Vail Resorts (MTN) 10-Q 9 Dec 24 2025 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Oct. 31, 2024	Dec. 04, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Document Transition Report	false
Entity File Number	001-09614
Entity Registrant Name	Vail Resorts, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0291762
Entity Address, Address Line One	390 Interlocken Crescent
Entity Address, City or Town	Broomfield,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	(303)
Local Phone Number	404-1800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MTN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,438,353
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000812011
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023
Assets
Cash and cash equivalents	$ 403,768	$ 322,827	$ 728,859
Restricted cash	14,675	14,236	11,532
Trade receivables, net	130,162	375,752	105,546
Inventories, net	152,943	118,988	157,707
Other current assets	152,071	79,558	130,861
Total current assets	853,619	911,361	1,134,505
Property, plant and equipment, net (Note 7)	2,434,776	2,422,635	2,344,601
Real estate held for sale or investment	85,317	86,548	86,465
Goodwill, net (Note 7)	1,671,080	1,677,975	1,668,028
Intangible assets, net	300,530	302,535	300,457
Operating right-of-use assets	254,489	256,627	187,128
Other assets	42,404	40,756	38,832
Total assets	5,642,215	5,698,437	5,760,016
Liabilities
Accounts payable and accrued liabilities (Note 7)	1,297,994	1,000,798	1,276,525
Income taxes payable	8,628	55,358	16,663
Long-term debt due within one year (Note 5)	57,045	57,153	69,659
Total current liabilities	1,363,667	1,113,309	1,362,847
Long-term debt, net (Note 5)	2,709,955	2,721,597	2,732,037
Operating lease liabilities	233,304	233,465	165,462
Other long-term liabilities	310,303	311,768	285,454
Deferred income taxes, net	279,687	279,815	286,036
Total liabilities	4,896,916	4,659,954	4,831,836
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	$ 0	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	46,922,000	46,855,000	46,851,000
Common stock, $0.01 par value, 100,000 shares authorized, 46,922, 46,855 and 46,851 shares issued, respectively	$ 469	$ 469	$ 469
Additional paid-in capital	1,146,518	1,145,610	1,126,033
Accumulated other comprehensive loss	(71,436)	(67,288)	(78,376)
Retained earnings	$ 524,450	$ 780,431	$ 619,727
Treasury stock, shares	9,484,480	9,370,000	8,885,000
Treasury stock, at cost, 9,484, 9,370 and 8,885 shares, respectively (Note 11)	$ (1,155,902)	$ (1,135,685)	$ (1,034,822)
Total Vail Resorts, Inc. stockholders’ equity	444,099	723,537	633,031
Noncontrolling interests	301,200	314,946	295,149
Total stockholders’ equity	745,299	1,038,483	928,180
Total liabilities and stockholders’ equity	$ 5,642,215	$ 5,698,437	$ 5,760,016

Consolidated Condensed Statemen

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Net revenue:
Mountain and Lodging services and other	$ 187,050	$ 182,834
Mountain and Lodging retail and dining	73,162	71,442
Resort net revenue	260,212	254,276
Real Estate Revenue	63	4,289
Revenues	260,275	258,565
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	266,264	255,576
Mountain and Lodging retail and dining cost of products sold	28,947	31,295
General and administrative	106,857	108,025
Resort operating expense	402,068	394,896
Real Estate operating expense	1,491	5,181
Total segment operating expense	403,559	400,077
Other operating (expense) income:
Depreciation and amortization	(71,633)	(66,728)
Gain on sale of real property	16,506	6,285
Change in estimated fair value of contingent consideration (Note 8)	(2,079)	(3,057)
Loss on disposal of fixed assets and other, net	(1,529)	(2,043)
Loss from operations	(202,019)	(207,055)
Mountain equity investment income, net	2,151	859
Investment income and other, net	2,493	3,684
Foreign currency loss on intercompany loans (Note 5)	(264)	(4,965)
Interest expense, net	(42,154)	(40,730)
Loss before benefit from income taxes	(239,793)	(248,207)
Benefit from income taxes	58,249	65,160
Net loss	(181,544)	(183,047)
Net loss attributable to noncontrolling interests	8,708	7,535
Net loss attributable to Vail Resorts, Inc.	$ (172,836)	$ (175,512)
Per share amounts (Note 4):
Basic net loss per share attributable to Vail Resorts, Inc.	$ (4.61)	$ (4.60)
Diluted net loss per share attributable to Vail Resorts, Inc.	(4.61)	(4.60)
Cash dividends declared per share	$ 2.22	$ 2.06

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Net loss	$ (181,544)	$ (183,047)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(3,854)	(92,094)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(1,755)	(2,470)
Comprehensive loss	(187,153)	(277,611)
Comprehensive loss attributable to noncontrolling interests	10,169	34,081
Comprehensive loss attributable to Vail Resorts, Inc.	$ (176,984)	$ (243,530)

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock, Common	Total Vail Resorts, Inc. Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance (Start) at Jul. 31, 2023	$ 1,335,660	$ 468	$ 1,124,433	$ (10,358)	$ 873,710	$ (984,306)	$ 1,003,947	$ 331,713
Net loss attributable to Vail Resorts, Inc.	(175,512)				(175,512)		(175,512)
Net loss attributable to noncontrolling interests	(7,535)							(7,535)
Net loss	(183,047)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(92,094)			(65,548)			(65,548)	(26,546)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(2,470)			(2,470)			(2,470)
Comprehensive loss attributable to Vail Resorts, Inc.	(243,530)						(243,530)
Comprehensive loss attributable to noncontrolling interests	(34,081)							(34,081)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(277,611)
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	6,796		6,796				6,796
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(5,195)	1	(5,196)				(5,195)
Stock Repurchased During Period, Value	(50,516)					(50,516)	(50,516)
Dividends, Common Stock	(78,471)				(78,471)		(78,471)
Distributions to noncontrolling interest, net								(2,483)
Noncontrolling interest, period increase (decrease)	(2,483)
Balance (End) at Oct. 31, 2023	928,180	469	1,126,033	(78,376)	619,727	(1,034,822)	633,031	295,149
Balance (Start) at Jul. 31, 2024	1,038,483	469	1,145,610	(67,288)	780,431	(1,135,685)	723,537	314,946
Net loss attributable to Vail Resorts, Inc.	(172,836)				(172,836)		(172,836)
Net loss attributable to noncontrolling interests	(8,708)							(8,708)
Net loss	(181,544)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(3,854)			(2,393)			(2,393)	(1,461)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(1,755)			(1,755)			(1,755)
Comprehensive loss attributable to Vail Resorts, Inc.	(176,984)						(176,984)
Comprehensive loss attributable to noncontrolling interests	(10,169)							(10,169)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(187,153)
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	6,691		6,691				6,691
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(5,783)	0	(5,783)				(5,783)
Stock Repurchased During Period, Value	(20,217)					(20,217)	(20,217)
Dividends, Common Stock	(83,145)				(83,145)		(83,145)
Distributions to noncontrolling interest, net								(3,577)
Noncontrolling interest, period increase (decrease)	(3,577)
Balance (End) at Oct. 31, 2024	$ 745,299	$ 469	$ 1,146,518	$ (71,436)	$ 524,450	$ (1,155,902)	$ 444,099	$ 301,200

Consolidated Condensed Statem_4

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Statement of Cash Flows [Abstract]
Net loss	$ (181,544)	$ (183,047)
Cash flows from operating activities:
Depreciation and amortization	71,633	66,728
Stock-based compensation expense	6,691	6,796
Benefit from income taxes	(58,249)	(65,160)
Other Noncash Expense		8,217
Other Noncash Income	(11,150)
Changes in assets and liabilities:
Trade receivables, net	263,116	272,313
Inventories, net	(34,117)	(26,789)
Accounts payable and accrued liabilities	(12,863)	(773)
Deferred revenue	324,657	308,950
Income taxes payable	(41,959)	(17,052)
Other assets and liabilities, net	(43,791)	(41,684)
Net cash provided by operating activities	282,424	328,499
Cash flows from investing activities:
Capital expenditures	(71,017)	(53,379)
Maturity of short-term deposits	0	52,437
Other investing activities, net	11	6,507
Net cash (used in) provided by investing activities	(71,006)	5,565
Cash flows from financing activities:
Repayments of borrowings under Vail Holdings Credit Agreement	(12,305)	(15,625)
Employee taxes paid for share award exercises	(5,783)	(5,195)
Dividends paid	(83,145)	(78,471)
Repurchases of common stock	(20,000)	(50,000)
Other financing activities, net	(11,069)	(4,317)
Net cash used in financing activities	(132,302)	(153,608)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,264	(13,158)
Net increase in cash, cash equivalents and restricted cash	81,380	167,298
Cash, Cash Equivalents and Restricted Cash:
Beginning of period	337,063	573,093
End of period	418,443	740,391
Accrued capital expenditures	$ 32,791	$ 38,275

Organization and Business

Organization and Business	3 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vail Resorts, Inc. (“Vail Resorts”) is organized as a holding company and operates through various subsidiaries. Vail Resorts and its subsidiaries (collectively, the “Company”) operate in three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas: *Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to the Company’s regional ski areas, which tend to generate skier visits predominantly from their respective local markets. Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations, and for the Company’s Australian ski areas, including lodging and transportation operations. In the Lodging segment, the Company owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand; other strategic lodging properties and a large number of condominiums located in proximity to the Company’s North American mountain resorts; National Park Service (“NPS”) concessioner properties including the Grand Teton Lodge Company, which operates destination resorts in Grand Teton National Park; a Colorado resort ground transportation company and mountain resort golf courses. The Company’s Real Estate segment primarily owns, develops and sells real estate in and around the Company’s resort communities. The Company’s mountain business and its lodging properties at or around the Company’s mountain resorts are seasonal in nature, and typically experience their peak operating seasons primarily from mid-December through mid-April in North America and Europe. The peak operating season at the Company’s Australian resorts, NPS concessioner properties and golf courses generally occurs from June to early October.

