Filing Flows › Vail Resorts (MTN) › Q4 FY25
Vail Resorts (MTN) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Sep 29, 2025
Vail Resorts (MTN) reported revenue of $271M for the fourth quarter fiscal 2025 (Q4 FY25), +2% from a year earlier and -79% from the quarter before. Operating margin was -73.4%, net loss $188M (69.4% of revenue).
Vail Resorts, Q4 FY25: revenue $271M (+2% year over year), operating margin -73.4%, net loss $188M, operating cash flow −$170M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $271M | -79% | +2% |
| Operating profit | −$199M | -134% | — |
| Net earnings | −$188M | -148% | — |
| Operating cash flow | −$170M | -247% | — |
What changed
Revenue was $271.3M in Q4 FY25, up 2% year over year and down 79% from the previous quarter.
Operating costs exceeded revenue by $199.1M, an operating margin of -73.4%. Total costs grew 1% against revenue growth of 2%. The quarter ended with a net loss of $188.3M, after a profit of $411.3M the previous quarter. Minority interests bore $7.4M of it: to shareholders the quarter was a loss of $180.9M.
Operating cash flow was −$169.7M. Non-cash charges added back $74.5M of depreciation and amortization and $12.8M of share-based compensation. Working capital and other items used $68.7M. Capital expenditures of $55.9M exceeded it, leaving free cash flow of −$225.7M.
Questions
What was Vail Resorts' revenue in the fourth quarter fiscal 2025?
Vail Resorts (MTN) reported revenue of $271M for the fourth quarter fiscal 2025 (Q4 FY25), +2% from a year earlier and -79% from the quarter before.
Was Vail Resorts profitable in the fourth quarter fiscal 2025?
Operating loss was $199M (-73.4% of revenue) and net loss $188M.
Source: Vail Resorts 10-K on SEC EDGAR.