v3.26.1
Long-Term Debt
 9 Months Ended
Apr. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt 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):
MaturityApril 30, 2026July 31, 2025April 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% Notes2032600,000 600,000 600,000 
5.625% Notes2030500,000 500,000 — 
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 Loan203635,181 37,109 36,525 
Employee housing bonds
2027-2039
52,575 52,575 52,575 
Canyons obligation2063379,116 374,864 373,433 
Canyons Parking Garage (e)
206322,282 — — 
Whistler Blackcomb employee housing leases204227,620 27,416 27,658 
Other
2026-2037
32,353 52,332 52,838 
Total debt3,022,352 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 April 30, 2026, and the term loan facility, which had an outstanding balance of $1.3 billion as of April 30, 2026. The term loan is subject to quarterly amortization of principal, in equal installments, for a total of 5% of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest is due upon maturity. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit.
On January 27, 2025, VHI entered into the First Amendment to the Vail Holdings Credit Agreement (the “First Amendment”) to the Ninth Amended and Restated Credit Agreement. The First Amendment, among other things, increased the revolving credit facility by $100.0 million to an aggregate principal amount of $600.0 million and provided for an incremental term loan facility in aggregate principal amount of $450.0 million in the form of delayed draw term loans, which would become subject to the same interest and principal payment terms and same maturity date as the term loan facility once drawn. On July 2, 2025, the Company reduced the delayed draw term loan commitment by $175.0 million pursuant to the Ninth Amended and Restated Credit Agreement. No other material terms of the Vail Holdings Credit Agreement were amended. On December 26, 2025, the Company drew down the remaining $275.0 million outstanding balance of the delayed draw term loan increasing the total outstanding term loan facility. The incremental term loan borrowings were used to fund the repayment of the 0.0% Convertible Notes.
On February 9, 2026, VHI entered into an amendment and restatement of the Ninth Amended and Restated Credit Agreement, dated as of April 24, 2024 (as amended the “Tenth A&R Credit Agreement”). The Tenth A&R Credit Agreement, among other things, (i) replaced the existing term loan facility with a new $1,275.0 million senior term loan facility; (ii) extended the maturity date of the revolver and term loan facilities to the earlier of (x) five years from the closing date and (y) the date that is ninety days prior to the maturity of the Company’s 5.625% senior notes due July 2030, so long as such notes remain outstanding; and (iii) reduced the interest rate applicable to borrowings under the Tenth A&R Credit Agreement. Under the Tenth A&R Credit Agreement, borrowings under the Vail Holdings Credit Agreement, including the term loan, bear interest annually at the Secured Overnight Financing Rate (“SOFR”) plus a
spread of 1.50% as of April 30, 2026 (5.16% as of April 30, 2026). Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA (as defined in the Vail Holdings Credit Agreement) on a trailing four-quarter basis.
The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, multiplied by the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit (0.30% as of April 30, 2026).
(b)On January 2, 2026, the maturity date of the 0.0% Convertible Notes, the Company repaid the remaining $525.0 million aggregate principal amount. The repayment was funded with the net proceeds from the Company’s delayed draw term loan, in addition to cash on hand.

(c)Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP” and together with Whistler LP, the “WB Partnerships”) are party to a credit agreement consisting of a credit facility by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP and their general partner party thereto as guarantors, the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. On September 24, 2025, we amended the Whistler Credit Agreement primarily to extend the maturity date to September 24, 2030, and to reduce the total size of the credit facility from C$300.0 million to C$250.0 million. The Whistler Credit Agreement uses rates based on SOFR with regard to borrowings under the facility made in U.S. dollars. As of April 30, 2026, there were no borrowings under the Whistler Credit Agreement. The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of April 30, 2026 is equal to 0.39% per annum.

(d)In September 2019, in conjunction with the acquisition of Peak Resorts, Inc. (“Peak Resorts”), the Company assumed various secured borrowings (the “EPR Secured Notes”) under the master credit and security agreements and other related agreements, as amended, (collectively, the “EPR Agreements”) with EPT Ski Properties, Inc. and its affiliates (“EPR”). The EPR Secured Notes include the following:
i.The Alpine Valley Secured Note. The $4.6 million Alpine Valley Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2026, interest on this note accrued at a rate of 12.26%.
ii.The Boston Mills/Brandywine Secured Note. The $23.3 million Boston Mills/Brandywine Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2026, interest on this note accrued at a rate of 11.75%.
iii.The Jack Frost/Big Boulder Secured Note. The $14.3 million Jack Frost/Big Boulder Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2026, interest on this note accrued at a rate of 11.75%.
iv.The Mount Snow Secured Note. The $51.1 million Mount Snow Secured Note provides for interest payments through its maturity on December 1, 2034. As of April 30, 2026, interest on this note accrued at a rate of 12.88%.
v.The Hunter Mountain Secured Note. The $21.0 million Hunter Mountain Secured Note provides for interest payments through its maturity on January 5, 2036. As of April 30, 2026, interest on this note accrued at a rate of 9.52%.
(e)During the nine months ended April 30, 2026, the Company recognized a new finance lease agreement for the Canyons Parking Garage at Park City, resulting in an incremental finance lease liability on the commencement date of $22.2 million, which represents the minimum lease payments of $80.4 million, net of $58.2 million of amounts representing interest, for the initial 38 year term of the lease discounted at the estimated incremental borrowing rate. The Company recorded a $22.8 million finance lease right-of-use asset in connection with the lease, which has a net value of $22.5 million as of April 30, 2026, net of $0.3 million accumulated amortization, and is included within property, plant and equipment, net in the Company’s Consolidated Condensed Balance Sheet.

(f)Current maturities represent principal payments due in the next 12 months.
Aggregate maturities of debt outstanding as of April 30, 2026 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):
Total
2026 (May 2026 through July 2026)$16,997 
202782,408 
202871,787 
202971,588 
20301,559,388 
Thereafter1,220,184 
Total debt
$3,022,352 
The Company recorded $51.3 million and $41.9 million of interest expense, net for the three months ended April 30, 2026 and 2025, respectively, of which $0.9 million and $1.9 million, respectively, was amortization of deferred financing costs. The Company recorded $152.1 million and $127.4 million of interest expense, net for the nine months ended April 30, 2026 and 2025, respectively, of which $4.4 million and $4.2 million respectively, was amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented.