Financial Analysis

Acquisitions Crans-Montana Mountain Resort On May 2, 2024, the Company acquired Crans-Montana in Switzerland from CPI Property Group (CPIPG). The Company acquired (i) an approximate 84% ownership stake in Romontees Mecaniques Crans Montana Aminona SA (CMA), which controls and operates all of the lifts and supporting mountain operations, including four retail and rental locations; (ii) 100% ownership of SportLife AG, which operates one of the ski schools located at the resort; and (iii) 100% ownership of 11 restaurants located on and around the mountain. The acquisition was funded with cash on hand. As of May 2, 2024 the total fair value of the consideration paid was $107.2 million (CHF 97.5 million). Portions of the Crans-Montana resort operations are conducted on land owned by third parties via numerous registered easements, building rights (which may be subject to federal concessions), or other agreements. The municipality of Crans-Montana, the municipality of Lens and CPIPG collectively retained in total an approximate 16% ownership stake in CMA. The Company entered into a shareholders agreement with the municipalities of Crans-Montana and Lens (the Crans Agreement) for an initial fixed term until December 31, 2035. Thereafter, the Crans Agreement shall continue to be in effect for successive renewal periods of ten years unless terminated by either the Company or the municipalities acting jointly. The Crans Agreement provides for various terms and conditions in relation to …

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Commitments and Contingencies Guarantees/Indemnifications As of July 31, 2025, the Company had various letters of credit outstanding totaling $95.8 million, consisting of $53.4 million to support the Employee Housing Bonds; $6.4 million to support bonds issued by Holland Creek Metropolitan District; and $36.0 million primarily for workers compensation, a wind energy purchase agreement and insurance-related deductibles, as well as other standby letters of credit. The Company also had surety bonds of $11.2 million as of July 31, 2025, primarily to provide collateral for its U.S. workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties use of the Companys trademarks and logos, liabilities associated with the infringement of other parties technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Companys use of trustees, and liabilities associated with the Companys use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company coul …

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Long-Term Debt Long-term debt as of July 31, 2025 and 2024 is summarized as follows (in thousands): Maturity July 31, 2025 July 31, 2024 Vail Holdings Credit Agreement revolver (a) 2029 $ $ Vail Holdings Credit Agreement term loan (a) 2029 910,547 959,766 6.50% Notes (b) 2032 600,000 600,000 5.625% Notes (c) 2030 500,000 0.0% Convertible Notes (d) 2026 525,000 575,000 Whistler Credit Agreement revolver (e) 2028 EPR Secured Notes (f) 2034-2036 114,162 114,162 Employee housing bonds (g) 2027-2039 52,575 52,575 Canyons obligation (h) 2063 374,864 369,143 NRP Loan (i) 2036 37,109 37,088 Whistler Blackcomb employee housing leases (j) 2042 27,416 27,887 Other (k) 2025-2037 52,332 52,017 Total debt 3,194,005 2,787,638 Less: Unamortized premiums, discounts and debt issuance costs (l) (269) (3,168) Less: Current maturities (m) 599,509 59,314 Long-term debt, net $ 2,594,765 $ 2,731,492 (a) On April 24, 2024, Vail Holdings, Inc. (VHI), which is a wholly-owned subsidiary of the Company, Bank of America, N.A., as administrative agent, and certain lenders entered into the Ninth Amended and Restated Credit Agreement (the Vail Holdings Credit Agreement). The Vail Holdings Credit Agreement matures on April 24, 2029 and consists of a revolving credit facility, which was undrawn as of July 31, 2025, and a term loan facility, which had an outstanding balance of $910.5 million as of July 31, 2025. The term loan facility is subject to quarterly amortization of principal of approximately $12.3 mill …

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Disaggregation of Revenues The following table presents net revenues disaggregated by segment and major revenue type for the years ended July 31, 2025, 2024 and 2023 (in thousands): Year ended July 31, 2025 2024 2023 Mountain net revenue: Lift $ 1,503,187 $ 1,442,784 $ 1,420,900 Ski School 309,863 304,548 287,275 Dining 240,900 227,572 224,642 Retail/Rental 302,450 317,196 361,484 Other 273,473 252,270 246,605 Total Mountain net revenue $ 2,629,873 $ 2,544,370 $ 2,540,906 Lodging net revenue: Owned hotel rooms $ 88,184 $ 83,977 $ 80,117 Managed condominium rooms 81,525 86,199 96,785 Dining 66,374 63,255 62,445 Transportation 14,853 16,309 15,242 Golf 16,008 13,722 12,737 Other 52,805 56,368 55,816 319,749 319,830 323,142 Payroll cost reimbursements 14,290 16,287 17,251 Total Lodging net revenue $ 334,039 $ 336,117 $ 340,393 Total Resort net revenue $ 2,963,912 $ 2,880,487 $ 2,881,299 Total Real Estate net revenue 435 4,704 8,065 Total net revenue $ 2,964,347 $ 2,885,191 $ 2,889,364

