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Vail Resorts was founded as Vail Associates Ltd. by Pete Seibert and Earl Eaton in the early 1960s. Eaton, a lifelong resident, led Seibert (a former WWII 10th Mountain Division ski trooper) to the area in March 1957. They both became ski patrol guides at Aspen, Colorado, when they shared their dream of finding the "next great ski mountain." Seibert set off to secure financing, and Eaton engineered the early lifts. Their Vail ski resort opened in 1962. George N. Gillett Jr. purchased Vail Associates in 1985, but the company veered toward bankruptcy by 1991.
In 1992 Vail Associates was acquired by Apollo Ski Partners, a new arm of the private equity firm Apollo Global Management led by billionaire Leon Black. The new ownership led Vail Resorts public in 1997.
In 1996, Vail Resorts completed its first major acquisition with a $310 million purchase of Ralston Resorts, the owner of Keystone, Breckenridge, and Arapahoe Basin. This led to antitrust concerns, and Vail Resorts ultimately sold Arapahoe Basin to a third party due to a ruling from the Department of Justice.
In 2001, Vail Resorts acquired the hotel chain RockResorts.
Rob Katz, a former executive at Apollo, ran Vail Resorts as CEO until November 2021, when he was appointed executive chairperson of the board. Kirsten Lynch, the company's former chief marketing officer, then took over as CEO.
In June 2024, Vail Resorts reported lower-than-expected revenue during the February–April quarter due to a significantly warmer-than-anticipated winter across western North American resorts, with snowfall 28% lower than average. The company generated $1.28 billion in revenue during the quarter despite the stabilizing effect of its Epic Pass program, which allows customers to purchase a season pass for its North American resorts at a significant upfront cost. However, Vail's stock price has declined by 50% since its October 2021 peak of $360.
Declining sales and visitation (2024–2025)
In the 2024–25 season the company reported that in North America it sold 2% fewer Epic passes than the year prior, which is the first decline in pass sales the company has ever reported. The company attributed the decline to travel "normalization" after COVID and poor snowfall in some areas.
Visitation at Vail's North American resorts in the 2025 ski season, throughout February, March and April, were down by 7% year-over-year.
The outlook for the 2025–26 season is also lower. In early June the company announced fewer pass sales for the upcoming season compared to 2024–25.
In May 2025, CEO Kirsten Lynch resigned after the company had lost over half of its value during her tenure from 2021–2025. Robert Katz, who was formerly CEO for 16 years, returned to the leadership role.