payout ratio	202.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	181.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	139.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.85B	Share price x shares outstanding.
Enterprise value	$7.50B	Market cap + total debt - cash - short-term investments.
P/E	30.9x	Market cap / net income. Only when net income is positive.
P/S	1.71x	Market cap / revenue.
P/B	8.79x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	27.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.7x	Market cap / cash from operations, when positive.
EV/Sales	2.65x	Enterprise value / revenue.
EV/EBIT	17.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	42.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.6%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	6.6%	Dividends paid over the period / market cap.
Shareholder yield	11.6%	(Dividends paid + share buybacks) / market cap.

What was VAIL RESORTS INC's revenue in fiscal 2025?

VAIL RESORTS INC reported revenue of $2.96B for fiscal 2025, 2.7% higher than the year before.

Was VAIL RESORTS INC profitable in fiscal 2025?

Yes. Net income was $280.0M, a net margin of 9.4%.

How much free cash flow did VAIL RESORTS INC generate in fiscal 2025?

Cash from operations of $554.9M minus capital expenditures of $235.2M left free cash flow of $319.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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