Vail Resorts, Inc. (NYSE: MTN) operates a portfolio of 42 mountain resorts and is a major player in the North American ski industry, offering various ski-related services and experiences. The company reported financial results for the second quarter of fiscal 2025, indicating a stable increase in performance compared to the same period in the previous year.

For the fiscal second quarter ending January 31, 2025, Vail Resorts recorded a net income of $245.5 million, or $6.56 per diluted share, an increase from $219.3 million, or $5.76 per diluted share, in the prior year. Resort reported EBITDA reached $459.7 million, up from $425.0 million in the same quarter last year, reflecting an 8.1% increase. This figure incorporates one-time costs of $2.9 million related to the company’s ongoing Resource Efficiency Transformation Plan.

Total resort net revenue stood at $1.137 billion for the quarter, up from $1.078 billion a year prior. The increase in revenue was influenced by a 6.3% rise in total mountain net revenue to $1.063 billion, which included a 6.9% rise in lift revenue, totaling $644.9 million. Additionally, ancillary revenues from ski school increased by 5.0% and dining revenues rose by 10.8%. However, retail and rental revenues declined by 0.7%.

Season-to-date metrics up until March 2, 2025, show total skier visits declining by 2.5% compared to the previous year, while total lift ticket revenue improved by 4.1%. For ancillary businesses, ski school revenues increased by 3.0%, dining revenue increased by 3.1%, and retail/rental revenue fell by 2.9%.

Guidance for fiscal 2025 has been updated, forecasting net income attributable to Vail Resorts to be between $257 million and $309 million, while resort reported EBITDA is projected to range between $841 million and $877 million. The updated guidance accounts for an estimated $15 million in one-time costs related to the Resource Efficiency Transformation Plan.

The company maintains a strong balance sheet with total liquidity of approximately $1.7 billion. This includes $488 million in cash and $509 million in revolver availability. As of January 31, 2025, Vail Resorts reported a net debt to trailing 12 months total reported EBITDA ratio of 2.5. Additionally, the Board of Directors declared a quarterly cash dividend of $2.22 per share, scheduled for payment on April 10, 2025.

Overall, Vail Resorts illustrates a stable financial trajectory with significant revenue drivers and effective cost management strategies in place, particularly as the company looks to navigate post-pandemic conditions and varying market demands.