Vail Resorts (MTN) Operating Margin (2009 - 2026)
Vail Resorts' (MTN) quarterly Operating Margin came in at 41.0% in Q2 2026, down 360.0% YoY from 15.77% in Q2 2025, and up 28.8% on a QoQ basis from 31.83% in Q1 2026.
Vail Resorts (MTN) Operating Margin (2009 - 2026) Analysis & Trends
Vail Resorts (MTN) has 18 years of Operating Margin data on file, last reported at 41.0% in Q2 2026.
- Quarterly Operating Margin fell 360.0% year-over-year to 41.0% in Q2 2026, while the trailing twelve-month figure through Apr 2026 was 15.2% (down 365.0% YoY) and the FY2025 annual result came in at 18.89%, up 195.0% from the prior year.
- Operating Margin rose to 41.0% in Q2 2026, from 31.83% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 45.92% in Q2 2022 to a low of 80.08% in Q4 2023.
- A 5-year average of 8.94% and a median of 30.8% in 2023 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2022 — Operating Margin jumped 4674 bps — and 2023, when it plunged 2287 bps.
- Tracing MTN's Operating Margin over 5 years: stood at 58.46% in 2022, then tumbled by 37 bps to 80.08% in 2023, then rose by 3 bps to 77.58% in 2024, then gained by 0 bps to 77.42% in 2025, then surged by 153 bps to 41.0% in 2026.
- The last three Operating Margin figures came in at 41.0% (Q2 2026), 31.83% (Q1 2026), and 77.42% (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 30.10 Bn | 26.73 Bn | 1.81 Bn | 19.59% |
| 2 | MGM Resorts International | 10.94 Bn | 8.39 Bn | 3.10 Bn | 11.32% |
| 3 | Wynn Resorts | 10.22 Bn | 8.64 Bn | 1.14 Bn | 16.03% |
| 4 | Boyd Gaming | 6.06 Bn | 5.74 Bn | 766.76 Mn | 19.40% |
| 5 | Caesars Entertainment | 6.05 Bn | 4.99 Bn | 2.04 Bn | 17.14% |
| 6 | Vail Resorts | 5.35 Bn | 4.98 Bn | - | 41.00% |
| 7 | Marriott Vacations Worldwide | 3.84 Bn | 3.53 Bn | 1.29 Bn | 10.00% |
| 8 | Hilton Grand Vacations | 3.56 Bn | 3.29 Bn | 499.00 Mn | -56.55% |
| 9 | Red Rock Resorts | 3.54 Bn | 2.94 Bn | 420.02 Mn | 26.65% |
| 10 | PENN Entertainment | 2.46 Bn | 1.57 Bn | 1.02 Bn | 7.09% |
Historic Data
Download Data| Date | Value |
|---|---|
| Apr 30, 2026 | 41.00% |
| Jan 31, 2026 | 31.83% |
| Oct 31, 2025 | -77.42% |
| Jul 31, 2025 | -73.37% |
| Apr 30, 2025 | 44.60% |
| Jan 31, 2025 | 33.69% |
| Oct 31, 2024 | -77.58% |
| Jul 31, 2024 | -75.84% |
| Apr 30, 2024 | 42.60% |
| Jan 31, 2024 | 32.52% |
| Oct 31, 2023 | -80.08% |
| Jul 31, 2023 | -59.60% |
| Apr 30, 2023 | 40.42% |
| Jan 31, 2023 | 29.77% |
| Oct 31, 2022 | -58.46% |
| Jul 31, 2022 | -36.73% |
| Apr 30, 2022 | 45.92% |
| Jan 31, 2022 | 35.87% |
| Oct 31, 2021 | -94.36% |
| Jul 31, 2021 | -83.47% |