Revenue exhibits extreme seasonal concentration, with quarterly performance fluctuating from a $37.6M trough in 2025Q1 to a $241.0M peak in 2025Q3, resulting in inconsistent operating margins that reached a low of -83.2% during off-peak periods.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 466.48M | 452.42M | 366.49M | 350.29M | 299.33M | 507.34M | 415.44M | 1.3B | 1.24B | 1.31B | 1.2B | 1.09B | 1.06B | 953.35M | 1.01B | 942.36M | 844.76M | 805.8M | 1.12B | 1B | 856.03M | 826.25M | 785.66M | 770.47M | 844.49M | 1.66B | 1.73B | 1.58B | 1.61B | 1.49B | 2.26B |
| Revenue Growth % | 417.84% | 23.45% | 4.63% | 17.02% | -41% | 22.12% | -68.11% | 5.29% | -5.33% | 8.46% | 10.64% | 2.26% | 11.71% | -5.29% | 6.82% | 11.55% | 4.83% | -28.11% | 11.67% | 17.25% | 3.6% | 5.17% | 1.97% | -8.76% | -49.11% | -3.9% | 9.21% | -1.96% | 8.5% | -34.32% | 14.49% |
| Cost of Goods Sold | 181.24M | 306.82M | 325.93M | 296.85M | 275.23M | 554.27M | 531.61M | 1.21B | 1.15B | 1.21B | 1.12B | 1.03B | 1.01B | 916.21M | 968.45M | 916.99M | 830M | 801.62M | 1.04B | 935.14M | 790.46M | 762.04M | 732.28M | 719.25M | 790.08M | 1.48B | 1.46B | 1.33B | 1.4B | 1.3B | 1.99B |
| COGS % of Revenue | - | 67.82% | 88.93% | 84.74% | 91.95% | 109.25% | 127.96% | 93.08% | 92.89% | 92.66% | 92.85% | 94.99% | 94.38% | 96.1% | 96.21% | 97.31% | 98.25% | 99.48% | 92.68% | 93.17% | 92.34% | 92.23% | 93.21% | 93.35% | 93.56% | 89.33% | 84.75% | 84.14% | 86.59% | 87.66% | 87.81% |
| Gross Profit | 233.59M | 145.6M | 40.56M | 53.44M | 24.1M | -46.93M | -116.17M | 90.17M | 87.98M | 95.97M | 86.11M | 54.58M | 59.87M | 37.14M | 38.19M | 25.38M | 14.76M | 4.19M | 82M | 68.56M | 65.57M | 64.21M | 53.38M | 51.22M | 54.4M | 177.03M | 263.36M | 250.8M | 216.3M | 183.4M | 275.8M |
| Gross Margin % | 50.08% | 32.18% | 11.07% | 15.26% | 8.05% | -9.25% | -27.96% | 6.92% | 7.11% | 7.34% | 7.15% | 5.01% | 5.62% | 3.9% | 3.79% | 2.69% | 1.75% | 0.52% | 7.32% | 6.83% | 7.66% | 7.77% | 6.79% | 6.65% | 6.44% | 10.67% | 15.25% | 15.86% | 13.41% | 12.34% | 12.19% |
| Gross Profit Growth % | - | 258.98% | -24.1% | 121.76% | 151.35% | 59.6% | -228.84% | 2.49% | -8.33% | 11.45% | 57.76% | -8.82% | 61.21% | -2.76% | 50.5% | 71.97% | 252.34% | -94.89% | 19.6% | 4.57% | 2.11% | 20.29% | 4.23% | -5.86% | -69.27% | -32.78% | 5.01% | 15.95% | 17.94% | -33.5% | 6.82% |
| Operating Expenses | 178.43M | 78.99M | 20.17M | 18.66M | 18.16M | 11.69M | 8.69M | 10.87M | 10.99M | 12.4M | 9.59M | 9.72M | 14.35M | 6.75M | 9.41M | 7.68M | 6.42M | 5.61M | 7.53M | 9.24M | 12.35M | 13.05M | 14.53M | 15.19M | 14.23M | 12.03M | 78.38M | 82.4M | 81.8M | 80.1M | 107.5M |
| OpEx % of Revenue | - | 17.46% | 5.5% | 5.33% | 6.07% | 2.3% | 2.09% | 0.83% | 0.89% | 0.95% | 0.8% | 0.89% | 1.35% | 0.71% | 0.93% | 0.82% | 0.76% | 0.7% | 0.67% | 0.92% | 1.44% | 1.58% | 1.85% | 1.97% | 1.69% | 0.72% | 4.54% | 5.21% | 5.07% | 5.39% | 4.75% |
