As disclosed in Note 2, Summary of Significant Accounting Policies, during the fourth quarter of the fiscal year ended July 31, 2025, the Company identified errors to the Consolidated Financial Statements as of and for the years ended July 31, 2024 and July 31, 2023, as well as its unaudited Consolidated Condensed Financial Statements as of and for the three and nine months ended April 30, 2025 relating to the misapplication of the interest method in the accounting for the EPR Secured Notes and its accounting for certain completed capital projects. Although the Company concluded that these errors were not material, either individually or in the aggregate, to its current or previously issued Consolidated Financial Statements as of and for the years ended July 31, 2025, July 31, 2024 and July 31, 2023 and its unaudited Consolidated Condensed Financial Statements as of and for the three and nine months ended April 30, 2025, the Company elected to revise its previously issued Consolidated Financial Statements and its unaudited Consolidated Condensed Financial Statements to correct the errors. In connection with the revision, the Company is also correcting for other previously identified immaterial errors that were originally corrected as out of period adjustments in the period of identification.

Due to certain errors originating prior to the year ended July 31, 2023, the opening retained earnings balance as of August 1, 2022 was understated by $12.0 million, primarily due to the impact of $6.9 million of non-cash interest expense that should have been recorded in prior periods.

The revisions include corrections of previously identified errors to the Consolidated Condensed Balance Sheets for operating lease liabilities and right of use assets and adjustments to the income tax payable and income tax receivable for items identified during its reconciliation of completed income tax returns to its income tax provision that impacted jurisdictional netting. The accompanying Consolidated Condensed Statements of Cash Flows have been revised to correct a misclassification between operating and financing activities related to interest on finance lease obligations, and to reflect changes related to the items discussed above.

There were no other changes to the Consolidated Condensed Statements of Stockholders’ Equity that have not otherwise been reflected in the Consolidated Condensed Balance Sheets, Consolidated Condensed Statements of Operations and Consolidated Condensed Statements of Comprehensive Income (Loss) described above. The following tables present the revisions to the Consolidated Condensed Balance Sheet as of April 30, 2025, the Consolidated Condensed Statement of Operations and Consolidated Condensed Statement of Comprehensive Income (Loss) for the three and nine months ended April 30, 2025 and the Consolidated Condensed Statement of Cash Flows for the nine months ended April 30, 2025 (in thousands, except per share amounts):


	April 30, 2025
Consolidated Condensed Balance Sheet	As Reported		Adjustment		As Revised
Other current assets	$	72,579	$	(4,450)	$	68,129
Total current assets	1,003,864		(4,450)		999,414
Property, plant and equipment, net (Note 6)	2,391,354		(8,654)		2,382,700

Total assets	5,763,049		(13,104)		5,749,945
Income taxes payable	101,379		(5,460)		95,919
Long-term debt due within one year (Note 5)	590,382		1,092		591,474
Total current liabilities	1,632,635		(4,368)		1,628,267
Long-term debt, net (Note 5)	2,106,413		12,498		2,118,911

Deferred income taxes, net	279,258		(3,026)		276,232
Total liabilities	4,527,114		5,104		4,532,218
Retained earnings	997,440		(18,208)		979,232
Total Vail Resorts, Inc. stockholders’ equity	895,375		(18,208)		877,167
Total stockholders’ equity	1,235,935		(18,208)		1,217,727
Total liabilities and stockholders’ equity	$	5,763,049	$	(13,104)	$	5,749,945


	Three Months Ended April 30, 2025
Consolidated Condensed Statement of Operations	As Reported		Adjustment		As Revised
Depreciation and amortization	$	(74,618)	$	(1,449)	$	(76,067)
Gain (loss) on disposal of fixed assets and other, net	4,267		(1,944)		2,323
Income from operations	581,165		(3,393)		577,772
Interest expense, net	(41,317)		(588)		(41,905)
Income before provision for income taxes	545,370		(3,981)		541,389
Provision for income taxes	(131,042)		969		(130,073)
Net income	414,328		(3,012)		411,316
Net income attributable to Vail Resorts, Inc.	392,752		(3,012)		389,740
Basic net income per share attributable to Vail Resorts, Inc.	$	10.55	$	(0.08)	$	10.47
Diluted net income per share attributable to Vail Resorts, Inc.	$	10.54	$	(0.08)	$	10.46


	Nine months ended April 30, 2025
Consolidated Condensed Statement of Operations	As Reported		Adjustment		As Revised
Depreciation and amortization	$	(219,358)	$	(2,605)	$	(221,963)
Gain (loss) on disposal of fixed assets and other, net	3,031		(1,944)		1,087
Income from operations	763,563		(4,549)		759,014
Interest expense, net	(125,839)		(1,533)		(127,372)
Income before provision for income taxes	650,007		(6,082)		643,925
Provision for income taxes	(159,124)		1,479		(157,645)
Net income	490,883		(4,603)		486,280
Net income attributable to Vail Resorts, Inc.	465,464		(4,603)		460,861
Basic net income per share attributable to Vail Resorts, Inc.	$	12.46	$	(0.13)	$	12.33
Diluted net income per share attributable to Vail Resorts, Inc.	$	12.44	$	(0.12)	$	12.32


	Three Months Ended April 30, 2025
Consolidated Condensed Statement of Comprehensive Income	As Reported		Adjustment		As Revised
Net income	$	414,328	$	(3,012)	$	411,316
Comprehensive income	529,051		(3,012)		526,039
Comprehensive income attributable to Vail Resorts, Inc.	$	470,377	$	(3,012)	$	467,365


	Nine months ended April 30, 2025
Consolidated Condensed Statement of Comprehensive Income	As Reported		Adjustment		As Revised
Net income	$	490,883	$	(4,603)	$	486,280
Comprehensive income	512,033		(4,603)		507,430
Comprehensive income attributable to Vail Resorts, Inc.	$	475,678	$	(4,603)	$	471,075


	Nine months ended April 30, 2025
Consolidated Condensed Statement of Cash Flows	As Reported		Adjustment		As Revised
Net income	$	490,883	$	(4,603)	$	486,280
Depreciation and amortization	219,358		2,605		221,963
Provision for income tax	159,124		(1,479)		157,645
Other non-cash income, net	(36,923)		1,645		(35,278)

Net cash provided by operating activities	726,430		(1,832)		724,598
Other financing activities, net	(28,218)		1,832		(26,386)
Net cash used in financing activities	$	(437,548)	$	1,832	$	(435,716)