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VAIL RESORTS INC

MTN
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Business Summary

The ski resort and lodging industries are highly competitive, with approximately 770 ski areas operating in North America, including approximately 490 in the U.S., ranging from small day-skier operations to large destination resorts. During the 2025/2026 North American ski season, combined skier visits for all ski areas in North America were approximately 72.9 million. There is limited opportunity for development of new destination ski resorts due to limited private lands, difficulty obtaining governmental approvals, and significant capital requirements, with virtually no new destination ski resorts of scale in North America for over 45 years. The Company's North American Resorts had approximately 13.1 million skier visits during the 2025/2026 ski season, representing approximately 17.9% of North American skier visits. The luxury and upper upscale lodging segments consist of approximately 1.3 million rooms in the U.S. as of July 31, 2026.

The Company competes with other major destination mountain resorts, including Aspen Snowmass, Deer Valley, Jackson Hole, Copper Mountain, Steamboat, Winter Park, Snowbird, Palisades Tahoe, Killington, Mammoth, St. Moritz, and Zermatt, as well as non-ski vacation options. Pass products compete with the IKON Pass, the Indy Pass, the Mountain Collective Pass, and various regional and local pass products. The Company believes it invests in more capital improvements than competitors and creates synergies through its owned and operated network of resorts. Four of its resorts ranked in the top ten most visited resorts in the U.S. for the 2025/2026 ski season, and it received six awards from the 2026 Condé Nast Traveler Readers' Choice Awards. In lodging, the Company's owned hotels had an overall ADR of $324.58, a paid occupancy rate of 52.1%, and RevPAR of $169.04, compared to the upper upscale segment's ADR of $232.83, paid occupancy rate of 68.7%, and RevPAR of $159.94.

The Company generates revenue through three reportable segments: Mountain, Lodging, and Real Estate, which represented approximately 88%, 12%, and 0%, respectively, of net revenue for Fiscal 2026. The Mountain segment operates 42 destination mountain resorts and regional ski areas, deriving revenue from lift tickets, pass products, ski school, dining, retail/rental, and other recreational activities. The Lodging segment owns and manages luxury hotels and condominiums, including RockResorts properties, NPS concessioner properties, a ground transportation company, and golf courses. The Real Estate segment owns, develops, and sells real estate in and around resort communities. Pass products generated approximately 70% of total lift revenue and approximately 73% of total visitation (excluding complimentary access) for Fiscal 2026, driving customer loyalty and revenue stability.

The Mountain segment operates 42 destination mountain resorts and regional ski areas, including Vail Mountain, the second most visited resort in the U.S., with approximately 5,300 skiable acres; Breckenridge, the third most visited, with five interconnected peaks; Park City, the fifth most visited and largest by acreage in the U.S., with 7,300 skiable acres; and Keystone, the seventh most visited, known for night skiing. Whistler Blackcomb is the largest year-round mountain resort in North America with over 8,000 skiable acres, and Andermatt-Sedrun and Crans-Montana are located in Switzerland. The segment also includes regional ski areas in the Northeast, Mid-Atlantic, Midwest, and Pacific Northwest, as well as three ski areas in Australia. Ancillary services include approximately 280 dining venues and approximately 330 retail/rental locations. The segment operates several golf courses, including three in Colorado, one in Vermont, and two in Pennsylvania.

The Lodging segment includes approximately 4,500 owned and managed hotel rooms and condominium units, including seven RockResorts branded properties, with the seventh, Kindred Resort, commencing operations in Keystone, Colorado during Fiscal 2026. It also includes two NPS concessioner properties in Grand Teton National Park, a Colorado ground transportation company, and golf courses. GTLC operates Jackson Lake Lodge, a 385-room resort with 17,000 square feet of conference facilities; Jenny Lake Lodge with 37 cabins; and Colter Bay Village with 166 log cabins, 66 tent cabins, 337 campsites, and a 112-space recreational vehicle park. The Real Estate segment focuses on selling land parcels to third-party developers to expand the destination bed base and upgrade resorts, rather than undertaking significant vertical development projects.

During Fiscal 2026, the Company announced Epic Experience, a multi-year transformation of the guest journey, including reimagining rentals with My Epic Gear, elevating lessons with Epic Ascent, enhancing guest engagement through the My Epic App, raising the bar on mountain food, and investing in top talent. The Company executed its Resource Efficiency Transformation initiatives in fiscal years 2025 and 2026, delivering more than $100 million in annualized run-rate efficiencies. The Company submitted a bid on behalf of GTLC and was selected for a new 15-year concession agreement with the NPS, expected to become effective January 1, 2027. The Company also exercised the first 10-year renewal option for the Northstar lease, extending the term through January 2037. The Board approved a cash dividend of $2.22 per share payable on October 27, 2026.