| Selling, General & Admin | 71.83M | 78.99M | 0 | 0 | 13.42M | 11.69M | 8.69M | 10.87M | 10.99M | 12.4M | 9.59M | 9.72M | 14.35M | 6.75M | 9.41M | 7.68M | 6.42M | 5.61M | 7.53M | 9.24M | 12.35M | 13.05M | 14.53M | 15.19M | 14.23M | 12.03M | 9.78M | 19.4M | 24.2M | 31.4M | 33.1M |
| SG&A % of Revenue | - | 17.46% | - | - | 4.48% | 2.3% | 2.09% | 0.83% | 0.89% | 0.95% | 0.8% | 0.89% | 1.35% | 0.71% | 0.93% | 0.82% | 0.76% | 0.7% | 0.67% | 0.92% | 1.44% | 1.58% | 1.85% | 1.97% | 1.69% | 0.72% | 0.57% | 1.23% | 1.5% | 2.11% | 1.46% |
| 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 20.17M | 18.66M | 4.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68.6M | 63M | 57.6M | 48.7M | 74.4M |
| Operating Income | 72.66M | 66.6M | 20.39M | 34.78M | 5.94M | -58.62M | -124.86M | 79.3M | 76.99M | 83.58M | 76.52M | 44.86M | 45.52M | 30.38M | 28.78M | 17.69M | 8.33M | -1.42M | 74.47M | 59.33M | 53.22M | 51.16M | 38.85M | 36.03M | 40.17M | 165M | 184.97M | 168.4M | 134.5M | 103.3M | 168.3M |
| Operating Margin % | 15.58% | 14.72% | 5.56% | 9.93% | 1.99% | -11.55% | -30.06% | 6.09% | 6.22% | 6.39% | 6.35% | 4.12% | 4.27% | 3.19% | 2.86% | 1.88% | 0.99% | -0.18% | 6.64% | 5.91% | 6.22% | 6.19% | 4.94% | 4.68% | 4.76% | 9.94% | 10.71% | 10.65% | 8.34% | 6.95% | 7.44% |
| Operating Income Growth % | - | 226.62% | -41.38% | 485.31% | 110.14% | 53.05% | -257.45% | 3.01% | -7.88% | 9.22% | 70.56% | -1.44% | 49.82% | 5.55% | 62.67% | 112.31% | 687.31% | -101.91% | 25.53% | 11.47% | 4.02% | 31.7% | 7.83% | -10.32% | -75.65% | -10.8% | 9.84% | 25.2% | 30.2% | -38.62% | 7.95% |
| EBITDA | 117.43M | 112.67M | 63.35M | 72.71M | 42.08M | -4.87M | -68.3M | 138.27M | 133.83M | 138.69M | 119.26M | 80.09M | 76.31M | 58.35M | 58.92M | 46.82M | 36.59M | 26.85M | 102.52M | 82.22M | 73.02M | 73.27M | 62.22M | 58.53M | 64.97M | 234.1M | 253.57M | 231.4M | 192.1M | 152M | 242.7M |
| EBITDA Margin % | 25.17% | 24.9% | 17.29% | 20.76% | 14.06% | -0.96% | -16.44% | 10.61% | 10.82% | 10.61% | 9.9% | 7.35% | 7.17% | 6.12% | 5.85% | 4.97% | 4.33% | 3.33% | 9.15% | 8.19% | 8.53% | 8.87% | 7.92% | 7.6% | 7.69% | 14.11% | 14.68% | 14.63% | 11.91% | 10.23% | 10.72% |
| EBITDA Growth % | 13629.26% | 77.85% | -12.88% | 72.79% | 963.93% | 92.87% | -149.39% | 3.32% | -3.5% | 16.29% | 48.9% | 4.96% | 30.78% | -0.96% | 25.84% | 27.97% | 36.26% | -73.81% | 24.69% | 12.59% | -0.34% | 17.77% | 6.31% | -9.91% | -72.25% | -7.68% | 9.58% | 20.46% | 26.38% | -37.37% | 7.96% |
| D&A (Non-Cash Add-back) | 44.78M | 46.07M | 42.96M | 37.93M | 36.14M | 53.75M | 56.56M | 58.96M | 56.84M | 55.11M | 42.74M | 35.23M | 30.79M | 27.97M | 30.13M | 29.13M | 28.25M | 28.27M | 28.05M | 22.89M | 19.8M | 22.11M | 23.37M | 22.5M | 24.79M | 69.1M | 68.6M | 63M | 57.6M | 48.7M | 74.4M |
| EBIT | 95.47M | 63.84M | -31.25M | 33.24M | 4.57M | -66.76M | -342.97M | 40.31M | 74.65M | 112.65M | 70.63M | 42.47M | 43.3M | 28.86M | 24.43M | 14.69M | 4.39M | -131.76M | 65.97M | 59.33M | 53.22M | 51.16M | 38.85M | 36.03M | 40.17M | 165M | 184.97M | 168.4M | 134.5M | 103.3M | 168.3M |
