What is Vail Resorts's free cash flow?

Vail Resorts (MTN) reported free cash flow of $185M in Q4 2025.

How has Vail Resorts's free cash flow changed year-over-year?

Vail Resorts's free cash flow decreased by 26.4% year-over-year, from $251.41M to $185M.

What does free cash flow mean?

Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and maintain or expand its capital asset base. It serves as a critical indicator of a company's ability to fund organic growth, pay down debt, or return capital to shareholders without relying on external financing.

Vail Resorts MTN Free cash flow

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Other financials

Income statement

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Revenue$1.2B-7.0%

Operating income$494.1M-14.5%

Net income$314.4M-19.3%

EPS (diluted)$8.81-15.8%

Balance sheet

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Cash & equivalents$387.3M-19.4%

Total debt$3.3B+10.9%

Total equity$551.7M-37.1%

Total assets$5.7B-1.1%

Cash flow

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Operating cash flow$6.8M-94.1%

CapEx$35.1M+5.5%

Valuation

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Market cap$5.16B-13.3%

Enterprise value$8.05B-3.7%

P/E7.1×-17.7×

P/S1.8×-0.2×

Profitability

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Operating margin21.5%+6.8pp

Net margin12.8%+6.4pp

FCF margin10.2%—

Returns & leverage

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Return on equity17.5%+10.3pp

Debt / equity5.9×+2.6×

Current ratio0.9×+0.3×

Where this comes from

Calculated from Vail Resorts’s reported figures.

$259.9Mnet cash from operating−$74.9Mcapital expenditures=$185M

The official record: Vail Resorts’s 10-Q, filed March 9, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Vail Resorts's free cash flow?: Vail Resorts (MTN) reported free cash flow of $185M in Q4 2025.
How has Vail Resorts's free cash flow changed year-over-year?: Vail Resorts's free cash flow decreased by 26.4% year-over-year, from $251.41M to $185M.
What does free cash flow mean?: Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and maintain or expand its capital asset base. It serves as a critical indicator of a company's ability to fund organic growth, pay down debt, or return capital to shareholders without relying on external financing.