Vail Resorts’ QQ1 2025 results show a challenging profitability landscape despite a modest year-over-year revenue uptick. Revenue of USD 260.212 million rose 0.64% year over year but gross profit was negative at USD -36.427 million, yielding a gross margin of -14.0%. The company posted an operating loss of USD -202.019 million and a net loss of USD -172.836 million (EPS -4.61) for the quarter, driven by a high cost base and non-cash or non-operating expense items that overwhelmed topline gains. EBITDA was USD -126.006 million, with an EBITDA margin of -48.4% and an operating margin of -77.6%. These profitability headwinds occurred alongside meaningful cash generation: operating cash flow reached USD 282.424 million, and free cash flow was USD 211.407 million, supporting a strong liquidity position as of period end.