Vail Resorts, Inc. (MTN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Vail Resorts, Inc. (MTN) no es solo otra compañía de esquí, es una potencia revolucionaria de la experiencia en la montaña que ha transformado la recreación invernal en un modelo de negocio sofisticado y multidimensional. Al combinar estratégicamente los destinos de esquí de clase mundial, los sistemas innovadores de pase como el Pase épicoY experiencias de resort integrales, Vail Resorts ha redefinido cómo los viajeros y los entusiastas de los deportes de invierno se involucran con los destinos de montaña. Su enfoque único va más allá de las operaciones tradicionales de la estación de esquí, creando un ecosistema integrado de recreación, hospitalidad y experiencias de estilo de vida que atraen a millones de invitados anualmente en múltiples ubicaciones de montaña premium.

Vail Resorts, Inc. (MTN) - Modelo de negocio: asociaciones clave

Propietarios de propiedades de la estación de esquí y municipios locales

Vail Resorts opera a través de asociaciones estratégicas con:

• Posee 37 estaciones de esquí en América del Norte
• Opera bajo contratos de arrendamiento de tierras a largo plazo con el Servicio Forestal de EE. UU.
• Costos anuales de arrendamiento de tierras: $ 43.7 millones (2023 año fiscal)

Tipo de socio	Número de asociaciones	Valor anual
Arrendamientos del Servicio Forestal	15 ubicaciones principales	$ 43.7 millones
Acuerdos municipales locales	22 ubicaciones adicionales	$ 12.3 millones

Fabricantes de equipos

Las asociaciones de equipos clave incluyen:

• Burton Snowboards: asociación exclusiva de alquiler y minorista
• Rossignol: contrato de suministro de equipos de esquí
• Salomon: proveedor de equipos de esquí y snowboard

Fabricante	Tipo de asociación	Valor de equipo anual
Aparejo	Alquiler y venta minorista	$ 18.5 millones
Rossignol	Suministro de equipos	$ 15.2 millones

Agencias de viajes y plataformas de reserva en línea

• Asociación de Expedia: plataforma de reserva en línea
• Integración de Booking.com
• Ingresos anuales de reserva en línea: $ 642 millones

Socios de hospitalidad y alojamiento

Pareja	Ubicación	Valor de colaboración anual
Marriott International	8 ubicaciones de resorts	$ 37.6 millones
Hoteles Hyatt	5 ubicaciones de resort	$ 24.3 millones

Proveedores de servicios aéreas y de transporte

• United Airlines: socio oficial de la aerolínea
• Delta Airlines: colaboraciones de paquetes de esquí
• Ingresos anuales de asociación de transporte: $ 89.4 millones

Compañero de transporte	Tipo de servicio	Valor de asociación anual
United Airlines	Socio de la aerolínea oficial	$ 56.7 millones
Delta Airlines	Colaboración de paquetes de esquí	$ 32.7 millones

Vail Resorts, Inc. (MTN) - Modelo de negocio: actividades clave

Gestión y operaciones de la estación de esquí

Vail Resorts opera 37 estaciones de esquí en América del Norte, que incluyen:

Región	Número de resorts
Colorado	10
Utah	3
California	5
Otras regiones	19

Mantenimiento de montaña y aseo de la nieve

Inversión anual de mantenimiento de montaña: $ 100 millones

• Capacidad de producción de nieve: 4.200 acres de cobertura de nieve
• Flota de 220 máquinas de aseo de nieve
• Horas promedio de aseo de nieve anual: 12,000 horas de máquina por resort

Servicios de huéspedes y gestión de hospitalidad

Categoría de servicio	Métrica de rendimiento anual
Propiedades de alojamiento	20 propiedades propietarias/administradas
Visitas anuales para invitados	13.4 millones
Titulares de pases de temporada	2.1 millones

Promoción de marketing y destino

Gastos anuales de marketing: $ 75 millones

• Presupuesto de marketing digital: 40% del gasto total de marketing
• Seguidores de redes sociales: 1.2 millones en todas las plataformas

