Vail Resorts, Inc. (MTN) Income Statement

30Y historyFree accessUpdated daily

Revenue momentum is fading, with fiscal 2026 Q3 declining 7.0% year-over-year to $1.2B as gross margin swung from -146.2% in Q4 to 94.6% in Q2 within the same fiscal year, illustrating the extreme operating leverage of Vail's fixed-cost mountain model.

Annual statement

MTN Income Statement

Vail Resorts, Inc. (MTN) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	Jul'26	Jul'25	Jul'24	Jul'23	Jul'22	Jul'21	Jul'20	Jul'19	Jul'18	Jul'17	Jul'16	Jul'15	Jul'14	Jul'13	Jul'12	Jul'11	Jul'10	Jul'09	Jul'08	Jul'07	Jul'06	Jul'05	Jul'04	Jul'03	Jul'02	Jul'01	Jul'00	Jul'99	Jul'98	Jul'97

Sales/Revenue	2.84B	2.96B	2.89B	2.89B	2.53B	1.91B	1.96B	2.27B	2.01B	1.91B	1.6B	1.4B	1.25B	1.12B	1.02B	1.17B	894.8M	976.99M	1.15B	940.54M	838.85M	809.99M	726.64M	712.97M	615.26M	543.78M	539.06M	475.7M	330.5M	330.52M
Revenue Growth %	-4.26%	2.74%	-0.14%	14.39%	32.27%	-2.75%	-13.55%	12.93%	5.47%	19.11%	14.38%	11.58%	11.94%	9.41%	-12.22%	30.42%	-8.41%	-15.2%	22.5%	12.12%	3.56%	11.47%	1.92%	15.88%	13.15%	0.88%	13.32%	43.93%	-0.01%	75.07%
Cost of Goods Sold	1.65B	1.7B	1.66B	1.67B	1.35B	1.08B	1.19B	1.3B	1.14B	1.09B	943.5M	878.68M	994.17M	896.61M	836.02M	951.5M	720.33M	762.58M	881.53M	722.15M	642.49M	627.61M	551.65M	590.62M	497.48M	495.78M	429.77M	380.07M	239M	239.02M
COGS % of Revenue	58.25%	57.22%	57.39%	57.74%	53.42%	56.54%	60.48%	57.11%	56.88%	56.94%	58.92%	62.77%	79.24%	80%	81.61%	81.53%	80.5%	78.05%	76.51%	76.78%	76.59%	77.48%	75.92%	82.84%	80.86%	91.17%	79.73%	79.9%	72.31%	72.32%
Gross Profit	1.19B	1.27B	1.23B	1.22B	1.18B	830.04M	776.02M	974.25M	867.34M	821.18M	657.78M	521.25M	260.47M	224.19M	188.38M	215.54M	174.47M	214.41M	270.62M	218.39M	196.37M	182.38M	174.99M	122.35M	117.78M	48M	109.28M	95.63M	91.5M	91.5M
Gross Margin %	41.75%	42.78%	42.61%	42.26%	46.58%	43.46%	39.52%	42.89%	43.12%	43.06%	41.08%	37.23%	20.76%	20%	18.39%	18.47%	19.5%	21.95%	23.49%	23.22%	23.41%	22.52%	24.08%	17.16%	19.14%	8.83%	20.27%	20.1%	27.69%	27.68%
Gross Profit Growth %	-6.55%	3.16%	0.67%	3.78%	41.75%	6.96%	-20.35%	12.33%	5.62%	24.84%	26.19%	100.12%	16.18%	19.01%	-12.6%	23.54%	-18.63%	-20.77%	23.92%	11.21%	7.67%	4.22%	43.02%	3.88%	145.37%	-56.08%	14.28%	4.51%	-0%	57.49%
