Filing Flows › Vail Resorts (MTN) › Q1 FY26
Vail Resorts (MTN) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Dec 10, 2025
Vail Resorts (MTN) reported revenue of $271M for the first quarter fiscal 2026 (Q1 FY26), +4% from a year earlier and -0.1% from the quarter before. Operating margin was -77.4%, net loss $196M (72.5% of revenue).
Vail Resorts, Q1 FY26: revenue $271M (+4% year over year), operating margin -77.4%, net loss $196M, operating cash flow $316M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $271M | -0.1% | +4% |
| Operating profit | −$210M | — | — |
| Net earnings | −$196M | — | — |
| Operating cash flow | $316M | — | +12% |
| Free cash flow | $244M | — | +15% |
What changed
Revenue was $271.0M in Q1 FY26, up 4% year over year and roughly flat from the previous quarter.
Operating costs exceeded revenue by $209.8M, an operating margin of -77.4%. Total costs grew 4% against revenue growth of 4%. The quarter ended with a net loss of $196.5M, wider than the previous quarter's $188.3M loss. Minority interests bore $9.7M of it: to shareholders the quarter was a loss of $186.8M.
Operating cash flow was $315.9M (up 12% year over year). Non-cash charges added back $73.1M of depreciation and amortization and $6.2M of share-based compensation. Working capital and other items added $433.0M. Capital expenditures of $71.7M left free cash flow of $244.3M.
Questions
What was Vail Resorts' revenue in the first quarter fiscal 2026?
Vail Resorts (MTN) reported revenue of $271M for the first quarter fiscal 2026 (Q1 FY26), +4% from a year earlier and -0.1% from the quarter before.
Was Vail Resorts profitable in the first quarter fiscal 2026?
Operating loss was $210M (-77.4% of revenue) and net loss $196M.
Source: Vail Resorts 10-Q on SEC EDGAR.