For Fiscal 2026, total net revenue was $3,043.9 million, compared to $2,884.6 million in Fiscal 2025. Net income attributable to Vail Resorts, Inc. was $230.8 million, with diluted EPS of $6.35, compared to net income of $230.4 million and diluted EPS of $6.05 in the prior year. The Company's Mountain segment net revenue was $2,682.5 million, and Lodging segment net revenue was $361.4 million. Approximately 81% of total combined Mountain and Lodging segment net revenue (excluding Lodging segment revenue associated with reimbursement of payroll costs) was earned during the second and third fiscal quarters. The Company had $3.2 billion in total indebtedness outstanding as of July 31, 2026.

Business Outlook

The Company anticipates spending approximately $229.0 million to $234.0 million on capital projects in calendar year 2026. Discretionary capital expenditures for the remainder of calendar year 2026 include replacing Park City's eight-person Cabriolet lift with a new ten-person gondola, replacing Seven Springs's Blitzen lift with a new fixed-grip four-person lift, and replacing Whistler Blackcomb's two-person Showcase T-Bar with a new fixed-grip four-person lift.

The Company is executing its Epic Experience strategy, focusing on five experience pillars: reimagining rentals with My Epic Gear, elevating lessons into personalized mountain experiences, setting a higher standard for guest engagement, raising the bar on mountain food, and investing in top talent. Beginning in the 2026/2027 North American ski season, guests renting high-performance Demo equipment at 12 destination and regional resorts can select specific gear models online without a membership fee. The Company plans to expand Epic Ascent to additional mountain destinations for the 2027/2028 season, and expand connected ski and ride school from four to 14 resorts. Beginning in the fall of 2026, guests can purchase passes and lift tickets and share Epic Friend Tickets directly through the My Epic App, with Apple Pay and Google Pay. The Company plans to expand in-app functionality to include lesson and rental purchases and introduce AI-powered features for trip planning by the 2027/2028 season.

The Company is on track to deliver $110 million in annualized cost efficiencies from its Resource Efficiency Transformation initiatives, representing $10 million in excess of the originally expected $100 million, in Fiscal 2027, and anticipates an additional approximately $25 million in annualized efficiencies in Fiscal 2028. The Technology Transformation is designed to improve how work gets done through the integration of technology and AI, simplifying and automating processes to reduce administrative burden.

The Company continues to invest in workforce and operational capabilities, building on a previously announced $175 million investment in employee wages and benefits. The Company has implemented technology-enabled processes to attract and retain frontline employees, supporting consistent staffing levels and improved retention. The Company plans to invest in enhancements to on-mountain dining across 15 destination resorts, focusing on improving quality and presentation while maintaining pricing increases consistent with normal inflation.

The Company's capital allocation priorities include funding capital expenditures, paying dividends, and repurchasing shares. The Board approved a cash dividend of $2.22 per share payable on October 27, 2026. As of July 31, 2026, 1,217,108 shares remained available to repurchase under the existing share repurchase program, which has no expiration date. Since inception of the program through July 31, 2026, the Company has repurchased 11,382,892 shares at a cost of approximately $1,444.2 million, excluding accrued excise tax.

The Company faces headwinds from unfavorable weather conditions, as observed throughout the 2025/2026 North American ski season, where record low snowfall and historically warm temperatures across the western U.S. led to decreased skier visitation and earlier resort closures, particularly impacting resorts in the Rockies and Tahoe regions. The Company is also subject to risks from high or prolonged inflation and elevated interest rates, which increase costs and could impact consumer discretionary spending. The U.S. Federal Reserve cut the federal funds rate three times in 2025 by a total of 75 basis points, but raised rates by a total of 25 basis points following their September 2026 meeting.

The Company faces risks related to its substantial indebtedness, which requires significant interest and principal payments. As of July 31, 2026, the Company had $3.2 billion in total indebtedness outstanding, including $1,243.1 million under the term loan facility, $180.0 million of revolver borrowings, $600.0 million of 6.50% Notes, $500.0 million of 5.625% Notes, $380.5 million related to the Canyons long-term lease, $114.2 million of EPR Secured Notes, $52.6 million of employee housing debt, $34.0 million of NRP Loan, $22.4 million related to the Canyons Parking Garage lease, and $26.6 million related to Whistler Blackcomb employee housing leases. The Company also has minimum lease payment obligations under operating leases of approximately $309.1 million.

