v3.26.3
Segment Information
 12 Months Ended
Jul. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment and Geographic Area 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 and 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):
Year ended July 31,
  202620252024
Net revenue:
Mountain$2,503,184 $2,629,873 $2,544,370 
Lodging328,827 334,039 336,117 
Total Resort net revenue2,832,011 2,963,912 2,880,487 
Real Estate6,193 435 4,704 
Total net revenue$2,838,204 $2,964,347 $2,885,191 
Segment operating expense:
Mountain
Labor and labor-related benefits$736,375 $760,955 $731,153 
Retail cost of sales87,844 97,289 107,093 
Resort related fees112,238 111,830 110,113 
General and administrative379,076 373,404 350,788 
Other (1)
459,128 468,973 444,204 
Total Mountain operating expense1,774,661 1,812,451 1,743,351 
Lodging
Labor and labor-related benefits134,431 138,041 139,840 
General and administrative54,930 60,310 59,239 
Reimbursed payroll costs18,379 14,290 16,287 
Other (1)
104,768 98,603 97,733 
Total Lodging operating expense312,508 311,244 313,099 
Total Resort operating expense2,087,169 2,123,695 2,056,450 
Real Estate
Cost of sales5,714 — 3,607 
Other (1)
6,271 6,213 5,907 
Total Real Estate operating expense11,985 6,213 9,514 
Total segment operating expense$2,099,154 $2,129,908 $2,065,964 
Gain on sale of real property$13,163 $24,404 $6,285 
Mountain equity investment income, net$829 $3,919 $1,053 
Reported EBITDA:
Mountain$729,352 $821,341 $802,072 
Lodging16,319 22,795 23,018 
Resort745,671 844,136 825,090 
Real Estate7,371 18,626 1,475 
Total Reported EBITDA$753,042 $862,762 $826,565 
Real estate held for sale or investment$67,027 $87,853 $86,548 
Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:
Net income attributable to Vail Resorts, Inc.$147,535 $280,004 $231,105 
Net income attributable to noncontrolling interests23,209 17,972 15,874 
Net income170,744 297,976 246,979 
Provision for income taxes56,212 104,421 92,776 
Income before provision for income taxes226,956 402,397 339,755 
Depreciation and amortization305,610 296,437 279,073 
Loss (gain) on disposal of fixed assets and other, net6,823 (6,933)9,633 
Change in estimated fair value of contingent consideration19,239 9,379 47,957 
Investment income and other, net(11,129)(10,126)(18,592)
Foreign currency (gain) loss on intercompany loans(80)(20)4,140 
Interest expense, net205,623 171,628 164,599 
Total Reported EBITDA$753,042 $862,762 $826,565 
(1) Other segment operating expense primarily includes cost of sales (when not separately disclosed above), 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.
Geographic Information
Net revenue is attributed geographically based on the location of the resort operations that provide the related goods and services to guests. Net revenue and long-lived assets, excluding financial instruments and deferred tax assets, by geographic region are as follows (in thousands):
Year ended July 31,
Net revenue202620252024
U.S.$2,238,249 $2,423,245 $2,386,749 
International (1)
599,955 541,102 498,442 
Total net revenue$2,838,204 $2,964,347 $2,885,191 
July 31,
Long-lived assets20262025
U.S.$2,740,402 $2,796,107 
International (2)
1,909,753 1,931,194 
Total long-lived assets$4,650,155 $4,727,301 
(1) The only individual international country to account for more than 10% of the Company’s net revenue was Canada. Canada accounted for $372.1 million, $335.3 million and $326.2 million of net revenue for the years ended July 31, 2026, 2025 and 2024, respectively.
(2) The only individual international country to account for more than 10% of the Company’s long-lived assets was Canada. Canada accounted for $1,318.8 million and $1,350.7 million of long-lived assets as of July 31, 2026 and 2025, respectively.