Segment Information (Tables)

9 Months Ended

Apr. 30, 2026

Segment Reporting [Abstract]

Summary Of Financial Information By Reportable Segment

The following table presents key financial information by reportable segment (in thousands):


			Three Months Ended April 30,												Nine Months Ended April 30,
			2026						2025						2026						2025
Net revenue:





Mountain			$	1,129,778					$	1,212,549					$	2,327,321					$	2,448,939
Lodging			75,315						82,894						232,611						243,770
Total Resort net revenue			1,205,093						1,295,443						2,559,932						2,692,709
Real Estate			82						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 sales			29,744						30,617						78,851						86,121
Resort related fees			55,604						55,727						106,785						107,330
General and administrative			89,335						90,678						292,278						281,588
Other (1)			137,596						144,413						376,492						389,108
Total Mountain operating expense			550,625						577,778						1,468,516						1,503,510
Lodging
Labor and labor-related benefits			29,257						31,149						96,987						100,845
General and administrative			13,224						15,333						42,323						45,820
Reimbursed payroll costs			5,112						4,235						13,319						11,139
Other (1)			20,917						19,883						71,148						67,268
Total Lodging operating expense			68,510						70,600						223,777						225,072
Total Resort operating expense			619,135						648,378						1,692,293						1,728,582
Real Estate

Other (1)			1,475						1,662						4,768						4,911
Total Real Estate operating expense			1,475						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
Lodging			6,805						12,294						8,834						18,698
Resort			586,416						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 interests			25,788						21,576						31,922						25,419
Net income			340,223						411,316						369,612						486,280
Provision for income taxes			105,631						130,073						117,303						157,645
Income before provision for income taxes			445,854						541,389						486,915						643,925
Depreciation and amortization			77,219						76,067						224,686						221,963

Change in estimated fair value of contingent consideration			13,500						1,900						14,439						4,079
Loss (gain) on disposal of fixed assets and other, net			118						(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 loans			34						(1,702)						(84)						(53)
Interest expense, net			51,318						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.