The Company is subject to risks related to its reliance on government permits and approvals for its operations on public lands, including U.S. Forest Service permits, state leases, and international concessions. The Company's operations at Whistler Blackcomb are governed by Master Development Agreements expiring February 23, 2077, and its Perisher lease expires in June 2048 with an option to renew for an additional 20 years. The Company also faces risks from foreign currency exchange rate fluctuations, particularly the Canadian dollar, Australian dollar, and Swiss franc, and changes in tax laws, including the OECD's Pillar Two minimum 15% tax rate.

Risk Factors

The Company is highly vulnerable to unfavorable weather conditions and climate change, as evidenced by the 2025/2026 North American ski season, where record low snowfall and historically warm temperatures across the western U.S. led to decreased skier visitation and earlier resort closures, particularly impacting resorts in the Rockies and Tahoe regions. The Company's Epic Coverage program could require significant refunds to pass product holders in the event of qualifying resort closures or personal circumstances, which would reduce revenue and could harm reputation. The Company has substantial indebtedness of $3.2 billion as of July 31, 2026, requiring significant interest and principal payments, and borrowings under the Vail Holdings Credit Agreement bear interest at SOFR plus 1.50%, exposing the Company to interest rate increases. The Company relies on government permits and approvals for operations on public lands, including U.S. Forest Service permits, state leases, and international concessions, and any termination or non-renewal could have a material adverse effect. The Company faces risks from foreign currency exchange rate fluctuations, particularly the Canadian dollar, Australian dollar, and Swiss franc, which could negatively affect financial results.