Operating Expenses	764.5M	708.19M	740.4M	716.71M	574.9M	569.03M	552.63M	497.98M	458.52M	441.92M	374.8M	310.73M	143.21M	127.23M	129.04M	121.07M	105.17M	108.28M	94.62M	90.18M	91.03M	94.05M	93.18M	87.87M	68.71M	-1M	61.75M	53.26M	38.7M	38.71M
OpEx % of Revenue	26.94%	23.89%	25.66%	24.8%	22.76%	29.8%	28.14%	21.92%	22.79%	23.17%	23.41%	22.2%	11.41%	11.35%	12.6%	10.37%	11.75%	11.08%	8.21%	9.59%	10.85%	11.61%	12.82%	12.32%	11.17%	-0.18%	11.45%	11.2%	11.71%	11.71%
Selling, General & Admin	434.01M	433.71M	410.03M	389.46M	347.49M	296.99M	278.69M	274.42M	251.81M	236.8M	208.99M	179.75M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6.25M	4.7M	4.66M
SG&A % of Revenue	15.29%	14.63%	14.21%	13.48%	13.76%	15.55%	14.19%	12.08%	12.52%	12.42%	13.05%	12.84%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.31%	1.42%	1.41%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	330.49M	274.48M	330.38M	327.24M	227.4M	272.04M	273.94M	223.57M	206.71M	205.12M	165.81M	130.98M	143.21M	127.23M	129.04M	121.07M	105.17M	108.28M	94.62M	90.18M	91.03M	94.05M	93.18M	87.87M	68.71M	-1M	61.75M	47.01M	34M	34.04M
Operating Income	420.54M	559.96M	488.85M	504.42M	601.73M	261.02M	223.39M	476.27M	408.82M	379.26M	282.98M	210.51M	117.26M	96.95M	59.33M	94.47M	69.31M	106.13M	176M	128.21M	105.34M	88.33M	81.81M	34.49M	49.07M	49M	47.54M	42.37M	52.8M	52.79M
Operating Margin %	14.82%	18.89%	16.94%	17.46%	23.82%	13.67%	11.38%	20.97%	20.32%	19.89%	17.67%	15.04%	9.35%	8.65%	5.79%	8.09%	7.75%	10.86%	15.28%	13.63%	12.56%	10.9%	11.26%	4.84%	7.98%	9.01%	8.82%	8.91%	15.98%	15.97%
Operating Income Growth %	-24.9%	14.55%	-3.09%	-16.17%	130.53%	16.84%	-53.1%	16.5%	7.79%	34.02%	34.42%	79.52%	20.95%	63.41%	-37.2%	36.31%	-34.7%	-39.7%	37.28%	21.71%	19.26%	7.97%	137.22%	-29.72%	0.15%	3.08%	12.19%	-19.75%	0.01%	93.38%
EBITDA	726.15M	856.4M	765.34M	773.6M	854.12M	513.6M	472.96M	694.39M	613.28M	568.41M	444.47M	359.64M	257.86M	229.64M	186.91M	212.43M	179.95M	213.35M	269.8M	215.87M	191.44M	178.3M	168.19M	116.73M	118.94M	114.48M	109.28M	95.63M	86.8M	86.84M
EBITDA Margin %	25.58%	28.89%	26.53%	26.77%	33.81%	26.89%	24.09%	30.57%	30.49%	29.8%	27.76%	25.69%	20.55%	20.49%	18.25%	18.2%	20.11%	21.84%	23.42%	22.95%	22.82%	22.01%	23.15%	16.37%	19.33%	21.05%	20.27%	20.1%	26.26%	26.27%
EBITDA Growth %	-15.21%	11.9%	-1.07%	-9.43%	66.3%	8.59%	-31.89%	13.23%	7.89%	27.89%	23.59%	39.47%	12.29%	22.86%	-12.01%	18.05%	-15.66%	-20.92%	24.98%	12.76%	7.37%	6.01%	44.08%	-1.86%	3.9%	4.75%	14.28%	10.17%	-0.04%	91.27%