Accounting Policies

Accounting Policies	3 Months Ended
	Oct. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Consolidated Condensed Financial Statements — In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. Results for interim periods are not indicative of the results for the entire fiscal year, particularly given the significant seasonality to the Company’s operating cycle. The accompanying Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2024. Certain information and footnote disclosures, including significant accounting policies, normally included in fiscal year financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted. The Consolidated Condensed Balance Sheet as of July 31, 2024 was derived from audited financial statements. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Fair Value of Financial Instruments — The estimated fair values of the 6.50% Notes and the 0.0% Convertible Notes (each as defined in Note 5, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes and the NRP Loan (both as defined in Note 5, Long-Term Debt) have been estimated using analyses based on current borrowing rates for comparable debt instruments with similar maturity dates (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.50% Notes, 0.0% Convertible Notes, EPR Secured Notes and NRP Loan as of October 31, 2024 are presented below (in thousands): October 31, 2024 Carrying Value Estimated Fair Value 6.50% Notes $ 600,000 $ 614,694 0.0% Convertible Notes $ 575,000 $ 539,937 EPR Secured Notes $ 130,498 $ 175,844 NRP Loan $ 36,375 $ 29,970
Accounting Standards Update and Change in Accounting Principle [Text Block]	Recently Issued Accounting Standards Standards Being Evaluated In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosures, primarily through incorporating enhanced segment disclosure requirements set forth by the Securities and Exchange Commission into U.S. GAAP. The enhanced disclosures will primarily require public entities to include specific disclosures regarding “significant expenses” that are regularly provided to or easily computed from information provided to the chief operating decision maker (“CODM”) and included within segment profit and loss. This ASU also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 (the Company’s fiscal year ending July 31, 2025), and interim periods within fiscal years beginning after December 15, 2024 (the Company’s fiscal quarter ending October 31, 2025), with early adoption permitted. The Company will adopt the standard during the fourth quarter of its fiscal year ending July 31, 2025 and is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance the transparency and decision usefulness of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024 (the Company’s fiscal year ending July 31, 2026), though early adoption is permitted. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements, including determining the timing of adoption.

Revenue (Notes)

Revenue (Notes)	3 Months Ended
	Oct. 31, 2024
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 months ended October 31, 2024 and 2023 (in thousands): Three Months Ended October 31, 2024 2023 Mountain net revenue: Lift $ 40,423 $ 45,390 Ski School 6,839 7,178 Dining 20,628 18,077 Retail/Rental 29,526 33,474 Other 75,880 68,336 Total Mountain net revenue $ 173,296 $ 172,455 Lodging net revenue: Owned hotel rooms $ 28,075 $ 25,177 Managed condominium rooms 11,705 12,003 Dining 19,952 18,083 Golf 7,550 6,376 Other 16,501 16,723 83,783 78,362 Payroll cost reimbursements 3,133 3,459 Total Lodging net revenue $ 86,916 $ 81,821 Total Resort net revenue $ 260,212 $ 254,276 Total Real Estate net revenue 63 4,289 Total net revenue $ 260,275 $ 258,565 Contract Balances Deferred revenue balances of a short-term nature were $901.6 million and $575.8 million as of October 31, 2024 and July 31, 2024, respectively. For the three months ended October 31, 2024, the Company recognized approximately $50.2 million of revenue that was included in the deferred revenue balance as of July 31, 2024. Deferred revenue balances of a long-term nature, comprised primarily of long-term private club initiation fee revenue, were $102.9 million, $104.9 million and $107.9 million as of October 31, 2024, July 31, 2024 and October 31, 2023, respectively. As of October 31, 2024, 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 $22.7 million, $5.2 million and $21.8 million as of October 31, 2024, July 31, 2024 and October 31, 2023, respectively. The amounts capitalized are subject to amortization generally beginning in the second quarter of each fiscal year, commensurate with the recognition of revenue for related pass products, and will be recorded within Mountain and Lodging operating expense on the Company’s Consolidated Condensed Statements of Operations.

