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Vail Resorts MTN Real Estate Operating Expense — Real Estate Cost of sales

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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%
Free cash flow$185.0M-26.4%

Valuation

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Market cap$5.23B-5.6%
Enterprise value$8.11B-15.0%
P/E7.2×
P/S1.9×0.0×

Profitability

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Operating margin21.5%
Net margin12.8%
FCF margin10.2%

Returns & leverage

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Return on equity17.5%
Debt / equity5.9×+2.6×
Current ratio0.9×+0.3×

Where this comes from

Reported directly by Vail Resorts in its filing.

Tagged under the XBRL concept mtn:RealEstateCostOfSales.

The source filing: Vail Resorts’s 10-K, filed September 29, 2025.

Filed
Sep 29, 2025
Fiscal year
FY2025
Accession
0000812011-25-000104
Line itemYear ended July 31, 2025Year ended July 31, 2024Year ended July 31, 2023
Total Lodging operating expense311,244313,099328,126
Total Resort operating expense2,123,6952,056,4502,047,067
Real Estate
Cost of sales3,6075,146
Other (1)6,2135,9075,489
Total Real Estate operating expense6,2139,51410,635
Total segment operating expense$2,129,908$2,065,964$2,057,702
Gain on sale of real property$24,404$6,285$842

ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

FAQ

What is Vail Resorts's real estate operating expense — real estate cost of sales?
Vail Resorts (MTN) reported real estate operating expense — real estate cost of sales of $0 in Q2 2025.
How has Vail Resorts's real estate operating expense — real estate cost of sales changed year-over-year?
Vail Resorts's real estate operating expense — real estate cost of sales decreased by 100.0% year-over-year, from $901.75K to $0.
What is the long-term trend for Vail Resorts's real estate operating expense — real estate cost of sales?
Over 2 years (2023 to 2025), Vail Resorts's real estate operating expense — real estate cost of sales has grown at a -100.0% compound annual growth rate (CAGR), from $5.15M to $0.
What does real estate operating expense — real estate cost of sales mean?
This metric measures the direct costs incurred to generate revenue from real estate transactions, such as the acquisition, construction, or development costs of properties sold. It serves as a key indicator of the direct profitability of the real estate segment by isolating the variable costs tied to specific property sales. Analyzing this figure allows investors to evaluate the gross margins achieved on real estate development projects.

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