VAIL RESORTS INC

Vail Resorts, Inc. is a holding company that operates through its subsidiaries, focusing on mountain resorts, lodging, and real estate. For its fiscal year ended July 31, 2025, the company's net revenue was approximately 89% from its Mountain segment, 11% from its Lodging segment, and 0% from its Real Estate segment. The Mountain segment operates 42 world-class destination mountain resorts and regional ski areas. This segment also includes ancillary services such as ski school, dining, and retail/rental operations. The Lodging segment involves owning and/or managing luxury hotels and condominiums under the RockResorts brand, other strategic lodging properties, and numerous condominiums near its North American mountain resorts. It also includes National Park Service concessioner properties, such as the Grand Teton Lodge Company, which operates resorts in Grand Teton National Park, a Colorado resort ground transportation company, and mountain resort golf courses. The combination of the Mountain and Lodging segments is referred to as "Resort." The Real Estate segment is responsible for owning, developing, and selling real estate in and around the company's resort communities. The Mountain segment includes 42 destination mountain resorts and regional ski areas, with five resorts among the top ten most visited in the United States for the 2024/2025 North American ski season.