Vail Resorts Inc. (MTN)
As-reported financials and SEC filings for Vail Resorts Inc. The latest annual period is FY2026. The latest reported quarter is Q4 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Vail Resorts Inc.
Vail Resorts Inc operates a network of 42 mountain resorts and regional ski areas, primarily in North America, along with luxury lodging and real estate services. Its Mountain segment offers skiing, snowboarding, lessons, equipment rentals, dining, and retail, while the Lodging segment manages hotels, condominiums, and related properties near its resorts. The company serves a diverse clientele including local and long-distance travelers seeking winter and summer recreational activities.
Snapshot
Fundamentals are from SEC filings for FY2026, the latest annual period (ended July 31, 2026). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Vail Resorts
- Revenue fell 4.3% to $2.8B in FY2026, slower than the 2.7% the year before.
- Operating margin is 14.8% in FY2026, -9.0 pp against 23.8% in FY2022.
- Most recent quarter Q4 FY2026: revenue $278M, up 2.5% from Q4 FY2025.
- Free cash flow was $248M in FY2026, 8.7% of revenue.
- Net income fell 47.3% to $148M in FY2026.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Vail Resorts’s fundamentals sit among the 213 Communication Services companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Vail Resorts’s return on equity of 26.5% ranks in the 92nd percentile of the 162 Communication Services companies reporting it. Vail Resorts’s long-term debt to equity of 5.57 ranks in the 91st percentile of the 100 Communication Services companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 3 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Harris Associates (Oakmark) | Q2 2026 | $104.1M | 764.4K | Added |
| Two Sigma Investmentsquant | Q2 2026 | $29.4M | 215.6K | Added |
| Gotham Asset Management | Q2 2026 | $22.9M | 168.5K | Added |
| Citadel Advisorsquant | Q2 2026 | $14.8M | 108.9K | Reduced |
| D. E. Shawquant | Q2 2026 | $3.8M | 28.0K | Reduced |
| First Eagle Investment Management | Q2 2026 | $3.2M | 23.8K | Held |
| Millennium Managementquant | Q2 2026 | $2.7M | 20.2K | Reduced |
| AQR Capital Managementquant | Q2 2026 | $1.4M | 10.5K | Reduced |
No longer held by: Hound Partners (as of Q2 2026)
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-09-30 | 6.8M | +10.2% | 5.34 |
| 2026-09-15 | 6.2M | +7.7% | 7.82 |
| 2026-08-31 | 5.8M | -2.3% | 10.87 |
| 2026-08-14 | 5.9M | +1.0% | 13.55 |
| 2026-07-31 | 5.8M | -14.0% | 7.61 |
| 2026-07-15 | 6.8M | -3.6% | 9.33 |
| 2026-06-30 | 7.0M | -2.3% | 7.22 |
| 2026-06-15 | 7.2M | -1.3% | 7.98 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.84B | $2.96B | $2.89B | $2.89B | $2.53B |
| Gross profit | — | — | — | — | — |
| Operating income | $420.5M | $560.0M | $488.8M | $504.4M | $601.7M |
| Net income | $147.5M | $280.0M | $231.1M | $265.8M | $347.9M |
| Diluted EPS | $4.12 | $7.53 | $6.09 | $6.69 | $8.55 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash and equivalents | $231.3M | $440.3M | $322.8M | $563.0M | $1.11B |
| Current assets | $876.5M | $1.05B | $902.0M | $1.21B | $1.79B |
| Total assets | $5.53B | $5.78B | $5.69B | $5.95B | $6.32B |
| Current liabilities | $1.10B | $1.67B | $1.11B | $1.13B | $1.11B |
| Long-term debt | $3.10B | $2.59B | $2.73B | $2.75B | $2.67B |
| Total liabilities | $4.97B | $5.02B | $4.66B | $4.61B | $4.47B |
| Total equity | $557.4M | $753.9M | $1.02B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Operating cash flow | $479.6M | $554.9M | $589.0M | $637.9M | $710.5M |
| Capital expenditure | $231.6M | $235.2M | $211.2M | $314.9M | $192.8M |
| Free cash flow |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Quarterly trend
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q4 FY2026 | 2.5% | |||
| Q3 FY2026 | $1.21B | -7.0% | $314.4M | $8.81 |
| Q2 FY2026 | $1.08B | -4.7% | $210.0M | $5.87 |
| Q1 FY2026 | $271.0M | 4.1% | $-186.8M | $-5.20 |
| Q4 FY2025 | 2.2% | |||
| Q3 FY2025 | $1.30B | 1.0% | $389.7M | $10.46 |
| Q2 FY2025 | $1.14B | 5.5% | $244.4M | $6.53 |
| Q1 FY2025 | $260.3M | 0.7% | $-173.3M | $-4.62 |
Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.
Company facts
Selected SEC filings
Largest Communication Services peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.