Vail Resorts reported solid Q2 FY2025 results, highlighted by an 8% year-over-year increase in resort EBITDA to $459.7 million and a net income of $245.5 million ($6.56 per diluted share). Revenue of $1.138 billion rose 5.5% year over year, driven by higher lift-ticket revenue and resilient ancillary spend, despite a season-to-date skiers visits decline of 2.5% versus the prior year. Management framed the quarter within the company’s Resource Efficiency Transformation Plan, reiterating that the firm is on track to deliver roughly $100 million of annual cost efficiencies by FY2026 and to realize meaningful operating leverage through scaled operations and shared services. The company also disclosed a modest FX headwind of $7 million to the full-year EBITDA guidance, with onetime costs of about $15 million related to the transformation plan and $1 million of acquisition costs, while maintaining Resort EBITDA guidance for FY2025 in a range of $841–$877 million. The balance sheet remains strong with approximately $1.7 billion of liquidity and net debt around 2.5x trailing EBITDA, underpinning capital returns and ongoing capital deployment in core resorts and European expansions. Our take is that MTN demonstrates durable earnings power anchored by its Epic Pass ecosystem, disciplined capital allocation, and a multi-year transformation that should improve margins and guest experience, albeit with exposure to macro, FX, and weather-driven volatility.