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Oct. 31, 2024
Earnings Per Share Reconciliation [Abstract]
Summary of Calculation of Basic And Diluted EPS	Presented below is basic and diluted EPS for the three months ended October 31, 2024 and 2023 (in thousands, except per share amounts): Three Months Ended October 31, 2024 2023 Basic Diluted Basic Diluted Net loss per share: Net loss attributable to Vail Resorts $ (172,836) $ (172,836) $ (175,512) $ (175,512) Weighted-average Vail Shares outstanding 37,473 37,473 38,117 38,117 Effect of dilutive securities — — — — Total shares 37,473 37,473 38,117 38,117 Net loss per share attributable to Vail Resorts $ (4.61) $ (4.61) $ (4.60) $ (4.60) The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 0.3 million for both the three months ended October 31, 2024 and 2023.
Net Income Per Common Share	Net Loss per Share Earnings per Share Basic EPS excludes dilution and is computed by dividing net loss attributable to Vail Resorts stockholders by the weighted-average shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, resulting in the issuance of shares of common stock that would then share in the earnings of Vail Resorts. Presented below is basic and diluted EPS for the three months ended October 31, 2024 and 2023 (in thousands, except per share amounts): Three Months Ended October 31, 2024 2023 Basic Diluted Basic Diluted Net loss per share: Net loss attributable to Vail Resorts $ (172,836) $ (172,836) $ (175,512) $ (175,512) Weighted-average Vail Shares outstanding 37,473 37,473 38,117 38,117 Effect of dilutive securities — — — — Total shares 37,473 37,473 38,117 38,117 Net loss per share attributable to Vail Resorts $ (4.61) $ (4.61) $ (4.60) $ (4.60) The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 0.3 million for both the three months ended October 31, 2024 and 2023. In December 2020, the Company completed an offering of $575.0 million in aggregate principal amount of 0.0% Convertible Notes (as defined in Note 5, Long-Term Debt). The Company is required to settle the principal amount of the 0.0% Convertible Notes in cash and has the option to settle the conversion spread in cash or shares. The Company uses the if-converted method to calculate the impact of convertible instruments on diluted EPS when the instruments may be settled in cash or shares. If the conversion value of the 0.0% Convertible Notes exceeds their conversion price, then the Company will calculate its diluted EPS as if all the notes were converted into common stock at the beginning of the period. However, if reflecting the 0.0% Convertible Notes in diluted EPS in this manner is anti-dilutive, or if the conversion value of the notes does not exceed their conversion price for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted EPS. For the three months ended October 31, 2024 and 2023, the price of Vail Shares did not exceed the conversion price and therefore there was no impact to diluted EPS during those periods. Dividends During the three months ended October 31, 2024 and 2023, the Company paid cash dividends of $2.22 and $2.06 per share, respectively ($83.1 million and $78.5 million, respectively). On December 5, 2024, the Company’s Board of Directors approved a cash dividend of $2.22 per share payable on January 9, 2025 to stockholders of record as of December 26, 2024.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Oct. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt, net as of October 31, 2024, July 31, 2024 and October 31, 2023 is summarized as follows (in thousands): Maturity October 31, 2024 July 31, 2024 October 31, 2023 Vail Holdings Credit Agreement term loan (a) 2029 $ 947,461 $ 959,766 $ 1,000,000 Vail Holdings Credit Agreement revolver (a) 2029 — — — 6.50% Notes 2032 600,000 600,000 — 6.25% Notes 2025 — — 600,000 0.0% Convertible Notes (b) 2026 575,000 575,000 575,000 Whistler Credit Agreement revolver (c) 2028 — — — EPR Secured Notes (d) 2034-2036 114,162 114,162 114,162 NRP Loan 2036 36,155 37,088 37,269 Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 370,573 369,143 364,825 Whistler Blackcomb employee housing leases 2042 27,577 27,887 27,984 Other 2024-2037 51,537 52,017 33,971 Total debt 2,775,040 2,787,638 2,805,786 Less: Unamortized premiums, discounts and debt issuance costs 8,040 8,888 4,090 Less: Current maturities (e) 57,045 57,153 69,659 Long-term debt, net $ 2,709,955 $ 2,721,597 $ 2,732,037 (a) Vail Holdings, Inc., which is a wholly-owned subsidiary of the Company, along with other certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and certain Lenders are party to the Ninth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), which has a maturity date of April 24, 2029 for both the currently undrawn revolver facility and the term loan facility, which had an outstanding balance of $947.5 million as of October 31, 2024. The term loan is subject to quarterly amortization of principal of approximately $12.3 million, in equal installments, for a total of 5% of principal payable in each year and the final payment of all amounts outstanding, plus accrued and unpaid interest is due upon maturity in April 2029. The proceeds of the loans made under the Vail Holdings Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. Borrowings under the Vail Holdings Credit Agreement, including the term loan, bear interest annually at the Secured Overnight Financing Rate (“SOFR”) plus a spread of 1.60% as of October 31, 2024 (6.29% as of October 31, 2024). Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA on a trailing four-quarter basis. The Vail Holdings Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, as each such term is defined in the Vail Holdings Credit Agreement, multiplied by the daily amount by which the Vail Holdings Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit (0.30%) as of October 31, 2024). The Company was previously party to various interest rate swap agreements which hedged the cash flows associated with the SOFR-based variable interest rate component of $400.0 million in principal amount of its Vail Holdings Credit Agreement at an effective rate of 1.38%. These interest rate swaps expired on September 23, 2024. (b) The Company issued $575.0 million in aggregate principal amount of 0.0% Convertible Notes due 2026 (the “0.0% Convertible Notes) under an indenture dated December 18, 2020. As of October 31, 2024, the conversion price of the 0.0% Convertible Notes, adjusted for cash dividends paid since the issuance date, was $364.63. (c) Whistler Mountain Resort Limited Partnership (“Whistler LP”) and Blackcomb Skiing Enterprises Limited Partnership (“Blackcomb LP” and together with Whistler LP, the “WB Partnerships”) are party to a credit agreement consisting of a C$300.0 million credit facility which was most recently amended on April 14, 2023, by and among Whistler LP, Blackcomb LP, certain subsidiaries of Whistler LP and Blackcomb LP and their general partner party thereto as guarantors, the financial institutions party thereto as lenders and The Toronto-Dominion Bank, as administrative agent. The Whistler Credit Agreement has a maturity date of April 14, 2028 and uses rates based on SOFR with regard to borrowings under the facility made in U.S. dollars. As of October 31, 2024, there were no borrowings under the Whistler Credit Agreement. The Whistler Credit Agreement also includes a quarterly unused commitment fee based on the Consolidated Total Leverage Ratio, which as of October 31, 2024 is equal to 0.39% per annum. (d) In September 2019, in conjunction with the acquisition of Peak Resorts, Inc. (“Peak Resorts”), the Company assumed various secured borrowings (the “EPR Secured Notes”) under the master credit and security agreements and other related agreements, as amended, (collectively, the “EPR Agreements”) with EPT Ski Properties, Inc. and its affiliates (“EPR”). The EPR Secured Notes include the following: i. The Alpine Valley Secured Note. The $4.6 million Alpine Valley Secured Note provides for interest payments through its maturity on December 1, 2034. As of October 31, 2024, interest on this note accrued at a rate of 11.90%. ii. The Boston Mills/Brandywine Secured Note. The $23.3 million Boston Mills/Brandywine Secured Note provides for interest payments through its maturity on December 1, 2034. As of October 31, 2024, interest on this note accrued at a rate of 11.58%. iii. The Jack Frost/Big Boulder Secured Note. The $14.3 million Jack Frost/Big Boulder Secured Note provides for interest payments through its maturity on December 1, 2034. As of October 31, 2024, interest on this note accrued at a rate of 11.58%. iv. The Mount Snow Secured Note. The $51.1 million Mount Snow Secured Note provides for interest payments through its maturity on December 1, 2034. As of October 31, 2024, interest on this note accrued at a rate of 12.50%. v. The Hunter Mountain Secured Note. The $21.0 million Hunter Mountain Secured Note provides for interest payments through its maturity on January 5, 2036. As of October 31, 2024, interest on this note accrued at a rate of 9.19%. In addition, Peak Resorts is required to maintain a debt service reserve account which amounts are applied to fund interest payments and other amounts due and payable to EPR. (e) Current maturities represent principal payments due in the next 12 months. Aggregate maturities of debt outstanding as of October 31, 2024 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Total 2025 (November 2024 through July 2025) $ 49,958 2026 632,303 2027 74,341 2028 55,916 2029 770,109 Thereafter 1,192,413 Total debt $ 2,775,040 The Company recorded interest expense of $42.2 million and $40.7 million for the three months ended October 31, 2024 and 2023, respectively, of which $1.4 million and $1.6 million, respectively, was amortization of deferred financing costs. The Company was in compliance with all of its financial and operating covenants required to be maintained under its debt instruments for all periods presented. In connection with the acquisition of Whistler Blackcomb, VHI funded a portion of the purchase price through an intercompany loan to Whistler Blackcomb, which was effective as of November 1, 2016, and requires foreign currency remeasurement to Canadian dollars, the functional currency for Whistler Blackcomb. As a result, foreign currency fluctuations associated with the loan are recorded within the Company’s results of operations. The Company recognized approximately $0.3 million and $5.0 million of non-cash foreign currency losses on the intercompany loan to Whistler Blackcomb for the three months ended October 31, 2024 and 2023, respectively, on the Company’s Consolidated Condensed Statements of Operations.

Business Combinations and Asset

Business Combinations and Asset Acquisitions	3 Months Ended
	Oct. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Crans-Montana Mountain Resort On May 2, 2024, the Company acquired Crans-Montana in Switzerland from CPI Property Group (“CPIPG”). The Company acquired (i) an approximate 84% ownership stake in Romontées Mécaniques Crans Montana Aminona SA (“CMA”), which controls and operates all of the lifts and supporting mountain operations, including four retail and rental locations; (ii) 100% ownership of SportLife AG, which operates one of the ski schools located at the resort; and (iii) 100% ownership of 11 restaurants located on and around the mountain. The acquisition was funded with cash on hand. As of May 2, 2024 the total fair value of the consideration paid was $106.8 million (CHF 97.2 million). Portions of the Crans-Montana resort operations are conducted on land owned by third parties via numerous registered easements, building rights (which may be subject to federal concessions), or other agreements. The municipality of Crans-Montana, the municipality of Lens and CPIPG collectively retained in total an approximate 16% ownership stake in CMA. The Company entered into a shareholders’ agreement with the municipalities of Crans-Montana and Lens (the “Crans Agreement”) for an initial fixed term until December 31, 2035. Thereafter, the Crans Agreement shall continue to be in effect for successive renewal periods of ten years unless terminated by either the Company or the municipalities acting jointly. The Crans Agreement provides for various terms and conditions in relation to the election and governance of the board of directors, company policies, dividends, financial aspects and related matters. The noncontrolling shares may be traded without restriction. The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands): Acquisition Date Estimated Fair Value Total cash consideration paid by Vail Resorts, Inc. $ 106,809 Estimated fair value of noncontrolling interests 14,084 Total estimated purchase consideration $ 120,893 Allocation of total estimated purchase consideration: Current assets $ 21,207 Property, plant and equipment 114,232 Goodwill 2,796 Identifiable intangible assets and other assets 8,262 Liabilities (25,604) Net assets acquired $ 120,893 Identifiable intangible assets acquired in the transaction were primarily related to a trade name. The process of estimating the fair value of the property, plant, and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess of the purchase price over the aggregate estimated fair values of the assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies, the assembled workforce of the resort and other factors, and is not expected to be deductible for income tax purposes. The operating results of Crans-Montana are reported within the Mountain segment prospectively from the date of acquisition. The estimated fair values of assets acquired and liabilities assumed in the acquisition of Crans-Montana are preliminary and are based on the information that was available as of the acquisition date. The Company believes that this information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the Company may obtain additional information necessary to finalize those estimated fair values. Therefore, the preliminary measurements of estimated fair values reflected are subject to change. The Company expects to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date.

