Vail Resorts is like:

• Marriott for ski resorts, owning and operating a portfolio of premium mountain destinations.
• Disney for mountain experiences, offering a comprehensive, high-quality recreational destination and entertainment experience.
• Netflix for ski access, primarily through its Epic Pass, which provides subscription-based access to multiple resorts.

• Mountain Access (Lift Tickets & Passes): Provides access to ski slopes, chairlifts, and gondolas at their various resorts.
• Lodging: Offers hotel rooms, condominiums, and other accommodations within or near their resort properties.
• Ski & Snowboard Schools: Provides instruction and lessons for skiing and snowboarding enthusiasts of all skill levels.
• Retail & Rental: Sells ski and snowboard equipment, apparel, and accessories, alongside offering equipment rental services.
• Dining: Operates a variety of restaurants, cafes, and food service outlets across its resort properties.

Vail Resorts (symbol: MTN) primarily sells directly to individuals rather than other companies. Its business model focuses on providing mountain resort experiences, including skiing, snowboarding, lodging, and related amenities, directly to end-users.

The company serves the following three major categories of individual customers:

1. Season Pass Holders: This category encompasses individuals who purchase multi-day or season passes, most notably the Epic Pass. These customers are typically frequent skiers and snowboarders who commit to visiting Vail Resorts' properties (and partner resorts) multiple times throughout a season. They represent a loyal customer base seeking value and extensive access.
2. Destination Visitors/Vacationers: This segment includes individuals and families who travel to Vail Resorts' destinations for multi-day vacations. These customers often seek a comprehensive resort experience, utilizing services such as lodging (in Vail-owned or managed properties), lift access, ski/snowboard lessons, equipment rentals, and dining at the resorts. They are looking for a complete holiday experience.
3. Day Visitors/Local Recreationalists: This category comprises individuals or groups who visit a resort for a single day of skiing, snowboarding, or other recreational activities. They often reside within a reasonable driving distance of a resort and typically purchase single-day lift tickets or utilize specialized local access products. This group is focused on convenient, short-duration recreational outings.

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Rob Katz, Chairman & Chief Executive Officer

Rob Katz was appointed Chief Executive Officer of Vail Resorts in May 2025, a role he previously held from February 2006 until November 2021. He served as Executive Chairperson of the Board from November 2021 to May 2025. Mr. Katz has been involved with Vail Resorts since 1991 and has served on its Board of Directors since 1996. Prior to his tenure as CEO of Vail Resorts, he was associated with Apollo Management L.P., a private equity investment firm, since its founding in 1990.

Angela Korch, Executive Vice President & Chief Financial Officer

Angela Korch was appointed Executive Vice President and Chief Financial Officer in December 2022. She rejoined Vail Resorts from CorePower Yoga, where she served as Chief Financial Officer since May 2020. Ms. Korch previously spent over a decade in various leadership roles within Vail Resorts' finance organization, including Vice President of Corporate & Mountain Finance. In this role, she led financial and capital allocation strategies and played a significant role in integrating more than 30 mountain resorts. Before her initial time at Vail Resorts, she was an Assistant Portfolio Manager at Muzinich & Company. At CorePower Yoga, she was instrumental in helping the company navigate COVID-19 challenges, raise capital, and expand its studio portfolio.

Bill Rock, President of the Mountain Division

Bill Rock serves as the President of the Mountain Division at Vail Resorts. He began his career at Vail Resorts in 2010.

Courtney Goldstein, Executive Vice President & Chief Marketing Officer

Courtney Goldstein was appointed Executive Vice President and Chief Marketing Officer in April 2024. Prior to joining Vail Resorts, she served as Senior Vice President of Consumer Marketing, Growth, and Engagement at Comcast, and also held positions with American Express.

Lynanne J. Kunkel, Executive Vice President & Chief Human Resources Officer

Lynanne J. Kunkel serves as the Executive Vice President and Chief Human Resources Officer for Vail Resorts, a position she has held since 2017.

The key risks to Vail Resorts (MTN) are primarily tied to environmental factors, economic conditions impacting consumer behavior, and the inherent operational challenges of its business model.

