Vail Resorts MTN Balance Sheet Statement

	Q3 '26	Q2 '26	Q1 '26	Q4 '25	Q3 '25
Cash and cash equivalents	$387.32M-19.4%	$405.84M-19.6%	$600.59M+43.5%	$456.42M+35.4%	$480.81M-32.9%
Restricted cash	$15.95M+15.7%	$21.1M+29.1%	$19.12M+30.3%	$16.13M+13.3%	$13.78M+20.2%
Accounts receivable, net	$366.89M+7.0%	$171.14M+29.7%	$106.8M-22.3%	$388.88M+3.5%	$342.89M0.0%
Inventories	$129.07M+12.7%	$141.38M+7.1%	$154.38M+0.9%	$117.18M-1.5%	$114.57M+6.3%
Prepaid expenses and other current assets	$36.76M-5.4%	$60.14M+5.5%	$78.07M+3.6%	$58.09M-17.2%	$38.85M+7.7%
Total current assets	$952.22M-4.7%	$822.72M-1.9%	$1.05B+24.0%	$1.05B+16.4%	$999.41M-18.8%
Property and equipment, net	$2.37B-0.5%	$2.41B+1.5%	$2.38B-2.1%	$2.37B-1.8%	$2.38B+4.1%
Buildings and improvements	$1.78B+3.9%	$1.77B+4.8%	$1.72B+1.7%	$1.71B+1.7%	$1.71B+4.0%
Machinery and equipment	$2.26B+7.3%	$2.26B+10.4%	$2.12B+6.0%	$2.12B+6.7%	$2.11B+10.5%
Furniture, fixtures and equipment	$371.91M+6.7%	$365.6M+6.1%	$351.75M+8.9%	$349.92M+10.6%	$348.4M+9.1%
Construction in progress	$61.93M-25.4%	$61.3M-18.8%	$183.92M+10.7%	$114.36M-2.2%	$82.98M+5.7%
Accumulated depreciation	$3.23B+9.4%	$3.16B+10.6%	$3.08B+9.7%	$3.01B+10.1%	$2.95B+8.8%
Operating lease right-of-use assets	$231.5M-7.1%	$237.12M-5.4%	$236.53M-7.6%	$242.49M-6.1%	$249.2M+33.3%
Goodwill	$1.7B+1.4%	$1.7B+4.4%	$1.66B-0.4%	$1.68B-0.2%	$1.68B+0.1%
Intangible assets, net	$299.51M-0.2%	$300.08M+2.5%	$296.04M-1.5%	$298.5M-1.3%	$300.03M+0.2%
Deferred tax assets	$105.63M-18.8%	$72.29M-15.9%	-$60.62M-3.8%	$252.04M-8.9%	$130.07M+0.6%
Other non-current assets	$52.04M+0.5%	$51.94M+21.5%	$53.43M+26.0%	$49.39M+21.2%	$51.79M+31.7%
Total assets	$5.69B-1.1%	$5.6B+1.5%	$5.76B+2.4%	$5.78B+1.6%	$5.75B-1.0%
Accounts payable	$105.17M-18.2%	$142.18M+2.9%	$143.12M+0.9%	$139.98M-0.9%	$128.61M+24.3%
Accrued expenses	$65.88M-8.6%	$48.89M-7.9%	$116.73M+36.4%	$71.92M-29.8%	$72.08M-26.2%
Accrued compensation	$72.91M+6.3%	$70.82M+9.5%	$62.31M+7.8%	$64.87M+6.4%	$68.56M+5.8%
Deferred revenue	$467M-0.3%	$717.5M+4.2%	$927.3M+2.9%	$602.1M+4.6%	$468.6M+4.4%
Current portion of long-term debt	$17M-97.1%	$37.11M-93.6%	$525M+820%	$599.51M+949%	$590.38M+762%
Operating lease liabilities, current	$35.94M+2.4%	$36.62M+7.6%	$35.76M+3.6%	$34.88M+7.0%	$35.1M-10.5%
Contract liabilities	$95.1M-6.0%	$96.5M-6.4%	$97.4M-5.3%	$99.4M-5.2%	$101.2M-5.2%
Income taxes payable	$76.24M-20.5%	$13.88M+233%	$923K—	$11.45M-75.3%	$95.92M-20.5%
Deposits	$44.65M-34.2%	$75.67M+0.9%	$20.51M-38.3%	$59.78M+38.2%	$67.88M+29.0%
Total current liabilities	$1.04B-35.8%	$1.32B-25.8%	$1.94B+42.7%	$1.67B+50.7%	$1.63B+56.5%
