Vail Resorts (MTN) Operating Margin (2009 - 2026)
Vail Resorts (MTN) posted Operating Margin of 41.0% for Q2 2026, up 28.8% on a QoQ basis from 31.83% in Q1 2026, and down 360.0% year-over-year from 15.77% in Q2 2025.
Vail Resorts (MTN) Operating Margin (2009 - 2026) Analysis & Trends
Vail Resorts' Operating Margin history runs 18 years deep, the most recent figure standing at 41.0% for 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 was 41.0% for Q2 2026 at Vail Resorts, up from 31.83% in the prior quarter.
- Across five years, Operating Margin topped out at 45.92% in Q2 2022 and bottomed at 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 tumbled 2287 bps.
- Vail Resorts' Operating Margin stood at 58.46% in 2022, then sank by 37 bps to 80.08% in 2023, then advanced by 3 bps to 77.58% in 2024, then climbed by 0 bps to 77.42% in 2025, then jumped by 153 bps to 41.0% in 2026.
- Business Quant data shows MTN's Operating Margin at 41.0% in Q2 2026, 31.83% in Q1 2026, and 77.42% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 30.75 Bn | 27.42 Bn | 3.49 Bn | 25.22% |
| 2 | MGM Resorts International | 11.68 Bn | 9.38 Bn | 4.32 Bn | 6.76% |
| 3 | Wynn Resorts | 9.99 Bn | 9.89 Bn | 1.75 Bn | 15.22% |
| 4 | Boyd Gaming | 6.73 Bn | 6.36 Bn | 984.15 Mn | 16.44% |
| 5 | Melco Resorts & Entertainment | 6.48 Bn | 5.85 Bn | - | - |
| 6 | Caesars Entertainment | 6.11 Bn | 5.15 Bn | 2.78 Bn | 17.42% |
| 7 | Vail Resorts | 5.23 Bn | 5.21 Bn | - | 41.00% |
| 8 | Hilton Grand Vacations | 4.01 Bn | 3.75 Bn | 1.23 Bn | 6.54% |
| 9 | Red Rock Resorts | 3.72 Bn | 3.12 Bn | 433.13 Mn | 28.32% |
| 10 | Studio City International Holdings | 3.53 Bn | 3.45 Bn | 155.38 Mn | 172.06% |
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% |