Vail Resorts, Inc. (MTN) Revenue History
Annual and quarterly revenue from 1996 to present
MTN Revenue Over Time (1996–2025)
MTN Revenue Growth History
22 of 29 years with positive growth- FY1996 revenue growth
- N/A
- FY1997 revenue growth
- +75.1%
- FY1998 revenue growth
- -0.0%
- FY1999 revenue growth
- +43.9%
- FY2000 revenue growth
- +13.3%
- FY2001 revenue growth
- +0.9%
- FY2002 revenue growth
- +13.1%
- FY2003 revenue growth
- +15.9%
- FY2004 revenue growth
- +1.9%
- FY2005 revenue growth
- +11.5%
- FY2006 revenue growth
- +3.6%
- FY2007 revenue growth
- +12.1%
- FY2008 revenue growth
- +22.5%
- FY2009 revenue growth
- -15.2%
- FY2010 revenue growth
- -8.4%
- FY2011 revenue growth
- +30.4%
- FY2012 revenue growth
- -12.2%
- FY2013 revenue growth
- +9.4%
- FY2014 revenue growth
- +11.9%
- FY2015 revenue growth
- +11.6%
- FY2016 revenue growth
- +14.4%
- FY2017 revenue growth
- +19.1%
- FY2018 revenue growth
- +5.5%
- FY2019 revenue growth
- +12.9%
- FY2020 revenue growth
- -13.6%
- FY2021 revenue growth
- -2.7%
- FY2022 revenue growth
- +32.3%
- FY2023 revenue growth
- +14.4%
- FY2024 revenue growth
- -0.1%
- FY2025 revenue growth
- +2.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.21B | -7.0% |
| Q2 2026 | $1.08B | -4.7% |
| Q1 2026 | $271.0M | +4.1% |
| Q4 2025 | $271.3M | +2.2% |
| Q3 2025 | $1.30B | +1.0% |
| Q2 2025 | $1.14B | +5.5% |
| Q1 2025 | $260.3M | +0.7% |
| Q4 2024 | $265.4M | -1.6% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
MTN's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
MTN Revenue Analysis (1996–2025)
Current Revenue & Growth
As of June 22, 2026, Vail Resorts, Inc. (MTN) generated trailing twelve-month (TTM) revenue of $2.83 billion, reflecting moderate decline in growth of -7.0% year-over-year. The most recent quarter (Q3 2026) recorded $1.21 billion in revenue, up 11.2% sequentially.
Historical Growth Trajectory
MTN's 5-year compound annual growth rate (CAGR) stands at +8.6%, indicating steady revenue expansion. The 3-year CAGR of +5.5% is below the 5-year average, signalling a growth deceleration in recent years. Vail Resorts, Inc.'s highest annual revenue of $2.96 billion was recorded in 2025, an all-time high.
Revenue by Segment
MTN's revenue is primarily driven by Lodging revenue (excluding payroll cost reimbursements) (49%), Owned Hotel Revenue (13%), and Managed condominium rooms (12%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Consumer Cyclical sector peers — including SNOW (+31.1% YoY), CNK (+2.1% YoY), and EPR (+7.9% YoY) — MTN has underperformed the peer group in revenue growth. Compare MTN vs SNOW →
MTN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MTNCurrent | $2.8B | -7.0% | +8.6% | 18.9% | |
 SNOW | $4.7B | +31.1% | +51.2% | -30.6% | |
 CNK | $3.1B | +2.1% | +35.3% | 11.0% | |
 EPR | $718M | +7.9% | +12.1% | 52.5% | |
 FUN | $3.1B | +11.2% | +76.4% | 9.0% | |
 PRKS | $1.7B | -3.6% | +30.9% | 22.3% |
MTN Historical Revenue Data (1996–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.96B | +2.7% | $1.27B | 42.8% | $560.0M | 18.9% |
| 2024 | $2.89B | -0.1% | $1.23B | 42.6% | $488.8M | 16.9% |
| 2023 | $2.89B | +14.4% | $1.22B | 42.3% | $504.4M | 17.5% |
| 2022 | $2.53B | +32.3% | $1.18B | 46.6% | $601.7M | 23.8% |
| 2021 | $1.91B | -2.7% | $830.0M | 43.5% | $261.0M | 13.7% |
| 2020 | $1.96B | -13.6% | $776.0M | 39.5% | $223.4M | 11.4% |
| 2019 | $2.27B | +12.9% | $974.3M | 42.9% | $476.3M | 21.0% |
| 2018 | $2.01B | +5.5% | $867.3M | 43.1% | $408.8M | 20.3% |
| 2017 | $1.91B | +19.1% | $821.2M | 43.1% | $379.3M | 19.9% |
| 2016 | $1.60B | +14.4% | $657.8M | 41.1% | $283.0M | 17.7% |
| 2015 | $1.40B | +11.6% | $521.2M | 37.2% | $210.5M | 15.0% |
| 2014 | $1.25B | +11.9% | $260.5M | 20.8% | $117.3M | 9.3% |
| 2013 | $1.12B | +9.4% | $224.2M | 20.0% | $97.0M | 8.7% |
| 2012 | $1.02B | -12.2% | $188.4M | 18.4% | $59.3M | 5.8% |
| 2011 | $1.17B | +30.4% | $215.5M | 18.5% | $94.5M | 8.1% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
30+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MTN — Frequently Asked Questions
Quick answers to the most common questions about buying MTN stock.
Is MTN's revenue growth accelerating or slowing?
MTN revenue is declining -7.0% year-over-year. TTM revenue fell to $2.8B, contrasting with the 5-year CAGR of +8.6%. The reversal reflects either macro headwinds or company-specific challenges.
What is MTN's revenue history from 1996 to 2026?
Vail Resorts, Inc. (MTN) revenue history spans 1996 to 2026. TTM revenue as of 2026 is $2.8B, growing at -7.0% YoY. The 5-year CAGR is +8.6%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is MTN's long-term revenue growth rate (CAGR)?
Vail Resorts, Inc.'s 5-year revenue CAGR of +8.6% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -7.0% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for MTN.
Why does MTN's quarterly revenue fluctuate?
MTN quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Vail Resorts, Inc.'s revenue data from 1996 to 2026 shows full historical quarterly detail on this page.
How is MTN's revenue distributed by segment?
MTN reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does MTN's revenue compare to industry peers?
Vail Resorts, Inc. (MTN) with TTM revenue of $2.8B and -7.0% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.