| Net Interest Income | -10.01M | -8.82M | -14.18M | -5.96M | -4.06M | -28.32M | -17.51M | -13.83M | -9.29M | -7.99M | -4.73M | -3.88M | -1.71M | -684K | -710K | -732K | -1.25M | -1.11M | 1.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 377K | 369K | 354K | 319K | 1.17M | 658K | 305K | 550K | 593K | 779K | 584K | 579K | 3.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.01M | 8.82M | 14.18M | 5.96M | 4.06M | 28.32M | 17.89M | 14.2M | 9.64M | 8.3M | 5.9M | 4.54M | 2.02M | 1.23M | 1.3M | 1.51M | 1.83M | 1.69M | 1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -10.49M | -11.59M | -65.83M | -7.51M | -5.44M | -36.46M | -236M | -53.19M | -11.98M | 20.77M | -11.79M | -6.93M | -4.23M | -2.75M | -5.65M | -4.51M | -5.78M | -132.03M | -10.25M | 3.42M | 8.36M | 679K | -91.83M | 6.43M | -21.94M | -118.25M | -11.81M | -4.8M | -6.7M | -35.6M | -57.3M |
| Pretax Income | 62.17M | 55.02M | -45.44M | 27.28M | 506K | -95.08M | -360.86M | 26.11M | 65.01M | 104.35M | 64.73M | 37.94M | 41.29M | 27.63M | 23.13M | 13.18M | 2.56M | -133.45M | 64.22M | 62.74M | 61.58M | 51.84M | -52.98M | 42.45M | 18.23M | 46.75M | 173.16M | 163.6M | 127.8M | 67.7M | 111M |
| Pretax Margin % | 13.33% | 12.16% | -12.4% | 7.79% | 0.17% | -18.74% | -86.86% | 2% | 5.25% | 7.98% | 5.37% | 3.48% | 3.88% | 2.9% | 2.3% | 1.4% | 0.3% | -16.56% | 5.73% | 6.25% | 7.19% | 6.27% | -6.74% | 5.51% | 2.16% | 2.82% | 10.03% | 10.35% | 7.92% | 4.55% | 4.9% |
| Income Tax | -7.57M | 16.5M | 6.33M | 12.93M | 5.71M | -1.79M | 14.25M | 2.51M | 17.09M | 45.9M | 21.25M | 10.49M | 109K | 8.31M | 19.58M | 3.89M | 1.74M | -28.64M | 20.68M | 19.43M | 9.74M | 15.33M | 5.35M | 21.36M | 9.84M | -4.39M | 28.67M | 35M | 30.5M | 11.2M | 41.9M |
| Effective Tax Rate % | -12.17% | 29.99% | -13.92% | 47.4% | 1129.45% | 1.88% | -3.95% | 9.6% | 26.3% | 43.98% | 32.83% | 27.66% | 0.26% | 30.08% | 84.64% | 29.5% | 68.07% | 21.46% | 32.2% | 30.97% | 15.81% | 29.56% | -10.09% | 50.32% | 53.96% | -9.39% | 16.55% | 21.39% | 23.87% | 16.54% | 37.75% |
| Net Income | 53.79M | 22.67M | 368.54M | 16.02M | 23.22M | -92.66M | -374.09M | 22.04M | 49.17M | 57.71M | 42.27M | 26.61M | 52.35M | 21.55M | 5.9M | 9.21M | 443K | -104.71M | 43.37M | 44.6M | 63.55M | 37.75M | -56M | 21.09M | -29.34M | 51.13M | 144.49M | 347.6M | 150.6M | 89.3M | 28.4M |
| Net Margin % | 11.53% | 5.01% | 100.56% | 4.57% | 7.76% | -18.26% | -90.05% | 1.69% | 3.97% | 4.42% | 3.51% | 2.44% | 4.92% | 2.26% | 0.59% | 0.98% | 0.05% | -12.99% | 3.87% | 4.44% | 7.42% | 4.57% | -7.13% | 2.74% | -3.47% | 3.08% | 8.37% | 21.98% | 9.34% | 6.01% | 1.25% |
| Net Income Growth % | -85.16% | -93.85% | 2200.96% | -31.02% | 125.06% | 75.23% | -1797.73% | -55.19% | -14.79% | 36.52% | 58.87% | -49.18% | 142.89% | 265.52% | -35.97% | 1979.01% | 100.42% | -341.42% | -2.74% | -29.83% | 68.34% | 167.42% | -365.53% | 171.88% | -157.39% | -64.61% | -58.43% | 130.81% | 68.64% | 214.44% | 271.08% |