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information	3 Months Ended
	Oct. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Supplementary Balance Sheet Information	Supplementary Balance Sheet Information The composition of other current assets follows (in thousands): October 31, 2024 July 31, 2024 October 31, 2023 Prepaid expenses $ 75,370 $ 51,519 $ 66,750 Other current assets 76,701 28,039 64,111 Total other current assets $ 152,071 $ 79,558 $ 130,861 The composition of property, plant and equipment follows (in thousands): October 31, 2024 July 31, 2024 October 31, 2023 Land and land improvements $ 804,950 $ 804,287 $ 790,550 Buildings and building improvements 1,686,562 1,682,734 1,626,566 Machinery and equipment 1,995,020 1,984,549 1,781,980 Furniture and fixtures 320,123 316,510 302,646 Software 161,500 161,502 151,809 Vehicles 93,739 91,951 86,173 Construction in progress 178,417 116,872 185,229 Gross property, plant and equipment 5,240,311 5,158,405 4,924,953 Accumulated depreciation (2,805,535) (2,735,770) (2,580,352) Property, plant and equipment, net $ 2,434,776 $ 2,422,635 $ 2,344,601 The composition of accounts payable and accrued liabilities follows (in thousands): October 31, 2024 July 31, 2024 October 31, 2023 Trade payables $ 141,912 $ 141,246 $ 161,581 Deferred revenue 901,586 575,766 872,418 Accrued salaries, wages and deferred compensation 33,220 43,269 33,733 Accrued benefits 57,785 60,940 57,340 Deposits 43,401 44,500 42,880 Operating lease liabilities 34,529 32,611 38,332 Other liabilities 85,561 102,466 70,241 Total accounts payable and accrued liabilities $ 1,297,994 $ 1,000,798 $ 1,276,525 The changes in the net carrying amount of goodwill by segment for the three months ended October 31, 2024 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2024 $ 1,632,969 $ 45,006 $ 1,677,975 Effects of changes in foreign currency exchange rates (6,895) — (6,895) Balance at October 31, 2024 $ 1,626,074 $ 45,006 $ 1,671,080

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Oct. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company utilizes FASB-issued fair value guidance that establishes how reporting entities should measure fair value for measurement and disclosure purposes. The guidance establishes a common definition of fair value applicable to all assets and liabilities measured at fair value and prioritizes the inputs into valuation techniques used to measure fair value. Accordingly, the Company uses valuation techniques which maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of the hierarchy are as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active and inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs which are supported by little or no market activity. The table below summarizes the Company’s cash equivalents, restricted cash, other current assets, interest rate swaps and Contingent Consideration (defined below) measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of October 31, 2024 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 81,465 $ 81,465 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 95,544 $ — $ 95,544 $ — Liabilities: Contingent Consideration $ 86,000 $ — $ — $ 86,000 Estimated Fair Value Measurement as of July 31, 2024 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 896 $ 896 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 101,989 $ — $ 101,989 $ — Interest Rate Swaps $ 2,343 $ — $ 2,343 $ — Liabilities: Contingent Consideration $ 104,200 $ — $ — $ 104,200 Estimated Fair Value Measurement as of October 31, 2023 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 101,903 $ 101,903 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 138,614 $ — $ 138,614 $ — Interest Rate Swaps $ 13,931 $ — $ 13,931 $ — Liabilities: Contingent Consideration $ 59,300 $ — $ — $ 59,300 The Company’s cash equivalents, restricted cash, other current assets and interest rate swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The interest rate swaps expired on September 23, 2024 and therefore had no estimated fair value as of October 31, 2024. The estimated fair value of the interest rate swaps was included within other current assets on the Company’s Consolidated Balance Sheet as of July 31, 2024 and Consolidated Condensed Balance Sheet as of October 31, 2023. The changes in Contingent Consideration during the three months ended October 31, 2024 and 2023 were as follows (in thousands): Balance as of July 31, 2024 and 2023, respectively $ 104,200 $ 73,300 Payments (20,279) (17,057) Change in estimated fair value 2,079 3,057 Balance as of October 31, 2024 and 2023, respectively $ 86,000 $ 59,300 The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds inflation linked threshold and an adjustment equal to 10% of any capital improvements or investments made under the lease by the Company. Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved. The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. The estimated fair value of Contingent Consideration includes future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed annual growth factor and discounted to present value. Other significant assumptions included a discount rate of 11.1%, and volatility of 14.5%, which together with future period Park City EBITDA, are all unobservable inputs and thus are considered Level 3 inputs. The Company prepared a sensitivity analysis to evaluate the effect that changes on certain key assumptions would have on the estimated fair value of the Contingent Consideration. A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance of the resort would result in a change in the estimated fair value within the range of approximately $14.6 million to $20.0 million. During the three months ended October 31, 2024, the Company made a payment to the landlord for Contingent Consideration of approximately $20.3 million and recorded an increase in the liability of approximately $2.1 million, primarily related to the estimated Contingent Consideration payment for the fiscal year ending July 31, 2025. These changes resulted in an estimated fair value of the Contingent Consideration of approximately $86.0 million, which is reflected in other long-term liabilities in the Company’s Consolidated Condensed Balance Sheet.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees/Indemnifications As of October 31, 2024, the Company had various letters of credit outstanding totaling $96.5 million, consisting of $53.4 million to support the Employee Housing Bonds; $6.4 million to support bonds issued by Holland Creek Metropolitan District; and $36.7 million of other standby letters of credit primarily related to insurance-related deductibles, a wind energy purchase agreement, and workers’ compensation. The Company also had surety bonds of $9.5 million as of October 31, 2024, primarily to provide collateral for its U.S. workers compensation self-insurance programs. In addition to the guarantees noted above, the Company has entered into contracts in the normal course of business that include certain indemnifications under which it could be required to make payments to third parties upon the occurrence or non-occurrence of certain future events. These indemnities include indemnities related to licensees in connection with third-parties’ use of the Company’s trademarks and logos, liabilities associated with the infringement of other parties’ technology and software products, liabilities associated with the use of easements, liabilities associated with employment of contract workers and the Company’s use of trustees and liabilities associated with the Company’s use of public lands and environmental matters. The duration of these indemnities generally is indefinite and generally do not limit the future payments the Company could be obligated to make. As permitted under applicable law, the Company and certain of its subsidiaries have agreed to indemnify their directors and officers over their lifetimes for certain events or occurrences while the officer or director is, or was, serving the Company or its subsidiaries in such a capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that should enable the Company to recover a portion of any amounts paid. Unless otherwise noted, the Company has not recorded any significant liabilities for the letters of credit, indemnities and other guarantees noted above in the accompanying Consolidated Condensed Financial Statements, either because the Company has recorded on its Consolidated Condensed Balance Sheets the underlying liability associated with the guarantee, the guarantee is with respect to the Company’s own performance and is therefore not subject to the measurement requirements as prescribed by GAAP, or because the Company has calculated the estimated fair value of the indemnification or guarantee to be immaterial based on the current facts and circumstances that would trigger a payment under the indemnification clause. In addition, with respect to certain indemnifications it is not possible to determine the maximum potential amount of liability under these potential obligations due to the unique set of facts and circumstances likely to be involved in each particular claim and indemnification provision. Historically, payments made by the Company under these obligations have not been material. As noted above, the Company makes certain indemnifications to licensees for their use of the Company’s trademarks and logos. The Company does not record any liabilities with respect to these indemnifications. Additionally, the Company has entered into strategic long-term season pass alliance agreements with third-party mountain resorts in which the Company has committed to pay minimum revenue guarantees over the remaining terms of these agreements. Self-Insurance The Company is self-insured for claims under its U.S. health benefit plans and for the majority of workers’ compensation claims in the U.S. Workers compensation claims in the U.S. are subject to stop loss policies. The self-insurance liability related to workers’ compensation is determined actuarially based on claims filed. The self-insurance liability related to claims under the Company’s U.S. health benefit plans is determined based on analysis of actual claims. The amounts related to these claims are included as a component of accrued benefits in accounts payable and accrued liabilities (see Note 7, Supplementary Balance Sheet Information). Legal The Company is a party to various lawsuits arising in the ordinary course of business. The Company will assess the probability of an unfavorable outcome of any material litigation, claims or assessments to determine whether a liability had been incurred and whether it is probable that one or more future events will occur confirming the fact of the loss. In the event that an unfavorable outcome is determined to be probable and the amount of the loss can be reasonably estimated, the Company will establish an accrual for the litigation, claim or assessment. In addition, in the event an unfavorable outcome is determined to be less than probable, but reasonably possible, the Company will disclose an estimate of the possible loss or range of such loss; however, when a reasonable estimate cannot be made, the Company will provide disclosure to that effect. Litigation is inherently uncertain and may result in adverse rulings or decisions. Additionally, the Company may enter into settlements or be subject to judgments that may, individually or in the aggregate, have a material adverse effect on its results of operations. Accordingly, actual results could differ materially. Management believes the Company has adequate insurance coverage and/or has accrued for all loss contingencies for asserted and unasserted matters deemed to be probable and estimable losses. As of October 31, 2024, July 31, 2024 and October 31, 2023, the accruals for the above loss contingencies were not material individually or in the aggregate.

