Vail Resorts, Inc. (MTN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Vail Resorts, Inc. (MTN) não é apenas mais uma companhia de esqui-é uma revolucionária potência da experiência montanhosa que transformou a recreação de inverno em um modelo de negócios sofisticado e multidimensional. Ao misturar estrategicamente destinos de esqui de classe mundial, sistemas inovadores de passes como o Passo épicoE experiências abrangentes do resort, a Vail Resorts redefiniu como os viajantes e os entusiastas do esporte de inverno se envolvem com destinos de montanha. Sua abordagem única vai além das operações tradicionais de resorts de esqui, criando um ecossistema integrado de experiências de recreação, hospitalidade e estilo de vida que atraem milhões de convidados anualmente em vários locais premium de montanhas.

Vail Resorts, Inc. (MTN) - Modelo de negócios: Parcerias -chave

Proprietários de resorts de esqui e municípios locais

O Vail Resorts opera através de parcerias estratégicas com:

• Possui 37 resorts de esqui na América do Norte
• Opera sob acordos de arrendamento de terra de longo prazo com o Serviço Florestal dos EUA
• Custos anuais de arrendamento de terras: US $ 43,7 milhões (2023 ano fiscal)

Tipo de parceiro	Número de parcerias	Valor anual
Arrendamentos do Serviço Florestal	15 locais primários	US $ 43,7 milhões
Acordos municipais locais	22 locais adicionais	US $ 12,3 milhões

Fabricantes de equipamentos

As principais parcerias de equipamentos incluem:

• Burton Snowboards: Parceria de Aluguel e Varejo Exclusiva
• Rossignol: contrato de fornecimento de equipamentos de esqui
• Salomon: provedor de equipamentos de esqui e snowboard

Fabricante	Tipo de parceria	Valor anual do equipamento
Burton	Aluguel e varejo	US $ 18,5 milhões
Rossignol	Fornecimento de equipamentos	US $ 15,2 milhões

Agências de viagens e plataformas de reserva on -line

• Parceria da Expedia: plataforma de reserva on -line
• Integração Booking.com
• Receita anual de reserva on -line: US $ 642 milhões

Parceiros de hospitalidade e hospedagem

Parceiro	Locais	Valor anual de colaboração
Marriott International	8 locais do resort	US $ 37,6 milhões
Hotels Hyatt	5 locais de resort	US $ 24,3 milhões

Provedores de serviços de companhia aérea e transporte

• United Airlines: parceiro oficial de companhia aérea
• Delta Airlines: colaborações de pacote de esqui
• Receita anual da Parceria de Transporte: US $ 89,4 milhões

Parceiro de transporte	Tipo de serviço	Valor anual da parceria
United Airlines	Parceiro oficial da companhia aérea	US $ 56,7 milhões
Delta Airlines	Colaboração de pacote de esqui	US $ 32,7 milhões

Vail Resorts, Inc. (MTN) - Modelo de negócios: Atividades -chave

Gerenciamento e operações de resorts de esqui

O Vail Resorts opera 37 resorts de esqui em toda a América do Norte, incluindo:

Região	Número de resorts
Colorado	10
Utah	3
Califórnia	5
Outras regiões	19

Manutenção da montanha e preparação de neve

Investimento anual de manutenção da montanha: US $ 100 milhões

• Capacidade de produção de neve: 4.200 acres de cobertura de fabricação de neve
• Frota de 220 máquinas de limpeza de neve
• Horário médio de helicóptero anual de neve: 12.000 horas de máquina por resort

Serviços de convidado e gerenciamento de hospitalidade

Categoria de serviço	Métrica de desempenho anual
Propriedades de hospedagem	20 Propriedades de propriedade/gerenciado
Visitas anuais de convidados	13,4 milhões
Titulares de passes de temporada	2,1 milhões

Promoção de marketing e destino

Despesas anuais de marketing: US $ 75 milhões

• Orçamento de marketing digital: 40% dos gastos com marketing total
• Seguidores de mídia social: 1,2 milhão entre plataformas

