Revision of Previously Issued Consolidated Financial Statements

12 Months Ended

Jul. 31, 2025

Accounting Changes and Error Corrections [Abstract]

16. Revision of Previously Issued Consolidated Financial Statements

As disclosed in Note 2, during the year ended July 31, 2025, the Company identified errors to the Consolidated Financial Statements for the years ended July 31, 2024 and July 31, 2023 relating to the misapplication of the interest method in the accounting for the EPR Secured Notes and its accounting for certain completed capital projects. Although the Company concluded that these errors were not material, either individually or in the aggregate, to its current or previously issued Consolidated Financial Statements, the Company elected to revise its previously issued Consolidated Financial Statements to correct the errors. In conjunction with the revision, the Company is also correcting for other previously identified immaterial errors that were previously corrected for as out of period adjustments in the period of identification.

Due to certain errors originating prior to the year ended July 31, 2023, the opening retained earnings balance as of August 1, 2022 was understated by $12.0 million, primarily due to the impact of $6.9 million of non-cash interest expense that should have been recorded in prior periods.

The revisions include corrections of previously identified errors to the Consolidated Balance Sheets for operating lease liabilities and right of use assets and adjustments to the income tax payable and income tax receivable for items identified during its reconciliation of completed income tax returns to its income tax provision that impacted jurisdictional netting. The accompanying Consolidated Statements of Cash Flows have been revised to correct a misclassification between operating and financing activities related to interest on finance lease obligations, and to reflect changes related to the items discussed above.

There were no other changes to the Consolidated Statements of Stockholders’ Equity that have not otherwise been reflected in the Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income or described above. The following tables present the revisions to the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the years ended July 31, 2024 and July 31, 2023 (in thousands, except per share amounts):


	July 31, 2024
Consolidated Balance Sheets	As Reported		Adjustment		As Revised
Other current assets	$	79,558	$	(9,400)	$	70,158
Total current assets	911,361		(9,400)		901,961
Property, plant and equipment, net (Note 8)	2,422,635		(4,105)		2,418,530
Operating right-of-use assets (Note 4)	256,627		1,641		258,268
Total assets	5,698,437		(11,864)		5,686,573
Income taxes payable	55,358		(8,930)		46,428
Long-term debt due within one year (Note 6)	57,153		2,161		59,314
Total current liabilities	1,113,309		(6,769)		1,106,540
Long-term debt, net (Note 6)	2,721,597		9,895		2,731,492
Operating lease liabilities (Note 4)	233,465		1,641		235,106
Deferred income taxes, net (Note 10)	279,815		(3,026)		276,789
Total liabilities	4,659,954		1,741		4,661,695
Retained earnings	780,431		(13,605)		766,826
Total Vail Resorts, Inc. stockholders’ equity	723,537		(13,605)		709,932
Total stockholders’ equity	1,038,483		(13,605)		1,024,878
Total liabilities and stockholders’ equity	$	5,698,437	$	(11,864)	$	5,686,573


	Year Ended July 31, 2024
Consolidated Statements of Operations	As Reported		Adjustment		As Revised
Depreciation and amortization	$	(276,493)	$	(2,580)	$	(279,073)
Income from operations	491,429		(2,580)		488,849
Interest expense, net	(161,839)		(2,760)		(164,599)
Income before provision for income taxes	345,095		(5,340)		339,755
Provision for income taxes (Note 10)	(98,816)		6,040		(92,776)
Net income	246,279		700		246,979
Net income attributable to Vail Resorts, Inc.	230,405		700		231,105
Basic net income per share attributable to Vail Resorts, Inc.	$	6.08	$	0.02	$	6.10
Diluted net income per share attributable to Vail Resorts, Inc.	$	6.07	$	0.02	$	6.09


	Year Ended July 31, 2024
Consolidated Statements of Comprehensive Income	As Reported		Adjustment		As Revised
Net income	$	246,279	$	700	$	246,979
Comprehensive income	167,746		700		168,446
Comprehensive income attributable to Vail Resorts, Inc.	$	173,475	$	700	$	174,175


	Year Ended July 31, 2024
Consolidated Statements of Cash Flows	As Reported		Adjustment		As Revised
Net income	$	246,279	$	700	$	246,979
Depreciation and amortization	276,493		2,580		279,073
Deferred income taxes, net	12,095		(5,393)		6,702
Other non-cash (income), net	(7,754)		5,009		(2,745)
Income taxes payable	(42,794)		(648)		(43,442)
Net cash provided by operating activities	586,774		2,248		589,022
Other financing activities, net	(39,620)		(2,248)		(41,868)
Net cash (used in) financing activities	$	(574,788)	$	(2,248)	$	(577,036)


	Year Ended July 31, 2023
Consolidated Statements of Operations	As Reported		Adjustment		As Revised
Depreciation and amortization	$	(268,501)	$	(677)	$	(269,178)
Income from operations	505,097		(677)		504,420
Interest expense, net	(153,022)		(2,424)		(155,446)
Income before provision for income taxes	373,517		(3,101)		370,416
Provision for income taxes (Note 10)	(88,414)		778		(87,636)
Net income	285,103		(2,323)		282,780
Net income attributable to Vail Resorts, Inc.	268,148		(2,323)		265,825
Basic net income per share attributable to Vail Resorts, Inc.	$	6.76	$	(0.06)	$	6.70
Diluted net income per share attributable to Vail Resorts, Inc.	$	6.74	$	(0.05)	$	6.69


	Year Ended July 31, 2023
Consolidated Statements of Comprehensive Income	As Reported		Adjustment		As Revised
Net income	$	285,103	$	(2,323)	$	282,780
Comprehensive income	263,355		(2,323)		261,032
Comprehensive income attributable to Vail Resorts, Inc.	$	246,867	$	(2,323)	$	244,544


	Year Ended July 31, 2023
Consolidated Statements of Cash Flows	As Reported		Adjustment		As Revised
Net income	$	285,103	$	(2,323)	$	282,780
Depreciation and amortization	268,501		677		269,178
Deferred income taxes, net	24,065		(609)		23,456
Other non-cash (income), net	(4,687)		547		(4,140)
Net cash provided by operating activities	639,563		(1,708)		637,855
Other financing activities, net	(21,983)		1,708		(20,275)
Net cash (used in) financing activities	$	(915,708)	$	1,708	$	(914,000)