Vail Resorts is a public company, so what it is worth on any day is its share price times its number of shares, and the price changes every trading day. The company trades on the New York Stock Exchange as MTN and had 35,633,526 shares outstanding on June 3, 2026, so each $10 on the share price moves its market value by about $356 million. The dated figures below come from its SEC filings.
Market value: what the filings give you
| Measure | Figure | As of |
|---|---|---|
| Shares outstanding | 35,633,526 | June 3, 2026 (quarterly report) |
| Shares outstanding | 35,884,970 | September 24, 2025 (annual report) |
| Market value held by non-affiliates | $6,277,849,993, at $170.12 a share | January 31, 2025 (annual report cover) |
| Sensitivity | $10 on the share price is about $356 million | Arithmetic on 35.6 million shares |
The January 2025 figure counts only shares held by non-affiliates, so it understates the whole company, and it reflects the share price on that one day.
What the company owns
Vail Resorts operates 42 destination mountain resorts and regional ski areas. Five of them, Vail Mountain, Breckenridge, Park City, Keystone and Beaver Creek, ranked among the ten most visited U.S. resorts in 2024/25. The list of resorts Vail Resorts owns shows where they are, and the Whistler Blackcomb purchase was added in 2016. The Mountain segment produced about 89 percent of fiscal 2025 net revenue and Lodging about 11 percent.
Revenue and earnings, fiscal 2023 to 2025
The fiscal year ends July 31. Revenue barely moved over three years while net income dipped and recovered:
| Fiscal year | Total net revenue | Net income attributable to Vail Resorts |
|---|---|---|
| 2023 | $2,889.4 million | $265.8 million |
| 2024 | $2,885.2 million | $231.1 million |
| 2025 | $2,964.3 million | $280.0 million |
The Epic Pass in the numbers
Pass products, mainly the Epic Pass and Epic Day Pass, generated about 65 percent of lift revenue and about 75 percent of visitation in fiscal 2025, excluding complimentary access. Passes are bought before the season, which means much of the revenue arrives before the snow does; the annual report describes that as a source of stability against weather. For what the pass covers on a trip, see the Epic Pass listing and how much lift tickets at Vail cost.
The 2025/26 winter
The latest quarterly report covers the nine months to April 30, 2026. Net revenue was $2,560.1 million against $2,693.1 million a year earlier, and net income attributable to Vail Resorts was $337.7 million against $460.9 million. In its June 8, 2026 results release the company called weather conditions extremely unfavorable, following what it described as one of the most challenging winters in history across the western United States, with the heaviest pressure on destination resorts in the Rockies. It cut its fiscal 2026 forecast to net income attributable to Vail Resorts of $128 million to $162 million, compared with $280.0 million in fiscal 2025.
The same release put pass sales for the coming season through May 26, 2026 down about 10 percent in units and about 5 percent in dollars, with the weakest trends in Colorado, Utah and Lake Tahoe.
Debt
Market value is only part of the picture, because the company also carries debt. At July 31, 2025 it reported total debt of $3,194.3 million and cash of $440.3 million, for net debt of $2,754.0 million. Total debt was $3,022.4 million at April 30, 2026.
Where to find a live figure
For a current market capitalization, take a live quote from a broker or the exchange and multiply it by the share count above. The company's filings are on the SEC's EDGAR system under Vail Resorts, Inc., including the fiscal 2025 annual report and the quarterly report for the period ended April 30, 2026. Nothing here is investment advice.
If you came for the ownership question rather than the valuation, who owns Vail ski resort covers it.