Desenvolvimento imobiliário em áreas de resort

Categoria de desenvolvimento	Investimento atual
Valor do portfólio imobiliário	US $ 500 milhões
Projetos de desenvolvimento ativo	7 desenvolvimentos em andamento
Receita imobiliária anual	US $ 120 milhões

Vail Resorts, Inc. (MTN) - Modelo de negócios: Recursos -chave

Propriedades e terrenos premium de esqui

A Vail Resorts possui e opera 37 resorts de esqui na América do Norte, incluindo:

Localização	Número de resorts	Total Skiable Acres
Colorado	10	24.475 acres
Utah	3	7.300 acres
Califórnia	4	6.000 acres
Outras regiões	20	23.225 acres

Avançando a infraestrutura de neve e elevação

Recursos de fabricação de neve e detalhes da infraestrutura:

• Cobertura total de fabricação de neve: 85% em todos os resorts de propriedade
• Número de armas de neve: mais de 4.500
• Infraestrutura de elevação: 234 elevadores totais
• Capacidade de elevação: 404.428 esquiadores por hora

Equipe qualificada de operações e hospitalidade das montanhas

Categoria de emprego	Número de funcionários
Total de funcionários	19,700
Funcionários em tempo integral	4,300
Trabalhadores sazonais	15,400

Forte reputação da marca

Métricas de valor e reconhecimento da marca:

• Titulares de passes épicos: 1,1 milhão (a partir de 2023)
• Capitalização de mercado: US $ 9,2 bilhões
• Receita anual: US $ 2,57 bilhões (2023 ano fiscal)

Tecnologia avançada para experiência de convidado

Investimentos de infraestrutura de tecnologia:

• Sistemas de reserva digital: reserva em tempo real em todos os 37 resorts
• Usuários de aplicativos móveis: 850.000 usuários ativos
• Investimento de tecnologia anual: US $ 45 milhões

Vail Resorts, Inc. (MTN) - Modelo de Negócios: Proposições de Valor

Experiências de esqui e snowboard de classe mundial

O Vail Resorts opera 37 resorts de esqui em toda a América do Norte, incluindo:

Localização	Número de resorts
Colorado	9 Resorts
Utah	3 resorts
Califórnia	4 resorts
Outras regiões	21 resorts

Destinos abrangentes do resort da montanha

As comodidades do resort incluem:

• Terreno de esqui cobrindo mais de 41.000 acres
• Queda vertical média de 2.500 pés
• Mais de 300 elevadores em todas as propriedades

Ofertas de passe para várias montanhas (Pass Epic)

Tipo de passagem	2023-2024 Preço	Número de resorts
Passo épico	$841	37 resorts
Passo local épico	$583	22 resorts

Serviços de convidados e comodidades de alta qualidade

Investimentos de atendimento ao atendimento incluem:

• Melhorias anuais de infraestrutura anuais de US $ 200 milhões
• Cobertura avançada de fabricação de neve em 72% do terreno
• Tickets de elevação digital sistemas de reserva

Oportunidades recreativas durante todo o ano

Atividade de verão	Número de locais
Mountain bike	12 resorts
Caminhões cênicos de presidente	18 resorts
Trilhas para caminhadas	15 resorts

Vail Resorts, Inc. (MTN) - Modelo de Negócios: Relacionamentos do Cliente

Associação do programa de fidelidade

EPIC PASS FEMBRAÇÃO A partir de 2023: 2,1 milhões de portadores de passes

Tipo de passagem	Número de membros
Passo épico	1,2 milhão
Passe local	580,000
Passe de temporada	320,000

Engajamento personalizado do cliente digital

Métricas de engajamento digital:

• Downloads de aplicativos móveis: 1,3 milhão
• Assinantes de marketing por email: 3,5 milhões
• Seguidores de mídia social entre plataformas: 2,8 milhões