D&A (Non-Cash Add-back)	305.61M	296.44M	276.49M	269.18M	252.39M	252.59M	249.57M	218.12M	204.46M	189.16M	161.49M	149.12M	140.6M	132.69M	127.58M	117.96M	110.64M	107.21M	93.79M	87.66M	86.1M	89.97M	86.38M	82.24M	69.87M	65.48M	61.75M	53.26M	34M	34.04M
EBIT	432.58M	574.02M	504.35M	525.86M	605.34M	276.58M	223.15M	478.46M	403.32M	402.54M	284.99M	200.57M	108.07M	98.19M	60.68M	89.16M	71.31M	108.74M	196.68M	130.28M	110.44M	88.33M	81.81M	34.49M	49.07M	49M	47.54M	42.37M	38M	53.99M
Net Interest Income	-205.62M	-171.63M	-164.6M	-155.45M	-148.18M	-151.4M	-106.72M	-79.5M	-63.23M	-54.09M	-42.37M	-51.24M	-64M	-38.97M	-33.59M	-33.64M	-17.07M	-27.55M	-30.67M	0	0	0	0	0	0	0	0	-25.1M	0	-20.31M
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	469K	719K	445K	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	205.62M	171.63M	164.6M	155.45M	148.18M	151.4M	106.72M	79.5M	63.23M	54.09M	42.37M	51.24M	64M	38.97M	33.59M	33.64M	17.52M	27.55M	30.67M	0	0	0	0	0	0	0	0	25.1M	-16M	20.31M
Other Income/Expense	-193.59M	-157.56M	-149.09M	-134M	-144.57M	-135.83M	-106.96M	-77.3M	-68.72M	-30.81M	-40.36M	-61.19M	-73.19M	-37.72M	-32.24M	-38.95M	-15.51M	-24.94M	-9.99M	-27.55M	-30.33M	-50.71M	-90.33M	-48.49M	-32.41M	-24.2M	-28.37M	-21.58M	-19.1M	-19.11M
Pretax Income	226.96M	402.4M	339.75M	370.42M	457.16M	125.18M	116.43M	398.96M	340.09M	348.45M	242.62M	149.33M	44.07M	59.23M	27.09M	55.52M	53.8M	81.2M	166.01M	100.65M	75.01M	37.62M	-8.52M	-14.01M	16.66M	24.8M	19.17M	20.79M	33.7M	33.68M
Pretax Margin %	8%	13.57%	11.78%	12.82%	18.1%	6.56%	5.93%	17.56%	16.91%	18.27%	15.15%	10.67%	3.51%	5.28%	2.64%	4.76%	6.01%	8.31%	14.41%	10.7%	8.94%	4.64%	-1.17%	-1.96%	2.71%	4.56%	3.56%	4.37%	10.2%	10.19%
Income Tax	56.21M	104.42M	92.78M	87.64M	88.82M	726K	7.38M	75.47M	-61.14M	116.73M	93.17M	34.72M	15.87M	21.62M	10.7M	21.1M	18.02M	30.64M	63.09M	39.25M	29.25M	14.48M	-2.56M	-5.48M	6.84M	11.17M	8.81M	8M	14M	13.98M
Effective Tax Rate %	24.77%	25.95%	27.31%	23.66%	19.43%	0.58%	6.34%	18.92%	-17.98%	33.5%	38.4%	23.25%	36%	36.5%	39.5%	38%	33.5%	37.74%	38%	39%	39%	38.5%	30.03%	39.11%	41.07%	45.04%	45.94%	38.49%	41.54%	41.52%
Net Income	147.53M	280M	231.1M	265.82M	347.92M	127.85M	98.83M	301.16M	379.9M	210.55M	149.75M	114.75M	28.48M	37.74M	16.45M	34.49M	30.39M	48.95M	102.93M	61.4M	45.76M	23.14M	-5.96M	-8.53M	7.05M	13.63M	10.36M	12.79M	19.7M	19.7M
