Vail Resorts Financial Statements FY2022-FY2026

Vail Resorts, Inc. (MTN) Financial Statements in Beancount — Open Ledger

Vail Resorts' income statement and balance sheet, FY2022 through FY2026, as a public, auditable plain-text Beancount ledger — reconstructed line by line from the company's own Form 10-K filings and version-controlled in git. Part of the Open Ledger project on beancount.io.

Browse it live: beancount.io/ledger/open_ledger/vail-resorts

Latest analysis: Vail Resorts FY2026: Skier Visits Fell 13.4%, Profit Fell 47%

Key Figures

Amounts in MUSD (millions of US dollars), exactly as the ledger records them.

What's Inside

Fiscal years end July 31; SEC CIK 0000812011. Each year comes from its own audited Form 10-K, as originally filed. The fiscal 2025 Form 10-K revised fiscal 2023 and fiscal 2024 for immaterial errors; those two period files keep the originally filed amounts and state the revised totals in their banners. Season-pass and other advance sales sit in Liabilities:Current:DeferredRevenue, read from the Form 10-K note that breaks down the balance-sheet caption "accounts payable and accrued liabilities". Net income is net income attributable to Vail Resorts, Inc.

Quick Start

uvx --from beancount bean-check main.bean
uvx --from beanquery bean-query main.bean \
  "SELECT year, sum(position) WHERE account ~ '^Income:Revenue' GROUP BY year ORDER BY year"

Zero output from bean-check means the ledger is internally consistent: every
income statement sums to zero and every balance-sheet snapshot reconciles to
the filed totals. The query prints revenue by calendar year; income is a
credit, so it shows as a negative number. Open main.bean in Fava
or import it into beancount.io to explore it visually.

Methodology

• Balance sheet — pad / balance directives assert each period-end
  figure against the filing named in that period file's source banner.
• Income statement — one zero-sum transaction per period: Income
  negative (credit), Expenses positive (debit), with the arithmetic check in
  a comment directly above it.
• Unit — MUSD; 2,838.204 MUSD means 2,838.204 million US dollars.
• Additional accounts — Assets:Current:RestrictedCash,
  Assets:Current:Inventory, Assets:NonCurrent:OperatingLeaseRightOfUse,
  Liabilities:Current:OperatingLeases,
  Liabilities:NonCurrent:OperatingLeases, Equity:TreasuryStock,
  Equity:NoncontrollingInterests, opened beyond the standard chart (see each
  account's open line in main.bean).
• Precision — the filings report USD thousands; amounts keep three
  decimals of MUSD, so every figure equals the filed number exactly.
• Deferred revenue — the balance sheet shows one caption, "accounts
  payable and accrued liabilities". Note 8 of each Form 10-K breaks it into
  trade payables (Liabilities:Current:AccountsPayable), deferred revenue
  (Liabilities:Current:DeferredRevenue), current operating lease liabilities
  (Liabilities:Current:OperatingLeases) and accruals, which sit itemized in
  Liabilities:Current:Other with income taxes payable. Long-term deferred
  revenue, mainly private club initiation fees, is inside "other long-term
  liabilities" in Liabilities:NonCurrent:Other.
• Fiscal 2024 footing — the Note 8 components as filed sum to 1,000.799
  MUSD while the note's total and the balance-sheet caption read 1,000.798.
  Liabilities:Current:Other is the residual to the caption total, so the
  balance sheet ties to the filing.
• Operating expenses — Expenses:CostOfRevenue carries four labeled
  postings: Mountain and Lodging operating expense, retail and dining cost of
  products sold, Real Estate operating expense, and depreciation and
  amortization (which the filing shows on its own line).
  Expenses:SellingGeneralAdministrative is general and administrative.
• Expenses:OtherNet — separate labeled postings for the gain on sale of
  real property, the change in estimated fair value of contingent
  consideration, the gain or loss on disposal of fixed assets, interest
  expense net, Mountain equity investment income, investment income and other,
  and the foreign currency gain or loss on intercompany loans. Every covered
  year nets to an expense, so Income:OtherNet carries no balance.
• Noncontrolling interests — the balance is Equity:NoncontrollingInterests;
  the year's net income attributable to noncontrolling interests is a labeled
  Expenses:OtherNet posting, deducted as the filing deducts it, so each
  transaction's offset is net income attributable to Vail Resorts, Inc.
• Short-term certificates of deposit — a balance-sheet caption from fiscal
  2026 only, held in Assets:Current:ShortTermInvestments.
• Residual lines — Assets:NonCurrent:Other (real estate held for sale or
  investment, other assets) and Liabilities:NonCurrent:Other (other
  long-term liabilities, deferred income taxes) are itemized in each period
  file's comments and reconcile to the filed subtotals.
• Unposted accounts — the filings show no research and development line,
  so Expenses:ResearchAndDevelopment carries no balance. Reported EBITDA and
  Net Debt are non-GAAP measures and are not entries.

Analysis

• Vail Resorts FY2026: Skier Visits Fell 13.4%, Profit Fell 47% — FY2026

Corrections

Found a figure that does not match the filing? Email
[email protected] with the period, the account
and the filing page. Corrections are committed with the source cited.

About Open Ledger

Open Ledger is a growing library of public-company financial statements
published as plain-text accounting at
beancount.io/ledger — git-versioned, diffable
across companies, and auditable against primary filings. Read the analysis
behind the numbers on the beancount.io blog.

Disclaimer

This ledger is an independent reconstruction of Vail Resorts, Inc.'s publicly filed
financial statements, provided for educational and informational purposes
only. It is not investment, financial, legal, tax, or accounting advice, and
is not an offer or recommendation to buy or sell any security. Beancount.io is
not affiliated with, endorsed by, or sponsored by Vail Resorts, Inc.; all trademarks
belong to their respective owners. Figures may contain errors, omissions, or
simplifications and may lag the latest filings — the company's own regulatory
filings are the authoritative source. Provided "as is" without warranty of any
kind; use at your own risk.