VAIL RESORTS INC
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MTN Q3 2026 request
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| Metric | Q3 2026 | Q3 2025 | YoY |
|---|---|---|---|
| Mountainand Lodgingservicesandotherrevenue | 1,043,884 | 1,115,031 | -6.4% |
| Mountainand Lodgingretailanddiningrevenue | 161,209 | 180,412 | -10.6% |
| Resort Revenue Net | 1,205,093 | 1,295,443 | -7.0% |
| Real Estate Revenue | 82 | 115 | -28.7% |
| Revenue | 1,205,175 | 1,295,558 | -7.0% |
| Mountainand Lodgingoperatingexpenses | 459,875 | 483,161 | -4.8% |
| Mountainand Lodgingcostofproductssold | 56,701 | 59,206 | -4.2% |
| Mountainand Lodginggeneralandadministrativeexpense | 102,559 | 106,011 | -3.3% |
| Resort Expenses Net | 619,135 | 648,378 | -4.5% |
| Real Estate Expense | 1,475 | 1,662 | -11.3% |
| Total Segment Operating Expense | 620,610 | 650,040 | -4.5% |
| Depreciation And Amortization | -77,219 | -76,067 | -1.5% |
| Gain Loss On Sale Of Real Property | 400 | 7,898 | -94.9% |
| Changein Fair Valueof Contingent Consideration | -13,500 | -1,900 | -610.5% |
| Gain Loss On Disposition Of Assets | -118 | 2,323 | -105.1% |
| Operating Income | 494,128 | 577,772 | -14.5% |
| Mountain Equity Investment Income Loss Net | 458 | 666 | -31.2% |
| Interest Income | 2,620 | 3,154 | -16.9% |
| Foreign Currency Transaction Gain Loss Before Tax | -34 | 1,702 | -102.0% |
| Interest Expense | -51,318 | -41,905 | -22.5% |
| Income Before Taxes | 445,854 | 541,389 | -17.6% |
| Income Tax Expense (Benefit) | -105,631 | -130,073 | +18.8% |
| Net Income | 340,223 | 411,316 | -17.3% |
| Net Income Loss Attributable To Noncontrolling Interest | -25,788 | -21,576 | -19.5% |
Show Equity Components breakouts |
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| Noncontrolling Interest | -25,788 | -21,576 | -19.5% |
| Net Income | 314,435 | 389,740 | -19.3% |
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| Retained Earnings | 314,435 | 389,740 | -19.3% |
| Total Vail Resorts, Inc. Stockholders' Equity | 314,435 | 389,740 | -19.3% |
| EPS (Basic) | 8.82 | 10.47 | -15.8% |
| EPS (Diluted) | 8.81 | 10.46 | -15.8% |
| Common Stock Dividends Per Share Cash Paid | 2.22 | 2.22 | 0.0% |
| Cost of Revenue (Q) | — | — | — |
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| Mountain Operating Expense | 29,744 | 30,617 | -2.9% |
| General & Administrative (Q) | — | — | — |
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| Lodging Operating Expense | 13,224 | 15,333 | -13.8% |
| Mountain Operating Expense | 89,335 | 90,678 | -1.5% |
| Comprehensive Income | 321,575 | 467,365 | -31.2% |
Show Equity Components breakouts |
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| Total Vail Resorts, Inc. Stockholders' Equity | 321,575 | 467,365 | -31.2% |
| Wtd Avg Shares (Basic) | 35,633 | 37,241 | -4.3% |
| Wtd Avg Shares (Diluted) | 35,686 | 37,277 | -4.3% |
| Labor And Related Expense (Q) | — | — | — |
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| Lodging Operating Expense | 29,257 | 31,149 | -6.1% |
| Mountain Operating Expense | 238,346 | 256,343 | -7.0% |
| Other Expenses (Q) | — | — | — |
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| Lodging Operating Expense | 20,917 | 19,883 | +5.2% |
