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Vail Resorts cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$153M in Q4 FY26

Operating cash flow−$103M
Capital spending−$50.0M
Free cash flow−$153M

Analysis

In Q4 FY26, Vail Resorts generated −$103M of operating cash flow and spent $50.0M on capital projects, leaving free cash flow of −$153M. That is $72.6M more than in Q4 FY25 (−$226M).

Operating cash flow was −$103M against net income of −$199M. The largest differences: deferred taxes −$119M, deferred revenue +$103M, depreciation & amortization +$80.9M.

Free cash flow

Vail Resorts: free cash flow by quarterVail Resorts: free cash flow by quarter$212MQ1 FY25$251MQ2 FY25$82.2MQ3 FY25−$226MQ4 FY25$244MQ1 FY26$185MQ2 FY26−$28.2MQ3 FY26−$153MQ4 FY26
Operating cash flow less capital spending.
Vail Resorts: operating cash flow against capital spendingVail Resorts: operating cash flow against capital spendingOperating cash flowCapital spending$283M$71.0MQ1 FY25$326M$75.0MQ2 FY25$115M$33.2MQ3 FY25−$170M$55.9MQ4 FY25$316M$71.7MQ1 FY26$260M$74.9MQ2 FY26$6.8M$35.1MQ3 FY26−$103M$50.0MQ4 FY26
Latest (Q4 FY26): Operating cash flow −$103M, Capital spending $50.0M.

Capital allocation, year by year

Vail Resorts: where the cash came from (up) and went (down), by fiscal yearVail Resorts: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $710MFY22: Asset sales $66.3MFY22: Capital spending −$193MFY22: Acquisitions −$116MFY22: Buybacks −$75.0MFY22: Dividends −$226M$777MFY22FY23: Operating cash flow $638MFY23: Asset sales $5.7MFY23: Capital spending −$315MFY23: Acquisitions −$38.6MFY23: Buybacks −$500MFY23: Dividends −$314M$644MFY23FY24: Operating cash flow $589MFY24: Asset sales $337KFY24: Capital spending −$211MFY24: Acquisitions −$94.4MFY24: Buybacks −$150MFY24: Dividends −$324M$589MFY24FY25: Operating cash flow $555MFY25: Net borrowing $300MFY25: Asset sales $12.4MFY25: Capital spending −$235MFY25: Buybacks −$270MFY25: Dividends −$328M$867MFY25FY26: Operating cash flow $480MFY26: Net borrowing $144MFY26: Asset sales $2.5MFY26: Capital spending −$232MFY26: Buybacks −$45.0MFY26: Dividends −$317M$626MFY26
Over these 5 years operating cash flow totalled $3.0B; the largest uses were dividends ($1.5B) and capital spending ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$268M
Debt$3.2B
Net debt$2.9B
Due within a year$82.6M

Vail Resorts funds itself: free cash flow was — over the last twelve months, and $268M of cash and investments stands against $3.2B of debt ($82.6M due within a year, 3.3× covered by cash).

Vail Resorts: debt maturities by year (FY26)Vail Resorts: debt maturities by year (FY26)$82.6MYear 1$71.6MYear 2$71.4MYear 3$1.7BYear 4$7.4MYear 5$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $268M of cash and investments now.

Where the cash came from and went

Vail Resorts: sources (+) and uses (−) of cash, Q4 FY26Vail Resorts: sources (+) and uses (−) of cash, Q4 FY26Net borrowing (+) / repaid (−)$280MCash drawn (+) / kept (−)$140MOther financing−$135MOperating cash flow−$103MDividends−$79.1MCapital spending−$50.0MOther investing−$37.0MExchange rates−$16.4MTaxes on employees’ shares−$134K

From profit to cash

Vail Resorts: net income to operating cash flow, Q4 FY26Vail Resorts: net income to operating cash flow, Q4 FY26Net income−$199MDepreciation & amortization$80.9MStock-based pay$7.5MDeferred taxes−$119MGains on disposals$770KReceivables$414KInventory−$6.6MPayables$1.0MDeferred revenue$103MIncome taxes payable$32.5MOther operating capital−$10.2MOperating cash flow−$103M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 FY26−$103M−$50.0M—−$79.1M$280M$140M−$153M
Q3 FY26$6.8M−$35.1M—−$79.1M$98.1M$18.5M−$28.2M
Q2 FY26$260M−$74.9M−$45.0M−$79.1M−$489M$195M$185M
Q1 FY26$316M−$71.7M—−$79.8M−$12.3M−$144M$244M
Q4 FY25−$170M−$55.9M−$200M−$79.7M$350M$24.4M−$226M
Q3 FY25$115M−$33.2M−$30.0M−$82.5M−$12.3M$23.7M$82.2M
Q2 FY25$326M−$75.0M−$20.0M−$82.8M−$12.3M−$86.1M$251M
Q1 FY25$283M−$71.0M−$20.0M−$83.1M−$12.3M−$81.4M$212M

Vail Resorts: income statement and cash flow

Vail Resorts, Q4 FY26: revenue $278M (+2% year over year), operating margin -75.1%. The chart follows the revenue to costs, profit and cash.

Vail Resorts: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.