1. Weather and Climate Change: Vail Resorts is highly vulnerable to unfavorable weather conditions and the broader impacts of climate change. Insufficient or delayed snowfall directly reduces skier visits and revenue, affecting both current season performance and future pass sales momentum. This reliance on weather-dependent revenue streams poses a significant and ongoing challenge to the company's financial performance.
2. Economic Conditions and Consumer Spending: Prolonged economic weakness, inflationary pressures, and elevated interest rates can lead to reduced consumer discretionary spending on travel and leisure activities. This directly impacts visitation numbers and overall revenue for Vail Resorts, particularly as the company offers premium products and expects strong demand in higher-tier passes, which could be sensitive to economic downturns.
3. Operational Risks, High Fixed Costs, and Labor: The mountain resort business operates with a high fixed cost structure, meaning that any decline in revenue can significantly compress profit margins. Furthermore, the company faces operational challenges related to managing a seasonal workforce, including staffing difficulties, increased labor costs, and the need to secure adequate employee housing in resort communities.

Mountain Operations

Lodging

Real Estate

Vail Resorts (MTN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Epic Pass Price Increases: Vail Resorts has consistently increased prices for its various Epic Pass products, including the Epic Pass, Epic Local Pass, and Epic Day Pass, for the upcoming 2025-26 ski season. For example, the top-tier Epic Pass saw a 7% increase, while some Epic Day Pass products experienced steeper hikes of 25-30% for the 2025-26 season. These annual price adjustments directly contribute to higher revenue per pass holder.

2. Strategic Capital Investments and Enhanced Guest Experience: The company has announced a significant capital investment plan of approximately $249 million to $254 million for calendar year 2025. These investments aim to improve the guest experience through infrastructure upgrades, such as a new 10-person gondola at Park City Mountain and new six-person chairlifts at Andermatt-Sedrun-Disentis. Additionally, plans include developing a fourth base village at Vail Mountain's West Lionshead, featuring new lodging, dining, and retail spaces. These enhancements are designed to attract more guests and encourage increased visitation and ancillary spending.

3. Global Expansion and Increased Access: Vail Resorts is continuing its global expansion, particularly in Europe, to enhance the value and reach of its Epic Pass. For the 2025-26 season, the Epic Pass network will significantly increase access to Verbier 4 Vallées in Switzerland and will include six new Austrian ski resorts: Saalbach Hinterglemm Leogang Fieberbrunn, Zell am See-Kaprun, Mayrhofen, Hintertux Glacier, Silvretta Montafon, and Sölden. This expansion aims to attract a broader international customer base and boost pass sales.

4. Growth in Ancillary Spending and Targeted Lift Ticket Strategies: The company anticipates increased revenue from ancillary services such as ski school and dining. Furthermore, Vail Resorts is implementing new strategies to improve guest visitation, including new "Epic Friend Tickets" that offer discounted lift access for friends of pass holders, and more targeted pricing strategies for daily lift tickets. The company is also increasing its media investment to enhance brand awareness and drive overall visitation to its resorts.

5. Resource Efficiency Transformation Plan: While primarily focused on cost savings, the company's two-year "Resource Efficiency Transformation Plan" is projected to achieve $100 million in annualized cost efficiencies by the end of its fiscal year 2026. These efficiencies are expected to improve operating leverage and profitability, thereby contributing to overall financial growth and freeing up resources for further investments that can indirectly support revenue generation.

Capital Allocation Decisions of Vail Resorts (MTN) over the Last 3-5 Years

Share Repurchases

• Vail Resorts repurchased approximately 1.29 million shares for a total of $200 million during the quarter ending July 31, 2025.
• As of March 10, 2025, the company had 1.5 million shares remaining under its authorization for future share repurchases.
• Annual share buybacks amounted to $200 million in fiscal year 2025, $150 million in fiscal year 2024, and $500 million in fiscal year 2023.

Outbound Investments

• In March 2022, Vail Resorts acquired a 55% stake in Andermatt+Sedrun+Disentis, a Swiss resort operator, for $160 million, marking its first expansion into Europe.
• The company acquired Seven Springs Mountain Resort, Hidden Valley Resort, and Laurel Mountain Ski Area in Pennsylvania in December 2021.
• In fiscal year 2024, Vail Resorts closed on the acquisition of Crans-Montana Mountain Resort in Switzerland, securing an 84% ownership stake in its lift operations for an enterprise value of CHF 118.5 million (approximately $128 million).

Capital Expenditures

• Vail Resorts expects its calendar year 2025 capital plan to be approximately $198 million to $203 million in core capital, plus an additional $46 million for growth capital investments at its European resorts (Andermatt-Sedrun and Crans-Montana), and $5 million for real estate related projects.
• Total planned capital investments for calendar year 2025 are estimated to be between $249 million and $254 million.
• Key capital investments for 2025 and 2026 focus on multi-year transformational plans at Park City Mountain and Vail Mountain, including lift and snowmaking upgrades, new gondolas, and technology enhancements for the My Epic App.