| Mountain Operating Expense | 137,596 | 144,413 | -4.7% |
| Real Estate Operating Expense | 1,475 | 1,662 | -11.3% |
Balance Sheet
| Metric | Q3 2026 | Q3 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 371,374 | 467,034 | -20.5% |
| Accounts Receivable | 356,917 | 335,900 | +6.3% |
| Inventory | 129,069 | 114,573 | +12.7% |
| Other Assets Current | 78,916 | 68,129 | +15.8% |
| Total Current Assets | 952,222 | 999,414 | -4.7% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 2,371,161 | 2,382,700 | -0.5% |
| Goodwill | 1,703,085 | 1,678,918 | +1.4% |
Show Business Segments breakouts |
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| Lodging [Member] | 45,006 | — | — |
| Mountain [Member] | 1,658,079 | — | — |
| Operating Lease Right-of-Use Assets | 231,501 | 249,196 | -7.1% |
| Other Non-Current Assets | 52,037 | 51,788 | +0.5% |
| Total Assets | 5,685,950 | 5,749,945 | -1.1% |
| Other Assets | |||
| Restricted Cash And Cash Equivalents At Carrying Value | 15,946 | 13,778 | +15.7% |
| Inventory Real Estate | 76,439 | 87,895 | -13.0% |
| Intangible Assets Net Excluding Goodwill | 299,505 | 300,034 | -0.2% |
| Current Liabilities | |||
| Accrued Income Taxes Current | 76,241 | 95,919 | -20.5% |
| Long Term Debt And Capital Lease Obligations Current | 73,512 | 591,474 | -87.6% |
| Total Current Liabilities | 1,044,704 | 1,628,267 | -35.8% |
| Deferred Revenue (Current) | 467 | 468.6 | -0.3% |
| Deferred Revenue | 467,041 | 468,606 | -0.3% |
| Non-Current Liabilities | |||
| Operating Lease Liabilities | 198,406 | 220,302 | -9.9% |
| Other Long Term Liabilities Noncurrent | 312,469 | 288,506 | +8.3% |
| Deferred Tax Liabilities | 264,648 | 276,232 | -4.2% |
| Total Liabilities | 4,769,856 | 4,532,218 | +5.2% |
| Long-Term Debt | 3,022,352 | 2,705,043 | +11.7% |
Show Debt Instrument breakouts |
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| 5.625% Notes | 500,000 | — | — |
| 6.50% Notes | 600,000 | 600,000 | 0.0% |
| Andermatt-Sedrun | 35,181 | 36,525 | -3.7% |
Show Long-Term Debt Type breakouts |
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| Alpine Valley Secured Note [Member] | 4.6 | 4.6 | 0.0% |
| Boston Mills Brandywine Secured Note [Member] | 23.3 | 23.3 | 0.0% |
| Canyons Obligation [Member] | 379,116 | 373,433 | +1.5% |
| Canyons Parking Garage | 22,282 | — | — |
| Employee Housing Bonds [Member] | 52,575 | 52,575 | 0.0% |
| EPR Secured Notes [Member] | 114,162 | 114,162 | 0.0% |
| Hunter Mountain Secured Note [Member] | 21 | 21 | 0.0% |
| Jack Frost Big Boulder Secured Note [Member] | 14.3 | 14.3 | 0.0% |
| Mount Snow Secured Note [Member] | 51.1 | 51.1 | 0.0% |
| Other [Member] | 32,353 | 52,838 | -38.8% |
| Term Loan [Member] | 1,259,063 | 922,852 | +36.4% |
| Whistler Employee Housing Leases | 27,620 | 27,658 | -0.1% |
| Contract With Customer Liability Noncurrent | 95.1 | 101.2 | -6.0% |
| Other Liabilities | |||
| Accounts Payable Accrued Liabilities | 894,951 | 940,874 | -4.9% |
| Long Term Debt And Capital Lease Obligations | 2,949,629 | 2,118,911 | +39.2% |
| Stockholders' Equity | |||
| Preferred Stock Par Or Stated Value Per Share | 0.01 | 0.01 | 0.0% |
| Preferred Stock Shares Authorized | 25,000 | 25,000 | 0.0% |
