Vail Resorts, Inc. (MTN): Business Model Canvas [Jan-2025 Mise à jour]

Vail Resorts, Inc. (MTN) n'est pas seulement une autre entreprise de ski - c'est une puissance révolutionnaire de l'expérience de montagne qui a transformé les loisirs d'hiver en un modèle commercial sophistiqué et multidimensionnel. En mélangeant stratégiquement les destinations de ski de classe mondiale, des systèmes de pass innovants comme le Passe épique, et des expériences complètes du complexe, Vail Resorts a redéfini comment les voyageurs et les amateurs de sports d'hiver s'engagent avec les destinations de montagne. Leur approche unique va au-delà des opérations traditionnelles de la station de ski, créant un écosystème intégré de loisirs, d'hospitalité et d'expériences de style de vie qui attirent des millions de clients chaque année dans plusieurs emplacements de montagne premium.

Vail Resorts, Inc. (MTN) - Modèle commercial: partenariats clés

Propriétaires immobiliers de la station de ski et municipalités locales

Vail Resorts opère grâce à des partenariats stratégiques avec:

• Possède 37 stations de ski à travers l'Amérique du Nord
• Fonctionne sous des accords de location foncière à long terme avec le US Forest Service
• Coûts de location foncière annuels: 43,7 millions de dollars (2023 Exercice)

Type de partenaire	Nombre de partenariats	Valeur annuelle
Baux du Service forestier	15 emplacements principaux	43,7 millions de dollars
Accords municipaux locaux	22 emplacements supplémentaires	12,3 millions de dollars

Fabricants d'équipements

Les partenariats d'équipement clés comprennent:

• Burton Snowboards: partenariat de location et de vente au détail exclusif
• Rossignol: Contrat d'approvisionnement en équipement de ski
• Salomon: fournisseur d'équipement de ski et de snowboard

Fabricant	Type de partenariat	Valeur annuelle de l'équipement
Burton	Location et vente au détail	18,5 millions de dollars
Rossignol	Approvisionnement en équipement	15,2 millions de dollars

Agences de voyage et plateformes de réservation en ligne

• Expedia Partnership: Plateforme de réservation en ligne
• Intégration Booking.com
• Revenus de réservation en ligne annuels: 642 millions de dollars

Hospitalités et partenaires d'hébergement

Partenaire	Lieux	Valeur de collaboration annuelle
Marriott International	8 lieux de la station	37,6 millions de dollars
Hôtels Hyatt	5 lieux de la station	24,3 millions de dollars

Fournisseurs de services aériens et de transport

• United Airlines: partenaire officiel des compagnies aériennes
• Delta Airlines: Ski Package Collaborations
• Revenus de partenariat de transport annuel: 89,4 millions de dollars

Partenaire de transport	Type de service	Valeur de partenariat annuelle
United Airlines	Partenaire officiel de la compagnie aérienne	56,7 millions de dollars
Delta Airlines	Collaboration de ski package	32,7 millions de dollars

Vail Resorts, Inc. (MTN) - Modèle d'entreprise: Activités clés

Gestion et opérations de la station de ski

Vail Resorts exploite 37 stations de ski à travers l'Amérique du Nord, notamment:

Région	Nombre de stations
Colorado	10
Utah	3
Californie	5
Autres régions	19

Entretien des montagnes et toilettage des neiges

Investissement annuel de maintenance des montagnes: 100 millions de dollars

• Capacité de production de neige: 4 200 acres de couverture de neige
• Flotte de 220 machines de toilettage de neige
• Heures de toilettage annuelles moyennes moyennes: 12 000 heures de machine par station

Services à l'invité et gestion de l'hôtellerie

Catégorie de service	Métrique de performance annuelle
Propriétés de l'hébergement	20 propriétés possédées / gérées
Visites annuelles des invités	13,4 millions
Porteurs de passes de saison	2,1 millions