Aplicativo móvel para reservas e informações de montanha

Recursos do aplicativo e estatísticas de uso:

Recurso do aplicativo	Porcentagem de uso
Reservas de bilhete de elevação	68%
Condições da montanha em tempo real	82%
Reservas de refeições	47%

Experiências nas montanhas focadas na comunidade

Iniciativas de engajamento da comunidade:

• Participantes anuais da escola de esqui: 450.000
• Participantes do evento da comunidade: 180.000
• Programas de parceria local: 65 colaborações regionais

Atendimento ao cliente consistente em vários resorts

Métricas de desempenho do atendimento ao cliente:

Métrica de serviço	Desempenho
Classificação de satisfação do cliente	4.2/5
Taxa de resolução de primeiro contato	87%
Tempo médio de resposta	2,3 horas

Vail Resorts, Inc. (MTN) - Modelo de Negócios: Canais

Site direto e reservas de aplicativos móveis

Vail Resorts opera o EpicPass.com Plataforma, que processou 2,1 milhões de vendas de passagens na temporada na temporada de esqui 2022-2023. O aplicativo móvel relatou 1,5 milhão de usuários ativos durante o mesmo período.

Canal	Usuários anuais	Volume de reserva
EpicPass.com	2,1 milhões	US $ 650 milhões
App móvel épico	1,5 milhão	US $ 425 milhões

Parcerias da agência de viagens

A Vail Resorts mantém parcerias com aproximadamente 500 agências de viagens em todo o mundo, gerando US $ 180 milhões em reservas de receitas através desses canais em 2023.

• Rede de agências de viagens domésticas: 350 parceiros
• International Travel Agency Network: 150 parceiros

Feiras de esqui e viagens

O Vail Resorts participa de 25 principais feiras de esqui e viagens anualmente, gerando cerca de US $ 45 milhões em reservas e parcerias diretas.

Plataformas de marketing de mídia social

A empresa aproveita os canais de mídia social com 2,3 milhões de seguidores combinados no Instagram, Facebook e Twitter, dirigindo aproximadamente US $ 75 milhões em conversões de marketing digital.

Plataforma	Seguidores	Receita de conversão
Instagram	1,2 milhão	US $ 35 milhões
Facebook	750,000	US $ 25 milhões
Twitter	350,000	US $ 15 milhões

Centros de Vendas e Informações do Resort no local

A Vail Resorts opera 34 centros de vendas no local em seus 37 resorts de montanha, gerando US $ 220 milhões em vendas diretas no local para a temporada 2022-2023.

• Vendas médias no local por resort: US $ 6,3 milhões
• Pessoal de vendas total no local: 875 funcionários

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

Entusiastas de esqui e snowboard

O Vail Resorts atende a aproximadamente 2,3 milhões de participantes ativos de esqui e snowboard nos Estados Unidos. O skier médio/snowboarder demográfico inclui:

Faixa etária	Percentagem
18-34 anos	37%
35-54 anos	42%
55 anos ou mais	21%

Consumidores de viagens de luxo

Mercado -alvo com renda familiar anual acima de US $ 150.000. As principais características incluem:

• Gastos médios por viagem de esqui: US $ 3.500
• Preferência por experiências de montanha premium
• Disposto a comprar um passe épico com preço médio de US $ 841

Mercado de férias em família

O segmento familiar representa 45% da base de clientes da Vail Resorts. Detalhes específicos do mercado:

Métrica	Valor
Duração média da viagem de esqui familiar	4,2 dias
Despesas médias de viagem de esqui familiar	$5,200
Porcentagem de famílias com crianças menores de 12 anos	62%

Retiro corporativo e grupos de eventos

Características do segmento corporativo:

• Reservas anuais de eventos corporativos: 1.200 grupos
• Gastos médios para eventos corporativos: US $ 75.000
• Indústrias primárias: tecnologia, finanças, saúde

Viajantes de destino internacional

Redução internacional de visitantes:

País de origem	Porcentagem de visitantes internacionais
Reino Unido	22%
Austrália	18%
Canadá	15%
Outros países	45%

Vail Resorts, Inc. (MTN) - Modelo de negócios: estrutura de custos

Manutenção e operações de propriedades do resort

Custos anuais de manutenção e operações do resort para o Vail Resorts no ano fiscal de 2023: US $ 647,3 milhões.

