Vail Resorts (MTN) Q2 2025 earnings summary

Executive summary

• Net income for Q2 FY2025 was $245.5M ($6.56/diluted share), up 12% from $219.3M ($5.76/diluted share) year-over-year.

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

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.

• Retail/rental revenue decreased 0.7% for the quarter and 2.9% season-to-date.

• Cash flow from operations for six months was $608.7M, up from $571.2M year-over-year.

Outlook and guidance

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

• Guidance includes $15M in one-time transformation costs, $1M acquisition costs, and $7M FX impact.

• Implied FY2025 Resort EBITDA margin ~28.8% (29.3% before one-time costs).

• Pass sales for 2025/2026 launched with expanded Verbier 4 Vallées access and 7% average price increase.

• Sufficient liquidity expected from cash, credit facilities, and operating cash flows to fund operations and capital plans.