$MTN

VAIL RESORTS INC

CIK:0000812011|SEC Filings

Consolidated Statements Of Operations - USD ($)	12 Months Ended
Consolidated Statements Of Operations - USD ($)	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Net revenue:
Mountain and Lodging services and other	$ 2,367,221,000	$ 2,464,910,000	$ 2,388,227,000
Mountain and Lodging retail and dining	464,790,000	499,002,000	492,260,000
Resort net revenue	2,832,011,000	2,963,912,000	2,880,487,000
Real Estate	6,193,000	435,000	4,704,000
Total net revenue	2,838,204,000	2,964,347,000	2,885,191,000
Total segment operating expense
Mountain and Lodging operating expense	1,485,203,000	1,507,993,000	1,458,369,000
Mountain and Lodging retail and dining cost of products sold	167,960,000	181,988,000	188,054,000
General and administrative	434,006,000	433,714,000	410,027,000
Resort operating expense	2,087,169,000	2,123,695,000	2,056,450,000
Real Estate operating expense	11,985,000	6,213,000	9,514,000
Total segment operating expense	2,099,154,000	2,129,908,000	2,065,964,000
Other operating (expense) income:
Depreciation and amortization	(305,610,000)	(296,437,000)	(279,073,000)
Gain on sale of real property, net	13,163,000	24,404,000	6,285,000
Change in estimated fair value of contingent consideration (Note 9)	(19,239,000)	(9,379,000)	(47,957,000)
(Loss) gain on disposal of fixed assets and other, net	(6,823,000)	6,933,000	(9,633,000)
Income from operations	420,541,000	559,960,000	488,849,000
Interest expense, net	(205,623,000)	(171,628,000)	(164,599,000)
Mountain equity investment income, net	829,000	3,919,000	1,053,000
Investment income and other, net	11,129,000	10,126,000	18,592,000
Foreign currency gain (loss) on intercompany loans (Note 6)	80,000	20,000	(4,140,000)
Income before provision for income taxes	226,956,000	402,397,000	339,755,000
Provision for income taxes (Note 10)	(56,212,000)	(104,421,000)	(92,776,000)
Net income	170,744,000	297,976,000	246,979,000
Net income attributable to noncontrolling interests	(23,209,000)	(17,972,000)	(15,874,000)
Net income attributable to Vail Resorts, Inc.	$ 147,535,000	$ 280,004,000	$ 231,105,000
Per share amounts (Note 5):
Basic net income per share attributable to Vail Resorts, Inc.	$ 4.13	$ 7.54	$ 6.10
Diluted net income per share attributable to Vail Resorts, Inc.	4.12	7.53	6.09
Cash dividends declared per share	$ 8.88	$ 8.88	$ 8.56

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended			245 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024	Jul. 31, 2026
Cash flows from operating activities:
Net income	$ 170,744	$ 297,976	$ 246,979
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	305,610	296,437	279,073
Stock-based compensation expense	28,164	33,962	26,803
Deferred income taxes, net	(1,784)	(20,952)	6,702
Loss (gain) on disposal of fixed assets and other, net	6,823	(6,933)	9,633
Change in estimated fair value of contingent consideration	19,239	9,379	47,957
Other non-cash income, net	(12,148)	(29,014)	(2,745)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivables, net	30,642	(6,708)	12,887
Inventories, net	(16,918)	1,203	13,190
Accounts payable and accrued liabilities	15,802	18,396	9,369
Deferred revenue	(39,564)	26,436	2,647
Income taxes payable	(12,003)	(36,281)	(43,442)
Other assets and liabilities, net	(14,981)	(29,031)	(20,031)
Net cash provided by operating activities	479,626	554,870	589,022
Cash flows from investing activities:
Capital expenditures	(231,625)	(235,191)	(211,197)
Acquisition of businesses, net of cash acquired	0	0	(94,356)
Purchases of short-term certificates of deposit	75,445	0	0
Maturity of short-term certificates of deposit	38,334	0	57,647
Cash received from disposal of fixed assets	2,482	12,373	337
Other investing activities, net	292	18,321	6,500
Net cash used in investing activities	(265,962)	(204,497)	(241,069)
Cash flows from financing activities:
Proceeds from borrowings under 5.625% Notes	0	500,000	0
Proceeds from borrowings under 6.50% Notes	0	0	600,000
Proceeds from borrowings under Vail Holdings Credit Agreement	669,063	350,000	0
Repayments of borrowings under 6.25% Notes	0	0	(600,000)
Repurchases of 0.0% Convertible Notes	(525,000)	(48,000)	0
Repayments of borrowings under Vail Holdings Credit Agreement	(156,484)	(399,219)	(55,859)
Dividends paid	(317,131)	(328,168)	(323,684)
Repurchases of common stock	(45,000)	(270,000)	(150,000)	$ (1,444,200)
Employee taxes paid for share award exercises	(4,202)	(8,036)	(5,625)
Other financing activities, net	(42,286)	(39,224)	(41,868)
Net cash used in financing activities	(421,040)	(242,647)	(577,036)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,019)	11,630	(6,947)
Net (decrease) increase in cash, cash equivalents and restricted cash	(209,395)	119,356	(236,030)
Cash, cash equivalents and restricted cash:
Beginning of period	456,419	337,063	573,093
End of period	247,024	456,419	337,063	$ 247,024
Cash paid for interest	186,308	156,368	146,559
Taxes paid, net	69,938	161,655	129,350
Accrued capital expenditures	$ 27,890	$ 25,788	$ 24,872

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025
Assets
Cash and cash equivalents	$ 231,349	$ 440,290
Restricted cash	15,675	16,129
Short-term certificates of deposit	37,112	0
Accounts Receivable, after Allowance for Credit Loss, Current	355,311	382,370
Inventories, net of reserves	134,634	117,178
Other current assets	102,385	93,823
Total current assets	876,466	1,049,790
Property, plant and equipment, net (Note 8)	2,339,514	2,374,654
Real estate held for sale or investment	67,027	87,853
Goodwill, net (Note 8)	1,673,975	1,675,215
Intangible assets, net (Note 8)	293,595	298,497
Operating right-of-use assets (Note 4)	221,864	242,485
Other assets	54,007	49,391
Total assets	5,526,448	5,777,885
Liabilities and Stockholders’ Equity
Accounts payable and accrued liabilities (Note 8)	1,008,395	1,056,665
Income taxes payable	4,687	11,452
Long-term debt due within one year (Note 6)	83,908	599,509
Total current liabilities	1,096,990	1,667,626
Long-term debt, net (Note 6)	3,102,460	2,594,765
Operating lease liabilities (Note 4)	190,248	215,085
Other long-term liabilities	317,170	294,464
Deferred income taxes, net (Note 10)	262,182	252,041
Total liabilities	4,969,050	5,023,981
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 100,000 shares authorized and 47,018 and 46,945 shares issued, respectively	470	469
Additional paid-in capital	1,195,497	1,171,536
Accumulated other comprehensive loss	(50,744)	(57,889)
Retained earnings	549,066	718,662
Treasury stock, at cost; 11,383 and 11,060 shares, respectively (Note 13)	(1,453,762)	(1,408,279)
Total Vail Resorts, Inc. stockholders’ equity	240,527	424,499
Noncontrolling interests	316,871	329,405
Total stockholders’ equity	557,398	753,904
Total liabilities and stockholders’ equity	$ 5,526,448	$ 5,777,885
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	47,018,000	46,945,000
Treasury Stock, Common, Shares	11,382,892	11,060,000