| Net Income (Continuing) | 69.74M | 38.52M | -51.76M | 14.35M | -5.21M | -93.29M | -375.11M | 23.6M | 47.91M | 58.45M | 43.48M | 27.44M | 41.18M | 19.32M | 3.55M | 9.29M | 817K | -104.81M | 43.54M | 42.55M | 51.33M | 36.51M | -58.33M | 21.09M | 8.39M | 51.13M | 144.49M | 128.6M | 97.3M | 56.5M | 69.1M |
| Discontinued Operations | -330K | -2.21M | 425.6M | 9.1M | 30M | 558K | -1.85M | -81K | 1.48M | -268K | -684K | -394K | 14.39M | 2.37M | 3.03M | 451K | 262K | 679K | 385K | 2.05M | 12.23M | 1.24M | 2.33M | 0 | 0 | 0 | 0 | 219M | 53.3M | 41.3M | -40.7M |
| Minority Interest | 77.75M | 78.55M | 90.86M | 93.92M | 87.27M | 91M | 83.37M | 85.9M | 20.26M | 20.45M | 13.28M | 12.76M | 12.31M | 9.1M | 8.97M | 8.29M | 7.75M | 7.12M | 6.53M | 5.98M | 5.22M | 4.7M | 4.1M | 3.25M | 18.66M | 5.28M | 4.26M | 6M | 3.1M | 8.4M | 7.9M |
| EPS (Diluted) | 1.93 | 0.88 | 12.84 | 0.30 | 0.54 | -5.01 | -18.64 | 1.02 | 2.40 | 2.83 | 2.09 | 1.32 | 2.59 | 1.06 | 0.29 | 0.45 | 0.02 | -5.25 | 2.10 | 2.14 | 2.91 | 1.70 | -2.58 | 0.97 | -1.36 | 2.32 | 1.97 | 14.12 | 5.96 | 3.76 | 1.20 |
| EPS Growth % | -83.85% | -93.15% | 4180% | -44.44% | 110.78% | 73.12% | -1927.45% | -57.5% | -15.19% | 35.41% | 58.33% | -49.03% | 144.34% | 265.52% | -35.56% | 2150% | 100.38% | -350% | -1.87% | -26.46% | 71.18% | 165.89% | -365.98% | 171.32% | -158.62% | 17.77% | -86.05% | 136.91% | 58.51% | 213.33% | 250% |
| EPS (Basic) | - | 0.88 | 12.84 | 0.30 | 0.54 | -5.01 | -18.64 | 1.02 | 2.40 | 2.83 | 2.09 | 1.32 | 2.59 | 1.06 | 0.29 | 0.45 | 0.02 | -5.25 | 2.10 | 2.18 | 2.98 | 1.71 | -2.58 | 0.98 | -1.36 | 2.32 | 2.02 | 14.64 | 6.20 | 3.88 | 1.24 |
| Diluted Shares Outstanding | 27.86M | 28.39M | 21.42M | 20.86M | 20.59M | 20.41M | 20.28M | 20.28M | 20.4M | 20.41M | 20.18M | 19.98M | 20.13M | 20.27M | 20M | 20.05M | 20.28M | 19.96M | 20.49M | 20.89M | 21.84M | 22.21M | 21.74M | 21.65M | 22.55M | 21.58M | 22.73M | 24.1M | 24.59M | 23.46M | 22.75M |
| Basic Shares Outstanding | 27.86M | 28.2M | 21.42M | 20.86M | 20.59M | 20.41M | 20.28M | 20.15M | 20.17M | 20.15M | 19.99M | 19.8M | 19.8M | 19.85M | 19.7M | 19.72M | 19.95M | 19.96M | 20.17M | 20.42M | 21.33M | 22.07M | 21.74M | 21.55M | 21.54M | 21.38M | 22.2M | 23.25M | 23.6M | 22.73M | 22.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 36.73% | 16.58% | 14.14% | 19.19% | 30.2% | 73.32% | 273.32% | 75.53% | 35.19% | 739.28% | - | 7.61% | 7.46% | 5.43% | 9.37% | - | 188.32% | - | 62.57% | 22.9% | 9.7% | 20.92% | 33.93% | 154.58% |
Extreme Seasonal Revenue Concentration
As evidenced by the quarterly income statements, PRSU exhibits extreme revenue volatility, with the 2025Q3 peak of $241.0M contrasting sharply against the 2025Q1 trough of $37.6M, illustrating a business model that is fundamentally tethered to the peak summer tourism window in its core geographic markets.