Desarrollo inmobiliario en áreas turísticas

Categoría de desarrollo	Inversión actual
Valor de cartera de bienes raíces	$ 500 millones
Proyectos de desarrollo activo	7 desarrollos en curso
Ingresos anuales de bienes raíces	$ 120 millones

Vail Resorts, Inc. (MTN) - Modelo de negocio: recursos clave

Propiedades de montaña de esquí premium y terreno

Vail Resorts posee y opera 37 estaciones de esquí en América del Norte, incluyendo:

Ubicación	Número de resorts	Acres skiables totales
Colorado	10	24,475 acres
Utah	3	7.300 acres
California	4	6,000 acres
Otras regiones	20	23,225 acres

Creación de nieve avanzada e infraestructura de elevación

Capacidades de nieve y detalles de infraestructura:

• Cobertura total de nieve: 85% en todos los resorts de propiedad
• Número de pistolas de nieve: más de 4,500
• Infraestructura de elevación: 234 ascensores totales
• Capacidad de elevación: 404,428 esquiadores por hora

Operaciones calificadas de montaña y personal de hospitalidad

Categoría de empleo	Número de empleados
Total de empleados	19,700
Personal de tiempo completo	4,300
Trabajadores estacionales	15,400

Reputación de marca fuerte

Valor de marca y métricas de reconocimiento:

• Titulares de pases épicos: 1.1 millones (a partir de 2023)
• Capitalización de mercado: $ 9.2 mil millones
• Ingresos anuales: $ 2.57 mil millones (año fiscal 2023)

Tecnología avanzada para la experiencia de los huéspedes

Inversiones de infraestructura tecnológica:

• Sistemas de reserva digital: reserva en tiempo real en los 37 resorts
• Usuarios de aplicaciones móviles: 850,000 usuarios activos
• Inversión tecnológica anual: $ 45 millones

Vail Resorts, Inc. (MTN) - Modelo de negocio: propuestas de valor

Experiencias de esquí y snowboard de clase mundial

Vail Resorts opera 37 estaciones de esquí en América del Norte, que incluyen:

Ubicación	Número de resorts
Colorado	9 resorts
Utah	3 resorts
California	4 resorts
Otras regiones	21 resorts

Destinos integrales de montaña de montaña

Las comodidades del resort incluyen:

• Terreno de esquí que cubre más de 41,000 acres
• Gota vertical promedio de 2,500 pies
• Más de 300 ascensas en todas las propiedades

Ofertas de pase de múltiples montañas (pase épico)

Tipo de pase	Precio 2023-2024	Número de resorts
Pase épico	$841	37 resorts
Pase local épico	$583	22 resorts

Servicios y servicios de huéspedes de alta calidad

Las inversiones en servicio de huéspedes incluyen:

• Mejoras de infraestructura anual de $ 200 millones
• Cobertura avanzada de nieve en el 72% del terreno
• Ticket de elevación digital y sistemas de reserva

Oportunidades recreativas durante todo el año

Actividad de verano	Número de ubicaciones
Ciclismo de montaña	12 resorts
Paseos en silla	18 resorts
Rutas de senderismo	15 resorts

Vail Resorts, Inc. (MTN) - Modelo de negocios: relaciones con los clientes

Membresía del programa de fidelización

Membresía Epic Pass a partir de 2023: 2.1 millones de titulares de pases

Tipo de pase	Número de miembros
Pase épico	1.2 millones
Pase local	580,000
Pase de temporada	320,000

Compromiso digital personalizado del cliente

Métricas de compromiso digital:

• Descargas de aplicaciones móviles: 1.3 millones
• Suscriptores de marketing por correo electrónico: 3.5 millones
• Seguidores de redes sociales en todas las plataformas: 2.8 millones

Aplicación móvil para reservas e información de montaña

Características de la aplicación y estadísticas de uso:

Característica de la aplicación	Porcentaje de uso
Reservas de boletos de elevación	68%
Condiciones de montaña en tiempo real	82%
Reservas gastronómicas	47%

Experiencias de montaña centradas en la comunidad

Iniciativas de participación comunitaria:

• Participantes anuales de la escuela de esquí: 450,000
• Participantes del evento comunitario: 180,000
• Programas de asociación local: 65 colaboraciones regionales

Servicio al cliente consistente en múltiples resorts

Métricas de rendimiento del servicio al cliente:

Métrico de servicio	Actuación
Calificación de satisfacción del cliente	4.2/5
Primera tasa de resolución de contacto	87%
Tiempo de respuesta promedio	2.3 horas

Vail Resorts, Inc. (MTN) - Modelo de negocio: canales

Sitio web directo y reservas de aplicaciones móviles

Vail Resorts opera el EpicPass.com Plataforma, que procesó 2.1 millones de ventas de pase de temporada en la temporada de esquí 2022-2023. La aplicación móvil reportó 1,5 millones de usuarios activos durante el mismo período.

Canal	Usuarios anuales	Volumen de reservas
EpicPass.com	2.1 millones	$ 650 millones
Aplicación móvil épica	1.5 millones	$ 425 millones

Asociaciones de agencia de viajes

Vail Resorts mantiene asociaciones con aproximadamente 500 agencias de viajes a nivel mundial, generando $ 180 millones en ingresos por reservas a través de estos canales en 2023.

• Red de agencia de viajes nacionales: 350 socios
• Red de Agencia Internacional de Viajes: 150 socios

Ferias comerciales de esquí y viajes

Vail Resorts participa en 25 ferias principales de esquí y viajes anualmente, generando aproximadamente $ 45 millones en reservas y asociaciones directas.

Plataformas de marketing en redes sociales

La compañía aprovecha los canales de redes sociales con 2.3 millones de seguidores combinados en Instagram, Facebook y Twitter, lo que conduce aproximadamente $ 75 millones en conversiones de marketing digital.

Plataforma	Seguidores	Ingresos de conversión
Instagram	1.2 millones	$ 35 millones
Facebook	750,000	$ 25 millones
Gorjeo	350,000	$ 15 millones

Centros de ventas e información en el complejo en el sitio

Vail Resorts opera 34 centros de ventas en el sitio en sus 37 resorts de montaña, generando $ 220 millones en ventas directas en el sitio para la temporada 2022-2023.

• Ventas promedio en el sitio por resort: $ 6.3 millones
• Personal de ventas total en el sitio: 875 empleados

Vail Resorts, Inc. (MTN) - Modelo de negocio: segmentos de clientes

Equusiadores de esquí y snowboard

Vail Resorts atiende a aproximadamente 2.3 millones de participantes activos de esquí y snowboard en los Estados Unidos. El grupo demográfico promedio de esquiador/snowboarder incluye:

Rango de edad	Porcentaje
18-34 años	37%
35-54 años	42%
55+ años	21%

Consumidores de viajes de lujo

Mercado objetivo con ingresos familiares anuales por encima de $ 150,000. Las características clave incluyen:

• Gasto promedio por viaje de esquí: $ 3,500
• Preferencia por las experiencias de montaña premium
• Dispuesto a comprar un pase épico con un precio promedio de $ 841

Mercado de vacaciones familiares

El segmento familiar representa el 45% de la base de clientes de Vail Resorts. Detalles específicos del mercado:

Métrico	Valor
Duración promedio de viaje de esquí familiar	4.2 días
Gastos promedio de viaje de esquí familiar	$5,200
Porcentaje de familias con niños menores de 12 años	62%

Retiro corporativo y grupos de eventos

Características del segmento corporativo:

• Reservas anuales de eventos corporativos: 1.200 grupos
• Gasto promedio de eventos corporativos: $ 75,000
• Industrias primarias: tecnología, finanzas, atención médica

Viajeros internacionales de destino

Desglose de visitantes internacionales:

País natal	Porcentaje de visitantes internacionales
Reino Unido	22%
Australia	18%
Canadá	15%
Otros países	45%

Vail Resorts, Inc. (MTN) - Modelo de negocio: Estructura de costos

Mantenimiento y operaciones de la propiedad del resort

Mantenimiento anual de mantenimiento y operaciones para Vail Resorts en el año fiscal 2023: $ 647.3 millones.

