Vail Resorts (MTN) Operating Expenses (2009 - 2025)
Vail Resorts' Operating Expenses came in at $413.35 million for fiscal Q1 2026 (quarter ended Oct 31, 2025), up 2.4% from $403.56 million a year earlier.
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Analysis
Vail Resorts (MTN) Operating Expenses (2009 - 2025) Analysis & Trends
Over the trailing twelve months to Oct 31, 2025, Vail Resorts reported Operating Expenses of $2.15 billion, up 3.7% year-over-year; for FY2025 (ended Jul 31, 2025), it was $292.2 million, down 85.9% from FY2024.
- Operating Expenses carries a five-year compound annual growth rate of -27.6% (FY2020 to FY2025).
- Going back by fiscal year, Operating Expenses was $2.07 billion in FY2024 (+0.4%), $2.06 billion in FY2023 (+21.3%), $1.7 billion in FY2022 (+23.3%) and $1.38 billion in FY2021 (-6.1%).
- The five-year range for quarterly Operating Expenses is $286.66 million (fiscal Q1 2022) to $705.57 million (fiscal Q2 2023).
- Year-over-year, Operating Expenses increased in six of the last seven quarters, with growth averaging 1.7%.
- The fastest year-over-year change in Operating Expenses over five years came in fiscal Q4 2021 (growth of 68.0%), and the weakest in fiscal Q2 2021 (a decline of 25.0%).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.14 Bn | 11.55 Bn | 1.48 Bn | 2.54 Bn |
| 2 | DraftKings | 18.81 Bn | 14.47 Bn | 551.45 Mn | 297.09 Mn |
| 3 | Flutter Entertainment | 13.30 Bn | 7.05 Bn | 1.71 Bn | 845.00 Mn |
| 4 | Madison Square Garden Sports | 10.02 Bn | 9.62 Bn | 119.21 Mn | 86.28 Mn |
| 5 | Life Time Group Holdings | 8.83 Bn | 8.07 Bn | 412.26 Mn | 716.29 Mn |
| 6 | Wynn Resorts | 8.33 Bn | 1.88 Bn | 758.95 Mn | 1.56 Bn |
| 7 | MGM Resorts International | 8.01 Bn | -169.85 Mn | 1.98 Bn | 3.97 Bn |
| 8 | Caesars Entertainment | 6.03 Bn | 2.65 Bn | 1.50 Bn | 2.48 Bn |
| 9 | Super Group (SGHC) | 5.93 Bn | 3.92 Bn | - | -50.00 Mn |
| 10 | Vail Resorts | 4.92 Bn | 3.51 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Oct 31, 2025 | 413.35 Mn |
| Apr 30, 2025 | 650.04 Mn |
| Jan 31, 2025 | 679.89 Mn |
| Oct 31, 2024 | 403.56 Mn |
| Jul 31, 2024 | 380.95 Mn |
| Apr 30, 2024 | 631.09 Mn |
| Jan 31, 2024 | 653.85 Mn |
| Oct 31, 2023 | 400.08 Mn |
| Jul 31, 2023 | 357.85 Mn |
| Apr 30, 2023 | 616.73 Mn |
| Jan 31, 2023 | 705.57 Mn |
| Oct 31, 2022 | 377.55 Mn |
| Jul 31, 2022 | 331.33 Mn |
| Apr 30, 2022 | 567.97 Mn |
| Jan 31, 2022 | 510.82 Mn |
| Oct 31, 2021 | 286.66 Mn |
| Jul 31, 2021 | 304.75 Mn |
| Apr 30, 2021 | 429.09 Mn |
| Jan 31, 2021 | 411.07 Mn |
| Oct 31, 2020 | 231.75 Mn |
API Access
Vail Resorts Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MTN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MTN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MTN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();