Cash conversion efficiency remains strained, evidenced by an operating cash flow to net income ratio of just 0.21 in 2026Q3 and a $370.0 million working capital outflow.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Cash from Operations | 475.11M | 554.87M | 586.77M | 639.56M | 710.5M | 525.25M | 394.95M | 634.23M | 551.63M | 456.91M | 426.76M | 303.66M | 245.88M | 222.42M | 185.42M | 267.29M | 35.95M | 134.28M | 217M | 118.44M | 193.4M | 220.34M | 185.37M | 154.57M | 131.67M | 107.75M | 111.62M | 102.61M | 103.4M | 66.4M | 66.4M |
| Operating CF Margin % | - | 18.72% | 20.34% | 22.14% | 28.13% | 27.5% | 20.11% | 27.92% | 27.42% | 23.96% | 26.65% | 21.69% | 19.6% | 19.85% | 18.1% | 22.9% | 4.02% | 13.74% | 18.83% | 12.59% | 23.06% | 27.2% | 25.51% | 21.68% | 21.4% | 19.81% | 20.71% | 21.57% | 31.29% | 20.09% | 35.17% |
| Operating CF Growth % | -130.37% | -5.44% | -8.25% | -9.98% | 35.27% | 32.99% | -37.73% | 14.97% | 20.73% | 7.07% | 40.54% | 23.5% | 10.55% | 19.96% | -30.63% | 643.5% | -73.23% | -38.12% | 83.21% | -38.76% | -12.23% | 18.87% | 19.92% | 17.39% | 22.21% | -3.47% | 8.78% | -0.76% | 55.72% | 0% | - |
| Net Income | 178.02M | 297.98M | 246.28M | 285.1M | 368.34M | 124.46M | 109.06M | 323.49M | 401.23M | 231.72M | 149.45M | 114.61M | 28.21M | 37.61M | 16.39M | 34.42M | 35.77M | 48.95M | 102.93M | 61.4M | 45.76M | 23.14M | -5.96M | -8.53M | 7.57M | 13.63M | 15.34M | 12.79M | 19.7M | 4.7M | 4.7M |
| Depreciation & Amortization | 301.76M | 296.44M | 276.49M | 268.5M | 252.39M | 252.59M | 249.57M | 218.12M | 204.46M | 189.16M | 161.49M | 149.12M | 140.6M | 132.69M | 127.58M | 117.96M | 110.64M | 107.21M | 93.79M | 87.66M | 86.1M | 89.97M | 87.45M | 85.03M | 68.41M | 65.48M | 61.44M | 53.26M | 34M | 18.1M | 18.1M |
| Stock-Based Compensation | 33.42M | 33.96M | 26.8M | 25.41M | 24.89M | 24.39M | 21.02M | 19.86M | 19.04M | 18.32M | 17.02M | 15.75M | 14.22M | 12.35M | 12M | 12.49M | 11.84M | 10.74M | 0 | 7M | 6.52M | 0 | 250K | 1.34M | 1.4M | 361K | 0 | 358K | 0 | 0 | 0 |
| Deferred Taxes | -74.5M | -20.95M | 12.1M | 24.07M | -9.39M | -16.14M | 17.43M | 22.42M | -45.77M | 36.44M | 7.63M | 12.97M | 6.22M | -8.13M | 9.24M | 32.19M | -4.43M | 30.77M | 2.98M | -3.97M | 1.32M | -7.51M | -1.02M | 4.28M | -2.71M | 5.79M | 7.89M | 8M | 7.4M | 2.5M | 2.5M |
| Other Non-Cash Items | -68.61M | -26.57M | 49.84M | 54.22M | -20.2M | 12.54M | 21.21M | -482K | 2.24M | -2.03M | 12.23M | 3.03M | 38.07M | 18.29M | 28.87M | 169.63M | 29.2M | 100.19M | 217.23M | 90.34M | 30.55M | -3M | 53.02M | 55.17M | 32.67M | 4.58M | 25.7M | 22.46M | 100K | 94.3M | 33.8M |
| Working Capital Changes | 106.33M | -25.98M | -24.73M | -17.73M | 94.48M | 127.41M | -23.35M | 50.83M | -29.57M | -16.68M | 78.94M | 8.18M | 18.55M | 29.61M | -8.67M | -99.41M | -147.08M | -163.59M | -197.59M | -123.98M | 23.16M | 55.24M | 51.63M | 17.27M | 24.34M | 17.91M | 1.26M | 5.74M | -10.6M | -53.2M | 4.7M |
| Change in Receivables | -16.21M | -6.71M | 12.89M | 4.25M | -39.01M | -237.19M | 167.35M | -35.41M | -44.26M | -36.29M | -32.99M | -15.35M | -17.01M | -11.71M | -2.58M | -1.64M | 5.69M | -7.83M | 0 | -4.5M | -2.64M | -3.67M | 7.25M | -83K | -4.59M | 13.68M | 0 | -5.73M | -4.6M | -600K | 0 |
| Change in Inventory | -12.96M | 1.2M | 13.19M | -23.42M | -28.05M | 22.78M | -1.92M | -7.27M | -963K | 8.09M | -843K | -1.3M | 1.33M | -105K | -10.85M | -2.76M | 652K | 761K | -1.64M | -5.17M | -4.81M | -5.07M | 605K | 570K | -2.71M | -2.8M | -1.29M | -6.55M | -800K | -400K | -400K |
| Change in Payables | -21.45M | 18.4M | 9.37M | -7.51M | 41.08M | 118.98M | -82.39M | 23.3M | 1.88M | -14.18M | 42.37M | 4.5M | 20.72M | 19.77M | -2.52M | -23.22M | -12.55M | -19.57M | 0 | 30.69M | 26.21M | 26.44M | 36.51M | 4.58M | -11.63M | 15.86M | 0 | 24.4M | 600K | 0 | 0 |
| Cash from Investing | -227.96M | -204.5M | -241.07M | -273.17M | -347.92M | -103.33M | -492.74M | -596.03M | -134.58M | -682.84M | -124.02M | -427.07M | -117.91M | -108.24M | -155.95M | -158.19M | -83.55M | -144.63M | -148.13M | -132.15M | -191.72M | -44.88M | -83.36M | -130.72M | -304.89M | -107.43M | -116M | -204.42M | -251.8M | -54.7M | -54.7M |
| Capital Expenditures | -237.58M | -235.19M | -211.2M | -314.91M | -192.82M | -115.1M | -172.33M | -192.03M | -140.61M | -144.43M | -109.24M | -123.88M | -118.31M | -94.95M | -132.63M | -95.64M | -68.96M | -106.49M | -150.89M | -119.23M | -88.9M | -79.97M | -62.96M | -106.34M | -76.23M | -57.81M | -77.66M | -65.17M | -107.9M | -13.9M | -54.5M |
| CapEx % of Revenue | 8.39% | 7.93% | 7.32% | 10.9% | 7.63% | 6.03% | 8.78% | 8.45% | 6.99% | 7.57% | 6.82% | 8.85% | 9.43% | 8.47% | 12.95% | 8.2% | 7.71% | 10.9% | 13.1% | 12.68% | 10.6% | 9.87% | 8.66% | 14.91% | 12.39% | 10.63% | 14.41% | 13.7% | 32.65% | 4.21% | 28.87% |
| Acquisitions | 0 | 0 | -94.36M | 75.94M | -230.75M | 0 | -327.56M | -419.04M | -1.36M | -553.22M | -20.25M | -307.05M | 0 | -19.96M | -23.48M | -62.34M | -15.87M | -38.17M | 0 | 3.54M | 30.71M | 0 | 0 | 0 | -164.77M | -19.47M | 0 | -101.28M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 9.63M | 30.69M | 6.84M | 14.58M | 75.65M | 11.77M | 7.15M | 15.04M | 7.39M | 14.82M | 5.47M | 3.87M | 399K | 6.67M | 150K | -204K | 1.27M | 36K | 2.76M | -16.46M | -133.53M | 35.09M | -20.41M | -24.39M | -63.89M | -30.14M | -38.35M | 0 | -146.4M | -40.8M | 0 |
| Cash from Financing | -290.37M | -242.65M | -574.79M | -915.71M | -493.14M | 434.66M | 376.23M | -99.56M | -350.71M | 271.89M | -271.22M | 115.25M | -222.21M | -21.79M | -53.52M | -53.7M | -6.95M | -82.7M | -137.34M | 52.73M | 53.53M | -85.21M | -63.55M | -29.08M | 177.64M | -455K | -5.1M | 106.75M | 151M | -46.5M | -46.5M |
| Debt Issued (Net) | 313.09M | 402.78M | -55.86M | -73.89M | -146.63M | 494.62M | 686.35M | 289.46M | -2.93M | 419.28M | -119.64M | 178.8M | -176M | -1.01M | -1.05M | -37.86M | 34.65M | -64.75M | -37.97M | 62.85M | 9.22M | -103.57M | -31.98M | -24.8M | 186.52M | -5.86M | -5.08M | 114.17M | 0 | 95.02M | -46.5M |
| Equity Issued (Net) | -245M | -278.04M | -150M | -500M | -112.31M | -39.09M | -46.42M | -85M | -25.8M | -210K | -53.79M | 0 | 0 | 0 | -30.36M | 0 | -15M | -22.37M | -99.61M | -3.51M | 35.81M | 21.94M | 562K | 498K | 151K | 4.32M | 163K | 677K | 0 | 98.15M | 0 |
| Dividends Paid | -317.73M | -328.17M | -323.68M | -314.35M | -225.79M | 0 | -212.73M | -260.57M | -204.16M | -146.24M | -103.83M | -75.51M | -45.02M | -28.36M | -24.25M | -5.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -926K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -245M | -270M | -150M | -500M | -75.01M | 0 | -46.42M | -85M | -25.8M | -210K | -53.79M | 0 | 0 | 0 | -30.36M | 0 | -15M | -22.37M | -99.61M | -15.01M | -10.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8M | 0 | 0 |
| Other Financing | -40.73M | -39.22M | -45.24M | -27.47M | -8.41M | -20.87M | -50.97M | -43.45M | -117.83M | -941K | 6.05M | 11.96M | -1.19M | 7.58M | 2.14M | -10.43M | -26.61M | 4.42M | 249K | -6.61M | 8.5M | -3.58M | -32.13M | -3.85M | -9.03M | 220K | -619K | -8.1M | 151M | -42.17M | 0 |
| Net Change in Cash | -28.3M | 119.36M | -236.03M | -553.01M | -132.47M | 856.49M | 283.7M | -66.65M | 60.76M | 49.49M | 32.44M | -8.95M | -94.2M | 92.55M | -24.09M | 55.4M | -54.55M | -93.05M | -68.47M | 39.02M | 55.21M | 90.25M | 38.45M | -5.24M | 4.42M | -136K | -9.48M | 4.94M | 1.2M | -34.8M | -34.8M |
| Free Cash Flow | 237.53M | 319.68M | 375.58M | 324.65M | 517.68M | 410.15M | 222.62M | 442.2M | 411.01M | 312.48M | 317.52M | 179.78M | 127.57M | 127.48M | 52.79M | 171.65M | -33.01M | 27.79M | 66.1M | -790K | 104.5M | 140.37M | 122.41M | 48.23M | 55.44M | 49.93M | 33.97M | 37.44M | -4.5M | 52.5M | 11.9M |
| FCF Margin % | 8.39% | 10.78% | 13.02% | 11.24% | 20.49% | 21.48% | 11.34% | 19.47% | 20.43% | 16.38% | 19.83% | 12.84% | 10.17% | 11.37% | 5.15% | 14.71% | -3.69% | 2.84% | 5.74% | -0.08% | 12.46% | 17.33% | 16.85% | 6.76% | 9.01% | 9.18% | 6.3% | 7.87% | -1.36% | 15.88% | 6.3% |
| FCF Growth % | -40.15% | -14.88% | 15.69% | -37.29% | 26.22% | 84.24% | -49.66% | 7.59% | 31.53% | -1.59% | 76.62% | 40.92% | 0.08% | 141.46% | -69.24% | 620.03% | -218.79% | -57.97% | 8467.59% | -100.76% | -25.55% | 14.67% | 153.78% | -13% | 11.03% | 47% | -9.28% | 932.04% | -108.57% | 341.18% | - |
| FCF per Share | 6.61 | 8.59 | 9.89 | 8.17 | 12.72 | 10.05 | 5.45 | 10.74 | 9.88 | 7.74 | 8.51 | 4.81 | 3.44 | 3.47 | 1.44 | 4.67 | -0.90 | 0.76 | 1.70 | -0.02 | 2.72 | 3.88 | 3.49 | 1.36 | 1.57 | 1.21 | 0.95 | 1.08 | -0.15 | 2.44 | 0.57 |
| FCF Conversion (FCF/Net Income) | 1.33x | 1.98x | 2.54x | 2.41x | 2.04x | 4.11x | 4.00x | 2.11x | 1.45x | 2.17x | 2.85x | 2.65x | 8.63x | 5.89x | 11.27x | 7.75x | 1.18x | 2.74x | 2.11x | 1.93x | 4.23x | 9.52x | -31.11x | -18.13x | 18.68x | 7.90x | 10.77x | 8.02x | 5.25x | 3.37x | 14.13x |
| Interest Paid | 0 | 156.37M | 146.56M | 140.6M | 114.07M | 125.67M | 88.4M | 70.89M | 53.84M | 46.45M | 33.24M | 0 | 0 | 34.22M | 30.21M | 35.83M | 14.97M | 25.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.02M | 0 | 20.17M | 0 |
| Taxes Paid | 0 | 161.66M | 129.35M | 94.34M | 19.69M | 5.01M | 4.13M | 27.21M | 16.95M | 49.37M | 21.99M | 0 | 0 | 3.98M | 216K | 1.35M | 4.69M | 25.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 850K | 0 | 1.93M | 0 |
Seasonal Liquidity Mismatch
According to recent financial statements, Vail Resorts' operating cash flow to net income ratio reached a low of 0.21 in 2026Q3, highlighting a significant divergence between accounting profitability and actual cash generation that warrants close scrutiny from investors evaluating the sustainability of the company's current earnings profile.
The substantial gap between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items and timing differences related to the seasonal nature of the business. This disconnect implies that investors should prioritize cash flow metrics over headline net income when assessing the company's ability to fund ongoing operations and debt obligations.
As reported in quarterly filings, the company experienced a massive $370.0 million working capital outflow in 2026Q3, illustrating the intense seasonal pressure on liquidity as the firm manages the timing of pass sales versus the high cash requirements of peak winter resort operations.
The extreme swings in working capital reflect the company's reliance on pre-season pass sales to bridge the gap between off-season maintenance and peak-season revenue recognition. This volatility suggests that any disruption in the timing of these collections could place immediate strain on the company's liquidity position.
Based on reported figures, Vail Resorts' capital expenditure as a percentage of revenue spiked to 26.4% in 2026Q1, indicating that the firm remains committed to heavy reinvestment in mountain infrastructure despite the broader deceleration in top-line growth and increasing pressure on operating margins.
The persistent level of capital intensity suggests that the company must continue to invest heavily in snowmaking and lift infrastructure just to maintain its competitive position. This high maintenance burden may limit the company's flexibility to reduce spending during periods of lower skier volume or unfavorable weather conditions.
As indicated by recent cash flow statements, the company continued to prioritize dividend payments of $79.1 million in 2026Q3 despite significant cash flow volatility, a strategy that appears increasingly aggressive given the company's strained balance sheet and the ongoing need for capital-intensive resort infrastructure investments.
The decision to maintain dividend payouts while facing operational headwinds suggests a management focus on shareholder returns that may come at the expense of balance sheet deleveraging. Investors should monitor whether this capital allocation policy remains sustainable if the current trend of cash flow volatility persists into future fiscal years.
Quick answers to the most common questions about buying MTN stock.
Vail Resorts, Inc. (MTN) generated $554.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vail Resorts, Inc. (MTN) generated $319.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Vail Resorts, Inc. (MTN) spent $235.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Vail Resorts, Inc. (MTN) returned $328.2M to shareholders via cash dividends and spent $270.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.