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Segment Information | 12 Months Ended
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Jul. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment and Geographic Area Information Segment Information The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessioner properties, condominium management, Colorado resort ground transportation operations and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately. The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (the “CODM”), who monitors Reported EBITDA compared to budget and prior comparable periods at the segment level to assess segment performance and make decisions regarding the investment of capital allocation of resources. The Company’s CODM is the Chief Executive Officer. We believe Reported EBITDA serves as a measure that assists our CODM and our investors in comparing our segments' performance on a consistent basis. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain or loss on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not used to evaluate performance, except as shown in the table below. The accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies. The following table presents key financial information by reportable segment (in thousands):
| Year ended July 31,
| 2025 | 2024 | 2023
Net revenue: |  |  |
Mountain | $ | 2,629,873 |  | $ | 2,544,370 |  | $ | 2,540,906 |
Lodging | 334,039 |  | 336,117 |  | 340,393 |
Total Resort net revenue | 2,963,912 |  | 2,880,487 |  | 2,881,299 |
Real Estate | 435 |  | 4,704 |  | 8,065 |
Total net revenue | $ | 2,964,347 |  | $ | 2,885,191 |  | $ | 2,889,364 |
Segment operating expense: |  |  |
Mountain |  |  |
Labor and labor-related benefits | $ | 760,955 |  | $ | 731,153 |  | $ | 744,613 |
Retail cost of sales | 97,289 |  | 107,093 |  | 118,717 |
Resort related fees | 111,830 |  | 110,113 |  | 104,797 |
General and administrative | 373,404 |  | 350,788 |  | 325,903 |
Other (1) | 468,973 |  | 444,204 |  | 424,911 |
Total Mountain operating expense | 1,812,451 |  | 1,743,351 |  | 1,718,941 |
Lodging |  |  |
Labor and labor-related benefits | 138,041 |  | 139,840 |  | 148,915 |
General and administrative | 60,310 |  | 59,239 |  | 63,562 |
Reimbursed payroll costs | 14,290 |  | 16,287 |  | 17,251 |
Other (1) | 98,603 |  | 97,733 |  | 98,398 |
Total Lodging operating expense | 311,244 |  | 313,099 |  | 328,126 |
Total Resort operating expense | 2,123,695 |  | 2,056,450 |  | 2,047,067 |
Real Estate |  |  |
Cost of sales | — |  | 3,607 |  | 5,146 |
Other (1) | 6,213 |  | 5,907 |  | 5,489 |
Total Real Estate operating expense | 6,213 |  | 9,514 |  | 10,635 |
Total segment operating expense | $ | 2,129,908 |  | $ | 2,065,964 |  | $ | 2,057,702 |
Gain on sale of real property | $ | 24,404 |  | $ | 6,285 |  | $ | 842 |
Mountain equity investment income, net | $ | 3,919 |  | $ | 1,053 |  | $ | 605 |
Reported EBITDA: |  |  |
Mountain | $ | 821,341 |  | $ | 802,072 |  | $ | 822,570 |
Lodging | 22,795 |  | 23,018 |  | 12,267 |
Resort | 844,136 |  | 825,090 |  | 834,837 |
Real Estate | 18,626 |  | 1,475 |  | (1,728) |
Total Reported EBITDA | $ | 862,762 |  | $ | 826,565 |  | $ | 833,109 |
Real estate held for sale or investment | $ | 87,853 |  | $ | 86,548 |  | $ | 90,207 |
Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA: |  |  |
Net income attributable to Vail Resorts, Inc. | $ | 280,004 |  | $ | 231,105 |  | $ | 265,825 |
Net income attributable to noncontrolling interests | 17,972 |  | 15,874 |  | 16,955 |
Net income | 297,976 |  | 246,979 |  | 282,780 |
Provision for income taxes | 104,421 |  | 92,776 |  | 87,636 |
Income before provision for income taxes | 402,397 |  | 339,755 |  | 370,416 |
Depreciation and amortization | 296,437 |  | 279,073 |  | 269,178 |
(Gain) loss on disposal of fixed assets and other, net | (6,933) |  | 9,633 |  | 9,070 |
Change in estimated fair value of contingent consideration | 9,379 |  | 47,957 |  | 49,836 |
Investment income and other, net | (10,126) |  | (18,592) |  | (23,744) |
Foreign currency (gain) loss on intercompany loans | (20) |  | 4,140 |  | 2,907 |
Interest expense, net | 171,628 |  | 164,599 |  | 155,446 |
Total Reported EBITDA | $ | 862,762 |  | $ | 826,565 |  | $ | 833,109 |
(1) Other segment operating expense primarily includes cost of sales, fuel, supplies, repairs and maintenance, professional services, rent, utilities and property taxes. The CODM uses consolidated expense information to manage operations and is not regularly provided disaggregated other segment items. Geographic Information Net revenue and long-lived assets, excluding financial instruments and deferred tax assets, by geographic region are as follows (in thousands):
| Year ended July 31,
Net revenue | 2025 | 2024 | 2023
U.S. | $ | 2,423,245 |  | $ | 2,386,749 |  | $ | 2,366,342 |
International (1) | 541,102 |  | 498,442 |  | 523,022 |
Total net revenue | $ | 2,964,347 |  | $ | 2,885,191 |  | $ | 2,889,364 |
|  | July 31,
Long-lived assets |  | 2025 | 2024
U.S. |  | $ | 2,796,107 |  | $ | 2,856,969 |
International (2) |  | 1,931,194 |  | 1,923,950 |
Total long-lived assets |  | $ | 4,727,301 |  | $ | 4,780,919 |
(1) The only individual international country (i.e. except the U.S.) to account for more than 10% of the Company’s net revenue was Canada. Canada accounted for $335.3 million, $326.2 million and $321.7 million of net revenue for the year ended July 31, 2025, 2024 and 2023, respectively. (2) The only individual international country to account for more than 10% of the Company’s long-lived assets was Canada. Canada accounted for $1,350.7 million and $1,372.7 million of long-lived assets as of July 31, 2025 and 2024, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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