v3.26.1
Revenue (Notes)
9 Months Ended
Apr. 30, 2026
Revenue [Abstract]  
Revenue from Contract with Customer [Text Block]
Disaggregation of Revenues
The following table presents net revenues disaggregated by segment and major revenue type for the three and nine months ended April 30, 2026 and 2025 (in thousands):
Three Months Ended April 30,Nine Months Ended April 30,
2026202520262025
Mountain net revenue:
Lift$729,378 $770,259 $1,404,948 $1,455,600 
Ski School141,758 160,243 270,269 300,091 
Dining99,142 110,972 203,554 222,507 
Retail/Rental104,211 113,678 261,014 278,363 
Other55,289 57,397 187,536 192,378 
Total Mountain net revenue$1,129,778 $1,212,549 $2,327,321 $2,448,939 
Lodging net revenue:
Owned hotel rooms$12,861 $15,104 $54,049 $56,618 
Managed condominium rooms28,345 32,634 64,124 71,413 
Dining13,816 14,870 46,577 48,576 
Transportation5,200 6,743 11,413 13,784 
Golf— — 8,468 8,131 
Other9,981 9,308 34,661 34,109 
70,203 78,659 219,292 232,631 
Payroll cost reimbursements5,112 4,235 13,319 11,139 
Total Lodging net revenue$75,315 $82,894 $232,611 $243,770 
Total Resort net revenue$1,205,093 $1,295,443 $2,559,932 $2,692,709 
Total Real Estate net revenue82 115 204 349 
Total net revenue$1,205,175 $1,295,558 $2,560,136 $2,693,058 
Contract Balances
Deferred revenue balances of a short-term nature were $467.0 million, $602.1 million and $468.6 million as of April 30, 2026, July 31, 2025 and April 30, 2025 respectively. For the three and nine months ended April 30, 2026, the Company recognized approximately $260.7 million and $569.5 million, respectively, of revenue that was included in the deferred revenue balance as of July 31, 2025. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $95.1 million, $99.4 million and $101.2 million as of April 30, 2026, July 31, 2025 and April 30, 2025, respectively. As of April 30, 2026, the weighted average remaining period over which revenue for unsatisfied performance obligations on long-term private club contracts will be recognized was approximately 14 years.
Costs to Obtain Contracts with Customers
Costs to obtain contracts with customers are recorded within other current assets on the Company’s Consolidated Condensed Balance Sheets and were $3.0 million, $6.6 million and $4.0 million as of April 30, 2026, July 31, 2025 and April 30, 2025, respectively. The amounts capitalized are subject to amortization commensurate with the recognition of revenue for related pass products. The Company recorded amortization of $15.4 million and $31.0 million, respectively, for these costs during the three and nine months ended April 30, 2026, which was recorded within Mountain and Lodging operating expense on the Company’s Consolidated Condensed Statements of Operations. The Company recorded amortization of $13.4 million and $28.3 million, respectively, for these costs during the three and nine months ended April 30, 2025.