Vail Resorts, Inc. (MTN) Income Statement
MTN FY2026 at a glance
Fiscal year ended July 31, 2026 · U.S. dollarsMTN revenue and net income
Where MTN's revenue goes
FY2026Each bar shows an amount and its share of revenue. MTN kept 5.2% of revenue as net income.
MTN profit margins
MTN growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.3% | −0.6% | +8.2% | +5.9% |
| Gross profit | −6.6% | −1.0% | +7.4% | +6.1% |
| Operating income | −24.9% | −5.9% | +10.0% | +4.0% |
| Net income | −47.3% | −17.8% | +2.9% | −0.1% |
| EPS (diluted) | −44.1% | −14.4% | +5.6% | +0.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MTN quarterly EPS vs estimates
Vail Resorts beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: December 9, 2026 (estimate $-5.42).
MTN income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.84B | $2.96B | $2.89B | $2.89B | $2.53B | $1.91B | $1.96B | $2.27B | $2.01B | $1.91B |
| Cost of revenue | $1.65B | $1.70B | $1.66B | $1.67B | $1.35B | $1.08B | $1.19B | $1.30B | $1.14B | $1.09B |
| Gross profit | $1.19B | $1.27B | $1.23B | $1.22B | $1.18B | $830.0M | $776.0M | $974.3M | $867.3M | $821.2M |
| Research & development | — | — | — | — | — | — | — | — | $0 | $0 |
| Sales, general & admin | $434.0M | $433.7M | $459.8M | $436.7M | $395.2M | $335.6M | $320.3M | $319.0M | $291.6M | $236.8M |
| Total operating expenses | $764.5M | $708.2M | $740.4M | $716.7M | $574.9M | $569.0M | $552.6M | $498.0M | $458.5M | $441.9M |
| Operating income | $420.5M | $560.0M | $488.8M | $504.4M | $601.7M | $261.0M | $223.4M | $476.3M | $408.8M | $379.3M |
| Interest income | — | $157.6M | $146.3M | $131.6M | $144.6M | $135.8M | $107.0M | $77.3M | $68.7M | $30.8M |
| Interest expense | $205.6M | $171.6M | $164.6M | $155.4M | $148.2M | $151.4M | $106.7M | $79.5M | $63.2M | $54.1M |
| Income before taxes | $227.0M | $402.4M | $339.8M | $370.4M | $457.2M | $125.2M | $116.4M | $399.0M | $340.1M | $348.4M |
| Income taxes | $56.2M | $104.4M | $92.8M | $87.6M | $88.8M | $726,000 | $7.4M | $75.5M | −$61.1M | $116.7M |
| Net income | $147.5M | $280.0M | $231.1M | $265.8M | $347.9M | $127.8M | $98.8M | $301.2M | $379.9M | $210.6M |
| EBITDA | $738.2M | $870.5M | $780.8M | $795.0M | $857.7M | $529.2M | $472.7M | $696.6M | $607.8M | $591.7M |
| EPS (diluted) | $4.14 | $7.41 | $6.75 | $6.59 | $8.49 | $3.15 | $2.84 | $7.25 | $7.77 | $5.00 |
| Gross margin | 41.8% | 42.8% | 42.6% | 42.3% | 46.6% | 43.5% | 39.5% | 42.9% | 43.1% | 43.1% |
| Operating margin | 14.8% | 18.9% | 16.9% | 17.5% | 23.8% | 13.7% | 11.4% | 21.0% | 20.3% | 19.9% |
| Net margin | 5.2% | 9.4% | 8.0% | 9.2% | 13.8% | 6.7% | 5.0% | 13.3% | 18.9% | 11.0% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $278.1M | $1.21B | $1.08B | $271.0M | $271.3M | $1.30B | $1.14B | $260.3M | $265.4M | $1.28B | $1.08B | $258.6M |
| Cost of revenue | $684.7M | $607.0M | $58.5M | $302.9M | $290.1M | $544.0M | $565.4M | $296.7M | $285.9M | $536.9M | $541.1M | $292.1M |
| Gross profit | −$406.6M | $598.2M | $1.03B | −$31.9M | −$18.8M | $751.5M | $571.9M | −$36.4M | −$20.5M | $746.4M | $536.8M | −$33.5M |
| Sales, general & admin | $99.4M | $102.6M | $121.6M | $110.4M | $106.3M | $106.0M | $114.5M | $106.9M | $144.9M | $95.5M | $114.8M | $108.0M |
| Total operating expenses | $59.8M | $104.0M | $422.7M | $177.9M | $184.8M | $170.4M | $187.5M | $165.5M | $178.2M | $199.8M | $186.3M | $173.6M |
