Angela Korch on taxes

About Angela Korch

Angela Korch, executive vice president and chief financial officer of Vail Resorts, discussed the company’s fiscal 2025 results and fiscal 2026 outlook during the company’s year-end earnings call on September 30, 2025. She stated that the company generated $844 million in resort reported EBITDA for fiscal 2025, a 2% increase year-over-year despite a 3% decline in total skier visits across North American resorts. Korch attributed the results to the stability of the business model and the early success of the resource efficiency transformation plan, which she said was expected to exceed $100 million in annualized cost efficiencies by the end of fiscal 2026. She noted that fiscal 2026 guidance assumed $38 million in incremental efficiencies from the plan and projected resort reported EBITDA between $842 million and $898 million. Korch also outlined the company’s capital allocation priorities, stating they remained focused on investments in guest and employee experience, maintaining flexibility for acquisitions, and returning excess capital to shareholders. She reported that the company repurchased approximately 1.29 million shares for $200 million during the quarter and declared a quarterly dividend of $2.22 per share, adding that any future dividend growth would require a material improvement in free cash flow. Korch noted that season pass sales for the upcoming North American ski season decreased approximately 3% in units but increased about 1% in sales dollars compared to the prior year, and that the company expected to offset some pass visitation declines with growth in lift ticket visitation and new products such as Epic Friends.

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