Categoría de costos	Gasto anual
Mantenimiento de la infraestructura del resort	$ 278.5 millones
Reparación y mantenimiento de las instalaciones	$ 189.6 millones
Gastos de servicios públicos	$ 179.2 millones

Producción de nieve e infraestructura de montaña

Producción total de nieve e inversiones en infraestructura de montaña en el año fiscal 2023: $ 92.4 millones.

• Mantenimiento del equipo de nieve: $ 37.2 millones
• Actualizaciones del sistema de elevación: $ 33.6 millones
• Desarrollo de senderos de montaña: $ 21.6 millones

Salario de empleados y capacitación

Costos laborales totales para el año fiscal 2023: $ 1.2 mil millones.

Categoría de empleado	Gasto salarial anual
Empleados de tiempo completo	$ 678.5 millones
Trabajadores estacionales	$ 412.3 millones
Capacitación y desarrollo	$ 109.2 millones

Gastos de marketing y promoción

Gastos de marketing total en el año fiscal 2023: $ 128.7 millones.

• Marketing digital: $ 45.3 millones
• Publicidad tradicional: $ 53.4 millones
• Eventos y asociaciones promocionales: $ 30 millones

Inversiones en tecnología e plataforma digital

Inversión tecnológica total en el año fiscal 2023: $ 86.5 millones.

Área de inversión tecnológica	Gasto anual
Desarrollo de plataforma digital	$ 42.3 millones
Infraestructura	$ 29.6 millones
Ciberseguridad	$ 14.6 millones

Vail Resorts, Inc. (MTN) - Modelo de negocios: flujos de ingresos

Ticket de elevación y ventas de pase de temporada

Para el año fiscal 2023, Vail Resorts informó que los ingresos por boletos de elevación total de $ 2.1 mil millones. El Pass Epic, su producto Signature Season Pass, generó $ 582 millones en ventas.

Tipo de pase	Ingresos (2023)	Número de pases vendidos
Pase épico	$ 582 millones	1.3 millones
Pase local	$ 214 millones	350,000
Boletos de día	$ 1.3 mil millones	2.5 millones

Alquileres de equipos de esquí y snowboard

Los ingresos por alquiler de equipos para el año fiscal 2023 totalizaron $ 238 millones, con un precio promedio de alquiler de $ 65 por día.

Servicios de alojamiento y hospitalidad

Los ingresos de alojamiento alcanzaron los $ 392 millones en 2023, con una tasa diaria promedio de $ 425 en las propiedades de su resort.

Categoría de alojamiento	Ganancia	Tasa de ocupación
Hoteles de la estación de esquí	$ 247 millones	68%
Alquiler de vacaciones	$ 145 millones	62%

Ventas de alimentos y bebidas

Los ingresos totales de alimentos y bebidas para 2023 fueron de $ 475 millones, con un gasto promedio por hélice de $ 52.

• Ingresos de los restaurantes de montaña: $ 276 millones
• Base Lodge Dining: $ 129 millones
• Retail and Groad-y Go: $ 70 millones

Desarrollo inmobiliario y ventas de propiedades

Los ingresos por desarrollo inmobiliario en 2023 ascendieron a $ 89 millones, con 15 transacciones de propiedad completadas.

Tipo de propiedad	Ganancia	Número de unidades vendidas
Condominios de esquí/ski-out	$ 62 millones	8
Propiedades de vista a la montaña	$ 27 millones	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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