Vail Resorts (MTN) Q2 2025 earnings summary

Executive summary

• Net income for Q2 FY2025 was $245.5M ($6.56/share), up 12% year-over-year, driven by improved weather, increased skier visitation, and strong local and ancillary spend.

• Resort Reported EBITDA grew 8% to $459.7M, including $2.9M in one-time transformation costs and $0.1M in acquisition expenses.

• Season-to-date skier visits declined 2.5%, but lift ticket revenue rose 4.1% and ancillary spend per guest was strong.

• Acquisition of Crans-Montana in Switzerland completed, expanding European presence.

• Board declared a $2.22/share dividend and repurchased $20M in shares during the quarter; strong liquidity and available credit facilities.

Financial highlights

• Q2 FY2025 net revenue was $1.14B, up 5.5% year-over-year; Mountain segment net revenue rose 6.3% to $1.06B.

• Mountain Reported EBITDA for Q2 was $457.6M, up 8.9%; Resort EBITDA margin guidance for FY2025 is 28.8% (29.3% before one-time costs).

• Lodging segment net revenue fell 4.3% to $70.2M; Lodging Reported EBITDA dropped 56.5% to $2.0M.

• Cash and liquidity as of Jan 31, 2025, was $1.7B, including $488M cash and expanded credit facilities.

• Quarterly dividend of $2.22/share declared; $20M in share repurchases during the quarter.

Outlook and guidance

• FY2025 net income expected between $257M and $309M; Resort Reported EBITDA guidance $841M–$877M.

• FY2025 EBITDA guidance midpoint unchanged, excluding $7M FX headwind; guidance includes $15M in one-time transformation costs and $1M in acquisition expenses.

• Expecting improved performance for the remainder of the season, driven by pre-committed guests and strong lodging bookings.

• Guidance assumes continued economic stability, normalization to pre-COVID guest behavior, and normal weather.