v3.26.1
Segment Information
 9 Months Ended
Apr. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessioner properties, condominium management, Colorado resort ground transportation operations and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately.
The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (the “CODM”), who monitors Reported EBITDA compared to budget and prior comparable periods at the segment level to assess segment performance and make decisions regarding the investment of capital allocation of resources. The Company’s CODM is the Chief Executive Officer. We believe Reported EBITDA serves as a measure that assists our CODM and our investors in comparing our segments' performance on a consistent basis.
Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain or loss on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not used to evaluate performance, except as shown in the table below. The accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies.
The following table presents key financial information by reportable segment (in thousands):
Three Months Ended April 30,Nine Months Ended April 30,
 2026202520262025
Net revenue:
Mountain$1,129,778 $1,212,549 $2,327,321 $2,448,939 
Lodging75,315 82,894 232,611 243,770 
Total Resort net revenue1,205,093 1,295,443 2,559,932 2,692,709 
Real Estate82 115 204 349 
Total net revenue$1,205,175 $1,295,558 $2,560,136 $2,693,058 
Segment operating expense:
Mountain
Labor and labor-related benefits$238,346 $256,343 $614,110 $639,363 
Retail cost of sales29,744 30,617 78,851 86,121 
Resort related fees55,604 55,727 106,785 107,330 
General and administrative89,335 90,678 292,278 281,588 
Other (1)
137,596 144,413 376,492 389,108 
Total Mountain operating expense550,625 577,778 1,468,516 1,503,510 
Lodging
Labor and labor-related benefits29,257 31,149 96,987 100,845 
General and administrative13,224 15,333 42,323 45,820 
Reimbursed payroll costs5,112 4,235 13,319 11,139 
Other (1)
20,917 19,883 71,148 67,268 
Total Lodging operating expense68,510 70,600 223,777 225,072 
Total Resort operating expense619,135 648,378 1,692,293 1,728,582 
Real Estate
Other (1)
1,475 1,662 4,768 4,911 
Total Real Estate operating expense1,475 1,662 4,768 4,911 
Total segment operating expense$620,610 $650,040 $1,697,061 $1,733,493 
Gain on sale of real property$400 $7,898 $11,458 $24,404 
Mountain equity investment income, net$458 $666 $389 $3,562 
Reported EBITDA:
Mountain$579,611 $635,437 $859,194 $948,991 
Lodging6,805 12,294 8,834 18,698 
Resort586,416 647,731 868,028 967,689 
Real Estate(993)6,351 6,894 19,842 
Total Reported EBITDA$585,423 $654,082 $874,922 $987,531 
Real estate held for sale or investment$76,439 $87,895 $76,439 $87,895 
Reconciliation from net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.$314,435 $389,740 $337,690 $460,861 
Net income attributable to noncontrolling interests25,788 21,576 31,922 25,419 
Net income340,223 411,316 369,612 486,280 
Provision for income taxes105,631 130,073 117,303 157,645 
Income before provision for income taxes445,854 541,389 486,915 643,925 
Depreciation and amortization77,219 76,067 224,686 221,963 
Change in estimated fair value of contingent consideration13,500 1,900 14,439 4,079 
Loss (gain) on disposal of fixed assets and other, net118 (2,323)6,053 (1,087)
Investment income and other, net(2,620)(3,154)(9,168)(8,668)
Foreign currency loss (gain) on intercompany loans34 (1,702)(84)(53)
Interest expense, net51,318 41,905 152,081 127,372 
Total Reported EBITDA$585,423 $654,082 $874,922 $987,531 
(1) Other segment operating expense primarily includes cost of sales, fuel, supplies, repairs and maintenance, professional services, rent, utilities and property taxes. The CODM uses consolidated expense information to manage operations and is not regularly provided disaggregated other segment items.