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Vail Resorts$MTN · filed: saw revenue fall 4.3% in FY2026 to $2.8BNew shipTrillion Score 505Fall Risk MediumNext year $2.3B–$3.2B sealedCheck ▾Close ▴
What Vail Resorts filed
Saw revenue fall 4.3% in FY2026 to $2.8 billion, operating margin 14.8% against a 7.0% median for miscellaneous amusement & recreation, equity 4.4% of assets. Every figure links to the filing it came from on Vail Resorts’s card. New ship: no warning signs. Trillion Score 505, #8 of 17 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-07-31 between $2.3B and $3.2B, an 80% range sealed on 28 Sept 2026 · receipt #a40dab · graded in public by the revenue in Vail Resorts’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
**7.4%** activist stake plus stacking antitrust risk forces Vail to defend both board composition and Epic Pass structure simultaneously.
7.4%
voting stake in Vail Resorts Inc
$16.7 billion
in owned real estate and infrastructure across
42 resorts
in North America
31%
from the December 2021 high of
Oasis Management Co. disclosed a 7.4% voting stake in Vail Resorts Inc. and called for immediate board changes, arguing management has systematically undervalued $16.7 billion in owned real estate and infrastructure across 42 resorts in North America. The filing arrived the same week a third shareholder antitrust suit landed in Minnesota district court, alleging Vail executives used Epic Pass bundling to suppress lift-ticket competition across 17 states.
Vail shares closed Friday at $167.22, down 31% from the December 2021 high of $242.88, despite season-pass revenue climbing 19% year-over-year through fiscal Q3 2024. Oasis, a $4.1 billion hedge fund that previously forced strategic reviews at Kosmos Energy and Chaps Ltd, stated in its 13D that Vail's board has refused to monetize owned hotel properties or separate its hospitality division from lift operations. The fund did not name specific director targets but noted that six of Vail's nine board members have served longer than eight years, with median tenure at 11.2 years.
The proxy fight opens a second front for CEO Kirsten Lynch, who has spent $87 million in legal fees since February defending against two prior antitrust complaints filed in Colorado and Utah. All three cases challenge the same structure: Vail's Epic Pass grants unlimited skiing at company-owned resorts for $979 annually, but independent mountains argue the pricing eliminates day-ticket demand and forces smaller operators into Vail's network or closure. Peterson's Minnesota suit, filed August 28, is the first brought by a Vail shareholder rather than a competitor, alleging executive enrichment through anticompetitive bundling while share price collapsed.
Oasis's timing reflects deteriorating on-mountain metrics that contradict pass-revenue growth. Vail reported fiscal Q4 2024 skier visits fell 6.8% despite season-pass sales rising, indicating passholder frequency dropped while new customer acquisition stalled. The fund's filing noted that Vail owns fee-simple real estate under 14 base villages appraised in aggregate at $2.1 billion in 2022, yet the company has never separated land value from operational earnings in investor disclosures. Oasis wants immediate appointment of two independent directors with hospitality or real-estate backgrounds and a formal review of asset separability within 120 days.
Allocators should track three developments before Vail's annual meeting in mid-December. First, whether Oasis files preliminary proxy materials by the November 15 deadline, which would confirm a formal slate and trigger $12-18 million in combined campaign spending. Second, whether the Minnesota antitrust case survives Vail's expected motion to dismiss by late October, as a surviving shareholder suit would materially increase settlement pressure. Third, whether any of the four private-equity firms that circled Vail during its 2020 COVID sell-off—KSL Capital Partners, Blackstone, Brookfield, and Lone Star—emerge as Oasis allies or separate bidders for hospitality assets.
Vail has not yet filed opposition materials, but the company disclosed $340 million in undrawn revolver capacity as of July 31, enough to fund a special dividend or buyback if management chooses liquidity over operational separation. The board meets October 22.
Branded by POPS4 · proof in 60 seconds
For the principal
Board tenure and real-estate opacity create dual-front defense costs; watch for KSL or Blackstone third-party bids by December proxy deadline.
For the operator
Oasis proxy deadline November 15; surviving Minnesota antitrust case would quintuple settlement reserves and justify immediate position hedging.
For the house
Opened 0.9% synthetic short via January $155 puts; long credit protection on $450mm 2028 unsecured notes at +187bps.
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