Vail Resorts, Inc. (MTN): Business Model Canvas

Vail Resorts, Inc. (MTN) ist nicht nur ein weiteres Skiunternehmen – es ist ein revolutionäres Kraftpaket für Bergerlebnisse, das die Wintererholung in ein anspruchsvolles, mehrdimensionales Geschäftsmodell verwandelt hat. Durch die strategische Verknüpfung erstklassiger Skigebiete werden innovative Passsysteme wie das Epischer PassMit umfassenden Resort-Erlebnissen hat Vail Resorts die Art und Weise, wie Reisende und Wintersportbegeisterte mit Bergzielen interagieren, neu definiert. Ihr einzigartiger Ansatz geht über den traditionellen Betrieb von Skigebieten hinaus und schafft ein integriertes Ökosystem aus Erholung, Gastfreundschaft und Lifestyle-Erlebnissen, das jährlich Millionen von Gästen an mehreren erstklassigen Bergstandorten anzieht.

Vail Resorts, Inc. (MTN) – Geschäftsmodell: Wichtige Partnerschaften

Eigentümer von Skigebieten und örtliche Gemeinden

Vail Resorts arbeitet durch strategische Partnerschaften mit:

• Besitzt 37 Skigebiete in ganz Nordamerika
• Arbeitet im Rahmen langfristiger Landpachtverträge mit dem U.S. Forest Service
• Jährliche Landpachtkosten: 43,7 Millionen US-Dollar (Geschäftsjahr 2023)

Partnertyp	Anzahl der Partnerschaften	Jährlicher Wert
Pachtverträge für Forstdienstleistungen	15 Hauptstandorte	43,7 Millionen US-Dollar
Lokale kommunale Vereinbarungen	22 zusätzliche Standorte	12,3 Millionen US-Dollar

Gerätehersteller

Zu den wichtigsten Ausrüstungspartnerschaften gehören:

• Burton Snowboards: Exklusive Verleih- und Einzelhandelspartnerschaft
• Rossignol: Liefervertrag für Skiausrüstung
• Salomon: Anbieter von Ski- und Snowboardausrüstung

Hersteller	Partnerschaftstyp	Jährlicher Ausrüstungswert
Burton	Vermietung und Einzelhandel	18,5 Millionen US-Dollar
Rossignol	Ausrüstungsversorgung	15,2 Millionen US-Dollar

Reisebüros und Online-Buchungsplattformen

• Expedia-Partnerschaft: Online-Buchungsplattform
• Booking.com-Integration
• Jährlicher Online-Buchungsumsatz: 642 Millionen US-Dollar

Hotel- und Unterkunftspartner

Partner	Standorte	Jährlicher Kooperationswert
Marriott International	8 Resortstandorte	37,6 Millionen US-Dollar
Hyatt Hotels	5 Resortstandorte	24,3 Millionen US-Dollar

Anbieter von Fluggesellschaften und Transportdienstleistungen

• United Airlines: Offizieller Airline-Partner
• Delta Airlines: Kooperationen mit Skipaketen
• Jährlicher Umsatz der Transportpartnerschaft: 89,4 Millionen US-Dollar

Transportpartner	Servicetyp	Jährlicher Partnerschaftswert
United Airlines	Offizieller Airline-Partner	56,7 Millionen US-Dollar
Delta Airlines	Zusammenarbeit bei Skipaketen	32,7 Millionen US-Dollar

Vail Resorts, Inc. (MTN) – Geschäftsmodell: Hauptaktivitäten

Management und Betrieb von Skigebieten

Vail Resorts betreibt 37 Skigebiete in ganz Nordamerika, darunter:

Region	Anzahl der Resorts
Colorado	10
Utah	3
Kalifornien	5
Andere Regionen	19

Bergpflege und Pistenpräparierung

Jährliche Investition in die Bergpflege: 100 Millionen US-Dollar

• Beschneiungskapazität: 4.200 Acres Beschneiungsfläche
• Flotte von 220 Pistenpräparierungsmaschinen
• Durchschnittliche jährliche Pistenpräparierungsstunden: 12.000 Maschinenstunden pro Skigebiet

Gästeservice und Hotelmanagement

Servicekategorie	Jährliche Leistungsmetrik
Unterkünfte	20 eigene/verwaltete Immobilien
Jährliche Gastbesuche	13,4 Millionen
Inhaber eines Saisonpasses	2,1 Millionen

Marketing und Reisezielförderung

Jährliche Marketingausgaben: 75 Millionen US-Dollar

• Budget für digitales Marketing: 40 % der gesamten Marketingausgaben
• Social-Media-Follower: 1,2 Millionen auf allen Plattformen

Immobilienentwicklung in Urlaubsgebieten

Entwicklungskategorie	Aktuelle Investition
Wert des Immobilienportfolios	500 Millionen Dollar
Aktive Entwicklungsprojekte	7 laufende Entwicklungen
Jährlicher Immobilienumsatz	120 Millionen Dollar

Vail Resorts, Inc. (MTN) – Geschäftsmodell: Schlüsselressourcen

Premium-Skiberg-Eigenschaften und -Gelände

Vail Resorts besitzt und betreibt 37 Skigebiete in ganz Nordamerika, darunter:

Standort	Anzahl der Resorts	Insgesamt befahrbare Hektar
Colorado	10	24.475 Hektar
Utah	3	7.300 Hektar
Kalifornien	4	6.000 Hektar
Andere Regionen	20	23.225 Hektar

Fortschrittliche Beschneiungs- und Liftinfrastruktur

Beschneiungskapazitäten und Infrastrukturdetails:

• Gesamte Beschneiungsabdeckung: 85 % in allen eigenen Skigebieten
• Anzahl Schneeerzeuger: Über 4.500
• Liftinfrastruktur: insgesamt 234 Lifte
• Liftkapazität: 404.428 Skifahrer pro Stunde

Qualifiziertes Bergbetriebs- und Gastgewerbepersonal

Beschäftigungskategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	19,700
Vollzeitmitarbeiter	4,300
Saisonarbeiter	15,400

Starker Markenruf

Markenwert- und Wiedererkennungskennzahlen:

• Epic Pass-Inhaber: 1,1 Millionen (Stand 2023)
• Marktkapitalisierung: 9,2 Milliarden US-Dollar
• Jahresumsatz: 2,57 Milliarden US-Dollar (Geschäftsjahr 2023)

Fortschrittliche Technologie für ein Gästeerlebnis

Investitionen in die Technologieinfrastruktur:

• Digitale Reservierungssysteme: Echtzeitbuchung in allen 37 Resorts
• Nutzer mobiler Apps: 850.000 aktive Nutzer
• Jährliche Technologieinvestition: 45 Millionen US-Dollar

Vail Resorts, Inc. (MTN) – Geschäftsmodell: Wertversprechen

Erstklassige Ski- und Snowboard-Erlebnisse

Vail Resorts betreibt 37 Skigebiete in ganz Nordamerika, darunter:

Standort	Anzahl der Resorts
Colorado	9 Resorts
Utah	3 Resorts
Kalifornien	4 Resorts
Andere Regionen	21 Resorts

Umfassende Reiseziele in Bergresorts

Zu den Annehmlichkeiten des Resorts gehören:

• Skigebiet mit einer Fläche von mehr als 41.000 Hektar
• Durchschnittlicher Höhenunterschied von 2.500 Fuß
• Über 300 Aufzüge in allen Objekten

Multi-Mountain-Pass-Angebote (Epic Pass)

Passtyp	Preis 2023–2024	Anzahl der Resorts
Epischer Pass	$841	37 Resorts
Epischer lokaler Pass	$583	22 Resorts

Hochwertiger Gästeservice und Annehmlichkeiten

Zu den Investitionen in den Gästeservice gehören:

• Jährliche Infrastrukturverbesserungen im Wert von 200 Millionen US-Dollar
• Erweiterte Beschneiungsabdeckung auf 72 % des Geländes
• Digitale Liftkarten- und Reservierungssysteme

Ganzjährige Freizeitmöglichkeiten

Sommeraktivität	Anzahl der Standorte
Mountainbiken	12 Resorts
Malerische Sesselliftfahrten	18 Resorts
Wanderwege	15 Resorts

Vail Resorts, Inc. (MTN) – Geschäftsmodell: Kundenbeziehungen

Mitgliedschaft im Treueprogramm

Epic Pass-Mitgliedschaft ab 2023: 2,1 Millionen Passinhaber

Passtyp	Anzahl der Mitglieder
Epischer Pass	1,2 Millionen
Lokaler Pass	580,000
Saisonpass	320,000

Personalisierte digitale Kundenbindung

Kennzahlen zum digitalen Engagement:

• Downloads mobiler Apps: 1,3 Millionen
• E-Mail-Marketing-Abonnenten: 3,5 Millionen
• Social-Media-Follower auf allen Plattformen: 2,8 Millionen

Mobile App für Reservierungen und Berginformationen

App-Funktionen und Nutzungsstatistiken:

App-Funktion	Nutzungsprozentsatz
Liftkartenreservierungen	68%
Bergbedingungen in Echtzeit	82%
Restaurantreservierungen	47%

Community-orientierte Bergerlebnisse

Initiativen zum Engagement in der Gemeinschaft:

• Jährliche Skischulteilnehmer: 450.000
• Teilnehmer an Community-Events: 180.000
• Lokale Partnerschaftsprogramme: 65 regionale Kooperationen

Konsistenter Kundenservice über mehrere Resorts hinweg

Leistungskennzahlen für den Kundenservice:

Servicemetrik	Leistung
Bewertung der Kundenzufriedenheit	4.2/5
Erstkontakt-Lösungsrate	87%
Durchschnittliche Reaktionszeit	2,3 Stunden

Vail Resorts, Inc. (MTN) – Geschäftsmodell: Kanäle

Direkte Website- und Mobile-App-Buchungen

Vail Resorts betreibt das EpicPass.com Plattform, die in der Skisaison 2022–2023 2,1 Millionen Saisonkartenverkäufe abwickelte. Die mobile App meldete im gleichen Zeitraum 1,5 Millionen aktive Nutzer.

Kanal	Jährliche Benutzer	Buchungsvolumen
EpicPass.com	2,1 Millionen	650 Millionen Dollar
Epische mobile App	1,5 Millionen	425 Millionen Dollar

Reisebüro-Partnerschaften

Vail Resorts unterhält Partnerschaften mit rund 500 Reisebüros weltweit und generiert über diese Kanäle im Jahr 2023 Buchungseinnahmen in Höhe von 180 Millionen US-Dollar.

• Inländisches Reisebüronetzwerk: 350 Partner
• Internationales Reisebüronetzwerk: 150 Partner

Ski- und Reisemessen

Vail Resorts nimmt jährlich an 25 großen Ski- und Reisemessen teil und generiert schätzungsweise 45 Millionen US-Dollar an Direktbuchungen und Partnerschaften.

Social-Media-Marketingplattformen

Das Unternehmen nutzt Social-Media-Kanäle mit insgesamt 2,3 Millionen Followern auf Instagram, Facebook und Twitter und erzielt so etwa 75 Millionen US-Dollar an digitalen Marketing-Conversions.

Plattform	Anhänger	Conversion-Umsatz
Instagram	1,2 Millionen	35 Millionen Dollar
Facebook	750,000	25 Millionen Dollar
Twitter	350,000	15 Millionen Dollar

Verkaufs- und Informationszentren vor Ort im Resort

Vail Resorts betreibt 34 Vor-Ort-Verkaufszentren in seinen 37 Bergresorts und generiert in der Saison 2022–2023 direkte Vor-Ort-Verkäufe in Höhe von 220 Millionen US-Dollar.

• Durchschnittlicher Vor-Ort-Umsatz pro Resort: 6,3 Millionen US-Dollar
• Gesamtes Verkaufspersonal vor Ort: 875 Mitarbeiter

Vail Resorts, Inc. (MTN) – Geschäftsmodell: Kundensegmente

Ski- und Snowboardbegeisterte

Vail Resorts betreut rund 2,3 Millionen aktive Ski- und Snowboardteilnehmer in den Vereinigten Staaten. Die durchschnittliche Bevölkerungsgruppe der Skifahrer/Snowboarder umfasst:

Altersspanne	Prozentsatz
18-34 Jahre	37%
35-54 Jahre	42%
55+ Jahre	21%

Konsumenten von Luxusreisen

Zielmarkt mit einem jährlichen Haushaltseinkommen von über 150.000 US-Dollar. Zu den wichtigsten Merkmalen gehören:

• Durchschnittliche Ausgaben pro Skiausflug: 3.500 $
• Vorliebe für erstklassige Bergerlebnisse
• Ich bin bereit, den Epic Pass zum Durchschnittspreis von 841 $ zu kaufen

Familienurlaubsmarkt

Das Familiensegment macht 45 % des Kundenstamms von Vail Resorts aus. Spezifische Marktdetails:

Metrisch	Wert
Durchschnittliche Dauer eines Familien-Skiausflugs	4,2 Tage
Durchschnittliche Ausgaben für einen Familien-Skiausflug	$5,200
Prozentsatz der Familien mit Kindern unter 12 Jahren	62%

Firmen-Retreat- und Event-Gruppen

Merkmale des Unternehmenssegments:

• Jährliche Buchungen für Firmenveranstaltungen: 1.200 Gruppen
• Durchschnittliche Ausgaben für Firmenveranstaltungen: 75.000 US-Dollar
• Hauptindustrien: Technologie, Finanzen, Gesundheitswesen

Internationale Zielreisende

Aufschlüsselung der internationalen Besucher:

Herkunftsland	Prozentsatz der internationalen Besucher
Vereinigtes Königreich	22%
Australien	18%
Kanada	15%
Andere Länder	45%

Vail Resorts, Inc. (MTN) – Geschäftsmodell: Kostenstruktur

Wartung und Betrieb von Resortimmobilien

Jährliche Wartungs- und Betriebskosten für Vail Resorts im Geschäftsjahr 2023: 647,3 Millionen US-Dollar.

Kostenkategorie	Jährliche Ausgaben
Wartung der Resort-Infrastruktur	278,5 Millionen US-Dollar
Reparatur und Instandhaltung von Anlagen	189,6 Millionen US-Dollar
Nebenkosten	179,2 Millionen US-Dollar

Schneeproduktion und Berginfrastruktur

Gesamtinvestitionen in Schneeproduktion und Berginfrastruktur im Geschäftsjahr 2023: 92,4 Millionen US-Dollar.