Categoria de custo	Despesa anual
Manutenção da infraestrutura do resort	US $ 278,5 milhões
Reparo de instalações e manutenção	US $ 189,6 milhões
Despesas de utilidade	US $ 179,2 milhões

Produção de neve e infraestrutura montanhosa

Investimentos totais de produção de neve e infraestrutura montanhosa no ano fiscal de 2023: US $ 92,4 milhões.

• Manutenção de equipamentos de neve: US $ 37,2 milhões
• Atualizações do sistema de elevação: US $ 33,6 milhões
• Desenvolvimento da trilha da montanha: US $ 21,6 milhões

Salários e treinamento de funcionários

Custos de mão -de -obra total para o ano fiscal de 2023: US $ 1,2 bilhão.

Categoria de funcionários	Despesas salariais anuais
Funcionários em tempo integral	US $ 678,5 milhões
Trabalhadores sazonais	US $ 412,3 milhões
Treinamento e desenvolvimento	US $ 109,2 milhões

Despesas de marketing e promocionais

Despesas totais de marketing no ano fiscal de 2023: US $ 128,7 milhões.

• Marketing Digital: US $ 45,3 milhões
• Publicidade tradicional: US $ 53,4 milhões
• Eventos e parcerias promocionais: US $ 30 milhões

Investimentos de tecnologia e plataforma digital

Investimento de tecnologia total no ano fiscal de 2023: US $ 86,5 milhões.

Área de investimento em tecnologia	Despesa anual
Desenvolvimento da plataforma digital	US $ 42,3 milhões
Infraestrutura de TI	US $ 29,6 milhões
Segurança cibernética	US $ 14,6 milhões

Vail Resorts, Inc. (MTN) - Modelo de negócios: fluxos de receita

Vendas de passagem para elevação e passe de temporada

Para o ano fiscal de 2023, o Vail Resorts registrou receita total de bilhetes de elevação de US $ 2,1 bilhões. O Epic Pass, seu produto de passagem da temporada de assinatura, gerou US $ 582 milhões em vendas.

Tipo de passagem	Receita (2023)	Número de passes vendidos
Passo épico	US $ 582 milhões	1,3 milhão
Passe local	US $ 214 milhões	350,000
Ingressos diários	US $ 1,3 bilhão	2,5 milhões

Aluguel de equipamentos de esqui e snowboard

A receita de aluguel de equipamentos para o ano fiscal de 2023 totalizou US $ 238 milhões, com um preço médio de aluguel de US $ 65 por dia.

Serviços de hospedagem e hospitalidade

A receita de hospedagem atingiu US $ 392 milhões em 2023, com uma taxa média diária de US $ 425 nas propriedades do resort.

Categoria de hospedagem	Receita	Taxa de ocupação
Hotéis de esqui	US $ 247 milhões	68%
Aluguel de férias	US $ 145 milhões	62%

Vendas de alimentos e bebidas

A receita total de alimentos e bebidas para 2023 foi de US $ 475 milhões, com um gasto médio por culpado de US $ 52.

• Receita dos restaurantes da montanha: US $ 276 milhões
• Ranta de refeição base: US $ 129 milhões
• Varejo e Grab-and-Go: US $ 70 milhões

Desenvolvimento imobiliário e vendas de propriedades

A receita de desenvolvimento imobiliário em 2023 totalizou US $ 89 milhões, com 15 transações de propriedades concluídas.

Tipo de propriedade	Receita	Número de unidades vendidas
Condomínios de esqui/esqui	US $ 62 milhões	8
Propriedades da View Mountain	US $ 27 milhões	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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