Executive Summary

Resort Reported EBITDA grew 8.1% year over year to $459.7M on resort net revenue of $1.137B, driven by improved conditions and strong ancillary spend per destination guest, while destination visitation shifted later in the season; diluted EPS was $6.56 versus $5.76 last year .
Guidance: Net income raised to $257–$309M; Resort Reported EBITDA updated to $841–$877M, with the midpoint unchanged ex-FX (-$7M FX impact); implied resort EBITDA margin ~28.8% (29.3% before one-time costs) .
Capital allocation: dividend maintained at $2.22 per share, $20M buybacks at ~$196/share; liquidity ~$1.7B; net debt at 2.5x TTM total reported EBITDA .
Season-to-date (through Mar 2): total skier visits -2.5%, lift ticket revenue +4.1% (with pass allocation), ski school +3.0%, dining +3.1%, retail/rental -2.9%—reflecting stronger local mix and expected destination shift to spring .
Catalysts: maintained EBITDA midpoint; strong East Coast non-pass growth; Epic Pass launch with 7% average price increase and expanded Verbier access; operational efficiency plan tracking toward $100M annualized savings by FY26 .

What Went Well and What Went Wrong

What Went Well

Resort EBITDA +8.1% to $459.7M on revenue +5.5% to $1.137B; diluted EPS rose to $6.56, reflecting improved conditions and strong operational execution .
East Coast strength: non-pass lift revenue +17.5%, aiding total lift revenue +6.9% to $644.9M; dining +10.8%, ski school +5.0% .
Management: “We are pleased with our overall results for the quarter… our season pass program, investments in the guest experience, and strong execution” (CEO Kirsten Lynch) .

What Went Wrong

Western destination visitation below prior year; ancillary revenue mix pressured by fewer destination guests despite strong per-visit spend .
Lodging net revenue fell 4.3% to $70.2M; Lodging Reported EBITDA down 56.5% YoY, with lower property tax refunds and destination demand softness .
Park City pressure: 13-day patrol union strike hurt guest experience; credits issued to passholders (program cost not disclosed, described as not material and included in guidance) .

Financial Results

Quarterly Trend (prior two quarters to current)

Metric (USD)	Q4 2024	Q1 2025	Q2 2025
Resort Net Revenue ($MM)	$265.300	$260.212	$1,137.054
Resort Reported EBITDA ($MM)	$(114.566)	$(139.705)	$459.663
Diluted EPS ($)	$(4.67)	$(4.61)	$6.56
Resort EBITDA Margin % (calc)	(43.2%)	(53.7%)	40.4%
Wall St. Consensus (Rev/EPS)	—	—	—

Note: Wall Street consensus from S&P Global was unavailable due to API rate limit; estimate comparisons could not be shown. Values would be retrieved from S&P Global.

Year-over-Year (Q2 2025 vs Q2 2024)

Metric (USD)	Q2 2024	Q2 2025	YoY Change
Resort Net Revenue ($MM)	$1,077.798	$1,137.054	+5.5%
Resort Reported EBITDA ($MM)	$425.046	$459.663	+8.1%
Diluted EPS ($)	$5.76	$6.56	+13.9%
Resort EBITDA Margin % (calc)	39.4%	40.4%	+100 bps

Segment Breakdown (Q2)

Segment ($MM)	Q2 2024	Q2 2025	Change
Lift Revenue	$603.459	$644.918	+6.9%
Ski School	$126.629	$133.009	+5.0%
Dining	$82.060	$90.907	+10.8%
Retail/Rental	$136.156	$135.159	(0.7%)
Other	$51.677	$59.101	+14.4%
Total Mountain Net Revenue	$999.981	$1,063.094	+6.3%
Lodging Net Revenue (ex. payroll reimb.)	$73.322	$70.189	(4.3%)
Mountain Reported EBITDA	$420.340	$457.616	+8.9%
Lodging Reported EBITDA	$4.706	$2.047	(56.5%)

KPIs

KPI	Q2 2024	Q2 2025	Notes
Total Skier Visits (000s)	7,264	7,755	+6.8% YoY
Effective Ticket Price (ETP) ($)	$83.08	$83.16	Flat YoY
Lodging ADR – Owned ($)	$317.51	$311.52	(1.9%) YoY
Lodging RevPAR – Owned ($)	$140.65	$140.06	(0.4%) YoY
ADR – Managed Condos ($)	$522.29	$504.70	(3.4%) YoY
RevPAR – Managed Condos ($)	$164.43	$159.72	(2.9%) YoY

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Income Attributable to Vail Resorts ($MM)	FY2025	$240–$316	$257–$309	Narrowed; midpoint modestly up
Resort Reported EBITDA ($MM)	FY2025	$838–$894	$841–$877	Range narrowed; midpoint unchanged ex-FX (-$7M)
Resort EBITDA Margin (Implied)	FY2025	~28.6% midpoint	~28.8% (29.3% before one-time costs)	Slightly higher
One-time Costs (Resource Efficiency)	FY2025	$15M	$15M	Maintained
FX Assumptions	FY2025	CAD/USD $0.74; AUD/USD $0.67; CHF/USD $1.18	CAD/USD $0.70; AUD/USD $0.63; CHF/USD $1.13	Updated
Dividend	Quarterly	$2.22/share	$2.22/share	Maintained
Share Repurchases	Q2	n/a	~$20M (~0.1M shares at ~$196)	Executed

