Vail Resorts owns and operates 42 destination mountain resorts and regional ski areas across North America, Australia, and Switzerland. The core business is ski and snowboard vacations, but guests also spend on ski school, dining, equipment rentals, retail, and lodging. Vail's most prominent resorts include Breckenridge, Vail Mountain, Park City, and Whistler Blackcomb. Vail sells lift access primarily through advance-purchase season passes — the Epic Pass and Epic Day Pass family of products — which account for roughly 65% of lift revenue and 75% of skier visits. These passes are sold before the season on a non-refundable basis, locking in revenue ahead of weather uncertainty and creating meaningful operating leverage. The broader the resort network, the more valuable the pass, which drives Vail's ongoing network expansion through acquisitions and partner resort agreements. The remaining lift revenue comes from lift tickets sold closer to the visit date. The Mountain segment (lift, ski school, dining, retail, and rental) accounts for roughly 89% of net revenue, with Lodging (owned hotels and condominiums near resorts) contributing most of the remainder. Costs are largely fixed — primarily seasonal labor and capital investment in lifts and snowmaking — so profitability is sensitive to skier visit volumes. Vail is executing a cost efficiency program targeting $100M in annualized savings by end of FY26. Near-term priorities include rebuilding lift ticket visitation, re-engaging lapsed pass holders, expanding ancillary revenue capture, and broadening marketing beyond email into digital and social channels.