Deferred tax liabilities	$264.65M-4.2%	$264.26M-4.0%	$264.26M-4.5%	$252.04M-9.9%	$276.23M-3.0%
Long-term debt	$3.02B+43.5%	$2.93B+38.2%	$3.17B+17.0%	$3.19B+17.4%	$2.11B-22.0%
Operating lease liabilities, non-current	$198.41M-9.9%	$211.9M-8.1%	$211.19M-10.1%	$215.09M-8.5%	$220.3M+42.2%
Total liabilities	$4.77B+5.2%	$4.96B+5.0%	$5.3B+8.1%	$5.02B+7.8%	$4.53B+1.0%
Preferred stock	$0—	$0—	$0—	$0—	$0—
Common stock	100M0.0%	100M0.0%	100M0.0%	100M0.0%	100M0.0%
Additional paid-in capital	$1.19B+2.3%	$1.18B+2.3%	$1.17B+2.4%	$1.17B+2.3%	$1.16B+1.9%
Retained earnings	$818.33M-16.4%	$583M-13.2%	$452.1M-11.4%	$718.66M-6.3%	$979.23M-5.8%
Accumulated other comprehensive income (loss)	-$1.32M+97.7%	-$8.46M+93.7%	-$61.73M+13.6%	-$57.89M+14.0%	-$57.07M+11.7%
Treasury stock	$1.45B+20.5%	$1.45B+23.6%	$1.41B+21.8%	$1.41B+14,930%	$1.21B+9.2%
Noncontrolling interests	$364.37M+7.0%	$342.97M+20.2%	$311.59M+3.4%	$329.41M+4.6%	$340.56M+6.9%
Total stockholders' equity	$551.73M-37.1%	$301.82M-41.5%	$156.46M-63.6%	$424.5M-40.2%	$877.17M-12.6%
Total liabilities and stockholders' equity	$5.69B-1.1%	$5.6B+1.5%	$5.76B+2.4%	$5.78B+1.6%	$5.75B-1.0%
Allowance for Doubtful Accounts	$9.97M+42.7%	$11.09M+31.6%	$9.27M+26.2%	$6.51M—	$6.99M—
Allowance for Doubtful Accounts Receivable (Current)	$9.97M+42.7%	$11.09M+31.6%	$9.27M+26.2%	$6.51M—	$6.99M—
Other current assets	$78.92M+15.8%	$115.46M+47.3%	$195.12M+36.3%	$93.82M+33.7%	$68.13M+7.2%
Other Receivables	$3.53M-60.9%	$8.42M-8.1%	$8.05M-1.2%	$7.69M—	$9.02M—
Capitalized Contract Costs, Net	$3M-25.0%	$16.1M+12.6%	$24.5M+7.9%	$6.6M+26.9%	$4M+73.9%
Capitalized Computer Software, Net	$220.44M+16.6%	$208.13M+10.2%	$189.75M+15.1%	$189.98M+17.6%	$189.12M+14.5%
Deferred Tax Assets and Other Non-Current Assets	$52.04M+0.5%	$51.94M+21.5%	$53.43M+26.0%	$49.39M+21.2%	$51.79M+31.7%
Net Investment in Lease	$231.5M-7.1%	$237.12M-5.4%	$236.53M-7.6%	$242.49M-6.1%	$249.2M+33.3%
Other intangible assets—net	$299.51M-0.2%	$300.08M+2.5%	$296.04M-1.5%	$298.5M-1.3%	$300.03M+0.2%
Inventory, Real Estate	$76.44M-13.0%	$76.32M-15.9%	$85.22M-0.1%	$87.85M+1.5%	$87.9M+1.5%
Machinery and equipment	$2.26B+7.3%	$2.26B+10.4%	$2.12B+6.0%	$2.12B+6.7%	$2.11B+10.5%
Operating lease right-of-use assets	$231.5M-7.1%	$237.12M-5.4%	$236.53M-7.6%	$242.49M-6.1%	$249.2M+33.3%
Other non-current assets	$52.04M+0.5%	$51.94M+21.5%	$53.43M+26.0%	$49.39M+21.2%	$51.79M+31.7%
Property, plant and equipment at cost	$5.6B+5.0%	$5.58B+6.5%	$5.46B+4.2%	$5.39B+4.4%	$5.34B+6.6%
Operating Lease Right-of-Use Assets in Other Assets	$231.5M-7.1%	$237.12M-5.4%	$236.53M-7.6%	$242.49M-6.1%	$249.2M+33.3%
