韦尔度假村 2024年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedJuly 31, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period from to Commission File Number:001-09614 Vail Resorts, Inc. (Exact name of registrant as specified in its charter) Delaware51-0291762(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) (303)404-1800 Securities registered pursuant to Section12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☒Yes☐NoIndicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.☐Yes☒No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports)and (2)has been subject to such filing requirements for the past 90 days. ☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§ 232.405of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). ☒Yes¨No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).☐Yes☒ No The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closingprice of $170.12 per share as reported on the New York Stock Exchange Composite Tape on January31, 2025 (the last business day ofthe registrant’s most recently completed second fiscal quarter) was $6,277,849,993. As of September24, 2025,35,884,970shares of the registrant’s common stock were outstanding. Portions of the registrant’s definitive Proxy Statement for its 2025 Annual Meeting of Stockholders to be filed with the Securities andExchange Commission within 120 days ofJuly31, 2025are incorporated by reference herein into Part III, Items 10 through 14, of thisAnnual Report. Table of Contents PART IItem1.Business4Item1A.Risk Factors23Item1B.Unresolved Staff Comments36Item1C.Cybersecurity36Item2.Properties38Item3.Legal Proceedings41Item4.Mine Safety Disclosures41PART IIItem5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchasesof Equity Securities42Item6.Reserved43Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations43Item7A.Quantitative and Qualitative Disclosures About Market Risk61Item8.Financial Statements and Supplementary Data62Item9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure106Item9A.Controls and Procedures106Item9B.Other Information107Item 9C.Disclosure Reporting Regarding Foreign Jurisdictions that Prevent Inspections108PART IIIItem10.Directors, Executive Officers and Corporate Governance108Item11.Executive Compensation108Item12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters108Item13.Certain Relationships and Related Transactions, and Director Independence108Item14.Principal Accounting Fees and Services108PART IVItem15.Exhibits, Financial Statement Schedules109Item 16.Form 10-K Summa