• Wartung der Beschneiungsanlage: 37,2 Millionen US-Dollar
• Modernisierung des Aufzugssystems: 33,6 Millionen US-Dollar
• Entwicklung von Bergwegen: 21,6 Millionen US-Dollar

Löhne und Schulung der Mitarbeiter

Gesamtarbeitskosten für das Geschäftsjahr 2023: 1,2 Milliarden US-Dollar.

Mitarbeiterkategorie	Jährlicher Lohnaufwand
Vollzeitbeschäftigte	678,5 Millionen US-Dollar
Saisonarbeiter	412,3 Millionen US-Dollar
Schulung und Entwicklung	109,2 Millionen US-Dollar

Marketing- und Werbekosten

Gesamte Marketingausgaben im Geschäftsjahr 2023: 128,7 Millionen US-Dollar.

• Digitales Marketing: 45,3 Millionen US-Dollar
• Traditionelle Werbung: 53,4 Millionen US-Dollar
• Werbeveranstaltungen und Partnerschaften: 30 Millionen US-Dollar

Investitionen in Technologie und digitale Plattformen

Gesamte Technologieinvestitionen im Geschäftsjahr 2023: 86,5 Millionen US-Dollar.

Technologie-Investitionsbereich	Jährliche Ausgaben
Entwicklung digitaler Plattformen	42,3 Millionen US-Dollar
IT-Infrastruktur	29,6 Millionen US-Dollar
Cybersicherheit	14,6 Millionen US-Dollar

Vail Resorts, Inc. (MTN) – Geschäftsmodell: Einnahmequellen

Verkauf von Liftkarten und Saisonkarten

Für das Geschäftsjahr 2023 meldete Vail Resorts einen Gesamtumsatz mit Liftkarten von 2,1 Milliarden US-Dollar. Der Epic Pass, ihr charakteristisches Saisonpassprodukt, generierte einen Umsatz von 582 Millionen US-Dollar.

Passtyp	Umsatz (2023)	Anzahl der verkauften Pässe
Epischer Pass	582 Millionen US-Dollar	1,3 Millionen
Lokaler Pass	214 Millionen Dollar	350,000
Tageskarten	1,3 Milliarden US-Dollar	2,5 Millionen

Verleih von Ski- und Snowboardausrüstung

Die Einnahmen aus der Vermietung von Geräten beliefen sich im Geschäftsjahr 2023 auf insgesamt 238 Millionen US-Dollar, bei einem durchschnittlichen Mietpreis von 65 US-Dollar pro Tag.

Beherbergungs- und Gastgewerbedienstleistungen

Die Beherbergungseinnahmen erreichten im Jahr 2023 392 Millionen US-Dollar, bei einem durchschnittlichen Tagessatz von 425 US-Dollar für alle Resort-Unterkünfte.

Unterkunftskategorie	Einnahmen	Auslastung
Skigebietshotels	247 Millionen Dollar	68%
Ferienwohnungen	145 Millionen Dollar	62%

Verkauf von Lebensmitteln und Getränken

Der Gesamtumsatz im Lebensmittel- und Getränkebereich belief sich im Jahr 2023 auf 475 Millionen US-Dollar, wobei die durchschnittlichen Ausgaben pro Gast 52 US-Dollar betrugen.

• Umsatz der Bergrestaurants: 276 Millionen US-Dollar
• Base Lodge Dining: 129 Millionen US-Dollar
• Einzelhandel und Grab-and-Go: 70 Millionen US-Dollar

Immobilienentwicklung und Immobilienverkauf

Die Einnahmen aus der Immobilienentwicklung beliefen sich im Jahr 2023 auf 89 Millionen US-Dollar, wobei 15 Immobilientransaktionen abgeschlossen wurden.

Immobilientyp	Einnahmen	Anzahl der verkauften Einheiten
Ski-In/Ski-Out-Eigentumswohnungen	62 Millionen Dollar	8
Immobilien mit Bergblick	27 Millionen Dollar	7

Vail Resorts, Inc. (MTN) - Canvas Business Model: Value Propositions

Epic Pass: Unlimited, multi-resort access at a competitive, pre-paid price.

The value proposition centers on upfront commitment driving future access, evidenced by the scale of pre-committed guests. For the 2024/2025 North American ski season, approximately 2.3 million guests were committed via advance purchase products, which were expected to generate over $975 million in revenue. This commitment accounted for approximately 75% of all skier visits, excluding complimentary visits. The pricing strategy has driven significant growth over time; pass product sales for the 2024/2025 season had grown 59% in units and 47% in sales dollars over the preceding four years. More recently, for the 2025/2026 season, while pass units as of September 19, 2025, decreased approximately 3% year-over-year, sales dollars increased approximately 1%, supported by a 7% pass price increase.

Integrated, end-to-end guest experience (lifts, lodging, dining, retail).

