XML 35 R19.htm IDEA: XBRL DOCUMENT v3.25.2
Segment Information
 12 Months Ended
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,
  202520242023
Net revenue:
Mountain$2,629,873 $2,544,370 $2,540,906 
Lodging334,039 336,117 340,393 
Total Resort net revenue2,963,912 2,880,487 2,881,299 
Real Estate435 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 sales97,289 107,093 118,717 
Resort related fees111,830 110,113 104,797 
General and administrative373,404 350,788 325,903 
Other (1)
468,973 444,204 424,911 
Total Mountain operating expense1,812,451 1,743,351 1,718,941 
Lodging
Labor and labor-related benefits138,041 139,840 148,915 
General and administrative60,310 59,239 63,562 
Reimbursed payroll costs14,290 16,287 17,251 
Other (1)
98,603 97,733 98,398 
Total Lodging operating expense311,244 313,099 328,126 
Total Resort operating expense2,123,695 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 expense6,213 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 
Lodging22,795 23,018 12,267 
Resort844,136 825,090 834,837 
Real Estate18,626 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 interests17,972 15,874 16,955 
Net income297,976 246,979 282,780 
Provision for income taxes104,421 92,776 87,636 
Income before provision for income taxes402,397 339,755 370,416 
Depreciation and amortization296,437 279,073 269,178 
(Gain) loss on disposal of fixed assets and other, net(6,933)9,633 9,070 
Change in estimated fair value of contingent consideration9,379 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, net171,628 164,599 155,446 
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 revenue202520242023
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 assets20252024
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.