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Net Income Per Common Share
 6 Months Ended
Jan. 31, 2025
Earnings Per Share Reconciliation [Abstract]  
Summary of Calculation of Basic And Diluted EPS
Presented below is basic and diluted EPS for the three months ended January 31, 2025 and 2024 (in thousands, except per share amounts):
 Three Months Ended January 31,
 20252024
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$245,548 $245,548 $219,299 $219,299 
Weighted-average shares outstanding37,382 37,382 37,967 37,967 
Effect of dilutive securities— 43 — 79 
Total shares37,382 37,425 37,967 38,046 
Net income per share attributable to Vail Resorts$6.57 $6.56 $5.78 $5.76 
The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 41,000 and 15,000 for the three months ended January 31, 2025 and 2024, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2025 and 2024 (in thousands, except per share amounts):
 Six Months Ended January 31,
 20252024
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$72,712 $72,712 $43,787 $43,787 
Weighted-average shares outstanding37,428 37,428 38,042 38,042 
Effect of dilutive securities— 52 — 91 
Total shares37,428 37,480 38,042 38,133 
Net income per share attributable to Vail Resorts$1.94 $1.94 $1.15 $1.15 
The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 21,000 and 18,000 for the six months ended January 31, 2025 and 2024 respectively.
Net Income Per Common Share Net Income per Share
Earnings per Share
Basic EPS excludes dilution and is computed by dividing net income attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts.

Presented below is basic and diluted EPS for the three months ended January 31, 2025 and 2024 (in thousands, except per share amounts):
 Three Months Ended January 31,
 20252024
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$245,548 $245,548 $219,299 $219,299 
Weighted-average shares outstanding37,382 37,382 37,967 37,967 
Effect of dilutive securities— 43 — 79 
Total shares37,382 37,425 37,967 38,046 
Net income per share attributable to Vail Resorts$6.57 $6.56 $5.78 $5.76 
The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 41,000 and 15,000 for the three months ended January 31, 2025 and 2024, respectively.

Presented below is basic and diluted EPS for the six months ended January 31, 2025 and 2024 (in thousands, except per share amounts):
 Six Months Ended January 31,
 20252024
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$72,712 $72,712 $43,787 $43,787 
Weighted-average shares outstanding37,428 37,428 38,042 38,042 
Effect of dilutive securities— 52 — 91 
Total shares37,428 37,480 38,042 38,133 
Net income per share attributable to Vail Resorts$1.94 $1.94 $1.15 $1.15 
The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 21,000 and 18,000 for the six months ended January 31, 2025 and 2024 respectively.

In December 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes (as defined in Note 5, Long-Term Debt). The Company is required to settle the principal amount of the 0.0% Convertible Notes in cash and has the option to settle the conversion spread in cash or shares. The Company uses the if-converted method to calculate the impact of convertible instruments on diluted EPS when the instruments may be settled in cash or shares. If the conversion value of the 0.0% Convertible Notes exceeds their conversion price, then the Company will calculate its diluted EPS as if all the notes were converted into common stock at the beginning of the period. However, if reflecting the 0.0% Convertible Notes in diluted EPS in this manner is anti-dilutive, or if the conversion value of the notes does not exceed their conversion price for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted
EPS. For the three and six months ended January 31, 2025 and 2024, the price of Vail Resorts, Inc. common stock (“Vail Shares”) did not exceed the conversion price and therefore there was no impact to diluted EPS during those periods.

Dividends
During the three and six months ended January 31, 2025, the Company paid cash dividends of $2.22 and $4.44 per share, respectively ($82.8 million and $166.0 million, respectively). During the three and six months ended January 31, 2024, the Company paid cash dividends of $2.06 and $4.12 per share, respectively ($78.2 million and $156.7 million, respectively). On March 6, 2025, the Company’s Board of Directors approved a cash dividend of $2.22 per share payable on April 10, 2025 to stockholders of record as of March 27, 2025.