Vail Resorts (MTN) financial statements

Consumer Cyclical · Resorts & Casinos · Market cap $5.5B

Vail Resorts reported revenue of $2.8B in fiscal 2026, up 4.5% a year over 9 years.

Net income was $148M and the operating margin 14.8%, against 19.9% in 2017.

Free cash flow was $248M, and the company returned $317M in dividends and $45M in net buybacks.

The diluted share count fell 11% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

01232017201820192020202120222023202420252026RevenueFree cash flow
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Income statement

Fiscal years, from Vail Resorts's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Revenue$1.9B$2.0B$2.3B$2.0B$1.9B$2.5B$2.9B$2.9B$3.0B$2.8B
Operating income$379M$409M$476M$223M$261M$602M$504M$489M$560M$421M
Interest expense$54M$63M$79M$107M$151M$148M$155M$165M$172M$206M
Pre-tax income$348M$340M$399M$116M$125M$457M$370M$340M$402M$227M
Income tax$117M-$61M$75M$7M$726,000$89M$88M$93M$104M$56M
Net income$211M$380M$301M$99M$128M$348M$266M$231M$280M$148M
EPS (diluted)$5.22$9.13$7.32$2.42$3.13$8.55$6.69$6.09$7.53$4.12
Diluted shares40M42M41M41M41M41M40M38M37M36M
Operating margin19.9%20.3%21.0%11.4%13.7%23.8%17.5%16.9%18.9%14.8%
Net margin11.0%18.9%13.3%5.0%6.7%13.8%9.2%8.0%9.4%5.2%

Balance sheet

Fiscal years, from Vail Resorts's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Cash and short-term investments$117M$178M$109M$391M$1.2B$1.1B$563M$323M$440M$268M
Receivables$187M$231M$271M$107M$345M$383M$381M$376M$382M$355M
Inventory$85M$86M$97M$102M$80M$109M$133M$119M$117M$135M
Total current assets$433M$539M$528M$665M$1.7B$1.8B$1.2B$902M$1.0B$876M
Property, plant and equipment$1.7B$1.6B$1.8B$2.2B$2.1B$2.1B$2.4B$2.4B$2.4B$2.3B
Goodwill$1.5B$1.5B$1.6B$1.7B$1.8B$1.8B$1.7B$1.7B$1.7B$1.7B
Total assets$4.1B$4.1B$4.4B$5.2B$6.3B$6.3B$5.9B$5.7B$5.8B$5.5B
Total current liabilities$605M$594M$719M$603M$978M$1.1B$1.1B$1.1B$1.7B$1.1B
Long-term debt$1.2B$1.2B$1.5B$2.4B$2.7B$2.7B$2.8B$2.7B$2.6B$3.1B
Total liabilities$2.3B$2.3B$2.7B$3.7B$4.4B$4.5B$4.6B$4.7B$5.0B$5.0B
Shareholders' equity$1.6B$1.6B$1.5B$1.3B$1.6B$1.6B$1.0B$710M$424M$241M
Net debt$1.2B$1.1B$1.5B$2.1B$1.6B$1.6B$2.3B$2.5B$2.8B$3.0B

Cash flow

Fiscal years, from Vail Resorts's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Operating cash flow$471M$548M$634M$395M$525M$710M$638M$589M$555M$480M
Capital spending$144M$141M$192M$172M$115M$193M$315M$211M$235M$232M
Free cash flow$327M$408M$442M$223M$410M$518M$323M$378M$320M$248M
Stock-based compensation$18M$19M$20M$21M$24M$25M$25M$27M$34M$28M
Dividends paid$146M$204M$261M$213M$0$226M$314M$324M$328M$317M
Share buybacks (net)-$210,000-$26M-$85M-$46M$0-$75M-$500M-$150M-$270M-$45M
Net borrowing————————-$50M—
Free cash flow margin17.1%20.3%19.5%11.3%21.5%20.5%11.2%13.1%10.8%8.7%
Dividends per share$3.62$4.91$6.33$5.21—$5.55$7.91$8.53$8.82$8.86
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Questions

What was Vail Resorts's revenue in 2026?

$2.8B in fiscal 2026, from its 10-K filing.

How much free cash flow does Vail Resorts generate?

$248M in fiscal 2026 (operating cash flow minus capital spending).

From Vail Resorts's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.