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Vail Resorts MTN Ski School — Mountain Revenue Net

Other product segments

Lift
$729.38M-5.3%
Retail/Rental
$104.21M-8.3%
Dining
$99.14M-10.7%
Other
$55.29M-3.7%

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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$5.3B-3.4%
Enterprise value$8.19B-13.8%
P/E7.3×
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:MountainRevenueNet.

The source filing: Vail Resorts’s 10-Q, filed June 8, 2026.

Filed
Jun 8, 2026, 4:07 PM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q2 2026
Accession
0000812011-26-000026
Line itemThree Months Ended April 30, 2026Three Months Ended April 30, 2025Nine Months Ended April 30, 2026Nine Months Ended April 30, 2025
Mountain net revenue:
Lift$729,378$770,259$1,404,948$1,455,600
Ski School141,758160,243270,269300,091
Dining99,142110,972203,554222,507
Retail/Rental104,211113,678261,014278,363
Other55,28957,397187,536192,378
Total Mountain net revenue$1,129,778$1,212,549$2,327,321$2,448,939
Lodging net revenue:

Item 6. [Exhibits](#iaa9b09eeb9264d47a42ebc1774906a57_127) [43](#iaa9b09eeb9264d47a42ebc1774906a57_127)

FAQ

What is Vail Resorts's ski school — mountain revenue net?
Vail Resorts (MTN) reported ski school — mountain revenue net of $141.76M in Q1 2026.
How has Vail Resorts's ski school — mountain revenue net changed year-over-year?
Vail Resorts's ski school — mountain revenue net decreased by 11.5% year-over-year, from $160.24M to $141.76M.
What is the long-term trend for Vail Resorts's ski school — mountain revenue net?
Over 4 years (2021 to 2025), Vail Resorts's ski school — mountain revenue net has grown at a 21.1% compound annual growth rate (CAGR), from $144.23M to $309.86M.
What does ski school — mountain revenue net mean?
This metric represents the net revenue generated from instructional services, including group and private lessons for skiing and snowboarding. It serves as a key indicator of consumer demand for skill-based resort activities and high-margin ancillary services. Growth in this area reflects both increased guest participation and the company's ability to monetize the educational component of the mountain resort experience.

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