{
  "url": "https://struct.news/briefs/vails-weather-hit-year-cut-sales-4-but-earnings-fell-47",
  "title": "Vail's weather-hit year cut sales 4%, but earnings fell 47%",
  "summary": "A $525 million convertible-note repayment reshaped Vail's cash flows even as weaker snowfall cut lift revenue by $52.1 million.",
  "published_at": "2026-09-28T20:22:56.692263+00:00",
  "publisher": "Struct",
  "usage": "Figures are as reported by the company. Quote with attribution to the source filing.",
  "company": {
    "name": "Vail Resorts, Inc.",
    "ticker": "MTN",
    "cik": "812011",
    "sector": "Consumer Cyclical",
    "industry": "Resorts & Casinos"
  },
  "source_filing": {
    "form": "10-K",
    "filed": "2026-09-28",
    "accession": "0000812011-26-000049",
    "url": "https://www.sec.gov/Archives/edgar/data/812011/000081201126000049/mtn-20260731.htm"
  },
  "comparison_filing": {
    "form": "10-K",
    "filed": "2025-09-29",
    "url": "https://www.sec.gov/Archives/edgar/data/812011/000081201125000104/mtn-20250731.htm"
  },
  "reported_figures": [
    {
      "group": "The filing in three numbers",
      "label": "Revenue",
      "value": 2964347000,
      "display": "$3.0B",
      "unit": "usd",
      "period": "2025-07-31",
      "detail": null,
      "source": {
        "kind": "sec_filing",
        "label": "Filed company results",
        "form": "10-K",
        "accession": "0000812011-26-000049",
        "filing_date": "2026-09-28"
      }
    },
    {
      "group": "The filing in three numbers",
      "label": "Revenue YoY",
      "value": 2.7435272049580073,
      "display": "+2.7%",
      "unit": "percent",
      "period": "2025-07-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-K",
        "accession": "0000812011-26-000049",
        "filing_date": "2026-09-28"
      }
    },
    {
      "group": "The filing in three numbers",
      "label": "Operating margin",
      "value": 18.889826326000296,
      "display": "+18.9%",
      "unit": "percent",
      "period": "2025-07-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-K",
        "accession": "0000812011-26-000049",
        "filing_date": "2026-09-28"
      }
    }
  ],
  "watch_next": [
    {
      "type": "liquidity_financing",
      "statement": "Vail repaid the remaining 0.0% convertible notes and used additional credit-agreement borrowings to fund the financing transition.",
      "importance": "high",
      "evidence": "Net cash used in financing activities increased by $178.4 million during Fiscal 2026 compared to Fiscal 2025, primarily driven by the repayment upon maturity of the remaining $525.0 million aggregate principal amount of the 0.0% Convertible Notes",
      "source_date": "2026-09-28"
    },
    {
      "type": "demand",
      "statement": "Paid lift revenue and skier visitation fell as record-low snowfall and warm temperatures reduced demand across western U.S. resorts.",
      "importance": "medium",
      "evidence": "Lift revenue decreased $52.1 million, or 3.5%, primarily due to a decrease in paid lift revenue of 17.5%, driven by a decrease in both Destination and Local skier visitation",
      "source_date": "2026-09-28"
    },
    {
      "type": "working_capital",
      "statement": "Inventory increased while revenue declined, raising inventory intensity for the annual period.",
      "importance": "medium",
      "evidence": "Inventory built faster than revenue: Inventory growth exceeded revenue growth and inventory intensity increased.",
      "source_date": "2026-09-28"
    },
    {
      "type": "capital_investment",
      "statement": "Vail expects resort capital spending to remain significant, subject to operating performance and discretionary projects.",
      "importance": "medium",
      "evidence": "We have historically invested significant amounts of cash in capital expenditures for our resort operations, and we expect to continue to do so, subject to operating performance particularly as it relates to discretionary projects.",
      "source_date": "2026-09-28"
    }
  ],
  "related_tickers": [
    "MTN"
  ],
  "disclaimer": "Descriptive reporting of filed results. Not investment advice, and contains no forecast or recommendation."
}