Promotion de marketing et de destination

Dépenses de marketing annuelles: 75 millions de dollars

• Budget de marketing numérique: 40% du total des dépenses de marketing
• Abonnés des médias sociaux: 1,2 million de plateformes sur toutes les plateformes

Développement immobilier dans les zones de villégiature

Catégorie de développement	Investissement actuel
Valeur du portefeuille immobilier	500 millions de dollars
Projets de développement actif	7 Développements en cours
Revenus immobiliers annuels	120 millions de dollars

Vail Resorts, Inc. (MTN) - Modèle d'entreprise: Ressources clés

Propriétés et terrains de la montagne de ski premium

Vail Resorts possède et exploite 37 stations de ski à travers l'Amérique du Nord, notamment:

Emplacement	Nombre de stations	ACRES SKIABLE TOTAL
Colorado	10	24 475 acres
Utah	3	7 300 acres
Californie	4	6 000 acres
Autres régions	20	23 225 acres

Infrastructure avancée de neige et de levage

Capacités de neige et détails d'infrastructure:

• Couverture totale de neige: 85% dans toutes les stations possédées
• Nombre de pistolets de neige: plus de 4 500
• Infrastructure de levage: 234 ascenseurs totaux
• Capacité de levage: 404 428 skieurs par heure

Opérations de montagne qualifiées et personnel hôtelière

Catégorie d'emploi	Nombre d'employés
Total des employés	19,700
Personnel à temps plein	4,300
Travailleurs saisonniers	15,400

Grande réputation de marque

Valeur de la marque et métriques de reconnaissance:

• Carnets Epic Pass: 1,1 million (à partir de 2023)
• Capitalisation boursière: 9,2 milliards de dollars
• Revenu annuel: 2,57 milliards de dollars (2023 Exercice)

Technologie avancée pour l'expérience des clients

Investissements infrastructures technologiques:

• Systèmes de réservation numérique: réservation en temps réel dans les 37 stations
• Utilisateurs d'applications mobiles: 850 000 utilisateurs actifs
• Investissement technologique annuel: 45 millions de dollars

Vail Resorts, Inc. (MTN) - Modèle d'entreprise: propositions de valeur

Expériences de ski et de snowboard de classe mondiale

Vail Resorts exploite 37 stations de ski à travers l'Amérique du Nord, notamment:

Emplacement	Nombre de stations
Colorado	9 stations
Utah	3 stations
Californie	4 stations
Autres régions	21 stations

Destinations complètes de la station de montagne

Les équipements de la station comprennent:

• Terrain de ski couvrant plus de 41 000 acres
• Drop verticale moyenne de 2 500 pieds
• Plus de 300 ascenseurs dans toutes les propriétés

Offres de passes multi-montagne (Epic Pass)

Type de passe	2023-2024 Prix	Nombre de stations
Passe épique	$841	37 stations
Col local épique	$583	22 stations

Services et commodités de haute qualité

Les investissements du service des clients comprennent:

• Améliorations annuelles de l'infrastructure de 200 millions de dollars
• Couverture de neige avancée sur 72% du terrain
• Systèmes de billets et de réservation de levage numérique

Opportunités récréatives toute l'année

Activité estivale	Nombre d'emplacements
VTT	12 stations
Rides pittoresques	18 stations
Sentiers de randonnée	15 stations

Vail Resorts, Inc. (MTN) - Modèle d'entreprise: relations avec les clients

Adhésion au programme de fidélité

EPIC PASS ADMÉSION en 2023: 2,1 millions de détenteurs de passes

Type de passe	Nombre de membres
Passe épique	1,2 million
Passe local	580,000
Passe de saison	320,000

Engagement des clients numériques personnalisés

Métriques d'engagement numérique:

• Téléchargements d'applications mobiles: 1,3 million
• Abonders du marketing par e-mail: 3,5 millions
• Abonnés des médias sociaux sur toutes les plateformes: 2,8 millions

Application mobile pour les réservations et les informations sur les montagnes

Caractéristiques de l'application et statistiques d'utilisation:

Fonctionnalité d'application	Pourcentage d'utilisation
Réservations de billets de levage	68%
Conditions de montagne en temps réel	82%
Réservations à manger	47%

Expériences de montagne axées sur la communauté

Initiatives d'engagement communautaire:

• Participants annuels à l'école de ski: 450 000
• Participants à l'événement communautaire: 180 000
• Programmes de partenariat local: 65 collaborations régionales

Service client cohérent dans plusieurs stations balnéaires

Métriques de performance du service client:

Métrique de service	Performance
Évaluation de satisfaction du client	4.2/5
Premier taux de résolution de contact	87%
Temps de réponse moyen	2,3 heures

Vail Resorts, Inc. (MTN) - Modèle d'entreprise: canaux

Réservations directes des applications sur le site Web et les mobiles

Vail Resorts exploite le Epicpass.com Plateforme, qui a traité des ventes de passes de saison de 2,1 millions de saison au cours de la saison de ski 2022-2023. L'application mobile a signalé 1,5 million d'utilisateurs actifs au cours de la même période.

Canal	Utilisateurs annuels	Volume de réservation
Epicpass.com	2,1 millions	650 millions de dollars
Application mobile épique	1,5 million	425 millions de dollars

Partenariats de l'agence de voyage

Vail Resorts maintient des partenariats avec environ 500 agences de voyage dans le monde, générant 180 millions de dollars de revenus de réservation par le biais de ces canaux en 2023.

• Réseau d'agence de voyage nationale: 350 partenaires
• Réseau international des agences de voyage: 150 partenaires

Ski et Trade Trade Show

Vail Resorts participe à 25 salons majeurs de ski et de voyage chaque année, générant environ 45 millions de dollars de réservations et de partenariats directs.

Plateformes de marketing des médias sociaux

La société tire parti des réseaux sociaux avec 2,3 millions d'abonnés combinés sur Instagram, Facebook et Twitter, entraînant environ 75 millions de dollars de conversions en marketing numérique.

Plate-forme	Abonnés	Revenus de conversion
Instagram	1,2 million	35 millions de dollars
Facebook	750,000	25 millions de dollars
Gazouillement	350,000	15 millions de dollars

Centres de vente et d'information sur place sur place

Vail Resorts exploite 34 centres de vente sur place dans ses 37 stations de montagne, générant 220 millions de dollars de ventes directes sur place pour la saison 2022-2023.

• Ventes moyennes sur place par station: 6,3 millions de dollars
• Personnel des ventes sur place total: 875 employés

Vail Resorts, Inc. (MTN) - Modèle d'entreprise: segments de clientèle

Passionnés de ski et de snowboard

Vail Resorts sert environ 2,3 millions de participants actifs au ski et au snowboard aux États-Unis. La démographie moyenne du skieur / snowboard comprend:

Tranche d'âge	Pourcentage
18-34 ans	37%
35 à 54 ans	42%
Plus de 55 ans	21%

Consommateurs de voyages de luxe

Marché cible avec un revenu annuel des ménages supérieur à 150 000 $. Les caractéristiques clés comprennent:

• Dépenses moyennes par voyage de ski: 3 500 $
• Préférence pour les expériences de montagne premium
• Prêt à acheter Epic Pass avec un prix moyen de 841 $

Marché de vacances en famille

Le segment de la famille représente 45% de la clientèle de Vail Resorts. Détails du marché spécifiques:

Métrique	Valeur
Durée moyenne du voyage de ski familial	4,2 jours
Dépenses moyennes de voyage de ski familial	$5,200
Pourcentage de familles avec enfants de moins de 12 ans	62%

Groupes de retraite et d'événements d'entreprise

Caractéristiques du segment de l'entreprise:

• Réservations annuelles d'événements d'entreprise: 1 200 groupes
• Dépenses d'événements moyens de l'entreprise: 75 000 $
• Industries primaires: technologie, finance, soins de santé

Voyageurs de destination internationale

Répartition internationale des visiteurs:

Pays d'origine	Pourcentage de visiteurs internationaux
Royaume-Uni	22%
Australie	18%
Canada	15%
Autres pays	45%

Vail Resorts, Inc. (MTN) - Modèle d'entreprise: Structure des coûts

Entretien et opérations des propriétés du complexe

Coûts annuels de maintenance et d'exploitation des stations balnéaires pour Vail Resorts au cours de l'exercice 2023: 647,3 millions de dollars.