Software and Technology Licenses, Net	$220.44M+16.6%	$208.13M+10.2%	$189.75M+15.1%	$189.98M+17.6%	$189.12M+14.5%
Accrued Progress Collections and Price Adjustments	$95.1M-6.0%	$96.5M-6.4%	$97.4M-5.3%	$99.4M-5.2%	$101.2M-5.2%
Commercial Paper Outstanding	$86M-10.0%	$96.1M+0.7%	$96M-0.5%	——	$95.6M+1.1%
Accrued Income Taxes, Current	$76.24M-20.5%	$13.88M+233%	$923K—	$11.45M-75.3%	$95.92M-20.5%
Deferred income	$467.04M-0.3%	$717.52M+4.2%	$927.31M+2.9%	$602.12M+4.6%	$468.61M+4.4%
Current Portion of Long-Term Debt and Finance Lease Obligations	$73.51M-87.6%	$73.01M-87.6%	$589.74M+896%	$599.51M+911%	$591.47M+764%
Contingent Consideration Liability (Non-Current)	$93M+5.7%	$79.5M-7.7%	$83.2M-3.3%	$93.3M-10.5%	$88M-11.3%
Contract Liabilities, Non-Current	$95.1M-6.0%	$96.5M-6.4%	$97.4M-5.3%	$99.4M-5.2%	$101.2M-5.2%
Debt Maturity - 2027	$71.79M+5.8%	$71.09M+4.0%	$57.05M-23.3%	——	$67.87M-89.5%
Debt Maturity - Thereafter	$1.22B+2.0%	$1.22B+2.3%	$1.19B+0.1%	——	$1.2B-6.8%
Debt - Unamortized Discount (Premium) and Issuance Costs, Net	-$789K+85.2%	-$3.02M+49.6%	-$2.29M+50.9%	-$269K-103%	-$5.34M-237%
Long-Term Debt and Finance Lease Obligations	$2.95B+39.2%	$2.86B+34.3%	$2.58B-5.0%	$2.59B-5.0%	$2.12B-21.5%
Accounts payable and accrued liabilities (Note 6)	$894.95M-4.9%	$1.24B+3.7%	$1.35B+3.7%	$1.06B+5.6%	$940.87M+10.5%
Deferred revenue, net of current portion	$95.1M-6.0%	$96.5M-6.4%	$97.4M-5.3%	$99.4M-5.2%	$101.2M-5.2%
Other Long Term Liabilities Noncurrent	$312.47M+8.3%	$297.94M-1.2%	$300M-3.3%	$294.46M-5.6%	$288.51M-5.8%
Total debt	$3.27B+10.9%	$3.21B+8.3%	$3.94B+29.8%	$4.46B+28.9%	$2.95B-0.4%
Common Stock Par Value Per Share	$0.010.0%	$0.010.0%	$0.010.0%	$0.010.0%	$0.010.0%
Common Stock Shares Issued	47M+0.2%	47M+0.2%	47M+0.2%	46.9M+0.2%	46.9M+0.1%
Convertible Preferred Stock Authorized Shares	25M0.0%	25M0.0%	25M0.0%	25M0.0%	25M0.0%
Convertible Preferred Stock Issued Shares	0—	0—	0—	0—	0—
Convertible Preferred Stock Outstanding Shares	0—	0—	0—	0—	0—
Additional paid-in capital	$1.19B+2.3%	$1.18B+2.3%	$1.17B+2.4%	$1.17B+2.3%	$1.16B+1.9%
Common stock; $0.001 par value; 6,000 shares authorized; 3,755 and 3,751 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	$470K+0.2%	$470K+0.2%	$470K+0.2%	$469K0.0%	$469K0.0%
Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	$0—	$0—	$0—	$0—	$0—
Treasury Stock, Value	$1.45B+20.5%	$1.45B+23.6%	$1.41B+21.8%	$1.41B—	$1.21B+9.2%
Preferred Stock Par Value Per Share	$0.010.0%	$0.010.0%	$0.010.0%	$0.010.0%	$0.010.0%
Share Repurchase Authorization Limit	1.2M-8.2%	1.2M-19.6%	1.5M-4.7%	——	1.3M+72.5%