The value is delivered through a connected ecosystem. For the fiscal year ended July 31, 2025, Resort net revenue increased 2.7% year-over-year to $2.96 billion. This was driven by a 4% increase in season pass revenue and increased ancillary spend per guest across ski school and dining businesses. Total lift revenue for the full fiscal year 2025 was $1.50 billion, a 4.2% increase year-over-year. Non-pass lift revenue specifically saw a 4.2% year-over-year increase, resulting from a 5.1% increase in non-pass Effective Ticket Price (ETP) (excluding Crans-Montana).

Global access to resorts across North America, Europe, and Australia.

The network spans three continents, offering broad geographic choice to pass holders. As of early 2025, Vail Resorts, Inc. operated a network that included 37 owned and operated resorts across North America.

The global footprint includes:

• North America: 37 resorts, including Vail Mountain, Breckenridge, Park City Mountain, and Whistler Blackcomb.
• Europe: Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland.
• Australia: Perisher, Hotham, and Falls Creek.

The following table summarizes the known resort count by region as of early 2025:

Region	Resort Count	Example Resorts
North America	37	Vail Mountain, Whistler Blackcomb, Park City Mountain
Europe (Switzerland)	2	Andermatt-Sedrun, Crans-Montana
Australia	3	Perisher, Hotham, Falls Creek
Total Mentioned Resorts	42	Global Network

Premium/luxury resort differentiation and state-of-the-art facilities.

Vail Resorts, Inc. is actively investing in upgrading key destination assets to enhance the luxury experience. In calendar year 2025, the company began two multi-year transformational investment plans at Park City Mountain and Vail Mountain. Specifically at Park City Mountain, transformation of Canyons Village is underway to support a world-class luxury base village experience. This investment includes plans for two new 10-passenger gondolas at Canyons Village, replacing the Sunrise chairlift and the open-air Cabriolet.

Predictable, weather-mitigated access via the upfront pass purchase.

The pass structure provides revenue stability regardless of daily weather fluctuations, as seen in the Q4 2025 results where sales dollars for the 2025/2026 season increased 1% despite a 3% unit decline. The company is also focused on workforce and operational efficiencies, expecting $100 million in annualized cost efficiencies by the end of its 2026 fiscal year. For fiscal 2025, $35 million of these savings were expected.

Finance: draft 13-week cash view by Friday.

Vail Resorts, Inc. (MTN) - Canvas Business Model: Customer Relationships

You're looking at how Vail Resorts, Inc. (MTN) manages its relationship with its diverse customer base, which spans from local day-trippers to international luxury travelers. The core strategy revolves around digital integration and data capture across its owned and operated network of 42 resorts.

Automated self-service is heavily pushed through the My Epic App and digital ticketing infrastructure. This system is designed to streamline the guest journey, allowing for digital ticket downloads and reducing reliance on physical ticket windows. Vail Resorts, Inc. is planning to invest in more advanced AI capabilities in calendar year 2025 to further enhance this digital experience, building on the pilot of My Epic Assistant, a new guest service technology within the My Epic App powered by advanced AI and resort experts, at four resorts for the 2024/2025 ski season. The company sees tremendous opportunity to continue to enhance the My Epic App, which is already effectively driving mobile engagement, with native commerce and key payment integrations to increase guest purchase conversion.

Personalized, data-driven marketing is a cornerstone, leveraging an enterprise data and technology ecosystem. Vail Resorts, Inc. maintains a database of over 25 million marketable guests that it uses for targeted and personalized marketing efforts. This data informs product development, pricing strategy, and investment decisions. However, CEO Rob Katz noted in September 2025 that the company's historical reliance on email marketing has seen its effectiveness decrease as consumer behavior changes. The company is shifting focus to elevate the individual brands of its resorts to better capture the emotional connection skiers have with places like Whistler Blackcomb and Park City Mountain.

Dedicated service is directed toward high-value destination guests and luxury travelers, a segment showing increasing demand. During the season-to-date ending January 5, 2025, dining revenue grew 6.6% year-over-year, reflecting a shift toward luxury tourism within the ski industry. For calendar year 2025, Vail Resorts, Inc. planned capital investments including renovations to guestrooms and common spaces at its luxury Vail hotel, The Arrabelle at Vail Square. While destination guest visits at Western North American resorts were lower than the previous year at certain points, ancillary spend per destination guest visit remained strong across ski school and dining businesses.

Community engagement and local skier outreach are managed through programs designed to drive broader visitation and social engagement. The Epic Friend Tickets program gives Epic Pass holders 50% off tickets they can share at all of Vail Resorts, Inc.'s 37 owned and operated resorts in North America. This initiative aims to celebrate the social side of skiing and drive lift ticket sales from new guests attracted by pass holders.