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 FY24 and Q1 FY25)	Current Period (Q2 FY25)	Trend
Resource Efficiency Plan	Launched two-year plan toward $100M annualized savings by FY26; ~$27M efficiencies in FY25, $15M one-time costs	“On track” toward FY25 efficiencies and FY26 $100M run-rate	Execution progressing
AI/Technology (My Epic App, Assistant, Gear)	Expanded Mobile Pass; AI assistant pilot planned; My Epic Gear launch logistics investment	Emphasized reducing friction; lift lines >10 min ~3% of time; more advanced AI for My Epic Assistant; My Epic Gear early learnings and 40–50k members target	Scaling capabilities
Regional Trends	East variability; Whistler bookings lagging early; Australia weak due to record low snowfall	East Coast strong non-pass revenue; Western destination below prior year; Whistler improving but still lagging U.S. markets	East up; West destination mixed
Tariffs/Macro	n/a	No overt impact seen yet; monitoring Canadian/U.S. border market dynamics	Watchful
Pass Strategy & Pricing	Pass units -2%/+4% dollars; renewal strength; Epic Day Pass growth	7% average price increase; expanded Verbier access; management confident in elasticity balance	Value-proposition reinforced
Labor/Unions	Resource plan affects labor efficiencies; staffing confidence	Park City strike acknowledged; contracts reached at Keystone and Crested Butte; labor contracts not materially impacting outlook	Labor stability improving
Europe Expansion	Andermatt-Sedrun capex; early Crans-Montana integration	Learning European market/ops; focus on intra-Europe destination demand	Building presence

Management Commentary

“We are pleased with our overall results for the quarter, with 8% growth in Resort Reported EBITDA compared to the prior year… stability provided by our season pass program, our investments in the guest experience, and the strong execution of our teams” — CEO Kirsten Lynch .
“Excluding a $7 million impact from the change in foreign currency rates, the Company’s Resort Reported EBITDA guidance midpoint… is unchanged” — CFO Angela Korch .
“Our award-winning digital innovations such as Mobile Pass, My Epic Assistant and My Epic Gear have significantly reduced friction… lift lines lasting more than 10 minutes have occurred approximately 3% of the time” — CEO Kirsten Lynch .
“We did ultimately reach an agreement… Keystone Patrol union as well as our Crested Butte Lift Maintenance Unit” — CEO Kirsten Lynch on labor agreements .

Q&A Highlights

Visitation mix and timing: Q2 North America visitation slightly above prior year; February contracted as expected; spring destination visitation expected to improve versus season-to-date (but not positive for full year) .
East Coast strength and ancillary mix: non-pass lift revenue +17.5% driven by improved conditions; dining and ski school strong; retail/rental pressured by local mix and competitive dynamics .
Pass pricing and elasticity: 7% across the board; management confident pricing remains above inflation without overly testing elasticity; clarified Day Pass was not up 25–30% .
Park City guest recovery: credits up to 50% (min 25%) toward next season passes; cost not disclosed, “not material” and included in guidance .
Dividend commitment and capital priorities: dividend reaffirmed; disciplined capital allocation with strong free cash flow confidence .

Estimates Context

S&P Global consensus for Q2 FY2025 revenue and EPS was not retrievable due to API rate limits, so beats/misses versus estimates cannot be shown. Values would be retrieved from S&P Global.

Where estimates may need to adjust: Given revenue +5.5% YoY and Resort EBITDA +8.1% YoY with stronger East non-pass performance and maintained EBITDA midpoint ex-FX, sell-side models may lift ancillary assumptions and margin trajectory while keeping caution on destination visitation timing and lodging softness .

Key Takeaways for Investors

Solid quarter: Resort EBITDA +8.1% and EPS +13.9% YoY underline operational resilience despite destination visitation shifting later; East Coast non-pass strength offsets West softness .
Guidance quality: Midpoint unchanged ex-FX; slight margin uplift implied; cost transformation on track—supportive for medium-term margin recovery toward pre-COVID levels .
Mix watch: Local-heavy mix pressures lodging and retail/rental; destination flow-through resumes in spring; monitor lodging bookings trajectory and Whistler normalization .
Pass strategy durable: 7% price increase with expanded Verbier access strengthens value proposition; elasticity managed; watch unit trajectory this selling season .
Capital flexibility: Dividend maintained, buybacks ongoing, liquidity ~$1.7B and net leverage 2.5x—capacity to refinance 0% converts due 2026 via delayed draw term loans if needed .
Near-term trading: Positive narrative on margin discipline and tech-driven guest experience; potential upside if spring destination visitation materializes; FX remains a modest headwind .
Medium-term thesis: Efficiency plan + ancillary innovation (AI, My Epic Gear) + disciplined pricing support margin expansion and cash returns, while Europe adds optionality for long-term growth .

Sources: Q2 FY2025 press release and 8-K Exhibit 99.1 **[812011_20250310LA37715:0]**-**[812011_20250310LA37715:14]**; Q2 FY2025 earnings call transcripts **[812011_MTN_3419956_0]**-**[812011_MTN_3419956_25]** **[812011_1974804_0]**-**[812011_1974804_17]**; prior quarter Q1 FY2025 press release and call **[812011_20241209LA75505:0]**-**[812011_20241209LA75505:15]** **[812011_MTN_3411171_0]**-**[812011_MTN_3411171_27]**; FY2024 Q4 press release **[812011_20240926LA17138:0]**-**[812011_20240926LA17138:17]**; Epic Pass launch press release **[812011_20250304LA32357:0]**-**[812011_20250304LA32357:2]**.

VAIL RESORTS INC (MTN)·Q2 2025 Earnings Summary