Cumulative Cost Basis	$5.6B+5.0%	$5.58B+6.5%	$5.46B+4.2%	$5.39B+4.4%	$5.34B+6.6%
Allowance for doubtful accounts	$9.97M+42.7%	$11.09M+31.6%	$9.27M+26.2%	$6.51M—	$6.99M—
Business Combination, Contingent Consideration, Liability	$93M+5.7%	$79.5M-7.7%	$83.2M-3.3%	$93.3M-10.5%	$88M-11.3%
Capitalized Contract Cost, Net	$3M-25.0%	$16.1M+12.6%	$24.5M+7.9%	$6.6M+26.9%	$4M+73.9%
Common stock, par value (in dollars per share)	$0.010.0%	$0.010.0%	$0.010.0%	$0.010.0%	$0.010.0%
Common stock, shares authorized (in shares)	$100M0.0%	$100M0.0%	$100M0.0%	$100M0.0%	$100M0.0%
Common stock, shares issued (in shares)	$47.02M+0.2%	$47.02M+0.2%	$47.01M+0.2%	$46.95M+0.2%	$46.93M+0.1%
Construction work in progress	$61.93M-25.4%	$61.3M-18.8%	$183.92M+10.7%	$114.36M-2.2%	$82.98M+5.7%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	-$789K+85.2%	-$3.02M+49.6%	-$2.29M+50.9%	-$269K-103%	-$5.34M-237%
Deferred income taxes	$264.65M-4.2%	$264.26M-4.0%	$264.26M-4.5%	$252.04M-8.9%	$276.23M-3.0%
Fees and Assessments	$56.61M+1.1%	$73.44M+6.5%	——	$40.84M—	$55.97M—
Land and land improvements	$809.55M+0.9%	$808.69M+1.8%	$804.38M-0.1%	$804.67M0.0%	$802.65M+0.6%
Letters of Credit Outstanding, Amount	$86M-10.0%	$96.1M+0.7%	$96M-0.5%	——	$95.6M+1.1%
Long-Term Debt and Lease Obligation	$2.95B+39.2%	$2.86B+34.3%	$2.58B-5.0%	$2.59B-5.0%	$2.12B-21.5%
Less: current maturities	$73.51M-87.6%	$73.01M-87.6%	$589.74M+896%	$599.51M+911%	$591.47M+764%
2028	$82.41M-86.3%	$82.09M-86.0%	$68.06M-89.2%	——	$599.93M-11.2%
2029	$71.79M+5.8%	$71.09M+4.0%	$57.05M-23.3%	——	$67.87M-89.5%
2029	$1.56B+102%	$507.58M-34.1%	$507.33M-34.1%	——	$770.35M+1,048%
2030	$71.59M+25.9%	$1.01B+1,717%	$770.51M+1,278%	——	$56.85M-33.5%
Thereafter	$1.22B+2.0%	$1.22B+2.3%	$1.19B+0.1%	——	$1.2B-6.8%
2027	$17M+26.5%	$37.11M+1.9%	$574.78M+1,051%	——	$13.44M-19.1%
Noncontrolling interests in subsidiaries	$364.37M+7.0%	$342.97M+20.2%	$311.59M+3.4%	$329.41M+4.6%	$340.56M+6.9%
Money Market Funds At Carrying Value	$50M-4.2%	$71.53M-47.1%	$247.27M+204%	$80.58M+8,893%	$52.21M-54.4%
Other accrued liabilities	$65.88M-8.6%	$48.89M-7.9%	$116.73M+36.4%	$71.92M-29.8%	$72.08M-26.2%
Other	$42.15M+44.0%	$55.32M+159%	$38.79M+134%	$35.73M+27.4%	$29.28M+6.5%
Other receivables	$3.53M-60.9%	$8.42M-8.1%	$8.05M-1.2%	$7.69M—	$9.02M—
Preferred Stock, Par or Stated Value Per Share	$0.010.0%	$0.010.0%	$0.010.0%	$0.010.0%	$0.010.0%
Preferred Stock, Shares Authorized	$25M0.0%	$25M0.0%	$25M0.0%	$25M0.0%	$25M0.0%
Preferred Stock, Shares Issued	$0—	$0—	$0—	$0—	$0—
Preferred Stock, Shares Outstanding	$0—	$0—	$0—	$0—	$0—
Prepaid expenses	$36.76M-5.4%	$60.14M+5.5%	$78.07M+3.6%	$58.09M+12.8%	$38.85M+7.7%