What changed in this filing

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Item 1. Business

2025-09-29 compared with 2024-09-26 · 138 added, 143 removed, 458 unchanged (38% of the section changed)

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Mountain Segment

In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas, including four resorts within the top ten most visited resorts in the United States for the 2023/2024 North American ski season:

In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas, including five resorts within the top ten most visited resorts in the United States for the 2024/2025 North American ski season:

*Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to our regional ski areas, which tend to generate skier visits predominantly from their respective local markets.

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Rocky Mountains (Colorado and Utah Resorts)

• Vail Mountain Resort (“Vail Mountain”) - the most visited mountain resort in the United States (“U.S.”) for the 2023/2024 ski season.

• Vail Mountain Resort (“Vail Mountain”) - the second most visited mountain resort in the United States (“U.S.”) for the 2024/2025 ski season.

Vail Mountain offers some of the most expansive and varied terrain in North America with approximately 5,300 skiable acres including seven world renowned back bowls and the resort’s Blue Sky Basin.

• Breckenridge Ski Resort (“Breckenridge”) - the second most visited mountain resort in the U.S.

• Breckenridge Ski Resort (“Breckenridge”) - the most visited mountain resort in the U.S.

for the 2024/2025 ski season with five interconnected peaks offering an expansive variety of terrain for every skill level, including access to above tree line intermediate and expert terrain, and progressive and award-winning terrain parks.

• Park City Resort (“Park City”) - the third most visited mountain resort in the U.S.

• Park City Resort (“Park City”) - the fourth most visited mountain resort in the U.S.

for the 2024/2025 ski season and the largest by acreage in the U.S.

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for the 2024/2025 ski season, as well as the largest area for night skiing in Colorado.

In December 2023, we completed our transformational lift-served terrain expansion project in Bergman Bowl, increasing lift-served terrain by 555 acres with the addition of a new six-

person high speed lift, and also providing lift-served access to Erickson Bowl.

Keystone is a premier destination for families with its “Kidtopia” program focused on providing activities for kids on and off the mountain.

• Beaver Creek Resort (“Beaver Creek”) - the eleventh most visited mountain resort in the U.S.

• Beaver Creek Resort (“Beaver Creek”) - the tenth most visited mountain resort in the U.S.

for the 2024/2025 ski season.

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Lake Tahoe Resorts

• Heavenly Mountain Resort (“Heavenly”) - the twelfth most visited mountain resort in the U.S.

• Heavenly Mountain Resort (“Heavenly”) - the thirteenth most visited mountain resort in the U.S.

for the 2024/2025 ski season.

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Crans-Montana has a legacy of being a renowned outdoor sports destination, having hosted signature events such as the Ski World Cup, Mountain Bike World Cup, Omega European Masters and Caprices Festival.

The commune of Crans-Montana has gourmet restaurants and luxury retail stores, as well as five-star hotels, including the recently developed Six Senses lodge and spa, a luxury 45-room ski-in, ski-out chalet-style property situated above the main gondola.

The commune of Crans-Montana has gourmet restaurants and luxury retail stores, as well as five-star hotels.

Additionally, the International Ski Federation Council has awarded the FIS Alpine World Ski Championships 2027 to Crans-Montana.

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Mid-Atlantic (Pennsylvania)

We own and operate eight ski areas in the Mid-Atlantic region serving guests in Philadelphia, Pittsburgh, Southern New Jersey, Baltimore and Washington D.C.

Our presence in the region allows us to offer compelling local options and easy overnight weekend and holiday trips to our premium Northeast regional ski areas, which are within driving distance from these markets.

We own and operate ten ski areas in the Midwest that draw guests from Chicago, Detroit, Minneapolis, St.

We own and operate eight regional ski areas in the Mid-Atlantic region serving guests in Philadelphia, Pittsburgh, Southern New Jersey, Baltimore and Washington D.C.

Our presence in the region allows us to offer compelling local options and easy overnight weekend and holiday trips, which are within driving distance from these markets.

We own and operate ten regional ski areas in the Midwest that draw guests from Chicago, Detroit, Minneapolis, St.

Louis, Indianapolis, Cleveland, Columbus, Kansas City and Louisville, among others.

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Pacific Northwest (U.S.)

Stevens Pass Resort (“Stevens Pass’’) - located less than 85 miles from Seattle on the crest of Washington State’s Cascade Range, Stevens Pass offers terrain for all levels across more than 1,100 acres of skiable terrain.

Located less than 85 miles from Seattle on the crest of Washington State’s Cascade Range, Stevens Pass Resort (“Stevens Pass”) offers terrain for all levels across more than 1,100 acres of skiable terrain.

Stevens Pass has operated for over 80 years and is known for its numerous bowls, glades and faces, as well as extensive lighted terrain for skiing and riding well into the evening.

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typically rank in the most visited ski resorts in the U.S.

(four of the top ten for the 2023/2024 U.S.

(five of the top ten for the 2024/2025 U.S.

ski season), and most of our destination mountain resorts are consistently in the top ranked ski resorts in North America according to industry surveys, which we attribute to our ability to provide a high-quality experience.

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Our Resorts in the Rocky Mountain region of Colorado and Utah, the Sierra Nevada Mountains in Lake Tahoe and the Coast Mountains in British Columbia, Canada generally receive abundant snowfall each year, but we have invested significantly in snowmaking systems in these areas which help to provide a more consistent guest experience, especially in the early season.

We have made significant investments in our snowmaking systems within the past several years in Colorado that transformed the early-season terrain experience at Vail, Keystone and Beaver Creek.

We have made significant investments in our snowmaking systems within the past several years that have transformed the early-season terrain experience at Vail, Keystone, Beaver Creek and Park City.

Our other ski areas receive less snowfall than our western North American mountain resorts, but we have invested in snowmaking operations at these resorts in order to provide a consistent experience for our guests.

In calendar year 2024, the Company plans to invest in snowmaking projects at Park City, Hunter Mountain and Andermatt-Sedrun in order to enhance the early season guest experience.

In calendar year 2025, the Company invested in snowmaking projects at Andermatt-Sedrun in order to enhance the early season guest experience and improve energy efficiency.

Since calendar year 2015 we have invested over $100 million in improved snowmaking capabilities across our network.