Management Priorities

Management's message emphasizes the launch of Epic Experience, a new era for the Company designed to deliver the best and most differentiated guest experience in skiing and riding, beginning a multi-year transformation of the end-to-end guest journey. The strategy focuses on five experience pillars: reimagining rentals with My Epic Gear, elevating lessons into personalized mountain experiences, setting a higher standard for guest engagement, raising the bar on mountain food, and investing in top talent. Management highlights the success of the Resource Efficiency Transformation initiatives, which delivered more than $100 million in annualized run-rate efficiencies, and the Company is on track to deliver $110 million in annualized cost efficiencies in Fiscal 2027, with an additional approximately $25 million in Fiscal 2028. The Company is also focused on continued technological innovation, including the My Epic App, My Epic Gear, and My Epic Assistant, to enhance the guest experience and drive future growth.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — Ski Industry/Competition
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  5. [5] Item 1, Business — Lodging Industry/Market
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  11. [11] Item 1, Business — General
  12. [12] Item 1, Business — Season Pass & Epic Day Pass Products
  13. [13] Item 1, Business — Season Pass & Epic Day Pass Products
  14. [14] Item 1, Business — Destination Mountain Resorts
  15. [15] Item 1, Business — Destination Mountain Resorts
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  18. [18] Item 1, Business — Destination Mountain Resorts
  19. [19] Item 1, Business — Dining
  20. [20] Item 1, Business — Retail/Rental
  21. [21] Item 1, Business — Lodging Segment
  22. [22] Item 1, Business — National Park Concessioner Properties
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  29. [29] Item 1, Business — National Park Concessioner Properties
  30. [30] Item 1, Business — Epic Experience
  31. [31] Item 1, Business — Enterprise Transformation
  32. [32] Item 1, Business — Contracts with Governmental Authorities for Resort Operations
  33. [33] Item 1, Business — Contracts with Governmental Authorities for Resort Operations
  34. [34] Item 1, Business — Contracts with Governmental Authorities for Resort Operations
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  740. [740] Item 7, MD&A — Consolidated Results
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  742. [742] Item 7, MD&A — Consolidated Results
  743. [743] Item 7, MD&A — Consolidated Results
  744. [744] Item 7, MD&A — Consolidated Results
  745. [745] Item 7, MD&A — Consolidated Results
  746. [746] Item 7, MD&A — Consolidated Results
  747. [747] Item 7, MD&A — Consolidated Results
  748. [748] Item 7, MD&A — Consolidated Results
  749. [749] Item 7, MD&A — Consolidated Results
  750. [750] Item 7, MD&A — Consolidated Results
  751. [751] Item 7, MD&A — Consolidated Results
  752. [752] Item 7, MD&A — Consolidated Results
  753. [753] Item 7, MD&A — Consolidated Results
  754. [754] Item 7, MD&A — Consolidated Results
  755. [755] Item 7, MD&A — Consolidated Results
  756. [756] Item 7, MD&A — Consolidated Results
  757. [757] Item 7, MD&A — Consolidated Results
  758. [758] Item 7, MD&A — Consolidated Results
  759. [759] Item 7, MD&A — Consolidated Results
  760. [760] Item 7, MD&A — Consolidated Results
  761. [761] Item 7, MD&A — Consolidated Results
  762. [762] Item 7, MD&A — Consolidated Results
  763. [763] Item 7, MD&A — Consolidated Results
  764. [764] Item 7, MD&A — Consolidated Results
  765. [765] Item 7, MD&A — Consolidated Results
  766. [766] Item 7, MD&A — Consolidated Results
  767. [767] Item 7, MD&A — Consolidated Results
  768. [768] Item 7, MD&A — Consolidated Results
  769. [769] Item 7, MD&A — Consolidated Results
  770. [770] Item 7, MD&A — Consolidated Results
  771. [771] Item 7, MD&A — Consolidated Results
  772. [772] Item 7, MD&A — Consolidated Results
  773. [773] Item 7, MD&A — Consolidated Results
  774. [774] Item 7, MD&A — Consolidated Results
  775. [775] Item 7, MD&A — Consolidated Results
  776. [776] Item 7, MD&A — Consolidated Results
  777. [777] Item 7, MD&A — Consolidated Results
  778. [778] Item 7, MD&A — Consolidated Results
  779. [779] Item 7, MD&A — Consolidated Results
  780. [780] Item 7, MD&A — Consolidated Results
  781. [781] Item 7, MD&A — Consolidated Results
  782. [782] Item 7, MD&A — Consolidated Results
  783. [783] Item 7, MD&A — Consolidated Results
  784. [784] Item 7, MD&A — Consolidated Results
  785. [785] Item 7, MD&A — Consolidated Results