Net Margin %	5.2%	9.45%	8.01%	9.2%	13.77%	6.69%	5.03%	13.26%	18.89%	11.04%	9.35%	8.2%	2.27%	3.37%	1.61%	2.96%	3.4%	5.01%	8.93%	6.53%	5.45%	2.86%	-0.82%	-1.2%	1.15%	2.51%	1.92%	2.69%	5.96%	5.96%
Net Income Growth %	-47.31%	21.16%	-13.06%	-23.6%	172.13%	29.36%	-67.18%	-20.73%	80.43%	40.6%	30.5%	302.96%	-24.55%	129.4%	-52.29%	13.51%	-37.93%	-52.44%	67.64%	34.18%	97.75%	488.29%	30.12%	-220.95%	-48.28%	31.55%	-18.99%	-35.07%	0.01%	319.11%
Net Income (Continuing)	170.74M	297.98M	246.98M	282.78M	368.34M	124.46M	109.06M	323.49M	401.23M	231.72M	149.45M	114.61M	28.21M	37.61M	16.39M	34.42M	35.77M	50.55M	102.93M	61.4M	45.76M	23.14M	-5.96M	-8.53M	8.76M	13.63M	10.36M	12.79M	19.7M	19.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	316.87M	329.4M	314.95M	331.71M	235.04M	234.47M	214.93M	226.21M	222.23M	227.8M	13.93M	14.02M	13.96M	14M	14.02M	14M	13.62M	30.83M	29.91M	27.71M	32.56M	29.67M	37.1M	29.16M	25.47M	21.08M	7.39M	7.33M	0	0
EPS (Diluted)	4.12	7.53	6.07	6.69	8.55	3.13	2.42	7.32	9.13	5.22	4.01	3.07	0.77	1.03	0.45	0.94	0.83	1.33	2.64	1.56	1.19	0.64	-0.17	-0.24	0.20	0.33	0.29	0.25	0.64	0.22
EPS Growth %	-45.29%	24.05%	-9.27%	-21.75%	173.16%	29.34%	-66.94%	-19.82%	74.9%	30.17%	30.62%	298.7%	-25.24%	128.89%	-52.13%	13.25%	-37.59%	-49.62%	69.23%	31.09%	85.94%	476.47%	29.17%	-220%	-39.39%	13.79%	16%	-60.94%	190.91%	0%
EPS (Basic)	4.13	7.54	6.08	6.70	8.60	3.17	2.45	7.46	9.40	5.36	4.13	3.16	0.79	1.05	0.46	0.96	0.84	1.34	2.67	1.58	1.21	0.65	-0.17	-0.24	0.20	0.39	0.30	0.37	0.66	0.22
Diluted Shares Outstanding	35.79M	37.2M	37.96M	39.76M	40.69M	40.83M	40.84M	41.16M	41.62M	40.37M	37.31M	37.41M	37.06M	36.73M	36.67M	36.75M	36.73M	36.67M	38.93M	39.36M	38.45M	36.15M	35.05M	35.53M	35.25M	41.31M	35.73M	34.61M	30.98M	21.5M
Basic Shares Outstanding	35.73M	37.16M	37.87M	39.65M	40.47M	40.3M	40.27M	40.35M	40.4M	39.25M	36.28M	36.34M	35.93M	35.86M	36M	36.01M	36.21M	36.55M	38.62M	38.86M	37.81M	35.6M	35.05M	35.24M	35.25M	35.02M	34.43M	34.61M	30.07M	21.5M
Dividend Payout Ratio	214.95%	117.2%	140.06%	118.25%	64.9%	-	215.24%	86.52%	53.74%	69.45%	69.34%	65.8%	158.09%	75.15%	147.38%	15.69%	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Climate-driven revenue volatility with high fixed costs