Segment Information

Segment Information	3 Months Ended
	Oct. 31, 2024
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 (Chief Executive Officer) for purposes of evaluating segment performance. Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net loss, net change in cash and cash equivalents or other financial statement data presented in the accompanying Consolidated Condensed Financial Statements as indicators of financial performance or liquidity. The Company utilizes Reported EBITDA in evaluating the performance of the Company and in allocating resources to its segments. 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 financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): Three Months Ended October 31, 2024 2023 Net revenue: Mountain $ 173,296 $ 172,455 Lodging 86,916 81,821 Total Resort net revenue 260,212 254,276 Real Estate 63 4,289 Total net revenue $ 260,275 $ 258,565 Segment operating expense: Mountain $ 319,509 $ 312,839 Lodging 82,559 82,057 Total Resort operating expense 402,068 394,896 Real Estate 1,491 5,181 Total segment operating expense $ 403,559 $ 400,077 Gain on sale of real property $ 16,506 $ 6,285 Mountain equity investment income, net $ 2,151 $ 859 Reported EBITDA: Mountain $ (144,062) $ (139,525) Lodging 4,357 (236) Resort (139,705) (139,761) Real Estate 15,078 5,393 Total Reported EBITDA $ (124,627) $ (134,368) Real estate held for sale or investment $ 85,317 $ 86,465 Reconciliation from loss attributable to Vail Resorts, Inc. to Total Reported EBITDA: Net loss attributable to Vail Resorts, Inc. $ (172,836) $ (175,512) Net loss attributable to noncontrolling interests (8,708) (7,535) Net loss (181,544) (183,047) Benefit from income taxes (58,249) (65,160) Loss before benefit from income taxes (239,793) (248,207) Depreciation and amortization 71,633 66,728 Change in estimated fair value of contingent consideration 2,079 3,057 Loss on disposal of fixed assets and other, net 1,529 2,043 Investment income and other, net (2,493) (3,684) Foreign currency loss on intercompany loans 264 4,965 Interest expense, net 42,154 40,730 Total Reported EBITDA $ (124,627) $ (134,368)

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Oct. 31, 2024
Payments for Repurchase of Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On March 9, 2006, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to 3,000,000 Vail Shares. On July 16, 2008, December 4, 2015, March 7, 2023, and September 25, 2024, the Company’s Board of Directors increased the authorization by an additional 3,000,000, 1,500,000, 2,500,000, and 1,100,000 Vail Shares, respectively, for a total authorization to repurchase up to 11,100,000 Vail Shares. During the three months ended October 31, 2024 and 2023, the Company repurchased 114,800 and 237,056 Vail Shares, respectively (at a total cost of $20.0 million and $50.0 million, respectively, excluding accrued excise tax, as discussed further below). Since inception of this stock repurchase program through October 31, 2024, the Company has repurchased 9,484,480 shares at a cost of approximately $1,149.4 million. As of October 31, 2024, 1,615,520 Vail Shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Vail Shares purchased pursuant to the repurchase program will be held as treasury shares and may be used for the issuance of Vail Shares under the Company’s employee share award plan.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2024
Accounting Policies [Abstract]
Consolidated Condensed Financial Statements	Consolidated Condensed Financial Statements — In the opinion of the Company, the accompanying Consolidated Condensed Financial Statements reflect all adjustments necessary to state fairly the Company’s financial position, results of operations and
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments — The estimated fair values of the 6.50% Notes and the 0.0% Convertible Notes (each as defined in Note 5, Long-Term Debt) are based on quoted market prices (a Level 2 input). The estimated fair value of the EPR Secured Notes and the NRP Loan (both as defined in Note 5, Long-Term Debt) have been estimated using analyses based on current borrowing rates for comparable debt instruments with similar maturity dates (a Level 2 input). The carrying values, including any unamortized premium or discount, and estimated fair values of the 6.50% Notes, 0.0% Convertible Notes, EPR Secured Notes and NRP Loan as of October 31, 2024 are presented below (in thousands): October 31, 2024 Carrying Value Estimated Fair Value 6.50% Notes $ 600,000 $ 614,694 0.0% Convertible Notes $ 575,000 $ 539,937 EPR Secured Notes $ 130,498 $ 175,844 NRP Loan $ 36,375 $ 29,970 The carrying values for all other financial instruments not included in the above table approximate their respective fair value due to their short-term nature or the variable nature of their associated interest rates.
New Accounting Pronouncements, Policy	Recently Issued Accounting Standards Standards Being Evaluated In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosures, primarily through incorporating enhanced segment disclosure requirements set forth by the Securities and Exchange Commission into U.S. GAAP. The enhanced disclosures will primarily require public entities to include specific disclosures regarding “significant expenses” that are regularly provided to or easily computed from information provided to the chief operating decision maker (“CODM”) and included within segment profit and loss. This ASU also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 (the Company’s fiscal year ending July 31, 2025), and interim periods within fiscal years beginning after December 15, 2024 (the Company’s fiscal quarter ending October 31, 2025), with early adoption permitted. The Company will adopt the standard during the fourth quarter of its fiscal year ending July 31, 2025 and is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes amendments that further enhance the transparency and decision usefulness of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024 (the Company’s fiscal year ending July 31, 2026), though early adoption is permitted. The Company is in the process of evaluating the effect that the adoption of this standard will have on its Consolidated Condensed Financial Statements, including determining the timing of adoption.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Oct. 31, 2024
Accounting Policies [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	October 31, 2024 Carrying Value Estimated Fair Value 6.50% Notes $ 600,000 $ 614,694 0.0% Convertible Notes $ 575,000 $ 539,937 EPR Secured Notes $ 130,498 $ 175,844 NRP Loan $ 36,375 $ 29,970

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Oct. 31, 2024
Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	Disaggregation of Revenues The following table presents net revenues disaggregated by segment and major revenue type for the three months ended October 31, 2024 and 2023 (in thousands): Three Months Ended October 31, 2024 2023 Mountain net revenue: Lift $ 40,423 $ 45,390 Ski School 6,839 7,178 Dining 20,628 18,077 Retail/Rental 29,526 33,474 Other 75,880 68,336 Total Mountain net revenue $ 173,296 $ 172,455 Lodging net revenue: Owned hotel rooms $ 28,075 $ 25,177 Managed condominium rooms 11,705 12,003 Dining 19,952 18,083 Golf 7,550 6,376 Other 16,501 16,723 83,783 78,362 Payroll cost reimbursements 3,133 3,459 Total Lodging net revenue $ 86,916 $ 81,821 Total Resort net revenue $ 260,212 $ 254,276 Total Real Estate net revenue 63 4,289 Total net revenue $ 260,275 $ 258,565

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Oct. 31, 2024
Earnings Per Share Reconciliation [Abstract]
Summary of Calculation of Basic And Diluted EPS	Presented below is basic and diluted EPS for the three months ended October 31, 2024 and 2023 (in thousands, except per share amounts): Three Months Ended October 31, 2024 2023 Basic Diluted Basic Diluted Net loss per share: Net loss attributable to Vail Resorts $ (172,836) $ (172,836) $ (175,512) $ (175,512) Weighted-average Vail Shares outstanding 37,473 37,473 38,117 38,117 Effect of dilutive securities — — — — Total shares 37,473 37,473 38,117 38,117 Net loss per share attributable to Vail Resorts $ (4.61) $ (4.61) $ (4.60) $ (4.60) The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled approximately 0.3 million for both the three months ended October 31, 2024 and 2023.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Oct. 31, 2024
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	Long-term debt, net as of October 31, 2024, July 31, 2024 and October 31, 2023 is summarized as follows (in thousands): Maturity October 31, 2024 July 31, 2024 October 31, 2023 Vail Holdings Credit Agreement term loan (a) 2029 $ 947,461 $ 959,766 $ 1,000,000 Vail Holdings Credit Agreement revolver (a) 2029 — — — 6.50% Notes 2032 600,000 600,000 — 6.25% Notes 2025 — — 600,000 0.0% Convertible Notes (b) 2026 575,000 575,000 575,000 Whistler Credit Agreement revolver (c) 2028 — — — EPR Secured Notes (d) 2034-2036 114,162 114,162 114,162 NRP Loan 2036 36,155 37,088 37,269 Employee housing bonds 2027-2039 52,575 52,575 52,575 Canyons obligation 2063 370,573 369,143 364,825 Whistler Blackcomb employee housing leases 2042 27,577 27,887 27,984 Other 2024-2037 51,537 52,017 33,971 Total debt 2,775,040 2,787,638 2,805,786 Less: Unamortized premiums, discounts and debt issuance costs 8,040 8,888 4,090 Less: Current maturities (e) 57,045 57,153 69,659 Long-term debt, net $ 2,709,955 $ 2,721,597 $ 2,732,037
Schedule Of Aggregate Maturities For Debt Outstanding	Aggregate maturities of debt outstanding as of October 31, 2024 reflected by fiscal year (August 1 through July 31) are as follows (in thousands): Total 2025 (November 2024 through July 2025) $ 49,958 2026 632,303 2027 74,341 2028 55,916 2029 770,109 Thereafter 1,192,413 Total debt $ 2,775,040