  786. [786] Item 7, MD&A — Consolidated Results
  787. [787] Item 7, MD&A — Consolidated Results
  788. [788] Item 7, MD&A — Consolidated Results
  789. [789] Item 7, MD&A — Consolidated Results
  790. [790] Item 7, MD&A — Consolidated Results
  791. [791] Item 7, MD&A — Consolidated Results
  792. [792] Item 7, MD&A — Consolidated Results
  793. [793] Item 7, MD&A — Consolidated Results
  794. [794] Item 7, MD&A — Consolidated Results
  795. [795] Item 7, MD&A — Consolidated Results
  796. [796] Item 7, MD&A — Consolidated Results
  797. [797] Item 7, MD&A — Consolidated Results
  798. [798] Item 7, MD&A — Consolidated Results
  799. [799] Item 7, MD&A — Consolidated Results
  800. [800] Item 7, MD&A — Consolidated Results
  801. [801] Item 7, MD&A — Consolidated Results
  802. [802] Item 7, MD&A — Consolidated Results
  803. [803] Item 7, MD&A — Consolidated Results
  804. [804] Item 7, MD&A — Consolidated Results
  805. [805] Item 7, MD&A — Consolidated Results
  806. [806] Item 7, MD&A — Consolidated Results
  807. [807] Item 7, MD&A — Consolidated Results
  808. [808] Item 7, MD&A — Consolidated Results
  809. [809] Item 7, MD&A — Consolidated Results
  810. [810] Item 7, MD&A — Consolidated Results
  811. [811] Item 7, MD&A — Consolidated Results
  812. [812] Item 7, MD&A — Consolidated Results
  813. [813] Item 7, MD&A — Consolidated Results
  814. [814] Item 7, MD&A — Consolidated Results
  815. [815] Item 7, MD&A — Consolidated Results
  816. [816] Item 7, MD&A — Consolidated Results
  817. [817] Item 7, MD&A — Consolidated Results
  818. [818] Item 7, MD&A — Consolidated Results
  819. [819] Item 7, MD&A — Consolidated Results
  820. [820] Item 7, MD&A — Consolidated Results
  821. [821] Item 7, MD&A — Consolidated Results
  822. [822] Item 7, MD&A — Consolidated Results
  823. [823] Item 7, MD&A — Consolidated Results
  824. [824] Item 7, MD&A — Consolidated Results
  825. [825] Item 7, MD&A — Consolidated Results
  826. [826] Item 7, MD&A — Consolidated Results
  827. [827] Item 7, MD&A — Consolidated Results
  828. [828] Item 7, MD&A — Consolidated Results
  829. [829] Item 7, MD&A — Consolidated Results
  830. [830] Item 7, MD&A — Consolidated Results
  831. [831] Item 7, MD&A — Consolidated Results
  832. [832] Item 7, MD&A — Consolidated Results
  833. [833] Item 7, MD&A — Consolidated Results
  834. [834] Item 7, MD&A — Consolidated Results
  835. [835] Item 7, MD&A — Consolidated Results
  836. [836] Item 7, MD&A — Consolidated Results
  837. [837] Item 7, MD&A — Consolidated Results
  838. [838] Item 7, MD&A — Consolidated Results
  839. [839] Item 7, MD&A — Consolidated Results
  840. [840] Item 7, MD&A — Consolidated Results
  841. [841] Item 7, MD&A — Consolidated Results
  842. [842] Item 7, MD&A — Consolidated Results
  843. [843] Item 7, MD&A — Consolidated Results
  844. [844] Item 7, MD&A — Consolidated Results
  845. [845] Item 7, MD&A — Consolidated Results
  846. [846] Item 7, MD&A — Consolidated Results
  847. [847] Item 7, MD&A — Consolidated Results
  848. [848] Item 7, MD&A — Consolidated Results
  849. [849] Item 7, MD&A — Consolidated Results
  850. [850] Item 7, MD&A — Consolidated Results
  851. [851] Item 7, MD&A — Consolidated Results
  852. [852] Item 7, MD&A — Consolidated Results
  853. [853] Item 7, MD&A — Consolidated Results
  854. [854] Item 7, MD&A — Consolidated Results
  855. [855] Item 7, MD&A — Consolidated Results
  856. [856] Item 7, MD&A — Consolidated Results
  857. [857] Item 7, MD&A — Consolidated Results
  858. [858] Item 7, MD&A — Consolidated Results
  859. [859] Item 7, MD&A — Consolidated Results
  860. [860] Item 7, MD&A — Consolidated Results
  861. [861] Item 7, MD&A — Consolidated Results
  862. [862] Item 7, MD&A — Consolidated Results
  863. [863] Item 7, MD&A — Consolidated Results
  864. [864] Item 7, MD&A — Consolidated Results
  865. [865] Item 7, MD&A — Consolidated Results
  866. [866] Item 7, MD&A — Consolidated Results
  867. [867] Item 7, MD&A — Consolidated Results
  868. [868] Item 7, MD&A — Consolidated Results
  869. [869] Item 7, MD&A — Consolidated Results
  870. [870] Item 7, MD&A — Consolidated Results
  871. [871] Item 7, MD&A — Consolidated Results
  872. [872] Item 7, MD&A — Consolidated Results
  873. [873] Item 7, MD&A — Consolidated Results
  874. [874] Item 7, MD&A — Consolidated Results
  875. [875] Item 7, MD&A — Consolidated Results
  876. [876] Item 7, MD&A — Consolidated Results
  877. [877] Item 7, MD&A — Consolidated Results
  878. [878] Item 7, MD&A — Consolidated Results
  879. [879] Item 7, MD&A — Consolidated Results
  880. [880] Item 7, MD&A — Consolidated Results
  881. [881] Item 7, MD&A — Consolidated Results
