Vail Resorts Reports 8.5% Increase in Net Income to $392.8 Million for Q3 2025

Vail Resorts, Inc. reported a net income of $392.8 million for the three months ended April 30, 2025, an increase of 8.5% compared to $362.0 million for the same period in 2024. For the nine months ended April 30, 2025, net income rose to $465.5 million, up from $405.8 million in the prior year. The company's total net revenue for the third quarter was $1.3 billion, a slight increase from $1.3 billion in the previous year, while year-to-date revenue reached $2.7 billion, compared to $2.6 billion in the same period last year. The increase in revenue was primarily driven by a 4% rise in pass revenue and increased ancillary spending per guest, despite a 3% decline in total skier visits across North American resorts.

In terms of operational performance, the Mountain segment generated $1.2 billion in revenue for the quarter, up 1.4% from the previous year, while the Lodging segment saw a decline in revenue to $82.9 million, down 4.8%. The Real Estate segment reported a significant gain on the sale of real property amounting to $7.9 million, contributing to a total Real Estate revenue of $115.2 million. The company’s total operating expenses increased to $650.0 million for the quarter, reflecting higher costs associated with the acquisition of Crans-Montana and increased general and administrative expenses.

Vail Resorts has made strategic moves, including the acquisition of Crans-Montana in Switzerland for $107.2 million, which is expected to enhance its portfolio of mountain resorts. The company also reported a significant increase in its cash and cash equivalents, totaling $467.0 million as of April 30, 2025, compared to $322.8 million at the end of July 2024. This increase is attributed to strong operating cash flows and effective management of working capital.

The company’s employee headcount has also seen changes, with a total of 37,241 weighted-average shares outstanding for the quarter, down from 37,839 in the previous year. Vail Resorts continues to focus on its share repurchase program, having repurchased 403,883 shares at a cost of approximately $70 million during the nine months ended April 30, 2025. The company has also declared a cash dividend of $2.22 per share, consistent with the previous year.

Looking ahead, Vail Resorts anticipates continued growth driven by its advance commitment strategy and strong customer loyalty, despite potential challenges from economic conditions and weather variability. The company remains focused on maintaining liquidity through its existing cash reserves and credit facilities, with plans for capital expenditures estimated between $249 million and $254 million for the calendar year 2025.