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Tables)	3 Months Ended
	Jul. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands): Acquisition Date Estimated Fair Value Total cash consideration paid by Vail Resorts, Inc. $ 106,809 Estimated fair value of noncontrolling interests 14,084 Total estimated purchase consideration $ 120,893 Allocation of total estimated purchase consideration: Current assets $ 21,207 Property, plant and equipment 114,232 Goodwill 2,796 Identifiable intangible assets and other assets 8,262 Liabilities (25,604) Net assets acquired $ 120,893

Supplementary Balance Sheet I_2

Supplementary Balance Sheet Information (Tables)	3 Months Ended
	Oct. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Other Current Assets	The composition of other current assets follows (in thousands): October 31, 2024 July 31, 2024 October 31, 2023 Prepaid expenses $ 75,370 $ 51,519 $ 66,750 Other current assets 76,701 28,039 64,111 Total other current assets $ 152,071 $ 79,558 $ 130,861
Composition Of Property, Plant And Equipment	The composition of property, plant and equipment follows (in thousands): October 31, 2024 July 31, 2024 October 31, 2023 Land and land improvements $ 804,950 $ 804,287 $ 790,550 Buildings and building improvements 1,686,562 1,682,734 1,626,566 Machinery and equipment 1,995,020 1,984,549 1,781,980 Furniture and fixtures 320,123 316,510 302,646 Software 161,500 161,502 151,809 Vehicles 93,739 91,951 86,173 Construction in progress 178,417 116,872 185,229 Gross property, plant and equipment 5,240,311 5,158,405 4,924,953 Accumulated depreciation (2,805,535) (2,735,770) (2,580,352) Property, plant and equipment, net $ 2,434,776 $ 2,422,635 $ 2,344,601
Components Of Accounts Payable And Accrued Liabilities	The composition of accounts payable and accrued liabilities follows (in thousands): October 31, 2024 July 31, 2024 October 31, 2023 Trade payables $ 141,912 $ 141,246 $ 161,581 Deferred revenue 901,586 575,766 872,418 Accrued salaries, wages and deferred compensation 33,220 43,269 33,733 Accrued benefits 57,785 60,940 57,340 Deposits 43,401 44,500 42,880 Operating lease liabilities 34,529 32,611 38,332 Other liabilities 85,561 102,466 70,241 Total accounts payable and accrued liabilities $ 1,297,994 $ 1,000,798 $ 1,276,525
Schedule of Goodwill [Table Text Block]	The changes in the net carrying amount of goodwill by segment for the three months ended October 31, 2024 are as follows (in thousands): Mountain Lodging Goodwill, net Balance at July 31, 2024 $ 1,632,969 $ 45,006 $ 1,677,975 Effects of changes in foreign currency exchange rates (6,895) — (6,895) Balance at October 31, 2024 $ 1,626,074 $ 45,006 $ 1,671,080

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Oct. 31, 2024
Fair Value Disclosures [Abstract]
Summary Of Cash Equivalents Measured At Fair Value	The table below summarizes the Company’s cash equivalents, restricted cash, other current assets, interest rate swaps and Contingent Consideration (defined below) measured at estimated fair value (all other assets and liabilities measured at fair value are immaterial) (in thousands). Estimated Fair Value Measurement as of October 31, 2024 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 81,465 $ 81,465 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 95,544 $ — $ 95,544 $ — Liabilities: Contingent Consideration $ 86,000 $ — $ — $ 86,000 Estimated Fair Value Measurement as of July 31, 2024 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 896 $ 896 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 101,989 $ — $ 101,989 $ — Interest Rate Swaps $ 2,343 $ — $ 2,343 $ — Liabilities: Contingent Consideration $ 104,200 $ — $ — $ 104,200 Estimated Fair Value Measurement as of October 31, 2023 Description Total Level 1 Level 2 Level 3 Assets: Money Market $ 101,903 $ 101,903 $ — $ — Commercial Paper $ 2,401 $ — $ 2,401 $ — Certificates of Deposit $ 138,614 $ — $ 138,614 $ — Interest Rate Swaps $ 13,931 $ — $ 13,931 $ — Liabilities: Contingent Consideration $ 59,300 $ — $ — $ 59,300 The Company’s cash equivalents, restricted cash, other current assets and interest rate swaps are measured utilizing quoted market prices or pricing models whereby all significant inputs are either observable or corroborated by observable market data. The interest rate swaps expired on September 23, 2024 and therefore had no estimated fair value as of October 31, 2024. The estimated fair value of the interest rate swaps was included within other current assets on the Company’s Consolidated Balance Sheet as of July 31, 2024 and Consolidated Condensed Balance Sheet as of October 31, 2023. The changes in Contingent Consideration during the three months ended October 31, 2024 and 2023 were as follows (in thousands): Balance as of July 31, 2024 and 2023, respectively $ 104,200 $ 73,300 Payments (20,279) (17,057) Change in estimated fair value 2,079 3,057 Balance as of October 31, 2024 and 2023, respectively $ 86,000 $ 59,300

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Oct. 31, 2024
Segment Reporting [Abstract]
Summary Of Financial Information By Reportable Segment	The following table presents financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands): Three Months Ended October 31, 2024 2023 Net revenue: Mountain $ 173,296 $ 172,455 Lodging 86,916 81,821 Total Resort net revenue 260,212 254,276 Real Estate 63 4,289 Total net revenue $ 260,275 $ 258,565 Segment operating expense: Mountain $ 319,509 $ 312,839 Lodging 82,559 82,057 Total Resort operating expense 402,068 394,896 Real Estate 1,491 5,181 Total segment operating expense $ 403,559 $ 400,077 Gain on sale of real property $ 16,506 $ 6,285 Mountain equity investment income, net $ 2,151 $ 859 Reported EBITDA: Mountain $ (144,062) $ (139,525) Lodging 4,357 (236) Resort (139,705) (139,761) Real Estate 15,078 5,393 Total Reported EBITDA $ (124,627) $ (134,368) Real estate held for sale or investment $ 85,317 $ 86,465 Reconciliation from loss attributable to Vail Resorts, Inc. to Total Reported EBITDA: Net loss attributable to Vail Resorts, Inc. $ (172,836) $ (175,512) Net loss attributable to noncontrolling interests (8,708) (7,535) Net loss (181,544) (183,047) Benefit from income taxes (58,249) (65,160) Loss before benefit from income taxes (239,793) (248,207) Depreciation and amortization 71,633 66,728 Change in estimated fair value of contingent consideration 2,079 3,057 Loss on disposal of fixed assets and other, net 1,529 2,043 Investment income and other, net (2,493) (3,684) Foreign currency loss on intercompany loans 264 4,965 Interest expense, net 42,154 40,730 Total Reported EBITDA $ (124,627) $ (134,368)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023	Dec. 18, 2020
Long-term Debt	$ 2,775,040	$ 2,787,638	$ 2,805,786
Operating Lease, Right-of-Use Asset	254,489	256,627	187,128
Operating Lease, Liability, Noncurrent	233,304	233,465	165,462
Operating Lease, Liability, Current	34,529	32,611	38,332
Debt Instrument, Face Amount				$ 575,000
Long-term debt, net (Note 5)	2,709,955	2,721,597	2,732,037
Deferred income taxes, net	279,687	279,815	286,036
Additional paid-in capital	1,146,518	1,145,610	1,126,033
Retained earnings	524,450	780,431	619,727
EPR Secured Notes [Member]
Long-term Debt	114,162	114,162	114,162
Notes and Loans Payable	130,498
Debt Instrument, Fair Value Disclosure	175,844
Andermatt-Sedrun
Notes and Loans Payable	36,375
Debt Instrument, Fair Value Disclosure	29,970
6.50% Notes
Long-term Debt	600,000	600,000	0
Debt Instrument, Fair Value Disclosure	614,694
6.25% Notes [Member]
Long-term Debt	0	0	600,000
0.0% Convertible Notes
Long-term Debt	575,000
Debt Instrument, Fair Value Disclosure	539,937
Convertible Notes Payable
Long-term Debt	$ 575,000	$ 575,000	$ 575,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Accounts Receivable, after Allowance for Credit Loss, Current	$ 130,162	$ 105,546	$ 375,752
Deferred Revenue, Current	901,586	872,418	$ 575,766
Mountain Revenue Net	173,296	172,455
Lodging Revenue Net	86,916	81,821
Resort net revenue	260,212	254,276
Real Estate Revenue	63	4,289
Revenues	260,275	258,565
Contract with Customer, Liability, Revenue Recognized	50,200
Lift
Mountain Revenue Net	40,423	45,390
Ski School
Mountain Revenue Net	6,839	7,178
Dining
Mountain Revenue Net	20,628	18,077
Lodging Revenue Net	19,952	18,083
Retail/Rental
Mountain Revenue Net	29,526	33,474
Other
Mountain Revenue Net	75,880	68,336
Owned hotel rooms
Lodging Revenue Net	28,075	25,177
Managed condominium rooms
Lodging Revenue Net	11,705	12,003
Golf
Lodging Revenue Net	7,550	6,376
Other
Lodging Revenue Net	16,501	16,723
Lodging revenue (excluding payroll cost reimbursements) [Member]
Lodging Revenue Net	83,783	78,362
Payroll cost reimbursements
Lodging Revenue Net	$ 3,133	$ 3,459