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Revenue Momentum Fading in Peak Quarter

Vail Resorts' fiscal 2026 Q3 revenue declined 7.0% year-over-year to $1.2B, the sharpest contraction in the ten-quarter window, suggesting that the season pass subscriber model may be approaching saturation in mature North American markets while growth now depends on price rather than volume.

The deceleration is notable because Q3 is the highest-revenue quarter and historically the strongest driver of annual earnings, so a 7.0% decline signals potential softness in premium pass-holder conversion or ancillary spending rather than a one-off weather effect. Prior quarters (2025Q3 +1.0%, 2024Q3 +3.6%) were already trending lower, and the four-quarter sequence of 5.5% → 0.7% → 2.2% → 4.1% followed by Q2's -4.7% and Q3's -7.0% indicates a structural slowdown that management's decision to skip forward guidance may be attempting to address.

Extreme Gross Margin Volatility Exposes Fixed-Cost Risk

As reported in recent SEC filings, Vail Resorts' gross margin swung from -146.2% in fiscal 2026 Q4 to 94.6% in Q2 within the same fiscal year, illustrating that the company's fixed mountain-maintenance cost base creates binary margin outcomes tied almost entirely to peak-season skier volume.

The negative gross margins in Q1 and Q4 (ranging from -7.7% to -146.2% across all off-season quarters) reflect the reality that COGS during non-revenue months — lift maintenance, snowmaking, safety staffing — continues at full scale regardless of attendance. This means incremental skier visits during peak quarters carry enormous profitability leverage, but it also means any weather-driven shortfall or demand contraction during Q3, the highest-revenue quarter, has a disproportionately severe impact on full-year profitability that a subscription-revenue model alone cannot fully offset.

Operating Income Scales Disproportionately to Revenue

According to Vail Resorts' quarterly income statements, operating margin expanded from 33.8% in fiscal 2025 Q2 to 41.0% in fiscal 2026 Q3 even as revenue declined 7.0% year-over-year, suggesting that cost discipline and pass-price increases partially insulated profitability from top-line softness.

The divergence between modest revenue contraction and improving peak-quarter operating margins indicates that management has been able to moderate SG&A growth (which remained roughly flat at ~$102-122M per quarter over the period) and likely benefited from higher effective ticket pricing even as visit volumes softened. However, this operating leverage cuts both ways: if revenue continues to contract while fixed SG&A and mountain-operation costs remain sticky, the high operating margins in peak quarters could erode rapidly, as evidenced by the 167.7% operating loss margin in 2026Q4 where costs vastly outpaced the seasonal revenue base.

Peak-Quarter EPS Eroded by Rising Share-Based Compensation

Vail Resorts' fiscal 2026 Q3 diluted EPS fell 16.9% year-over-year to $8.76 despite operating income remaining relatively resilient, and the $7.4M in stock-based compensation for that quarter represents a growing drag on per-share earnings as the pass-holder base matures.

The notable exception was fiscal 2025 Q4, where SBC spiked to $12.8M — roughly double the typical quarterly level — coinciding with an EPS decline of 8.8% in a quarter that was already loss-making, suggesting that periodic equity awards may be masking underlying operational earnings trends. Because the company reports zero R&D expenses, SBC and SG&A are the primary discretionary cost levers; investors should watch whether the upward drift in quarterly SBC from $6.1M to the current $7.4M reflects permanent compensation structure changes or seasonal award timing that could recur annually.

Peak-Season Revenue Contraction Challenges Pass Model Thesis

The market narrative that Vail Resorts' season pass model provides revenue durability appears increasingly challenged by the 7.0% revenue decline in fiscal 2026 Q3 and the 4.7% decline in Q2 — the first back-to-back peak-season contractions in the dataset — which suggest that pass pricing power may be hitting an affordability ceiling.

A short-seller would focus on the fact that the company skipped forward guidance during the most recent reporting cycle while consensus EPS stood at -$5.62, and that the 2.7% full-year revenue growth combined with a 4.57x debt-to-equity ratio leaves limited margin of error if destination-travel demand weakens further. The core vulnerability is that while pass revenue is collected upfront, the operating costs — snowmaking energy, seasonal labor, resort maintenance — are incurred regardless, so a persistent demand slowdown would amplify losses in off-season quarters where gross margins are already deeply negative. Climate volatility further compounds this risk, as shorter winters in feeder markets could simultaneously raise snowmaking costs and reduce the pipeline of new skiers needed to sustain long-term growth.

MTN — Frequently Asked Questions

Quick answers to the most common questions about buying MTN stock.

What was Vail Resorts, Inc.'s (MTN) revenue in 2026?

For fiscal year 2026, Vail Resorts, Inc. (MTN) reported total revenue of $2.84B. This represents a 758.7% increase compared to $330.5M in 1997.

Is Vail Resorts, Inc. (MTN) profitable?

Vail Resorts, Inc. (MTN) is profitable, generating $147.5M in net income for the fiscal year ending 2026 with a net profit margin of 5.2%.

What is Vail Resorts, Inc.'s operating profit margin?

Vail Resorts, Inc. (MTN) reported an operating income of $420.5M, resulting in an operating profit margin of 14.8%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Vail Resorts, Inc.'s gross profit and gross margin?

Vail Resorts, Inc. (MTN) generated $1.19B in gross profit for the year, representing a gross profit margin of 41.8%. This demonstrates the company's core pricing power and production efficiency.