Vail Resorts (MTN) Operating Margin (2009 - 2026)

Vail Resorts has reported Operating Margin for 18 years, with the latest figure at 31.83% in Q1 2026.

• For the quarter ending Q1 2026, Operating Margin fell 186.0% year-over-year to 31.83%; the trailing twelve-month figure through Jan 2026 stood at 17.55% (down 32.0% YoY), and the FY2025 full-year result was 18.89%, up 195.0% from the prior year.
• Operating Margin for Q1 2026 stood at 31.83%, up from 77.42% in the prior quarter.
• The five-year high for Operating Margin was 45.92% in Q2 2022, with the low at 80.08% in Q4 2023.
• Historically, Operating Margin has averaged 11.96% across 5 years, with a median of 29.77% in 2023.
• Annual changes were most pronounced in 2022 — Operating Margin jumped 4674 bps — and 2023, when it plunged 2287 bps.
• Vail Resorts' Operating Margin 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 jumped by 141 bps to 31.83% in 2026.
• The last three Operating Margin figures came in at 31.83% (Q1 2026), 77.42% (Q4 2025), and 75.05% (Q3 2025), per Business Quant data.