v3.26.1
Net Income Per Common Share
 9 Months Ended
Apr. 30, 2026
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 April 30, 2026 and 2025 (in thousands, except per share amounts):
 Three Months Ended April 30,
 20262025
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$314,435 $314,435 $389,740 $389,740 
Weighted-average shares outstanding35,633 35,633 37,241 37,241 
Effect of dilutive securities— 53 — 36 
Total shares35,633 35,686 37,241 37,277 
Net income per share attributable to Vail Resorts$8.82 $8.81 $10.47 $10.46 
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 10,000 and 2,000 for the three months ended April 30, 2026 and 2025, respectively.
Presented below is basic and diluted EPS for the nine months ended April 30, 2026 and 2025 (in thousands, except per share amounts):
 Nine Months Ended April 30,
 20262025
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$337,690 $337,690 $460,861 $460,861 
Weighted-average shares outstanding35,765 35,765 37,365 37,365 
Effect of dilutive securities— 46 — 47 
Total shares35,765 35,811 37,365 37,412 
Net income per share attributable to Vail Resorts$9.44 $9.43 $12.33 $12.32 
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 10,000 and 21,000 for the nine months ended April 30, 2026 and 2025 respectively.
Net Income Per Common Share Net Income per Share
Earnings per Share
Basic earnings per share (“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 April 30, 2026 and 2025 (in thousands, except per share amounts):
 Three Months Ended April 30,
 20262025
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$314,435 $314,435 $389,740 $389,740 
Weighted-average shares outstanding35,633 35,633 37,241 37,241 
Effect of dilutive securities— 53 — 36 
Total shares35,633 35,686 37,241 37,277 
Net income per share attributable to Vail Resorts$8.82 $8.81 $10.47 $10.46 
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 10,000 and 2,000 for the three months ended April 30, 2026 and 2025, respectively.
Presented below is basic and diluted EPS for the nine months ended April 30, 2026 and 2025 (in thousands, except per share amounts):
 Nine Months Ended April 30,
 20262025
 BasicDilutedBasicDiluted
Net income per share:
Net income attributable to Vail Resorts$337,690 $337,690 $460,861 $460,861 
Weighted-average shares outstanding35,765 35,765 37,365 37,365 
Effect of dilutive securities— 46 — 47 
Total shares35,765 35,811 37,365 37,412 
Net income per share attributable to Vail Resorts$9.44 $9.43 $12.33 $12.32 
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 10,000 and 21,000 for the nine months ended April 30, 2026 and 2025 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 was required to settle the principal amount of the 0.0% Convertible Notes in cash and had the option to settle the conversion spread in cash or shares. The Company used the if-converted method to calculate the impact of convertible instruments on diluted EPS when the instruments could be settled in cash or shares. If the conversion value of the 0.0% Convertible Notes exceeded their conversion price, then the Company would 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 was anti-dilutive, or if the conversion value of the notes did not exceed their conversion price for a reporting period, then the shares underlying the notes would not be reflected in the Company’s calculation of diluted EPS. On January 2, 2026, the maturity date of the 0.0% Convertible Notes, the Company settled the remaining principal amount in cash. For the three and nine months ended April 30, 2026 and 2025, 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 nine months ended April 30, 2026, the Company paid cash dividends of $2.22 and $6.66 per share, respectively ($79.1 million and $238.0 million, respectively). During the three and nine months ended April 30, 2025, the Company paid cash dividends of $2.22 and $6.66 per share, respectively ($82.5 million and $248.5 million, respectively). On
June 4, 2026, the Company’s Board of Directors approved a cash dividend of $2.22 per share payable on July 9, 2026 to stockholders of record as of June 25, 2026.