Revenue Contract Balances (Deta

Revenue Contract Balances (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Oct. 31, 2023 USD ($)
Disaggregation of Revenue [Abstract]
Deferred revenue	$ 901,586	$ 575,766	$ 872,418
Private Club Recognized Initiation Fees Average Remaining Period	14
Trade receivables, net	$ 130,162	375,752	105,546
Disaggregation of Revenue [Line Items]
Deferred revenue	901,586	575,766	872,418
Contract with Customer, Liability, Revenue Recognized	$ 50,200
Private Club Recognized Initiation Fees Average Remaining Period	14
Trade receivables, net	$ 130,162	375,752	105,546
Capitalized Contract Cost, Net	22,700	5,200	21,800
Contract with Customer, Liability, Noncurrent	102,900	104,900	$ 107,900
Contract with Customer, Liability, Current	$ 901,600	$ 575,800

Revenue Costs to Obtain Contrac

Revenue Costs to Obtain Contracts with Customers (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023
Cost of Revenue [Abstract]
Capitalized Contract Cost, Net	$ 22.7	$ 5.2	$ 21.8

Net Income Per Common Share Net

Net Income Per Common Share Net Income per Common Share (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands				3 Months Ended
	Jan. 09, 2025	Dec. 26, 2024	Dec. 05, 2024	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024	Dec. 18, 2020
Anti-dilutive securities (in shares)				300	300
Common Stock, Dividends, Per Share, Cash Paid				$ 2.22	$ 2.06
Payments of Dividends				$ 83,145	$ 78,471
Preferred Stock, Par or Stated Value Per Share				$ 0.01	$ 0.01	$ 0.01
Dividends, Cash				$ 83,100	$ 78,500
Debt Instrument, Face Amount							$ 575,000
Net loss attributable to Vail Resorts, Inc.				$ (172,836)	$ (175,512)
Weighted-average Vail Shares outstanding				37,473	38,117
Weighted Average Number of Shares Outstanding, Basic				37,473	38,117
Effect of dilutive securities				0	0
Total shares				37,473	38,117
Earnings Per Share, Basic				$ (4.61)	$ (4.60)
Earnings Per Share, Diluted				$ (4.61)	$ (4.60)
Subsequent Event
Cash dividends declared per share			$ 2.22
Convertible Debt [Member]
Debt Instrument, Face Amount							$ 575,000
Forecast | Dividend Declared
Dividends Payable, Date to be Paid	Jan. 09, 2025
Dividends Payable, Date of Record		Dec. 26, 2024
Dividends Payable, Date Declared			Dec. 05, 2024

Net Income Per Common Share (Su

Net Income Per Common Share (Summary of Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	300	300
Net loss attributable to Vail Resorts, Inc.	$ (172,836)	$ (175,512)
Weighted-average Vail Shares outstanding	37,473	38,117
Total Weighted-average shares outstanding	37,473	38,117
Effect of dilutive securities	0	0
Total shares	37,473	38,117
Basic net loss per share attributable to Vail Resorts, Inc.	$ (4.61)	$ (4.60)
Diluted net loss per share attributable to Vail Resorts, Inc.	$ (4.61)	$ (4.60)

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Oct. 31, 2024 USD ($) $ / shares	Oct. 31, 2023 USD ($)	Oct. 31, 2024 CAD ($)	Jul. 31, 2024 USD ($)	Dec. 18, 2020 USD ($)
Gross interest expense	$ 42,200,000	$ 40,700,000
Amortization of Debt Issuance Costs	1,400,000	1,600,000
Foreign currency gain on intercompany loans	(264,000)	(4,965,000)
Long-term Debt	2,775,040,000	2,805,786,000		$ 2,787,638,000
Debt Instrument, Face Amount					$ 575,000,000
Interest Rate Swap, Notional Amount	$ 400,000,000
Derivative, Fixed Interest Rate	138%		138%
Debt Instrument, Unused Borrowing Capacity, Fee	$ 0.0030
Term Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.29%		6.29%
Long-term Debt	$ 947,461,000	1,000,000,000		959,766,000
Long-term Line of Credit	947,500,000
Credit Facility Revolver [Member]
Long-term Debt	$ 0	0		0
Debt Instrument, Basis Spread on Variable Rate	1.60%
Whistler Credit Agreement revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 300
Debt Instrument, Unused Borrowing Capacity, Fee	0.39%
Long-term Debt	$ 0	0		0
Alpine Valley Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.90%		11.90%
Long-term Debt	$ 4,600,000
Boston Mills Brandywine Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.58%		11.58%
Long-term Debt	$ 23,300,000
Jack Frost Big Boulder Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.58%		11.58%
Long-term Debt	$ 14,300,000
Mount Snow Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	12.50%		12.50%
Long-term Debt	$ 51,100,000
Hunter Mountain Secured Note [Member]
Debt Instrument, Interest Rate, Stated Percentage	9.19%		9.19%
Long-term Debt	$ 21,000,000
Convertible Notes Payable
Long-term Debt	$ 575,000,000	575,000,000		575,000,000
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 364.63
6.25% Notes [Member]
Long-term Debt	$ 0	600,000,000		0
6.50% Notes
Long-term Debt	$ 600,000,000	$ 0		$ 600,000,000

Long-Term Debt (Schedule Of Deb

Long-Term Debt (Schedule Of Debt Instruments) (Details) - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024	Dec. 18, 2020
Amortization of Debt Issuance Costs	$ 1,400,000	$ 1,600,000
Debt Instrument, Unused Borrowing Capacity, Fee	0.0030
Total debt	2,775,040,000	2,805,786,000	$ 2,787,638,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	8,040,000	4,090,000	8,888,000
Long-term Debt, Excluding Current Maturities	57,045,000	69,659,000	57,153,000
Long-term Debt, Excluding Current Maturities	2,709,955,000	2,732,037,000	2,721,597,000
Debt Instrument, Face Amount				$ 575,000,000
Term Loan [Member]
Debt Instrument, Periodic Payment	12,300,000
Total debt	$ 947,461,000	1,000,000,000	959,766,000
Fiscal year maturity	2029
Debt Instrument, Interest Rate, Stated Percentage	6.29%
Credit Facility Revolver [Member]
Total debt	$ 0	0	0
Fiscal year maturity	2029
6.25% Notes [Member]
Fiscal year maturity	2025
Convertible Notes Payable
Fiscal year maturity	2026
Whistler Credit Agreement revolver [Member]
Total debt	$ 0	0	0
EPR Secured Notes [Member]
Total debt	$ 114,162,000	114,162,000	114,162,000
EPR Secured Notes [Member] | Minimum [Member]
Fiscal year maturity	2034
EPR Secured Notes [Member] | Maximum [Member]
Fiscal year maturity	2036
Employee Housing Bonds [Member]
Total debt	$ 52,575,000	52,575,000	52,575,000
Employee Housing Bonds [Member] | Minimum [Member]
Fiscal year maturity	2027
Employee Housing Bonds [Member] | Maximum [Member]
Fiscal year maturity	2039
Canyons Obligation [Member]
Total debt	$ 370,573,000	364,825,000	369,143,000
Fiscal year maturity	2063
Other [Member]
Total debt	$ 51,537,000	33,971,000	52,017,000
Other [Member] | Minimum [Member]
Fiscal year maturity	2024
Other [Member] | Maximum [Member]
Fiscal year maturity	2037
Andermatt-Sedrun
Fiscal year maturity	2036
Whistler Employee Housing Leases
Total debt	$ 27,577,000	27,984,000	27,887,000
Fiscal year maturity	2042
6.50% Notes
Fiscal year maturity	2032
6.25% Notes [Member]
Total debt	$ 0	600,000,000	0
Convertible Debt [Member]
Debt Instrument, Face Amount				$ 575,000,000
Whistler Credit Agreement revolver [Member]
Fiscal year maturity	2028
Andermatt-Sedrun
Total debt	$ 36,155,000	37,269,000	37,088,000
6.50% Notes
Total debt	$ 600,000,000	$ 0	$ 600,000,000

Long-Term Debt (Schedule Of Agg

Long-Term Debt (Schedule Of Aggregate Maturities For Debt Outstanding) (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023
Debt Instrument [Line Items]
2025 (November 2024 through July 2025)	$ 49,958
2026	632,303
Long-Term Debt, Maturity, Year Three	74,341
Long-Term Debt, Maturity, Year Four	55,916
Long-Term Debt, Maturity, Year Five	770,109
Thereafter	1,192,413
Total debt	$ 2,775,040	$ 2,787,638	$ 2,805,786