Additionally, we provide several hundred acres of groomed terrain at each of our mountain resorts with extensive fleets of snow grooming equipment.

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We systematically upgrade our lifts and put in new lifts to increase uphill capacity and streamline skier traffic to maximize the guest experience.

Discretionary capital expenditures expected for calendar year 2024 include, among other projects:

• replacing Whistler Blackcomb’s existing four-person high speed Jersey Cream lift with a new six-person high-speed lift, which is expected to provide a meaningful increase to uphill capacity and better distribute guests at a central part of the resort;

• replacing Hunter Mountain’s existing fixed-grip four-person Broadway lift with a new high-speed six-person lift and relocating the two-person fixed-grip E lift, providing a meaningful increase in uphill capacity and improved access to terrain that is key to the progressive learning experience for our guests;

• replacing Perisher’s Double and Triple Chairs with a new high-speed six-person lift, which is expected in advance of the 2025 winter season in Australia;

• preparatory work for the planned replacement of Park City’s fixed-grip two-person lift with a new ten-person Sunrise Gondola in calendar year 2025 in partnership with Canyons Village Management Association, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village.

• In the past several years, we have installed or upgraded several high speed chairlifts and gondolas across our Resorts, including five new or replacement lifts across five Resorts for the 2023/2024 North American ski season, which meaningfully increased lift capacity and reduced wait times at those lift locations.

Investments in the past several years include:

Discretionary capital expenditures expected for the remainder of calendar year 2025 include, among other projects:

• replacing Perisher’s Double and Triple Chairs with a new high-speed six-person lift, which was completed in advance of the 2025 winter season in Australia;

• replacing Park City’s fixed-grip two-person lift with a new ten-person Sunrise Gondola in partnership with Canyons Village Management Association, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village.

• Since calendar year 2015 we have invested over $500 million in lift upgrades and new lifts across our network, which meaningfully increased lift capacity and reduced wait times at those lift locations, including three new or replacement lifts across two Resorts for the 2024/2025 North American ski season.

Significant investments in the past ten years include, among other projects:

• replacing Whistler Blackcomb’s existing four-person high-speed Jersey Cream lift with a new six-person high-speed lift;

• replacing Hunter Mountain’s existing fixed-grip four-person Broadway lift with a new high-speed six-person lift and replacing and relocating the existing two-person fixed-grip E lift with a new four-person lift;

• a new high-speed six-person lift in Bergman Bowl at Keystone;

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• a new four-person high-speed lift to serve Peak 7 at Breckenridge;

• replacing the four-person Peru lift at Keystone with a six-person high speed lift;

• replacing the Peachtree lift at Crested Butte with a new three-person fixed-grip lift;

• an upgrade of the four-person Quantum lift at Okemo with a six-person high speed lift, and relocating the four-person Quantum lift to replace the Green Ridge three-person fixed-grip lift.

• replacing the four-person Peru lift at Keystone with a six-person high-speed chairlift;

• an upgrade of the four-person Quantum lift at Okemo with a six-person high-speed chairlift, relocating the existing four-person Quantum lift to replace the Green Ridge three-person fixed-grip chairlift;

• upgrading the Daisy and Brooks fixed-grip lifts at Stevens Pass to four-person high-speed lifts;

• installing a new 10-person gondola running from the base to the top of Blackcomb Mountain, replacing the Wizard and Solar four person chairs with a single state-of-the-art gondola;

• upgrading the four-person Emerald express lift to a high-speed six-person lift on Whistler Mountain;

• upgrading the fixed-grip High Meadow lift to a four-person high-speed lift at the Canyons area of Park City;

• replacing each of the Northwoods lift at Vail Mountain, the Peak 10 Falcon SuperChair at Breckenridge and the Montezuma lift at Keystone with new high-speed, six-passenger lifts;

• replacing the existing Avanti four-person quad lift at Vail with a new six-person high-speed lift;

• installing a new high-speed eight-person Gondola at the combined Park City and Canyons resort, allowing access between the two former resorts for the first time, connecting the base of the Silverlode Lift at Park City with the Flatiron Lift at Canyons.

• Terrain Parks

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We recently achieved the following technological milestones:

• My Epic mobile application (“My Epic App”) - During the 2023/2024 North American ski season, we launched the My Epic App, which allows our guests to purchase their pass product or lift ticket online and access our Resorts via the new app, utilizing hands free Bluetooth® technology, eliminating the need to wait in line to purchase lift tickets.

• My Epic mobile application (“My Epic App”) - My Epic App allows our guests to purchase their pass product or lift ticket online and access our Resorts via the new app, utilizing hands free Bluetooth® technology, eliminating the need to wait in line to purchase lift tickets.

In addition, the My Epic App allows guests to capture their activity on the mountain (e.g.

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and provides information regarding parking, dining, events and other on-mountain activities.

The My Epic App also provides access to My Epic Gear and My Epic Assistant, as discussed below.

• My Epic Gear membership program (“My Epic Gear”) - During the 2023/2024 North American ski season, we piloted our new gear membership program, My Epic Gear, to a limited number of Epic Pass holders at Vail, Beaver Creek, Breckenridge and Keystone.

The program will be launched for the 2024/2025 ski season at 12 destination and regional resorts across North America, including kids gear, with further expansions planned for future seasons.

My Epic Gear provides members with the ability to choose the gear they want from a selection of popular ski and snowboard models, and have that gear delivered to them when and where they want it, with free slopeside pick up and drop off.

My Epic Gear is designed to allow users to manage their entire experience from gear selection to boot fitting to delivery all from the new My Epic App.

• My Epic Assistant mobile application (“My Epic Assistant”) - During the 2023/2024 North American ski season, we announced the launch of the new My Epic Assistant, a new technology within My Epic App, which is scheduled to launch to a limited number of Epic Pass holders at Vail, Beaver Creek, Breckenridge and Keystone for the upcoming 2024/2025 North American ski season.

Expansion of the application is planned to additional resorts in future seasons.

Powered by artificial intelligence and resort experts, My Epic Assistant will provide real-time service to allow our guests to navigate their day at our resorts with confidence, efficiency and ease.

The My Epic App also provides access to My Epic Gear, My Epic Assistant and the new Ski & Ride School features, as discussed below.

• My Epic Assistant mobile application (“My Epic Assistant”) - During the 2024/2025 North American ski season, we launched the new My Epic Assistant, a new technology within My Epic App.

This feature was launched to a limited number of Epic Pass holders at Vail, Beaver Creek, Breckenridge and Keystone and the application feature is planned to be made available to additional resorts and guests in future seasons.

Powered by artificial intelligence and resort experts, My Epic Assistant provides real-time service to allow our guests to navigate their day at our resorts with confidence, efficiency and ease.

Whether looking for the latest snow conditions, or on-mountain support with rentals and lessons, guests can simply open the My Epic App and use My Epic Assistant to point them in the right direction.

• My Epic Gear - During the 2023/2024 North American ski season, we launched a new gear membership program, My Epic Gear, which provides members with the ability to choose the gear they want from a selection of popular ski and snowboard models, and have that gear delivered to them when and where they want it, with free slopeside pick up and drop off.

My Epic Gear is designed to allow users to manage their entire experience from gear selection to boot fitting to delivery all from our My Epic App.

This program is now offered at a total of 12 destination and regional resorts across North America, including a recent expansion into kids’ gear.

We also solicit guest feedback through a variety of surveys and results, which are used to ensure high levels of customer satisfaction, understand trends and develop future resort programs and amenities.

We then utilize this guest feedback to help us focus our capital spending and operational efforts to the areas of the greatest need.

We then utilize this guest feedback to help us focus our capital spending and operational efforts on the areas of the greatest need.

• Frontline Talent

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We offer a variety of pass products, primarily season pass and Epic Day Pass products, for all of our Resorts that are marketed towards both out-of-state and international (“Destination”) guests as well as in-state and local (“Local”) guests.

These pass products are available for purchase prior to the start of the ski season, offering our guests a better value in exchange for their commitment to pass products with access to our Resorts before the season begins.

These pass products are available for purchase prior to the start of the ski season, offering our guests value in exchange for their commitment to pass products with access to our Resorts before the season begins.

Our pass program drives strong customer loyalty and mitigates exposure to more weather sensitive guests, leading to greater revenue stability and allowing us to capture valuable guest data.

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In addition, our pass products attract new guests to our Resorts.

Our pass products generated approximately 65% of our total lift revenue for Fiscal 2024, and generated approximately 75% of total visitation (excluding complimentary access) for Fiscal 2024.

For Fiscal 2025, our pass products generated approximately 65% of our total lift revenue and approximately 75% of total visitation (excluding complimentary access).

Sales of pass products are a key component of our overall Mountain segment revenue and help create strong synergies among our Resorts.

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In December 2021, we acquired Seven Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain Ski Area in Pennsylvania (collectively, the “Seven Springs Resorts”), which added three regional ski areas strategically located near Pittsburgh, expanding our presence in the Mid-Atlantic region and generating incremental drive-to business from other major metropolitan areas such as Washington DC, Baltimore and Cleveland.

Additionally, we enter into strategic long-term season pass alliance agreements with third-party mountain resorts, which for the 2024/2025 ski season include Telluride Ski Resort in Colorado, Hakuba Valley and Rusutsu Resort in Japan, Resorts of the Canadian Rockies in Canada, Les 3 Vallées in France, Disentis Ski Area and Verbier 4 Vallées in Switzerland, Skirama Dolomiti in Italy and Ski Arlberg in Austria, which further increase the value proposition of our pass products.

Additionally, we enter into strategic long-term season pass alliance agreements with third-party mountain resorts, which for the 2025/2026 ski season include Telluride Ski Resort in Colorado, Hakuba Valley and Rusutsu Resort in Japan, Resorts of the Canadian Rockies in Canada, Les 3 Vallées in France, Disentis Ski Area and Verbier 4 Vallées in Switzerland, Skirama Dolomiti in Italy and Ski Arlberg, Saalbach and Zell am See-Kaprun, Mayrhofen and Hintertux, Sölden and Silvretta Montafon in Austria, which further increase the value proposition of our pass products.

Pass product holders also receive additional value in exchange for their advance commitment through our Epic Mountain Rewards program, which provides pass product holders a discount of 20% off on-mountain food and beverage, lodging, group ski school lessons, equipment rentals and more at our North American owned and operated Resorts.

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Additionally, Epic Coverage is included with the purchase of all pass products for no additional charge and provides refunds in the event of certain resort closures and certain travel restrictions, giving pass holders a refund for any portion of the season that is lost due to qualifying circumstances.

Additionally, Epic Coverage provides refunds for qualifying personal circumstances including eligible injuries, job losses and other personal events.

Epic Coverage also provides refunds for qualifying personal circumstances including eligible injuries, job losses and other personal events.

Beginning in the 2025/2026 North American ski season, we are launching Epic Friend Tickets as a new benefit for our season-long pass holders.

Pass Holders with an Epic Pass, Epic Local Pass, Epic Military Pass, Northeast Value Pass, and most of the Company's other season-long passes will receive up to ten Epic Friend Tickets, depending on when they purchased their Pass.

Epic Friend Tickets provide 50% off lift tickets at the company's 37 North American resorts for the 2025/26 winter season.

Plus, friends can also apply 100% of the cost of one redeemed Epic Friend Ticket toward an eligible 2026/27 Epic Pass.

Epic Friend Tickets replace and upgrade the former Pass benefits, Buddy Tickets and Ski With A Friend, which generally offered much lower savings on lift ticket prices, and which varied by resort.

This program is designed to enhance the value proposition of our pass products by encouraging social engagement and increasing trial among prospective guests.

• Premier Ski Schools

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We offer a wide variety of adult and child group and private lesson options with a goal of creating lifelong skiers and riders and showcasing to our guests all the terrain our resorts have to offer.

During the 2024/2025 North American ski season, we announced the new Ski and Ride School in the My Epic App which is scheduled to launch for the upcoming 2025/2026 North American ski season.

The Ski and Ride School in the My Epic App is a new technology that creates a seamless, connected and next-level ski and ride school experience.

Beginning in the 2025/2026 North American ski season, Ski and Ride School features will be automatically available in the My Epic App for group lesson participants at Vail, Beaver Creek, Breckenridge and Keystone, offering digital check-in, real-time lesson updates, photo sharing, skills tracking, milestone badges and more.

Our Resorts provide a variety of quality on-mountain and base village dining venues, ranging from top-rated fine dining restaurants to on-mountain express service restaurants.

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Several of our rental locations offer delivery services, bringing ski and snowboard gear and expert advice directly to our guests.

In addition to providing a major retail/rental presence at each of our Resorts, we also have retail/rental locations throughout the Colorado Front Range and Minneapolis.

Starting with the 2023/2024 North American ski season, we piloted our new rental membership program, My Epic Gear, which reimagines the traditional gear rental and ownership model, with the goal of providing more choices, at a lower cost and less hassle to our customers.

The program will be launched for the 2024/2025 ski season at 12 destination and regional resorts across North America, including kids gear, with further expansions planned for future seasons.

In addition to providing a major retail/rental presence at each of our Resorts, we also have retail/

rental locations throughout the Colorado Front Range and in Minneapolis.

During the 2023/2024 North American ski season, we launched a new gear membership program, My Epic Gear, which reimagines the traditional gear rental and ownership model, with the goal of providing more choices, at a lower cost and less hassle to our customers.

This program is now offered at a total of 12 destination and regional resorts across North America, including a recent expansion into kids’ gear.

My Epic Gear provides members with the ability to choose the gear they want from a selection of popular ski and snowboard models, and have it delivered to them when and where they want it, with free slopeside pick up and drop off.

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During the summer season, our mountain resorts offer non-ski related recreational activities including scenic chairlift and gondola rides, mountain biking, horseback riding, guided hiking, 4x4 Jeep tours and our Epic Discovery program at Vail Mountain, Heavenly and Breckenridge.

The Epic Discovery program encourages “learn through play” by featuring extensive environmental

educational elements interspersed between numerous activities, consisting of zip lines, children’s activities, challenge ropes courses, tubing, mountain excursions, an alpine slide and alpine coasters.

The Epic Discovery program encourages “learn through play” by featuring environmental educational elements interspersed between numerous activities, consisting of zip lines, children’s activities, challenge ropes courses, tubing, mountain excursions, an alpine slide and alpine coasters.

The Mountain segment also operates several company-owned mountain resort golf courses, including three in Colorado, one in Vermont and two in Pennsylvania.

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High quality lodging options are an integral part of providing a complete resort experience.

Our owned and managed properties proximate to our mountain resorts, including six RockResorts branded properties (with a seventh RockResorts property planned for opening in 2025 in Keystone, Colorado) and a significant inventory of managed condominium units, provide numerous accommodation options for our mountain resort guests.

Our owned and managed properties proximate to our mountain resorts, including six RockResorts branded properties (with a seventh RockResorts property planned for opening in Keystone, Colorado during the 2025/2026 North American ski season) and a significant inventory of managed condominium units, provide numerous accommodation options for our mountain resort guests.

Our recent real estate efforts have primarily focused on the potential to expand our destination bed base and upgrade our resorts through the sale of land parcels to third-party developers, which in turn provides opportunity for the development of condominiums, luxury hotels, parking and commercial space for restaurants and retail shops.

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Our lodging strategy seeks to complement and enhance our mountain resort operations through our ownership or management of lodging properties and condominiums proximate to our mountain resorts and selective management of luxury resort hotels in premier destination locations.

In addition to our portfolio of owned and managed luxury resort hotels and other hotels and properties, our lodging business also features a Colorado ground transportation company, which represents the first point of contact with many of our guests when they arrive by air to Colorado.

In addition to our portfolio of owned and managed luxury resort hotels and other hotels and properties, our lodging business also includes a Colorado ground transportation company, which represents the first point of contact with many of our guests when they arrive by air to Colorado.

We offer year-round ground transportation from Denver International Airport and Eagle County Airport to the Vail Valley (locations in and around Vail, Beaver Creek, Avon and Edwards) and Summit County (which includes Keystone, Breckenridge, Copper Mountain, Frisco and Silverthorne).

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Our other hotels are categorized in the upper upscale and upscale segments of the hotel market.

The luxury and upper upscale segments consist of approximately 860,000 rooms at approximately 2,800 properties in the U.S.

The luxury and upper upscale segments consist of

approximately 890,000 rooms at approximately 3,000 properties in the U.S.

as of July 31, 2025.

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National Park Concessioner Properties

We own GTLC, which is based in the Jackson Hole area in Wyoming and operates within Grand Teton National Park under a concession agreement with the NPS with an initial term that would have expired on December 31, 2021.

In June 2021, we agreed to an amendment extending the term of the agreement an additional two years, with an expiration date of December 31, 2023.

Additionally, in November 2023, we agreed to an amendment to the agreement extending the term until December 31, 2024.

The NPS currently expects to release a contract solicitation for the services offered by GTLC by the end of calendar year 2024.

We own GTLC, which is based in the Jackson Hole area of Wyoming and operates within Grand Teton National Park under a concession agreement with the NPS with an initial term that would have expired on December 31, 2021.

In June 2021, we agreed to an amendment extending the term of the agreement by an additional two years, with an expiration date of December 31, 2023.

Additionally, in November 2023 and 2024, we agreed to an amendment to the agreement extending the term until December 31, 2024 and December 31, 2025, respectively.

The NPS has released a contract solicitation for the services offered by GTLC, and we intend to timely submit a bid on behalf of the Company.

We currently expect that our existing agreement will be extended for an additional one year through December 31, 2026 due to the time needed for solicitation, preparation, review and award of a new contract.

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We primarily compete with such companies as Aramark Parks & Resorts, Delaware North Companies Parks & Resorts, ExploreUS and Xanterra Parks & Resorts in retaining and obtaining NPS concession agreements.

Four full-service concessioners provide accommodations within Grand Teton National Park, including GTLC.

Four full-service

concessioners provide accommodations within Grand Teton National Park, including GTLC.

In a normal operating season, GTLC offers three lodging options within Grand Teton National Park:

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GTLC’s resorts provide a wide range of activities for guests to enjoy, including cruises on Jackson Lake, boat rentals, horseback riding, guided fishing, float trips, golf and guided Grand Teton National Park tours.

As a result of the extensive amenities offered, as well as

the tremendous popularity of the National Park System, GTLC’s accommodations within Grand Teton National Park generally operate near full capacity during their operating season.

As a result of the extensive amenities offered, as well as the tremendous popularity of the National Park System, GTLC’s accommodations within Grand Teton National Park generally operate near full capacity during their operating season.

Real Estate Segment

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We capture guest data on the vast majority of guest transactions through sales of our pass products, lift tickets, ski and ride school products, gear rentals, and lodging properties on our e-commerce platform, as well as through our mobile applications and our lift ticket windows.

We promote our Resorts using guest-centric omni-channel marketing campaigns leveraging email, direct mail, promotional programs, digital marketing (including social, search and display) and traditional media advertising where appropriate (e.g.

We promote our Resorts using guest-centric omni-channel marketing campaigns leveraging email, direct mail, promotional programs, digital marketing (including social, influencer, search and display) and traditional media advertising where appropriate (e.g.

targeted print, TV and radio).

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These activities also help attract destination conference and group business to our Resorts in our off-season.

In addition, the operating results of our Australian Resorts, for which the ski season generally occurs from June through early October, partially counterbalances the concentration of our revenues during this seasonally lower period in North America.

In addition, the operating results of our Australian Resorts, where the ski season generally occurs from June through early October, partially counterbalances the concentration of our revenues during this seasonally lower period in North America.

Our lodging business is also highly seasonal in nature, with peak seasons primarily in the winter months (with the exception of GTLC, Flagg Ranch, certain managed properties and mountain resort golf operations).

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As a company rooted in the great outdoors, we have a unique responsibility to protect and preserve the incredible environments in which we operate.

Our corporate sustainability and social responsibility program, EpicPromise, is comprised of four key pillars of our promise:

Sustainability, Community Support, Employee Foundation, and Inclusive Access.

Our corporate sustainability and social responsibility department is comprised of four key pillars:

Sustainability, Community Support, Employee Foundation, and Access to Snowsports.

Our core values fuel our commitment to protecting the environments in which we operate;

investing in our employees;

supporting our communities;

and growing participation in skiing and snowboarding.

The environment is our business, and we focus on climate change mitigation and adaptation, resource conservation and building stronger local communities through contributions to local non-profit organizations.

Our sustainability efforts are diverse and touch nearly every area of our operations.

In 2017, we launched Commitment to Zero, our pledge to have a zero net operating footprint by 2030.

This commitment includes (i) achieving zero net emissions by finding operational energy efficiencies, investing in renewable energy and investing in offsets and other emissions reduction projects, (ii) zero waste to landfill and (iii) zero net operating impact to forests and habitat by restoring an acre of forest for every acre displaced by our operations.

Vail Resorts launched Commitment to Zero in 2017, our bold goal to reach a zero net operating footprint by 2030.

As a result of this commitment, Vail Resorts was accepted as the first travel and tourism company into RE100, a collaborative initiative uniting more than 400 global and influential businesses committed to 100% renewable electricity.

During Fiscal 2024, we continued to make progress toward our Commitment to Zero goals.

Specifically, we focused on reducing waste to landfill and expanding our robust composting and recycling programs.

As a result of our waste reduction efforts, we were a finalist for the National Ski Area Association’s (“NSAA”) Golden Eagle Overall Environmental Excellence Award at the 2024 NSAA annual conference.

Additionally, during Fiscal 2024, we continued to procure renewable electricity from the 82-turbine Plum Creek Wind project we enabled, and the Elektron Solar Project we helped enable began operation in May 2024 and will provide Park City Mountain with 100% clean renewable electricity on the same utility grid Park City Mountain operates.

For over five years, Vail Resorts has been a member and active leader of the Mountain Collaborative for Climate Action, working with leaders from Alterra Mountain Company, Boyne Resorts and POWDR to develop an industry-driven climate commitment.

As the ski industry’s first unified effort to combat climate change, this group continues to advocate for climate-smart policy, innovative waste reduction, and deepened sustainability within the partners’ respective operations.

This partnership leverages our leadership in sustainability and is expected to accelerate our collective progress, leading the industry toward long-term transformational change.

In addition, during Fiscal 2024 we sponsored the reforestation of 10 acres in California and Minnesota that were previously impacted by wildfire or in need of native habitat restoration and forest resilience, which addressed 100% of the forests permanently impacted by our operations throughout the year.

As a result of our community conversation climate series, a forward-thinking initiative to strengthen community resilience and sustainability, we were awarded the National Ski Area Association’s (“NSAA”) Golden Eagle Award for Innovation in Sustainability at the 2025 NSAA annual conference.

During Fiscal 2025, we continued to make progress toward our Commitment to Zero goals by reducing emissions through energy management and renewable electricity procurement, reducing waste to landfill through our robust compost and recycling programs, and restoring 100% of the forest acres permanently impacted by our operations in calendar year 2024.

Through direct EpicPromise grants and contributions from our $1 guest donation program, we partnered with several local environmental organizations to fund environmental stewardship projects, including the National Forest Foundation, the Tahoe Fund, Grand Teton National Park Foundation, Mountain Trails Foundation in Park City and the EnviroFund at Whistler Blackcomb.

We also encouraged our employees to help protect the environment and support their local community by volunteering with various local organizations.

Vail Resorts was recognized by Newsweek as one of the “Most Trustworthy Companies in America” in both 2024 and 2023, which we believe reflects our focus on building customer, investor, and employee trust through listening, learning and adapting to the needs of our team members and guests, while remaining responsible stewards through our industry-leading sustainability efforts.

We also continue to encourage our employees to help protect the environment and support their local community by volunteering with various local organizations.

Vail Resorts was recognized by Newsweek as one of the “Most Trustworthy Companies in America” in 2025, 2024 and 2023, which we believe reflects our focus on building customer, investor, and employee trust through listening, learning and adapting to the needs of our team members and guests, while remaining responsible stewards through our industry-leading sustainability efforts.

For Fiscal 2025, our focus for the EpicPromise community impact grant program focused on larger grants in key communities to support housing and childcare.

In addition, support continues to be given for food security, equal access to education and other basic needs and services.

In the third year of our Epic for Everyone Youth Access in partnership with the Katz Amsterdam Foundation, we hosted 2,584 urban youth to attend a 5-day snowsports program.

We also continued our legacy access program with more than 12,000 youth participating in multi-day programs focused on mentorship, leadership and the beneficial impact of outdoor time on mental health.

In the fourth year of our Epic for Everyone - Youth Access in partnership with the Katz Amsterdam Foundation, we hosted nearly 2,600 metro youth to attend a 5-day snowsports program.

We also continued our legacy access program focused on mountain resort communities, in total hosting more than 12,000 youth participating in multi-day programs focused on mentorship, leadership and the beneficial impact of outdoor time on mental health.

Finally, our EpicPromise Employee Foundation (the “Foundation”), which was established in 2015, is a charitable foundation funded by annual contributions from the Company, its employees and its guests.

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Annually more than $1.0 million in grants and scholarships are provided to help employees in times of need or to pursue educational opportunities.

For more information on both the Foundation and our environmental stewardship, visit www.vailresorts.com.

For more information on EpicPromise programs - community engagement, access to snowsports and the Foundation - visit www.vailresorts.com.

Information on our websites does not constitute part of this document.

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We are truly passionate about our people, and we are focused on attracting, developing and retaining the best talent and building the best teams around them.

Our human capital strategy focuses on creating an inclusive workplace culture that enables all employees to reach their full potential through merit-based advancement opportunities, comprehensive development programs, and fair employment practices.

At fiscal year end, we employed approximately 6,800 year-round employees.

Over the course of our Resorts’ various winter and summer operating seasons in Fiscal 2025, we employed approximately 39,800 seasonal employees.

In addition, we employed approximately 300 year-round

employees and 200 seasonal employees on behalf of the owners of our managed hotel properties.

In addition, we employed approximately 280 year-round employees and 150 seasonal employees on behalf of the owners of our managed hotel properties.

We consider our employee relations to be positive.

The Vail Resorts talent philosophy recognizes that people are our most important asset in driving our business growth, and outlines the role that leaders play in attracting, developing, engaging, retaining and rewarding high performing, high potential talent, including supporting them to achieve their future career growth.

Over the past several years, ongoing investments in frontline talent have driven strong staffing levels, with high engagement and season-to-season return rates, enabling our mountain resorts to deliver strong guest experience results, including on-mountain activities as well as at our restaurants, lodging, ski and ride school, and retail/rental locations.

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(ii) investments in our human resource systems and processes to support full staffing and deliver enhanced employee experience;

(iii) differentiated frontline training and leadership development programming;

(iv) mental health and wellness programming available for all employees, even if they are not enrolled in an employer-sponsored healthcare plan, which includes free mental health therapy sessions;

and (v) unique employee benefits, including ski passes for employees and dependents, complementary ski/ride coupons and a 40% discount for retail and rental gear.

(iii) investments in differentiated frontline training and leadership development programming;

(iv) investments in mental health and wellness programming, made available to all employees, even if they are not enrolled in an employer-sponsored healthcare plan, which includes free mental health therapy sessions;

and (v) investments in unique employee benefits, including ski passes for employees and dependents, complementary ski/ride coupons and a 40% discount for retail and rental gear.

Collectively, we believe these investments helped attract top frontline talent from the external market and drove strong frontline retention and return rates.

Our talent management system equips leaders with programs and tools to effectively assess, develop and reward talent and includes regular leadership talent review and assessment processes to ensure that the caliber and capability of our talent aligns with the sophistication of our business strategies and processes.

We also offer a variety of leadership development programs, which are available to everyone from entry-level seasonal frontline employees to our most senior executives.

Our executive team reviews talent strategy and succession planning frequently, including with our Board of Directors, to assess current and future talent needs.

We have a strong track record of hiring, developing and preparing high performing, high potential talent for internal mobility and succession.

As a result, succession for our year-round senior leadership roles is primarily sourced through internal talent development and promotion, rather than external hires, with an internal fill rate of approximately 80% for Fiscal 2024.

Our Chief Executive Officer was an internal successor appointed in November 2021, and over the past year, internal successors were selected for some of the most senior roles in our Company, including the Chief Information Officer and the General Counsel.

Nearly all of our appointments of General Managers and Chief Operating Officers of our Resorts for the past three years came from internal succession.

Additionally, in December 2022 we appointed a new Executive Vice President and Chief Financial Officer who had previously been with the Company for more than ten years, serving in various senior finance leadership roles.

To ensure we are building high performing teams, we encourage every employee at every level within the Company to continuously grow their leadership by participating in ongoing events that build leadership capability and drive aligned leadership expectations to enable business outcomes.

We host an annual leadership summit that brings together our leaders at the director level and above to build understanding and alignment to business priorities, explore emerging leadership topics and build connections across our growing global business and organization.

In 2024, we expanded the leadership summit population of employees to include all manager level and above, creating separate, regional, in-person experiences for managers and senior managers across the Company to engage in leadership topics and connection opportunities relevant to their unique leadership roles.

We offer ongoing digital leadership series discussions led by our executive team members and enterprise senior leaders for this same population throughout the year and equip leaders with tools and guides to share learnings and insights from these sessions in dialogue with their teams for the benefit of the entire organization.

Our leadership philosophy has a very strong emphasis on emotional intelligence and a leader’s ability to understand their own impact on others, and shape that impact to unlock the potential of their teams.

We offer a broad range of professionally designed leadership development programs, with differentiated development for our highest performing, highest potential employees who make up our long-term leadership succession pipeline.

Building upon our culture of leadership development for seasonal, frontline talent, we also provide our signature “Epic Service” training.

This program inspires and equips frontline talent, who play the most important role in delivering a differentiated guest experience, to practice service-based leadership.

We reinforce the principles of this program through a daily in-resort frontline recognition program and manager-led career development conversations for frontline staff.

The full Epic Service development platform enables employees to choose curated learning experiences in Leadership, Guest Service and Business – that align with their motivations and career goals.

Results are measured by completion of required training, utilization and impact of the Epic Service recognition program, employee engagement scores, internal frontline talent promotion rates, pipeline readiness of top internal frontline talent for frontline leader roles, and Guest Experience and Net Promoter Scores.

We leverage a quarterly continuous listening survey to measure and understand the key drivers of sustainable engagement among our employees, make timely adjustments to maintain strong alignment, and to care for the needs of our employees.

We offer a broad range of professionally designed development programs, including tailored development for our highest performing, highest potential employees who make up our long-term leadership succession pipeline, as well as programs for our seasonal, frontline talent, designed to ensure we deliver a differentiated guest experience through service-based leadership.

We also leverage a quarterly continuous listening survey to measure and understand the key drivers of sustainable engagement among our employees, make timely adjustments to maintain strong alignment, and to care for the needs of our employees.

We reinforce the principles of these programs through in-resort frontline recognition programs and manager-led career development conversations for frontline staff.

Vail Resorts Culture

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Serve Others, Do Right, Do Good, Be Safe, Have Fun, Be Inclusive and Drive Value.

Diversity, Equity and Inclusion

We believe that diversity, equity and inclusion (“DEI”) is core to both our company success and the future growth of our industry.

At Vail Resorts, one of our core values is “Be Inclusive,” which means that we expect everyone at our Company to be welcoming to others, including all races, gender identities, sexual orientations, abilities and other differences.

We have a specific leadership competency, “Elevate,” which requires that all our leaders are self-aware of their own inclusive behavior so they can intentionally build diverse representation, bring equity to our business practices, and create inclusive communities in which all people can thrive.

We are focused on continuing to move from accountability to action and have added “Elevate” as a competency in our annual performance management process for all employees.

We have a long history of building gender diversity throughout the Company.

Women represent 54% of our corporate senior leaders at the director level and above and 52% of our corporate roles generally.

Eight resorts in our portfolio are led by women, including five of our twelve destination mountain resorts (Vail, Park City, Keystone, Crested Butte, and Whistler Blackcomb).

Six of the twelve directors on our Board are women, seven of our twelve executive committee members are women, we are one of only a few Fortune 1000 companies with women in both the Chief Financial Officer and Chief Executive Officer positions, and our Chief Executive Officer, Kirsten Lynch, is the only woman in our industry to head a Fortune 1000 company.

While women currently represent approximately 22% of mountain operations senior leadership roles, we continue to strive to bring more gender diversity to these roles, which have historically been male-dominated.

We have also developed women in leadership programs and a Women and Allies Employee Resource Group to foster an inclusive culture and ensure equity of our talent practices.

Employee Resource Groups and Affinity Groups are part of a framework for under-represented talent to create a community with people who share those parts of their identity and their allies.

Collectively, we refer to Employee Resource Groups and Affinity Groups as the “Employee Inclusion Network.” An Affinity Group is an employee-led group that provides voluntary connection opportunities for our employees to build supportive relationships with colleagues who identify similarly to one another.

An Employee Resources Group is an employee-led group focused on driving systemic change through data-driven recommendations to processes, policies and programs to further Company goals of equity and inclusion.

Our Employee Inclusion Network is currently made up of two Employee Resource Groups (Women and Allies & Rainbow Room) and four Affinity Groups (Black Employee Network;

Veterans, Partners and Allies;

Asian and Pacific Islander and Allies;

and La Comunidad - Latine/Hispanic Employees).

Building on our success with increasing representation of women, we are focused on improving racial diversity at Vail Resorts, as well as in our communities and our industry.

We recognize that the future of the sport is inclusion, and the industry is facing a business imperative to inspire the next generation of diverse skiers and riders to join the sport.

In the 2023/2024 North American ski season, our youth access programs served more than 12,000 youth who may not have otherwise had access to the sport from across 32 of our mountain communities, including Vail, Heavenly, and Park City, as well as from cities surrounding our regional ski areas, such as Boston, New York, Chicago, Detroit, Philadelphia, St.

Louis, and more.

Additionally, Vail Resorts offers the adaptive pass with discounted pricing for individuals with permanent disability to enjoy unlimited,

unrestricted access to all Vail Resorts owned and operated resorts plus limited access at partner resorts including Telluride Ski Resort in Colorado and Resorts of the Canadian Rockies.

This year, nearly 3,400 Epic Adaptive passes were sold, and the Company continues to deepen partnerships with over 50 nonprofit organizations to offer adaptive programming for those with physical and mental barriers, providing impactful in-kind support including lift tickets, ski passes, and office space.

Keystone was also selected by the National Brotherhood of Snowsports (“NBS”) as the host site for the 2025 NBS Summit to continue the welcoming experience the NBS community had at Vail Mountain in 2023.

In service of this vision for the future of the sport, Vail Resorts is investing in building purposeful representation of talent from under-represented communities, embedding equity into leadership competencies and talent processes, and fostering an environment of inclusion where all employees are empowered to bring their full selves to work.

Over the past four years, we have increased the representation of talent from under-represented communities in our senior leader positions, built leader capability to “Lead with Equity,” and ensured employees have the opportunity to connect and engage with peers who share an identity through the aforementioned Employee Inclusion Network.

As part of our commitment to driving sustainable change, we are listening and learning as a company, and the Company is part of CEO Action, Colorado Inclusive Economy and Civic Alliance.

We are committed to providing our employees with an Experience of a Lifetime .

We have a holistic set of total rewards programs designed to support all aspects of that experience for people of all races and genders, and we strive for competitiveness against the external market for talent.

In addition, as part of our “Be Inclusive” core value, we conduct regular pay equity audits and make adjustments as needed.

Our Code of Conduct states that every employee is entitled to work in a respectful environment that is free of harassment and discrimination and we require our full-time, year-round employees, as well as certain seasonal employees, to complete a Code of Conduct training on an annual basis.

This annual requirement includes training on various topics, such as financial integrity, information security, ethical leadership and anti-harassment.

We engage our team members by fostering a supportive, values-based culture and workplace.

We believe our culture is core to driving and sustaining future growth for the Company.

Our “Be Inclusive” core value is foundational to the business imperative of driving and sustaining future growth and means that we expect everyone at our Company to be welcoming to others, including all backgrounds, races, gender identities, sexual orientations, abilities and other differences.

Our “Elevate” leadership competency further focuses all our leaders to be self-aware of their own behavior so they can foster environments where everyone can thrive.

We are also committed to providing our employees with an Experience of a Lifetime .

We have a holistic set of total rewards programs designed to support all aspects of that experience for all, and we strive for competitiveness against the external market for talent.

In addition, we conduct regular pay equity audits and make adjustments as needed.

This annual requirement includes training on a variety of topics, such as ethical leadership, financial integrity, information security/data privacy, and anti-harassment.

In Fiscal 2025, the training was completed by 93% of this employee base.

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For the 2025/2026 North American ski season, we expect to serve approximately 5,900 frontline team members with affordable housing across our Resorts, as well as an additional 1,300 team members at GTLC for the 2026 summer season.

Resource Efficiency Transformation

Over the past decade, Vail Resorts has undergone rapid expansion, growing from 10 to 42 owned and operated mountain resorts.

This growth has more than doubled the size of our workforce and enabled the company to capture initial acquisition synergies across corporate support functions and technology integration.

With a unified enterprise-wide technology ecosystem and robust data and analytics capabilities, we believe we are well positioned to drive transformation at scale.

To support this evolution, in September 2024 launched a two-year Resource Efficiency Transformation Plan designed to enhance organizational effectiveness and deliver operating leverage as we expand globally (the “resource efficiency transformation plan”).

By the end of fiscal year 2026, the resource efficiency transformation plan is expected to generate $100 million in annualized cost efficiencies.

This transformation is a natural progression for our company.

It builds on our success and positions us for sustainable growth while remaining anchored in our Mission:

to create an Experience of a Lifetime for both employees and guests.

The plan is structured around three strategic pillars:

• Scaled Operations:

With 42 resorts and extensive hospitality, retail, and rental operations, we are now positioned to capture operational synergies.

By launching new tools and support systems, we are streamlining operations, reducing administrative burden on frontline managers, and sharpening our focus on the guest experience.

• Global Shared Services:

We consolidated internal business services and call centers into global shared services.

This outsourced model supports our North American operations and provides a scalable foundation for future global expansion.

• Expanded Workforce Management:

Following the successful implementation of workforce management technology across North American resorts, we are expanding its use.

This includes adding new lines of business and functionality to optimize labor allocation based on guest demand.

The system also enhances visibility and access for frontline employees, enabling cross-training and shift flexibility across the resort network.

The resource efficiency transformation plan also includes position eliminations representing less than 2% of our total workforce over the course of fiscal years 2025 and 2026.

These eliminations represent 14% of corporate roles and less than 1% of operational roles (with only a 0.2% impact on frontline positions).

We recognize the significance of these changes and remain deeply grateful for the contributions of our team members.

Impacted employees are supported by leaders across the company and have the opportunity to apply for open roles.

Beyond this two-year initiative, resource efficiency will remain a core focus as we continue to grow.

Intellectual Property

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We file applications for and obtain trademark registrations and have filed for patents to protect inventions and will continue to do so where appropriate.

We also seek to maintain our trade secrets and confidential information by nondisclosure policies and through the use of appropriate confidentiality agreements and contractual provisions.

seek to maintain our trade secrets and confidential information by nondisclosure policies and through the use of appropriate confidentiality agreements and contractual provisions.

In the highly competitive industry in which we operate, trademarks, service marks, trade names and logos are very important in the sales and marketing of our pass products, destination mountain resorts and regional ski areas, lodging properties and services.

We seek to register and protect our trademarks, service marks, trade names and logos and have obtained a significant number of registrations for those trademarks.

We believe our brands have become synonymous in the travel and leisure industry

with a reputation for excellence in service and authentic hospitality.

We believe our brands have become synonymous in the travel and leisure industry with a reputation for excellence in service and authentic hospitality.

Among other national and international trademark registrations, the Company owns U.S.

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The Minister has also granted Perisher a lease of the parking lot at Perisher Valley that expires on December 31, 2025.

Subject to certain conditions being met, the lease for the Perisher Valley parking lot can be extended until June 30, 2048, with an option to renew for a further 20 years.

Subject to certain conditions being met, the lease for the Perisher Valley parking lot is expected to be extended until June 30, 2048, with an option to renew for a further 20 years.

The lease and license provide for the payment of a minimum annual base rent with periodic increases in base rent over the term, turnover rent payments based on a percentage of certain gross revenue, remittance of park user fees and certain other charges, also subject to periodic increases over the term.

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The personal easement agreement was entered into for a fixed term until October 12, 2032, and we anticipate applying for renewal.

With respect to Swiss operations, companies who provide for regular and commercial passenger transportation by rail, road and water as well as by cable cars and elevators must obtain a passenger transport concession from the Federal Office of Transport

Under the Ursern Framework Concession, ASA was granted the required concessions for all ski infrastructure facilities and the usage of the ski slopes on the property of the Ursern Corporation.

Under the Ursern Framework Concession, ASA was granted the required concessions for all ski infrastructure

facilities and the usage of the ski slopes on the property of the Ursern Corporation.

In the course of expanding the ski infrastructure facilities Urserntal-Oberalp, the FOT granted ASA passenger transport concessions for a total of 12 cableway installations by means of a plan approval dated May 30, 2014.

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an approximate 84% ownership stake in Remontées Mécaniques Crans Montana Aminona SA (“CMA”), which controls and operates all the resort’s lifts and supporting mountain operations, including four retail and rental locations;

full ownership of SportLifeAG, which operates one of the ski schools located at the resort;

full ownership of SportLife AG, which operates one of the ski schools located at the resort;

and full ownership of 11 restaurants located on and around the mountain (operated by Crans-Montana Food and Beverage SA, or “CMFB”).

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Our concession agreement with the NPS for GTLC, which had an initial term expiration date of December 31, 2021, was amended in June 2021 to extend the term to December 31, 2023.

Additionally, in November 2023, we agreed to an amendment to the agreement extending the term until December 31, 2024.

The NPS currently expects to release a contract solicitation for the services offered by GTLC by the end of calendar year 2024.

Additionally, in November 2023 and 2024, we agreed to an amendment to the agreement extending the term until December 31, 2024 and December 31, 2025, respectively.

The NPS has released a contract solicitation for the services offered by GTLC, and we intend to timely submit a bid on behalf of the Company.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business