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Stock Compensation Plan On December 5, 2024 (the Effective Date), the stockholders of the Company approved the Vail Resorts, Inc. 2024 Omnibus Incentive Plan (the 2024 Plan), a copy of which is attached hereto as Exhibit 10.25. A description of the material terms of the 2024 Plan was included in the Companys definitive proxy statement relating to the Annual Meeting as filed with the Securities and Exchange Commission on October 23, 2024. The 2024 Plan superseded the Companys previously approved incentive plans, including the Companys 2015 Omnibus Incentive Plan (2015 Plan) and Amended and Restated 2002 Long-Term Incentive and Share Award Plan (2002 Plan). As of the Effective Date, no awards shall be granted under the 2015 Plan or 2002 Plan. The number of shares, if any, that are subject to Awards issued under the 2015 Plan or 2002 Plan that are forfeited, canceled, terminated, or surrendered on or after the Effective Date shall be extinguished and unavailable for Awards under the 2024 Plan, the 2015 Plan, or 2002 Plan. Under the 2024 Plan, up to 1.5 million shares of common stock could be issued in the form of options, stock appreciation rights, restricted shares, restricted share units, performance shares, performance share units, dividend equivalents or other share-based awards to employees, directors or consultants of the Company or its subsidiaries or affiliates. The terms of awards granted under the Plan, including exercise price, vesting period and life, are set by the …

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Fair Value Measurements The Company utilizes FASB-issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs which are supported by little or no market activity. The table below summarizes the Companys cash equivalents, other current assets, Interest Rate Swaps and Contingent Consideration (defined below) measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of July 31, 2025 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 80,576 $ 80,576 $ $ Commercial Paper $ 2,401 $ $ 2,401 $ Certificates of Deposit $ 65,962 $ $ …

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Income Taxes The Company is subject to taxation in U.S. federal, state and local jurisdictions and various non-U.S. jurisdictions, including Australia, Canada, the Netherlands and Switzerland. The Companys effective tax rate is impacted by the tax laws, regulations, practices and interpretations in the jurisdictions in which it operates and may fluctuate significantly from period to period depending on, among other things, the geographic mix of the Companys profits and losses, changes in tax laws and regulations or their application and interpretation, the outcome of tax audits and changes in valuation allowances associated with the Companys deferred tax assets. U.S. and foreign components of income before provision for income taxes are as follows (in thousands): Year Ended July 31, 2025 2024 2023 U.S. $ 282,244 $ 220,067 $ 214,870 Foreign 120,153 119,688 155,546 Income before income taxes $ 402,397 $ 339,755 $ 370,416 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Companys deferred tax liabilities and assets are as follows (in thousands): July 31, 2025 2024 Deferred income tax liabilities: Fixed assets $ 155,279 $ 200,197 Intangible assets 174,587 160,002 Operating lease right of use assets 57,454 61,730 Other 23,033 18,773 Total 410,353 440,702 Deferred income tax assets: Canyons obligation 18,672 18,813 S …

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4. Leases The Companys operating leases consist primarily of resort land and land improvements, commercial and retail space, office space, employee residential units, vehicles and other equipment. The Company determines if an arrangement is or contains a lease at contract inception or modification. The Companys lease contracts generally range from 1 year to approximately 70 years, with some lease contracts containing one or more lease extension options, exercisable at the Companys discretion. The Company generally does not include these lease extension options in the initial lease term as it is not reasonably certain that it will exercise such options at contract inception. In addition, certain lease arrangements contain fixed and variable lease payments. The variable lease payments are primarily contingent rental payments based on: (i) a percentage of revenue related to the leased property; (ii) payments based on a percentage of sales over contractual levels; or (iii) lease payments adjusted for changes in an index or market value. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses on the Companys Consolidated Statements of Operations in the same line item as the expense arising from the respective fixed lease payments. The Companys lease agreements may also include non-lease components, such as common area maintenance and insurance, which are accounted for separately. Future lease payments that are …