| Operating income | −$466.4M | $494.1M | $602.6M | −$209.8M | −$203.6M | $581.2M | $384.4M | −$201.9M | −$198.7M | $546.6M | $350.6M | −$207.1M |
| Interest income | — | — | $46.9M | $47.2M | $44.0M | $35.8M | $40.0M | $37.8M | — | — | — | — |
| Interest expense | $53.5M | $51.3M | $49.5M | $51.3M | $45.8M | $41.3M | $42.4M | $42.8M | $45.6M | $39.9M | $40.6M | $40.7M |
| Income before taxes | −$260.0M | $445.9M | $298.1M | −$257.1M | −$247.6M | $545.4M | $344.4M | −$240.3M | −$234.7M | $510.7M | $317.3M | −$248.2M |
| Income taxes | −$76.9M | $105.6M | $88.1M | −$60.6M | −$54.7M | $131.0M | $86.3M | −$58.4M | −$52.8M | $129.3M | $87.5M | −$65.2M |
| Net income | −$215.9M | $340.2M | $210.0M | −$186.8M | −$185.5M | $392.8M | $245.5M | −$173.3M | −$175.4M | $362.0M | $219.3M | −$175.5M |
| EBITDA | −$125.3M | $574.4M | $422.0M | −$132.7M | −$124.7M | $661.3M | $461.1M | −$125.9M | −$117.2M | $619.0M | $427.3M | −$140.7M |
| EPS (diluted) | −$5.34 | $8.81 | $5.87 | −$5.20 | −$5.08 | $10.54 | $6.56 | −$4.61 | −$4.67 | $10.26 | $5.76 | −$4.60 |
| Gross margin | −146.2% | 49.6% | 94.6% | −11.8% | −6.9% | 58.0% | 50.3% | −14.0% | −7.7% | 58.2% | 49.8% | −13.0% |
| Operating margin | −167.7% | 41.0% | 55.6% | −77.4% | −75.1% | 44.9% | 33.8% | −77.6% | −74.9% | 42.6% | 32.5% | −80.1% |
| Net margin | −77.6% | 28.2% | 19.4% | −68.9% | −68.4% | 30.3% | 21.6% | −66.6% | −66.1% | 28.2% | 20.3% | −67.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MTN's financial statements (latest annual report filed September 28, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MTN financial results
In fiscal year 2026 (ended July 31, 2026), Vail Resorts reported revenue of $2.8 billion, down 4.3% from the year before. It had net income of $147.5 million (down 47.3%), a net profit margin of 5.2%. Diluted earnings per share came to $4.14. Over five years revenue grew at an average rate of 8.2% a year.
See the MTN stock overview for the latest quote and news, or the MTN chart for price history and technical indicators.
MTN income statement FAQ
What is Vail Resorts's annual revenue?
Vail Resorts reported total revenue of $2.8 billion for fiscal year 2026, which ended on July 31, 2026. That was down 4.3% from $3.0 billion the previous year.
Is Vail Resorts profitable?
Yes. Vail Resorts reported net income of $147.5 million in fiscal 2026, a net profit margin of 5.2%; its operating margin was 14.8%.
What is Vail Resorts's gross margin?
Vail Resorts's gross margin was 41.8% in fiscal 2026: for every $100 of revenue, Vail Resorts kept $42 after the direct cost of its products and services.
How fast is Vail Resorts growing?
Revenue grew 8.2% a year on average over the last five fiscal years, from $1.9 billion to $2.8 billion.
What are Vail Resorts's earnings per share?
Vail Resorts earned $4.14 per diluted share in fiscal 2026, compared with $7.41 a year earlier.
When will Vail Resorts report its next earnings?
Vail Resorts is expected to report results for the quarter ending October 31, 2026 on December 9, 2026 after the market closes.
When does Vail Resorts's fiscal year end?
Vail Resorts's fiscal year ends in July. The latest annual report covers the year ended July 31, 2026 and was filed on September 28, 2026.