Vail Resorts, Inc. (MTN)

In May 2025, Vail Resorts' stock price increased following the announcement that Rob Katz would be stepping back into the leadership role. In June 2025, Vail Resorts reported its fiscal Q1 2025 results, showing a net loss of $172.8 million, with Q1 net revenue increasing by 0.7% year-over-year to $260.3 million. By September 2025, the company's stock performance showed a total return of -17.18%, and season-to-date Epic Pass sales showed a 3% year-over-year decline in units. In November 2025, Vail Resorts announced that Epic Passes for the 2025/2026 season would go off sale on December 4, 2025, and appointed Celeste Burgoyne as Executive Vice President & Chief Revenue Officer. The stock price as of November 21, 2025, was $137.15 per share, representing a decline of 26.71% from November 25, 2024.

Vail Resorts' business is inherently seasonal, with its mountain operations heavily reliant on winter sports. The first fiscal quarter almost always reports a loss, with the second and third quarters typically representing the majority of the year's performance. To mitigate the impact of weather risk and seasonality, Vail Resorts employs an "advanced commitment" business model, primarily through its Epic Pass program. The company also operates many destination mountain resorts year-round, offering summer activities like mountain biking and hiking to diversify its appeal. Skier visits have seen declines in recent years, indicating a potential normalization of industry demand and economic headwinds affecting discretionary spending.

Vail Resorts, Inc. is a holding company that operates as a premier mountain resort company. The company operates in three segments: Mountain, Lodging, and Real Estate. The Mountain segment focuses on operating mountain resort properties and urban ski areas, generating revenue from lift ticket sales, ski schools, dining, retail, and rental services. The Lodging segment owns and manages luxury hotels, other lodging properties, condominiums near mountain resorts, destination resorts, and golf courses, also offering resort ground transportation services. The Real Estate segment is involved in owning, developing, and selling real estate properties in and around the company's resort communities.

Vail Resorts operates 42 mountain resorts across four countries, including the United States, Canada, Australia, and Switzerland. Notable locations include Vail, Beaver Creek, Breckenridge, Keystone, and Crested Butte in Colorado, Northstar California, Kirkwood Mountain Resort, and Heavenly Mountain Resort on the California-Nevada border. In Canada, it operates Whistler Blackcomb. Australian resorts include Perisher, Hotham, and Falls Creek. The company has also expanded into Europe with Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland. Vail Resorts also has a presence in regional ski areas across the Northeast, Mid-Atlantic, Midwest, and Pacific Northwest in the U.S.

Vail Resorts has received several recognitions for its brand reputation in the past year. In November 2024, Newsweek recognized Vail Resorts as one of America's Most Admired Workplaces of 2025. In April 2025, for the third consecutive year, Newsweek named Vail Resorts one of America's Most Trustworthy Companies for 2025. Additionally, Vail Resorts was named one of TIME's "America's Best Mid-Sized Companies of 2024" and Fast Company's "Most Innovative Companies of 2024."

Vail Resorts, Inc. is a publicly traded company with a diverse group of investors. Institutional investors hold a significant portion of the company's shares, with 914 institutional owners and shareholders holding a total of 61,198,622 shares as of recent filings. Major institutional owners include Bamco Inc /ny/, Capital International Investors, Vanguard Group Inc, BlackRock, Inc., Capital World Investors, and Baron Capital Group, Inc. As of April 2025, institutional investors held 56,601,198 shares, representing a substantial 72.76% of the company's stock.