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Standards Being Evaluated

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3. Revenues Revenue Recognition The following provides information about the Companys composition of revenue recognized from contracts with customers and other revenues, the performance obligations under those contracts, and the significant judgments made in accounting for those contracts: Mountain revenue is derived from a wide variety of sources, including, among other things: lift revenue, which includes sales of lift tickets and pass products; ski school revenue, which includes the revenue derived from ski school operations; dining revenue, which includes both casual and fine dining on-mountain operations; retail sales and equipment rentals; and other on-mountain revenue, which includes private ski club revenue (which includes both club dues and amortization of initiation fees), marketing revenue, municipal services and lodging and transportation operations at the Companys Australian ski areas. The Company also includes other sources of revenue, primarily related to commercial leasing and employee housing leasing arrangements, within other mountain revenue. Revenue is recognized over time as performance obligations are satisfied as control of the good or service (e.g. access to ski areas, provision of ski school services, etc.) is transferred to the customer, except for the Companys retail sales and dining operations revenues which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. …

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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 Companys mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Companys 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 Companys resort communities. The Companys 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 managements 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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries for which the Company has a controlling financial interest. Investments in which the Company does not have a controlling financial interest, but has significant influence, are accounted for under the equity method. All significant intercompany transactions have been eliminated in consolidation. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Accounts Receivable The Company records trade accounts receivable in the normal course of business related to the sale of products or services. The allowance for doubtful accounts is based on a specific reserve analysis and on a percentage of accounts receivable and takes into consideration such factors as historical write-offs, the economic climate and other factors that could affect collectability. Write-offs are evaluated on a case by case basis. Inventories The Companys inventories consist primarily of purchased retail goods, food and beverage items and spare parts. Inventories are stated at the lower of cost or net realizable value, determined using primarily an average weighted cost method. The Company records a reserve for estimated shrinkage and obsolete or unusable inventory. Property, Plant and Equipment Property, plant and …

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Commitments and Contingencies Guarantees/Indemnifications As of April 30, 2026, the Company had various letters of credit outstanding totaling $86.0 million, consisting of $53.4 million to support the Employee Housing Bonds; $6.4 million to support bonds issued by Holland Creek Metropolitan District; and $26.2 million of other standby letters of credit primarily related to insurance-related deductibles, a wind energy purchase agreement, and workers compensation. The Company also had surety bonds of $11.3 million as of April 30, 2026, primarily to provide collateral for its U.S. workers compensation self-insurance programs. In addition to the guarantees noted above, the Company entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties use of the Companys trademarks and logos, liabilities associated with the infringement of other parties technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Companys use of trustees and liabilities associated with the Companys use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be …

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Long-Term Debt Long-term debt, net as of April 30, 2026, July 31, 2025 and April 30, 2025 is summarized as follows (in thousands): Maturity April 30, 2026 July 31, 2025 April 30, 2025 Vail Holdings Credit Agreement term loan (a) 2030 $ 1,259,063 $ 910,547 $ 922,852 Vail Holdings Credit Agreement revolver (a) 2030 6.50% Notes 2032 600,000 600,000 600,000 5.625% Notes 2030 500,000 500,000 0.0% Convertible Notes (b) 2026 525,000 525,000 Whistler Credit Agreement revolver (c) 2030 EPR Secured Notes (d) 2034-2036 114,162 114,162 114,162 NRP Loan 2036 35,181 37,109 36,525 Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 379,116 374,864 373,433 Canyons Parking Garage (e) 2063 22,282 Whistler Blackcomb employee housing leases 2042 27,620 27,416 27,658 Other 2026-2037 32,353 52,332 52,838 Total debt 3,022,352 3,194,005 2,705,043 Less: Unamortized premiums, discounts and debt issuance costs (789) (269) (5,342) Less: Current maturities (f) 73,512 599,509 591,474 Long-term debt, net $ 2,949,629 $ 2,594,765 $ 2,118,911 (a) Vail Holdings, Inc. (VHI), which is a wholly-owned subsidiary of the Company, along with other certain subsidiaries of VHI, and the Company, as guarantors, Bank of America, N.A., as administrative agent, and certain Lenders are party to the Ninth Amended and Restated Credit Agreement (as subsequently amended, the Vail Holdings Credit Agreement). The Vail Holdings Credit Agreement provides a revolver credit facility, which was undrawn as of A …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Disaggregation of Revenues The following table presents net revenues disaggregated by segment and major revenue type for the three and nine months ended April 30, 2026 and 2025 (in thousands): Three Months Ended April 30, Nine Months Ended April 30, 2026 2025 2026 2025 Mountain net revenue: Lift $ 729,378 $ 770,259 $ 1,404,948 $ 1,455,600 Ski School 141,758 160,243 270,269 300,091 Dining 99,142 110,972 203,554 222,507 Retail/Rental 104,211 113,678 261,014 278,363 Other 55,289 57,397 187,536 192,378 Total Mountain net revenue $ 1,129,778 $ 1,212,549 $ 2,327,321 $ 2,448,939 Lodging net revenue: Owned hotel rooms $ 12,861 $ 15,104 $ 54,049 $ 56,618 Managed condominium rooms 28,345 32,634 64,124 71,413 Dining 13,816 14,870 46,577 48,576 Transportation 5,200 6,743 11,413 13,784 Golf 8,468 8,131 Other 9,981 9,308 34,661 34,109 70,203 78,659 219,292 232,631 Payroll cost reimbursements 5,112 4,235 13,319 11,139 Total Lodging net revenue $ 75,315 $ 82,894 $ 232,611 $ 243,770 Total Resort net revenue $ 1,205,093 $ 1,295,443 $ 2,559,932 $ 2,692,709 Total Real Estate net revenue 82 115 204 349 Total net revenue $ 1,205,175 $ 1,295,558 $ 2,560,136 $ 2,693,058 …