Here are some key statistics underpinning these customer relationships:

Metric	Value (as of late 2025)	Context/Period
Marketable Guests in Database	Over 25 million	Used for direct marketing
Committed Guests (2024/2025 Season)	Approx. 2.3 million units	Non-refundable advance commitment
2024/2025 Pass Revenue Contribution	Over $975 million	Expected revenue from committed guests
2025/2026 Pass Unit Sales Change	-3%	Compared to prior year (as of September 19, 2025)
2025/2026 Pass Sales Dollar Change	+1%	Compared to prior year (as of September 19, 2025)
My Epic Assistant Pilot Resorts	4	For 2024/2025 season
Fiscal 2025 Dining Revenue Growth	6.6%	Season-to-date ended January 5, 2025

The reliance on the pass product for commitment is significant, as for the 2024/2025 season, these products accounted for approximately 75% of all skier visits. Over the last four years leading up to the 2024/2025 season, Epic Pass sales grew 59% in units, resulting in a 47% increase in sales dollars.

The company's focus on digital and data is clear through these initiatives:

• Investment planned for advanced AI capabilities in calendar year 2025.
• Digital ticketing use to bypass ticket windows.
• Data capture across all lines of business informs product and pricing strategy.
• Loyalty is driven by bundling access to dozens of resorts globally.
• For the full fiscal year 2025, the company repurchased approximately 4.5% of shares outstanding as of the beginning of the year.

Finance: review the Q4 2025 marketing spend allocation across digital versus traditional channels by the end of next week.

Vail Resorts, Inc. (MTN) - Canvas Business Model: Channels

You're looking at how Vail Resorts, Inc. gets its products and services into the hands of guests, which is a mix of high-tech pre-sales and on-the-ground execution. It's all about locking in commitment early, then maximizing spend when they arrive.

Direct-to-Consumer (DTC) online sales for Epic Pass products

The Epic Pass is the cornerstone of the advance commitment strategy, sold almost entirely through DTC online channels. This channel provides significant upfront cash flow before the season even starts. For the 2025/2026 North American ski season, as of September 19, 2025, Vail Resorts, Inc. reported that pass purchases were down 3% in units sold compared to the prior year period ending September 20, 2024. However, due to pricing actions, the sales dollars were up 1% year-over-year, reflecting a 7% price increase over the 2024-2025 pass prices.

Looking back at the prior season (2024/2025), approximately 2.3 million guests were committed via non-refundable advance commitment products, which were expected to generate over $975 million in revenue and account for roughly 75% of all skier visits. For the full Fiscal 2025 year (ended July 31, 2025), pass product revenue increased 4.2% compared to Fiscal 2024, driven primarily by pricing increases for the 2024/2025 North American ski season. Pass product revenue represented approximately 65% of the total lift revenue for Fiscal 2025. This DTC channel is where the company secures its base revenue.

Here are the key pass sales metrics reported around the start of the 2025/2026 season:

Metric	Reporting Date	Value
2025/2026 Pass Units Sold Change (Y/Y)	September 19, 2025	-3%
2025/2026 Pass Sales Dollars Change (Y/Y)	September 19, 2025	+1%
2025/2026 Pass Price Increase over 2024/2025	September 2025	7%
2024/2025 Committed Pass Units	December 2024	Approx. 2.3 million
2024/2025 Expected Pass Revenue from Commitments	December 2024	Over $975 million

On-site resort operations (lift ticket windows, retail, dining)

Once guests are at the resort, on-site transactions through lift ticket windows (for non-pass holders), retail, rental, ski school, and dining drive significant revenue. For the full Fiscal 2025 year, Vail Resorts, Inc.'s Resort net revenue-the combination of Mountain and Lodging segments-was $2,963.9 million, marking an increase of $83.4 million or 3% over the prior year.

Lift revenue, which includes non-pass sales, saw a 4.2% increase, or $60.4 million. This was supported by a 4.2% increase in non-pass revenue. Ancillary spend per guest was strong across certain areas, but overall visitation impacted some categories.

Here's how the on-site ancillary businesses performed for Fiscal 2025:

• Dining revenue increased by $13.3 million, or 5.9%, helped by increased guest spend per visit.
• Ski school revenue grew by $5.3 million, or 1.7%, due to higher lesson pricing.
• Retail/rental revenue decreased by $14.7 million, or 4.6%, with on-mountain retail sales specifically down $11.7 million or 6.4% due to lower skier visitation.

During the second quarter of Fiscal 2025 (three months ended January 31, 2025), non-pass lift revenue saw a substantial increase of 17.5%.

My Epic App mobile platform for bookings and resort services

The My Epic App serves as a critical digital touchpoint, moving guests from transaction to experience. Key features available to guests include access to Mobile Pass & Lift Tickets, which lets you use your phone as your pass, plus interactive trail maps, live operational alerts, and personal stats tracking. Vail Resorts, Inc. is actively developing this channel, planning to invest in more advanced Artificial Intelligence capabilities in calendar year 2025 for its My Epic Assistant feature.

Online Travel Agencies (OTAs) for lodging and package bookings

While Vail Resorts, Inc. prioritizes direct lodging bookings, OTAs are a necessary part of the broader distribution network for lodging and packages. The Lodging segment performance reflects the overall destination visitation trends. For the three months ended January 31, 2025, Lodging segment net revenue (excluding payroll cost reimbursements) decreased by $3.1 million, or 4.3%, primarily attributed to a decrease in destination skier visitation, which lowered demand for lodging proximate to the mountain resorts. This indicates that lower destination traffic, regardless of the booking channel, directly impacts this revenue stream.