Business Combinations and Ass_3

Business Combinations and Asset Acquisitions (Details) $ in Thousands, SFr in Millions			3 Months Ended
	May 02, 2024 USD ($)	May 02, 2024 CHF (SFr)	Jul. 31, 2024 USD ($)
Asset Acquisition [Line Items]
Business Combination, Consideration Transferred			$ 106,800
Business Acquisition [Line Items]
Business Combination, Consideration Transferred			$ 106,800
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]			The following summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed at the date the transaction was effective (in thousands): Acquisition Date Estimated Fair Value Total cash consideration paid by Vail Resorts, Inc. $ 106,809 Estimated fair value of noncontrolling interests 14,084 Total estimated purchase consideration $ 120,893 Allocation of total estimated purchase consideration: Current assets $ 21,207 Property, plant and equipment 114,232 Goodwill 2,796 Identifiable intangible assets and other assets 8,262 Liabilities (25,604) Net assets acquired $ 120,893
Crans-Montana Mountain Resort
Asset Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 106,809	SFr 97.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	21,207
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	114,232
Goodwill, Acquired During Period	2,796
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	8,262
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(25,604)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	120,893
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	106,809	SFr 97.2
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	14,084
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract]	120,893
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	21,207
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	114,232
Goodwill, Acquired During Period	2,796
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	8,262
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	25,604
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 120,893
Business Acquisition, Percentage of Voting Interests Acquired	84%

Supplementary Balance Sheet I_3

Supplementary Balance Sheet Information (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid Expense, Current	$ 75,370	$ 51,519	$ 66,750
Other Assets, Miscellaneous, Current	76,701	28,039	64,111
Other current assets	$ 152,071	$ 79,558	$ 130,861

Supplementary Balance Sheet I_4

Supplementary Balance Sheet Information (Composition Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023
Property, Plant and Equipment [Line Items]
Land and land improvements	$ 804,950	$ 804,287	$ 790,550
Buildings and building improvements	1,686,562	1,682,734	1,626,566
Machinery and equipment	1,995,020	1,984,549	1,781,980
Furniture and fixtures	320,123	316,510	302,646
Software	161,500	161,502	151,809
Vehicles	93,739	91,951	86,173
Construction in progress	178,417	116,872	185,229
Gross property, plant and equipment	5,240,311	5,158,405	4,924,953
Accumulated depreciation	(2,805,535)	(2,735,770)	(2,580,352)
Property, plant and equipment, net	$ 2,434,776	$ 2,422,635	$ 2,344,601

Supplementary Balance Sheet I_5

Supplementary Balance Sheet Information (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Trade payables	$ 141,912	$ 141,246	$ 161,581
Deferred revenue	901,586	575,766	872,418
Accrued salaries, wages and deferred compensation	57,785	60,940	57,340
Accrued benefits	43,401	44,500	42,880
Deposits	33,220	43,269	33,733
Operating Lease, Liability, Current	34,529	32,611	38,332
Other liabilities	85,561	102,466	70,241
Total accounts payable and accrued liabilities	$ 1,297,994	$ 1,000,798	$ 1,276,525

Supplementary Balance Sheet I_6

Supplementary Balance Sheet Information Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023
Goodwill [Line Items]
Goodwill	$ 1,671,080	$ 1,677,975	$ 1,668,028
Effects of changes in foreign currency exchange rates	(6,895)
Mountain [Member]
Goodwill [Line Items]
Goodwill	1,626,074	1,632,969
Effects of changes in foreign currency exchange rates	(6,895)
Lodging [Member]
Goodwill [Line Items]
Goodwill	45,006	$ 45,006
Effects of changes in foreign currency exchange rates	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Contingent Consideration	$ 86,000	$ 59,300	$ 104,200	$ 73,300
Payments for Rent	20,279	17,057
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 2,079	3,057
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Adverse Change in Other Assumption, Description	A change in the discount rate of 100 basis points or a 5% change in estimated subsequent year performance of the resort would result in a change in the estimated fair value within the range of approximately $14.6 million to $20.0 million.
Contingent Consideration, Key Assumptions for Valuation	The Company estimated the fair value of the Contingent Consideration payments using an option pricing valuation model. The estimated fair value of Contingent Consideration includes future period resort operations of Park City in the calculation of EBITDA on which participating contingent payments are made, which is determined on the basis of estimated subsequent year performance, escalated by an assumed annual growth factor and discounted to present value. Other significant assumptions included a discount rate of 11.1%, and volatility of 14.5%, which together with future period Park City EBITDA, are all unobservable inputs and thus are considered Level 3 inputs.
Money Market	$ 81,465	101,903	896
Interest Rate Cash Flow Hedge Asset at Fair Value		13,931	2,343
Net loss attributable to Vail Resorts, Inc.	$ (172,836)	$ (175,512)
Weighted-average Vail Shares outstanding	37,473	38,117
Weighted Average Number of Shares Outstanding, Basic	37,473	38,117
Effect of dilutive securities	0	0
Total shares	37,473	38,117
Earnings Per Share, Basic	$ (4.61)	$ (4.60)
Earnings Per Share, Diluted	$ (4.61)	$ (4.60)
Canyons Obligation [Member]
Business Combination, Contingent Consideration Arrangements, Description	The lease for Park City provides for participating contingent payments (the “Contingent Consideration”) to the landlord of 42% of the amount by which EBITDA for the Park City resort operations, as calculated under the lease, exceeds inflation linked threshold and an adjustment equal to 10% of any capital improvements or investments made under the lease by the Company. Contingent Consideration is classified as a liability, which is remeasured to fair value at each reporting date until the contingency is resolved.
Level 2 [Member]
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 13,931	2,343
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration	$ 86,000	59,300	104,200
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Commercial Paper	81,465	101,903	896
Commercial Paper [Member]
Commercial Paper	2,401	2,401	2,401
Commercial Paper [Member] | Level 2 [Member]
Commercial Paper	2,401	2,401	2,401
Certificates of Deposit [Member]
Commercial Paper	95,544	138,614	101,989
Certificates of Deposit [Member] | Level 2 [Member]
Commercial Paper	$ 95,544	$ 138,614	$ 101,989

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	Oct. 31, 2024 USD ($)
Amount outstanding in letters of credit	$ 96.5
Surety Bonds Outstanding	9.5
Holland Creek Metropolitan District [Member]
Amount outstanding in letters of credit	6.4
Employee Housing Bonds [Member]
Amount outstanding in letters of credit	53.4
Holland Creek Metropolitan District [Member]
Amount outstanding in letters of credit	$ 36.7

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Mountain	$ 173,296	$ 172,455
Lodging Revenue Net	86,916	81,821
Total Resort net revenue	260,212	254,276
Real Estate Revenue	63	4,289
Revenues	260,275	258,565
Mountain	319,509	312,839
Lodging	82,559	82,057
Resort operating expense	402,068	394,896
Real Estate	1,491	5,181
Total segment operating expense	403,559	400,077
Gain on sale of real property	16,506	6,285
Mountain equity investment income, net	2,151	859
Real estate held for sale or investment	85,317	86,465	$ 86,548
Net loss attributable to Vail Resorts, Inc.	(172,836)	(175,512)
Net loss attributable to noncontrolling interests	(8,708)	(7,535)
Net loss	(181,544)	(183,047)
Benefit from income taxes	(58,249)	(65,160)
Loss before benefit from income taxes	(239,793)	(248,207)
Depreciation and amortization	71,633	66,728
Change in Fair Value of Contingent Consideration	2,079	3,057
Loss on disposal of fixed assets and other, net	1,529	2,043
Investment income and other, net	(2,493)	(3,684)
Foreign currency loss on intercompany loans	264	4,965
Interest expense, net	42,154	40,730
Total Reported EBITDA	(124,627)	(134,368)
Resort [Member]
Total Reported EBITDA	(139,705)	(139,761)
Mountain [Member]
Total Reported EBITDA	(144,062)	(139,525)
Lodging [Member]
Total Reported EBITDA	4,357	(236)
Real Estate
Total Reported EBITDA	$ 15,078	$ 5,393

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Sep. 25, 2024	Jul. 31, 2024	Mar. 07, 2023	Dec. 04, 2015	Jul. 16, 2008	Mar. 09, 2006
Accelerated Share Repurchases [Line Items]
Number of shares authorized to repurchase	11,100,000							3,000,000
Additional number of shares authorized to repurchase			1,100,000		2,500,000	1,500,000	3,000,000
Number of shares repurchased since inception	9,484,480	8,885,000		9,370,000
Value of stock repurchased since inception	$ 1,149,400
Remaining shares available for repurchase under existing program	1,615,520
Treasury Stock, Shares, Acquired	114,800	237,056
Payments for Repurchase of Common Stock	$ 20,000	$ 50,000