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Fair Value Measurements The Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs which are supported by little or no market activity. The table below summarizes the Companys cash equivalents, restricted cash, other current assets and Contingent Consideration (defined below) measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands): Estimated Fair Value Measurement as of April 30, 2026 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 50,000 $ 50,000 $ $ Commercial Paper $ 2,401 $ $ 2,401 $ Certificates of Deposit $ 43,742 $ $ 43,742 $ Liabilities: Contingent Consideration $ 93,000 $ $ $ 93,000 Estimated Fair Value Measurement as of July 31, 2025 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 80,576 $ 80,576 $ $ Commercial Paper $ 2,401 $ $ 2,401 $ Certificates of Deposit $ 65,962 $ $ 65,962 $ Liabilities: Contingent Consideration $ 93,300 $ $ $ 93,300 Estimated Fair Value Measureme …

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Recently Issued Accounting Standards Standards Being Evaluated In December 2023, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance the transparency and decision usefulness of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024 (the Companys fiscal year ending July 31, 2026). The Company will adopt the standard during the fourth quarter of its fiscal year ending July 31, 2026. The adoption will not materially affect the Companys financial position or results of operations but will result in additional disclosures. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which will expand the disclosures regarding a public entitys expenses by providing disaggregation of certain costs and expenses. The ASU primarily requires that, for each interim and annual reporting period, an entity disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization, as well as other certain qualitative disclosures regarding costs and expenses. The ASU is effective for fiscal …

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Disaggregation of Revenues The following table presents net revenues disaggregated by segment and major revenue type for the three and nine months ended April 30, 2026 and 2025 (in thousands): Three Months Ended April 30, Nine Months Ended April 30, 2026 2025 2026 2025 Mountain net revenue: Lift $ 729,378 $ 770,259 $ 1,404,948 $ 1,455,600 Ski School 141,758 160,243 270,269 300,091 Dining 99,142 110,972 203,554 222,507 Retail/Rental 104,211 113,678 261,014 278,363 Other 55,289 57,397 187,536 192,378 Total Mountain net revenue $ 1,129,778 $ 1,212,549 $ 2,327,321 $ 2,448,939 Lodging net revenue: Owned hotel rooms $ 12,861 $ 15,104 $ 54,049 $ 56,618 Managed condominium rooms 28,345 32,634 64,124 71,413 Dining 13,816 14,870 46,577 48,576 Transportation 5,200 6,743 11,413 13,784 Golf 8,468 8,131 Other 9,981 9,308 34,661 34,109 70,203 78,659 219,292 232,631 Payroll cost reimbursements 5,112 4,235 13,319 11,139 Total Lodging net revenue $ 75,315 $ 82,894 $ 232,611 $ 243,770 Total Resort net revenue $ 1,205,093 $ 1,295,443 $ 2,559,932 $ 2,692,709 Total Real Estate net revenue 82 115 204 349 Total net revenue $ 1,205,175 $ 1,295,558 $ 2,560,136 $ 2,693,058 Contract Balances Deferred revenue balances of a short-term nature were $467.0 million, $602.1 million and $468.6 million as of April 30, 2026, July 31, 2025 and April 30, 2025 respectively. For the three and nine months ended April 30, 2026, the Company recognized approximately $260.7 million and $569.5 million, respectively, of rev …

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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 Companys mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Companys 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 Companys resort communities. The Companys 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 managements 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 Co …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Basis of Presentation Consolidated Condensed Financial Statements In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Companys financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality of the Companys operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Companys Annual Report on Form 10-K for the fiscal year ended July 31, 2025. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2025, was derived from audited financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing