VAIL RESORTS INC 10-K

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Market and Stockholders Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “MTN.” As of September 24, 2025, 35,884,970 shares of common stock were outstanding, held by approximately 228 holders of record. Dividend Policy In fiscal 2011, our Board approved the commencement of a regular quarterly cash dividend on our common stock, subject to quarterly declaration, which has typically been increased on an annual basis. The amount, if any, of dividends to be paid in the future will depend on our available cash on hand, anticipated cash needs, overall financial condition, restrictions contained in our Ninth Amended and Restated Credit Agreement (the “Vail Holdings Credit Agreement”), future prospects for earnings and cash flows, as well as other factors considered relevant by our Board. On September 26, 2025, our Board of Directors approved a cash dividend of $2.22 per share payable on October 27, 2025 to stockholders of record as of October 9, 2025. We expect to fund the dividend with available cash on hand. Repurchase of Equity Securities The following table sets forth our purchases of shares of our common stock during the fourth quarter of our fiscal year ended July 31, 2025 (“Fiscal 2025”): Period Total Number of Shares Purchased Average Price Paid per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) May 1, 2025 - May 31, 2025 — $ — — 2,826,437 June 1, 2025 - June 30, 2025 1,286,620 $ 155.45 1,286,620 1,539,817 July 1, 2025 - July 31, 2025 — $ — — 1,539,817 Total 1,286,620 $ 155.45 1,286,620 1,539,817 (1) Average price per share excludes any excise tax imposed on stock repurchases as part of the Inflation Reduction Act of 2022. (2) The share repurchase program is conducted under authorizations made from time to time by our Board. The Board initially authorized the repurchase of up to 3,000,000 Vail Shares (March 9, 2006), and later authorized additional repurchases of up to 3,000,000 Vail Shares (July 16, 2008), 1,500,000 Vail Shares (December 4, 2015), 2,500,000 Vail Shares (March 7, 2023), 1,100,000 (September 25, 2024) and 1,500,000 (June 4, 2025), for a total authorization to repurchase up to 12,600,000 Vail Shares. From inception of this stock repurchase program through July 31, 2025, the Company has repurchased 11,060,183 shares at a cost of approximately $1,399.4 million, excluding excise tax. As of July 31, 2025, 1,539,817 shares remained available to repurchase under the existing repurchase authorization. Repurchases under these authorizations may be made from time to time at prevailing prices as permitted by applicable laws, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and subject to market conditions and other factors. The timing as well as the number of Vail Shares that may be repurchased under the program will depend on several factors, including our future financial performance, our available cash resources and competing uses for cash that may arise in the future, the restrictions in our Vail Holdings Credit Agreement, prevailing prices of Vail Shares and the number of Vail Shares that become available for sale at prices that we believe are attractive. These authorizations have no expiration date. Performance Graph The total return graph below is presented for the period from the beginning of our fiscal year ended July 31, 2021 through the end of Fiscal 2025. The comparison assumes that $100 was invested at the beginning of the period in our common stock (“MTN”), The Russell 2000 Stock Index, The Standard & Poor’s 500 Stock Index and the Dow Jones U.S. Travel and Leisure Stock Index, with dividends reinvested where applicable. We include the Dow Jones U.S. Travel and Leisure Index as we believe we compete in the travel and leisure industry. 42 The performance graph is not deemed filed with the Securities and Exchange Commission (“SEC”) and is not to be incorporated by reference into any of our filings under the Securities Act of 1933 or the Exchange Act, unless such filings specifically incorporate the performance graph by reference therein. As of July 31, 2020 2021 2022 2023 2024 2025 Vail Resorts, Inc. $ 100.00 $ 116.51 $ 92.40 $ 94.94 $ 76.48 $ 63.46 Russell 2000 $ 100.00 $ 138.48 $ 118.64 $ 127.97 $ 146.17 $ 146.16 Standard & Poor’s 500 $ 100.00 $ 164.90 $ 157.22 $ 177.64 $ 216.97 $ 225.56 Dow Jones U.S. Travel and Leisure $ 100.00 $ 129.66 $ 105.59 $ 138.95 $ 144.40 $ 153.50 ITEM 6. [Reserved]