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Leisure · Consumer Cyclical · Fiscal year ends Jul 31
Vail Resorts reported revenue of $2.8B in the fiscal year ended Jul 2026, down 4.3% from the year before. Operating income was $421M, an operating margin of 14.8%, and net income was $148M. Operating cash flow of $480M less capital expenditure of $232M left free cash flow of $248M. Net debt was $3B.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue | 2,526 | 2,889 | 2,885 | 2,964 | 2,838 |
| Operating income | 602 | 504 | 489 | 560 | 421 |
| Interest expense | 148 | 155 | 165 | 172 | 206 |
| Pre-tax income | 457 | 370 | 340 | 402 | 227 |
| Income tax | 88.8 | 87.6 | 92.8 | 104 | 56.2 |
| Net income | 348 | 266 | 231 | 280 | 148 |
| Diluted EPS | 8.55 | 6.69 | 6.09 | 7.53 | 4.12 |
| Diluted shares | 40.7 | 39.8 | 38.0 | 37.2 | 35.8 |
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,107 | 563 | 323 | 440 | 231 |
| Receivables | 383 | 381 | 376 | 382 | 355 |
| Inventory | 109 | 133 | 119 | 117 | 135 |
| Current assets | 1,792 | 1,208 | 902 | 1,050 | 876 |
| Net PP&E | 2,118 | 2,372 | 2,419 | 2,375 | 2,340 |
| Goodwill | 1,755 | 1,720 | 1,678 | 1,675 | 1,674 |
| Total assets | 6,318 | 5,948 | 5,687 | 5,778 | 5,526 |
| Payables | 151 | 149 | 141 | 140 | 153 |
| Deferred revenue | 511 | 573 | 576 | 602 | 567 |
| Current liabilities | 1,111 | 1,131 | 1,107 | 1,668 | 1,097 |
| Short-term debt | 63.7 | 69.2 | 59.3 | 600 | 83.9 |
| Long-term debt | 2,670 | 2,751 | 2,731 | 2,595 | 3,102 |
| DepositsBanks | 37.7 | 37.8 | 44.5 | 42.3 | 42.8 |
| Total liabilities | 4,471 | 4,612 | 4,662 | 5,024 | 4,969 |
| Shareholders' equity | 1,612 | 1,004 | 710 | 424 | 241 |
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 710 | 638 | 589 | 555 | 480 |
| Capital expenditure | 193 | 315 | 211 | 235 | 232 |
| Free cash flow | 518 | 323 | 378 | 320 | 248 |
| Depreciation & amortisation | 252 | 269 | 279 | 296 | 306 |
| Stock-based compensation | 24.9 | 25.4 | 26.8 | 34.0 | 28.2 |
| Acquisitions | 116 | 38.6 | 94.4 | 0.0 | 0.0 |
| Share buybacks | 75.0 | 500 | 150 | 270 | 45.0 |
| Dividends paid | 226 | 314 | 324 | 328 | 317 |
| Dividend per share | 5.58 | 7.94 | 8.56 | 8.88 | 8.88 |
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.4% | −0.1% | 2.7% | −4.3% |
| Operating income growth (YoY) | – | −16.2% | −3.1% | 14.5% | −24.9% |
| EPS growth (YoY) | – | −21.8% | −9.0% | 23.6% | −45.3% |
| Operating margin | 23.8% | 17.5% | 16.9% | 18.9% | 14.8% |
| Net margin | 13.8% | 9.2% | 8.0% | 9.4% | 5.2% |
| Return on equityBlank when equity is negative | 21.6% | 26.5% | 32.6% | 66.0% | 61.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.6% | 10.5% | 10.7% | 13.6% | 9.5% |
| Free cash flow margin | 20.5% | 11.2% | 13.1% | 10.8% | 8.7% |
| Cash conversion (CFO ÷ net income) | 2.04x | 2.40x | 2.55x | 1.98x | 3.25x |
| Receivable days | 55 | 48 | 48 | 47 | 46 |
| Interest cover | 4.06x | 3.24x | 2.97x | 3.26x | 2.05x |
| Debt ÷ equity | 1.70x | 2.81x | 3.93x | 7.52x | 13.2x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,627 | 2,257 | 2,468 | 2,754 | 2,955 |
| Current ratio | 1.61x | 1.07x | 0.82x | 0.63x | 0.80x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.