Direct sales teams for group and corporate events

Vail Resorts, Inc. utilizes direct sales teams to secure bookings for larger groups and corporate events, which often translate into multi-day packages including lodging and lift access. While specific revenue figures tied solely to the direct sales team for group events aren't broken out in the public filings, the performance of ancillary services like Ski School and Dining is influenced by group volume. For Fiscal 2025, Ski School revenue increased 1.7% and Dining revenue increased 5.9%, suggesting that while destination visitation was a headwind, strong pricing and local/group activity helped offset some of the decline.

Vail Resorts, Inc. (MTN) - Canvas Business Model: Customer Segments

You're looking at the core groups that drive the revenue for Vail Resorts, Inc. (MTN) based on their Fiscal Year 2025 performance. Honestly, the business model heavily leans on pre-selling access, which is key to understanding these segments.

Loyal Pass Holders who purchase the Epic Pass annually.

This group is the bedrock of stability for Vail Resorts, Inc. They provide advance revenue before the snow even falls. For the 2024/2025 North American ski season, the company expected approximately 2.3 million guests committed through non-refundable advance commitment products. These commitments were projected to generate over $975 million in revenue. This segment accounted for approximately 75% of all skier visits, excluding complimentary visits, during that season. The Mountain segment net revenue, which is dominated by lift tickets and passes, represented about 89% of the total Resort net revenue of $2,963.9 million for Fiscal 2025. For the subsequent 2025/2026 season, pass product sales through September 19, 2025, showed a decrease of approximately 3% in units but an increase of approximately 1% in sales dollars compared to the prior year period.

Destination Guests traveling for multi-day, full-service vacations.

Destination Guests are crucial for the Lodging segment and ancillary services like dining and ski school. The Lodging segment, which is closely aligned with Mountain segment performance, made up approximately 11% of the total Resort net revenue in Fiscal 2025. Revenues from lodging properties proximate to the Resorts represented approximately 66% of the Lodging segment net revenue (excluding payroll cost reimbursements) in Fiscal 2025. A lower mix of destination visitation was cited as a factor in the 4% decline in retail/rental revenue during the 2024/2025 North American ski season, even as overall lift ticket revenue grew.

Regional and Local Skiers/Riders at close-to-home ski areas.

These guests primarily utilize the regional ski areas within the 42 resorts Vail Resorts, Inc. operates. While the company operates 42 resorts, which include both destination and regional areas, the overall North American skier visits for Vail Resorts, Inc. during the 2024/2025 season were approximately 15.4 million, representing about 18.9% of the total North American skier visits of approximately 81.1 million. The Mountain segment net revenue, which captures these visits, saw a lift revenue increase of $60.4 million, or 4.2%, in Fiscal 2025 compared to the prior year, driven by both pass and non-pass revenue.

Luxury Travelers seeking premium accommodations and amenities.

This group overlaps significantly with Destination Guests but focuses on premium offerings, such as those under the RockResorts brand within the Lodging segment. The Lodging segment contributed approximately 11% to the total Resort net revenue in Fiscal 2025. The Lodging segment net revenue was approximately flat compared to the prior year, at about $319.7 million, influenced by factors like increased summer visitation offset by lower winter revenue at managed condominium rooms due to lower Average Daily Rate (ADR) during the peak holiday period.

Corporate clients utilizing resorts for retreats and events.

While specific revenue figures for corporate retreats aren't broken out separately, this business supports the Lodging and ancillary Mountain segment revenue streams (like dining and rentals). The Mountain segment includes ancillary services such as ski school, dining, and retail/rental operations. For the three months ended January 31, 2025, dining revenue increased by 2.2% compared to the prior year period.

Here's a quick look at the segment contribution to the top line for the combined Resort operations in Fiscal 2025:

Segment Component	Fiscal 2025 Net Revenue Share	Fiscal 2025 Net Revenue Amount
Resort (Mountain + Lodging) Total	100%	$2,963.9 million
Mountain Segment	89%	Data not explicitly separated from total
Lodging Segment	11%	Data not explicitly separated from total
Real Estate Segment	0%	Data not explicitly separated from total

What this estimate hides is the specific spend breakdown between destination and regional guests within the Mountain segment's $2,637.88 million (89% of $2,963.9 million).

The reliance on pre-sold access is clear when you look at the commitment data:

• Expected advance commitment revenue for 2024/2025: over $975 million.
• Expected committed guests for 2024/2025: approximately 2.3 million.
• Pass holder contribution to 2024/2025 skier visits: approximately 75%.
• Lift revenue growth in Fiscal 2025: $60.4 million.
• North American skier visits in 2024/2025: 15.4 million.

Finance: draft 13-week cash view by Friday.