The revenue trajectory appears heavily skewed toward the third quarter, which suggests that annual growth metrics may be less meaningful than the ability to capture peak-season demand. Investors should monitor whether the expansion into urban 'FlyOver' attractions can successfully diversify this revenue base and mitigate the risks associated with the current extreme seasonality.
Based on reported financial data, gross margins fluctuate wildly from a high of 93.9% in 2025Q1 to a low of 5.1% in 2025Q4, indicating that the company's cost structure is not sufficiently flexible to maintain consistent profitability during the off-peak shoulder seasons.
The wide variance in gross margins suggests that fixed costs, such as maintenance and concession fees, weigh heavily on the income statement when volume is low. This structural reality implies that the company's profitability is highly sensitive to any disruption in the peak summer season, as there is little margin buffer to absorb revenue shortfalls.
According to the provided income statements, operating income remains inconsistent, swinging from a $105.7M profit in 2025Q3 to a $31.3M loss in 2025Q1, which suggests that the company has yet to achieve the scale necessary to decouple operating expenses from its highly seasonal revenue stream.
The lack of consistent operating leverage indicates that SG&A expenses remain a significant burden during periods of lower activity. Future analysis should focus on whether management can optimize its fixed cost base during the off-season to prevent the recurring operating losses that currently characterize the first and fourth quarters.
While the 2025Q3 operating margin of 43.9% highlights the potential of the core mountain assets, the recurring quarterly losses reported in the income statement suggest that the business model may be vulnerable to any structural decline in high-margin, bucket-list international tourism demand.
Short-term observers might focus on the volatility of net income, which appears heavily influenced by non-operating items and seasonal swings. The reliance on a narrow window of peak profitability warrants further investigation into whether the company's long-term concession agreements provide enough pricing power to offset rising operational costs in remote locations.
Quick answers to the most common questions about buying PRSU stock.
For fiscal year 2025, Pursuit Attractions and Hospitality, Inc. (PRSU) reported total revenue of $452.4M. This represents a 80.0% decline compared to $2.26B in 1996.
Pursuit Attractions and Hospitality, Inc. (PRSU) is profitable, generating $22.7M in net income for the fiscal year ending 2025 with a net profit margin of 5.0%.
Pursuit Attractions and Hospitality, Inc. (PRSU) reported an operating income of $66.6M, resulting in an operating profit margin of 14.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Pursuit Attractions and Hospitality, Inc. (PRSU) generated $145.6M in gross profit for the year, representing a gross profit margin of 32.2%. This demonstrates the company's core pricing power and production efficiency.