Catégorie de coûts	Dépenses annuelles
Entretien des infrastructures de villégiature	278,5 millions de dollars
Réparation et entretien des installations	189,6 millions de dollars
Dépenses des services publics	179,2 millions de dollars

Production de neige et infrastructures de montagne

Investissements totaux de la production de neige et des infrastructures de montagne au cours de l'exercice 2023: 92,4 millions de dollars.

• Entretien de l'équipement de neige: 37,2 millions de dollars
• Mises à niveau du système de levage: 33,6 millions de dollars
• Mountain Trail Development: 21,6 millions de dollars

Salaire et formation des employés

Coût total de main-d'œuvre pour l'exercice 2023: 1,2 milliard de dollars.

Catégorie des employés	Dépenses des salaires annuelles
Employés à temps plein	678,5 millions de dollars
Travailleurs saisonniers	412,3 millions de dollars
Formation et développement	109,2 millions de dollars

Dépenses marketing et promotionnelles

Total des dépenses de marketing au cours de l'exercice 2023: 128,7 millions de dollars.

• Marketing numérique: 45,3 millions de dollars
• Publicité traditionnelle: 53,4 millions de dollars
• Événements promotionnels et partenariats: 30 millions de dollars

Investissements technologiques et plate-forme numérique

Investissement total technologique au cours de l'exercice 2023: 86,5 millions de dollars.

Zone d'investissement technologique	Dépenses annuelles
Développement de plate-forme numérique	42,3 millions de dollars
Infrastructure informatique	29,6 millions de dollars
Cybersécurité	14,6 millions de dollars

Vail Resorts, Inc. (MTN) - Modèle d'entreprise: Strots de revenus

Ventes de billet et de passes de saison de soulèvement

Pour l'exercice 2023, Vail Resorts a déclaré des revenus totaux de billets de levage de 2,1 milliards de dollars. Le Pass Epic, leur produit Signature Season Pass, a généré 582 millions de dollars de ventes.

Type de passe	Revenus (2023)	Nombre de passes vendues
Passe épique	582 millions de dollars	1,3 million
Passe local	214 millions de dollars	350,000
Billets de jour	1,3 milliard de dollars	2,5 millions

Location d'équipement de ski et de snowboard

Les revenus de location de l'équipement pour l'exercice 2023 ont totalisé 238 millions de dollars, avec un prix de location moyen de 65 $ par jour.

Services d'hébergement et d'hospitalité

Les revenus de l'hébergement ont atteint 392 millions de dollars en 2023, avec un taux quotidien moyen de 425 $ dans leurs propriétés de villégiature.

Catégorie d'hébergement	Revenu	Taux d'occupation
Hôtels de la station de ski	247 millions de dollars	68%
Location de vacances	145 millions de dollars	62%

Ventes de nourriture et de boissons

Le chiffre d'affaires total des aliments et des boissons pour 2023 était de 475 millions de dollars, avec une dépense moyenne par 52 $.

• Revenus des restaurants de montagne: 276 millions de dollars
• Salle à manger de base: 129 millions de dollars
• Vende

Développement immobilier et ventes de biens

Les revenus de développement immobilier en 2023 s'élevaient à 89 millions de dollars, avec 15 transactions immobilières terminées.

Type de propriété	Revenu	Nombre d'unités vendues
Condos de ski-in / ski-out	62 millions de dollars	8
Propriétés de la montagne	27 millions de dollars	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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