| Common Stock Par Or Stated Value Per Share | 0.01 | 0.01 | 0.0% |
| Common Stock Shares Authorized | 100,000 | 100,000 | 0.0% |
| Common Stock Shares Issued | 47,016 | 46,925 | +0.2% |
| Common Stock | 470 | 469 | +0.2% |
| Additional Paid In Capital Common Stock | 1,188,112 | 1,160,833 | +2.3% |
| Accumulated Other Comprehensive Income | -1,317 | -57,074 | +97.7% |
| Retained Earnings | 818,331 | 979,232 | -16.4% |
| Treasury Stock Value | -1,453,869 | -1,206,293 | -20.5% |
| Treasury Stock Common Shares | 11,383 | 9,774 | +16.5% |
| Total Stockholders' Equity | 551,727 | 877,167 | -37.1% |
| Minority Interest | 364,367 | 340,560 | +7.0% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 916,094 | 1,217,727 | -24.8% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -1,317 | -57,074 | +97.7% |
| Additional Paid In Capital | 1,188,112 | 1,160,833 | +2.3% |
| Common Stock | 470 | 469 | +0.2% |
| Noncontrolling Interest | 364,367 | 340,560 | +7.0% |
| Retained Earnings | 818,331 | 979,232 | -16.4% |
| Total Vail Resorts, Inc. Stockholders' Equity | 551,727 | 877,167 | -37.1% |
| Treasury Stock Common | -1,453,869 | -1,206,293 | -20.5% |
| Total Liabilities & Equity | 5,685,950 | 5,749,945 | -1.1% |
Cash Flow Statement
| Metric | YTD Q3 2026 | YTD Q3 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Stock-Based Compensation | 20,645 | 21,184 | -2.5% |
| Deferred Income Taxes | 117,303 | 157,645 | -25.6% |
| Change In Estimated Fair Value Of Contingent Consideration | 14,439 | 4,079 | +254.0% |
| Other Noncash Income | -7,097 | -35,278 | +79.9% |
| Change in Accounts Receivable | 30,228 | 39,733 | -23.9% |
| Change in Inventory | -10,345 | 3,819 | -370.9% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | 14,780 | 54,627 | -72.9% |
| Increase Decrease In Deferred Revenue | -142,350 | -106,953 | -33.1% |
| Increase Decrease In Accrued Income Taxes Payable | -44,453 | -110,904 | +59.9% |
| Increase Decrease In Other Operating Capital Net | -4,782 | -11,597 | +58.8% |
| Net Cash from Operations | 582,666 | 724,598 | -19.6% |
| Investing Activities | |||
| Payments To Acquire Productive Assets | -181,640 | -179,250 | -1.3% |
| Other Investing Activities | 2,699 | 23,768 | -88.6% |
| Net Cash from Investing | -178,941 | -155,482 | -15.1% |
| Financing Activities | |||
| Proceeds From Lines Of Credit | 389,063 | — | — |
| Repayments Of Convertible Debt | -525,000 | -48,000 | -993.8% |
| Repayments Of Lines Of Credit | -40,547 | -36,914 | -9.8% |
| Tax Withholding for Share Compensation | -4,068 | -5,961 | +31.8% |
| Payments Of Dividends | -238,021 | -248,455 | +4.2% |
| Share Repurchases | -45,000 | -70,000 | +35.7% |
| Proceeds From Payments For Other Financing Activities | -23,679 | -26,386 | +10.3% |
| Net Cash from Financing | -487,252 | -435,716 | -11.8% |
| Amortization of Financing Costs | 4.4 | 4.2 | +4.8% |
| Supplemental | |||
| Unpaid Capital Expenditures | 12,479 | 19,727 | -36.7% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 14,428 | 10,349 | +39.4% |
| Net Change in Cash | -69,099 | 143,749 | -148.1% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 387,320 | 480,812 | -19.4% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.