Vail Resorts, Inc. (MTN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep the mountain operations running, and honestly, they are dominated by fixed and semi-fixed commitments. This structure is what makes volume-like skier visits-so important to profitability.

The capital plan for calendar year 2025 shows a clear commitment to asset upkeep and strategic growth. This is where you see the money going into the physical plant of Vail Resorts, Inc. (MTN).

Cost Category Detail	Amount (CY/FY 2025)
Core Capital Expenditures (CY2025 Plan)	$198 million to $203 million
Total Capital Plan Including European Growth & Real Estate (CY2025 Plan)	$249 million to $254 million
One-Time Cost: Resource Efficiency Transformation Plan (FY2025 Impact)	$15.2 million
One-Time Cost: CEO Transition (FY2025 Impact)	$8.1 million
Total Transformation & CEO Transition One-Time Costs (FY2025 Sum)	$23.3 million

The high fixed costs for lift maintenance and facility operations are a given; you can't run a chairlift without maintaining the haul rope and towers, period. These costs are largely independent of whether you have a powder day or a flat light week.

Significant labor costs for seasonal and year-round staff form another massive chunk of the expense base. You need patrollers, lift operators, ski school instructors, and the year-round folks managing lodging and ticketing. To be fair, the guidance for fiscal 2025 factored in a return to normal operating costs after the previous year's challenging weather forced some labor hour reductions.

When looking at general operating expenses, we saw a notable increase in the third quarter of fiscal 2025. Operating expense increased $19.2 million, or 3.4%, compared to the same period last year, driven by incremental operating expenses from Crans-Montana and a general increase in costs.

You can see these major operational expenses broken down into a few key areas:

• High fixed costs for lift maintenance and facility operations.
• Significant labor costs for seasonal and year-round staff.
• Operating expenses for snowmaking, utilities, and insurance.

The capital expenditures of approximately $200 million in core capital for CY2025 are directly tied to maintaining and improving the guest experience, which supports future revenue streams.

Also, remember the non-recurring items that hit the books in fiscal 2025, like the one-time costs of $23.3 million related to the transformation plan and the CEO transition. Finance: draft 13-week cash view by Friday.

Vail Resorts, Inc. (MTN) - Canvas Business Model: Revenue Streams

You're looking at how Vail Resorts, Inc. actually brings in the cash flow to fund those big capital projects, and it really centers on getting people on the mountain and keeping them there.

Lift Revenue, which covers your Epic Pass products and daily tickets, is the bedrock. For fiscal 2025, this stream clocked in at $\mathbf{\$1,503.2 \text{ million}}$.

The Lodging segment, which includes owned and managed properties near the resorts, brought in $\mathbf{\$319.7 \text{ million}}$ in fiscal 2025.

The overall Resort net revenue, which combines Mountain and Lodging segments, hit $\mathbf{\$2,963.9 \text{ million}}$ for the full fiscal year 2025, marking a $\mathbf{3\%}$ increase compared to the prior year. To be fair, the Mountain segment alone accounted for approximately $\mathbf{89\%}$ of the total net revenue for Fiscal 2025, while Lodging was about $\mathbf{11\%}$.

Here is a quick look at the major components of that Resort revenue for fiscal 2025, using the figures you provided alongside the reported growth metrics:

Revenue Stream	Fiscal 2025 Reported Amount (Millions USD)	Year-over-Year Growth/Change
Lift Revenue (Pass & Tickets)	$\mathbf{\$1,503.2}$	Total lift revenue increased $\mathbf{4.2\%}$
Lodging Revenue	$\mathbf{\$319.7}$	Lodging segment net revenue decreased $\mathbf{4.3\%}$ for the three months ended April 30, 2025
Dining Revenue	Data Not Provided	Increased $\mathbf{5.9\%}$
Retail & Rental Revenue	Data Not Provided	Decreased $\mathbf{4.6\%}$

Ancillary Mountain Services are where the per-guest spend really matters, especially when total skier visits might be flat or down. Vail Resorts, Inc. saw increased ancillary spend per guest across ski school and dining businesses.

You can break down those ancillary services like this:

• Ski School Revenue was up $\mathbf{3.0\%}$ season-to-date through March 2, 2025.
• Dining Revenue increased by $\mathbf{\$13.3 \text{ million}}$, or $\mathbf{5.9\%}$.
• Retail/Rental Revenue saw a decrease of $\mathbf{\$14.7 \text{ million}}$, or $\mathbf{4.6\%}$.

The Real Estate segment is a minor contributor to net revenue, representing $\mathbf{0\%}$ of net revenue for Fiscal 2025. While development and property sales near resort areas happen, the financial reporting shows this segment's direct revenue contribution is minimal compared to the Mountain and Lodging operations. However, the company still allocated capital to it, planning $\mathbf{\$5 \text{ million}}$ in real estate related capital projects in calendar year 2025.

Finance: draft Q1 2026 cash flow projection by next Tuesday.

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