Filing Flows

Filing Flows › Communication Services › Vail Resorts (MTN)

Vail Resorts (MTN) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Sep 28, 2026 · Vail Resorts (MTN) Q4 FY26 earnings results →

Q4 FY26 Revenue up 2% year over year to $278M · 72¢ of every $1 of revenue lost · operating margin -75.1%

Vail Resorts made $278M in Q4 FY26 (+2% Y/Y). Operating margin -75.1%, net loss $199M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Sep 28, 2026.

Revenue$278M
Year over year+2%
Operating margin-75.1%
Net earnings−$199M
Operating cash flow−$103M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $278.1M in Q4 FY26, up 2% year over year and down 77% from the previous quarter.

Operating costs exceeded revenue by $208.8M, an operating margin of -75.1%. Total costs grew 4% against revenue growth of 2%. The quarter ended with a net loss of $198.9M, after a profit of $340.2M the previous quarter. Minority interests bore $8.7M of it: to shareholders the quarter was a loss of $190.2M.

Operating cash flow was −$103.0M. Non-cash charges added back $80.9M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items added $7.4M. Capital expenditures of $50.0M exceeded it, leaving free cash flow of −$153.0M.

Quarterly history

Vail Resorts revenue by quarterVail Resorts revenue by quarter$1.1BQ2 FY25$1.3BQ3 FY25$271MQ4 FY25$271MQ1 FY26$1.1BQ2 FY26$1.2BQ3 FY26$278MQ4 FY26
Vail Resorts net earnings by quarterVail Resorts net earnings by quarter$244MQ2 FY25$390MQ3 FY25−$188MQ4 FY25−$196MQ1 FY26$210MQ2 FY26$314MQ3 FY26−$199MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KSep 28, 2026$278M+2%-75.1%−$199M−$103M
Q3 FY2610-QJun 8, 2026$1.2B-7%41.0%$314M$6.8M
Q2 FY2610-QMar 9, 2026$1.1B-5%31.8%$210M$260M
Q1 FY2610-QDec 10, 2025$271M+4%-77.4%−$196M$316M
Q4 FY2510-KSep 29, 2025$271M+2%-73.4%−$188M−$170M
Q3 FY2510-QJun 5, 2025$1.3B+1%44.6%$390M$115M
Q2 FY2510-QMar 10, 2025$1.1B+6%33.7%$244M$326M

Charts

Vail Resorts: revenue growth, year over year and quarter over quarterVail Resorts: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q2 FY25+1%+14%Q3 FY25+2%-79%Q4 FY25+4%0%Q1 FY26-5%+300%Q2 FY26-7%+11%Q3 FY26+2%-77%Q4 FY26
Latest (Q4 FY26): Y/Y +2%, Q/Q -77%.
Vail Resorts: where the cash came from (+) and went (−), FY26Vail Resorts: where the cash came from (+) and went (−), FY26Operating cash flow$480MDividends−$317MCapital spending−$232MCash drawn (+) / kept (−)$209MOther financing−$199MNet borrowing (+) / repaid (−)$144MBuybacks−$45.0MOther investing−$36.8MTaxes on employees’ shares−$4.2MAsset & business sales$2.5MExchange rates−$2.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Vail Resorts: profit against cash, quarter by quarterVail Resorts: profit against cash, quarter by quarterNet incomeOperating cash flow−$182M$283MQ1 FY25$257M$326MQ2 FY25$411M$115MQ3 FY25−$188M−$170MQ4 FY25−$196M$316MQ1 FY26$226M$260MQ2 FY26$340M$6.8MQ3 FY26−$199M−$103MQ4 FY26
Latest (Q4 FY26): Net income −$199M, Operating cash flow −$103M.
Vail Resorts: diluted shares by fiscal yearVail Resorts: diluted shares by fiscal year41MFY2141MFY2240MFY2338MFY2437MFY2536MFY26
-12.3% since FY21: buybacks shrank the count.
Vail Resorts: long-term debt falling due (FY26)Vail Resorts: long-term debt falling due (FY26)$82.6M2027$71.6M2028$71.4M2029$1.7B2030$7.4M2031$1.2BLater
Cash $231M, short-term investments $37.1M, long-term debt $3.2B at 2026-07-31.
Vail Resorts in its industry: growth against margin (18 companies, SIC 7990)Vail Resorts in its industry: growth against margin (18 companies, SIC 7990)revenue growth, year over year →↑ operating marginmedian +7%median 4%DISDKNGSTUBPRKSRSIPRSUMSGESEATXPOFMSGKSEGBUKSMSGRFBYDTBTCPRKALIMXMTN (+2%, -75%)
Services-Miscellaneous Amusement & Recreation; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About Vail Resorts

Vail Resorts, Inc., together with its subsidiaries, is referred to throughout this document as “we,” “us,” “our” or the “Company.” Vail Resorts, Inc., a Delaware corporation, was organized as a holding company in 1997 and operates through various subsidiaries. Our operations are grouped into three reportable segments: Mountain, Lodging and Real Estate, which represented approximately 89%, 11% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2025 (“Fiscal 2025”).

In its own words, from its annual report, filed Sep 29, 2025.

Vail Resorts against its Services-Miscellaneous Amusement & Recreation peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +7%. Operating margin: -75.1% against the peers' median 4.5%.

CompanyQuarterRevenueY/YOp. margin
MTN Vail ResortsQ4 FY26$278M+2%-75.1%
DIS Walt DisneyQ3 FY26$25.2B+7%22.0%
DKNG DraftKingsQ3 2026$1.3B+16%-37.1%
STUB StubHub HoldingsQ2 2026$573M+33%3.4%
PRKS United Parks & ResortsQ3 2026$506M-1%27.8%
RSI Rush Street InteractiveQ3 2026$386M+39%11.1%
PRSU Pursuit Attractions & HospitalityQ3 2026$252M+4%45.0%
MSGE Madison Square Garden EntertainmentQ1 FY27$217M+37%4.5%
SEAT Vivid SeatsQ2 2026$104M-9%-13.8%

Source: Vail Resorts 10-K on SEC EDGAR · CIK 812011 · Services-Miscellaneous Amusement & Recreation

13F: who owns MTN and who is buying

Largest holders of MTN (13F)Largest holders of MTN (13F)Bamco$890MCapital World Investors$593MCapital International Investors$520MVanguard Group$466MBlackRock$465MOasis Management$317MGeode Capital Management, LLC$236MVanguard Portfolio Management LLC$231MVanguard Capital Management LLC$218MUBS Group AG$205M
Funds' net buying of MTN by quarter (13F)Funds' net buying of MTN by quarter (13F)−$267M2024-09−$169M2024-12$12.3M2025-03$432M2025-06$214M2025-09−$172M2025-12$452M2026-03$219M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MTN

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

Compare MTN with

中文版：Vail Resorts（MTN）财报

Español · Français