  882. [882] Item 7, MD&A — Consolidated Results
  883. [883] Item 7, MD&A — Consolidated Results
  884. [884] Item 7, MD&A — Consolidated Results
  885. [885] Item 7, MD&A — Consolidated Results
  886. [886] Item 7, MD&A — Consolidated Results
  887. [887] Item 7, MD&A — Consolidated Results
  888. [888] Item 7, MD&A — Consolidated Results
  889. [889] Item 7, MD&A — Consolidated Results
  890. [890] Item 7, MD&A — Consolidated Results
  891. [891] Item 7, MD&A — Consolidated Results
  892. [892] Item 7, MD&A — Consolidated Results
  893. [893] Item 7, MD&A — Consolidated Results
  894. [894] Item 7, MD&A — Consolidated Results
  895. [895] Item 7, MD&A — Consolidated Results
  896. [896] Item 7, MD&A — Consolidated Results
  897. [897] Item 7, MD&A — Consolidated Results
  898. [898] Item 7, MD&A — Consolidated Results
  899. [899] Item 7, MD&A — Consolidated Results
  900. [900] Item 7, MD&A — Consolidated Results
  901. [901] Item 7, MD&A — Consolidated Results
  902. [902] Item 7, MD&A — Consolidated Results
  903. [903] Item 7, MD&A — Consolidated Results
  904. [904] Item 7, MD&A — Consolidated Results
  905. [905] Item 7, MD&A — Consolidated Results
  906. [906] Item 7, MD&A — Consolidated Results
  907. [907] Item 7, MD&A — Consolidated Results
  908. [908] Item 7, MD&A — Consolidated Results
  909. [909] Item 7, MD&A — Consolidated Results
  910. [910] Item 7, MD&A — Consolidated Results
  911. [911] Item 7, MD&A — Consolidated Results
  912. [912] Item 7, MD&A — Consolidated Results
  913. [913] Item 7, MD&A — Consolidated Results
  914. [914] Item 7, MD&A — Consolidated Results
  915. [915] Item 7, MD&A — Consolidated Results
  916. [916] Item 7, MD&A — Consolidated Results
  917. [917] Item 7, MD&A — Consolidated Results
  918. [918] Item 7, MD&A — Consolidated Results
  919. [919] Item 7, MD&A — Consolidated Results
  920. [920] Item 7, MD&A — Consolidated Results
  921. [921] Item 7, MD&A — Consolidated Results
  922. [922] Item 7, MD&A — Consolidated Results
  923. [923] Item 7, MD&A — Consolidated Results
  924. [924] Item 7, MD&A — Consolidated Results
  925. [925] Item 7, MD&A — Consolidated Results
  926. [926] Item 7, MD&A — Consolidated Results
  927. [927] Item 7, MD&A — Consolidated Results
  928. [928] Item 7, MD&A — Consolidated Results
  929. [929] Item 7, MD&A — Consolidated Results
  930. [930] Item 7, MD&A — Consolidated Results
  931. [931] Item 7, MD&A — Consolidated Results
  932. [932] Item 7, MD&A — Consolidated Results
  933. [933] Item 7, MD&A — Consolidated Results
  934. [934] Item 7, MD&A — Consolidated Results
  935. [935] Item 7, MD&A — Consolidated Results
  936. [936] Item 7, MD&A — Consolidated Results
  937. [937] Item 7, MD&A — Consolidated Results
  938. [938] Item 7, MD&A — Consolidated Results
  939. [939] Item 7, MD&A — Consolidated Results
  940. [940] Item 7, MD&A — Consolidated Results
  941. [941] Item 7, MD&A — Consolidated Results
  942. [942] Item 7, MD&A — Consolidated Results
  943. [943] Item 7, MD&A — Consolidated Results
  944. [944] Item 7, MD&A — Consolidated Results
  945. [945] Item 7, MD&A — Consolidated Results
  946. [946] Item 7, MD&A — Consolidated Results
  947. [947] Item 7, MD&A — Consolidated Results
  948. [948] Item 7, MD&A — Consolidated Results
  949. [949] Item 7, MD&A — Consolidated Results
  950. [950] Item 7, MD&A — Consolidated Results
  951. [951] Item 7, MD&A — Consolidated Results
  952. [952] Item 7, MD&A — Consolidated Results
  953. [953] Item 7, MD&A — Consolidated Results
  954. [954] Item 7, MD&A — Consolidated Results
  955. [955] Item 7, MD&A — Consolidated Results
  956. [956] Item 7, MD&A — Consolidated Results
  957. [957] Item 7, MD&A — Consolidated Results
  958. [958] Item 7, MD&A — Consolidated Results
  959. [959] Item 7, MD&A — Consolidated Results
  960. [960] Item 7, MD&A — Consolidated Results
  961. [961] Item 7, MD&A — Consolidated Results
  962. [962] Item 7, MD&A — Consolidated Results
  963. [963] Item 7, MD&A — Consolidated Results
  964. [964] Item 7, MD&A — Consolidated Results
  965. [965] Item 7, MD&A — Consolidated Results
  966. [966] Item 7, MD&A — Consolidated Results
  967. [967] Item 7, MD&A — Consolidated Results
  968. [968] Item 7, MD&A — Consolidated Results
  969. [969] Item 7, MD&A — Consolidated Results
  970. [970] Item 7, MD&A — Consolidated Results
  971. [971] Item 7, MD&A — Consolidated Results
  972. [972] Item 7, MD&A — Consolidated Results
  973. [973] Item 7, MD&A — Consolidated Results
  974. [974] Item 7, MD&A — Consolidated Results
  975. [975] Item 7, MD&A — Consolidated Results
  976. [976] Item 7, MD&A — Consolidated Results
  977. [977] Item 7, MD&A — Consolidated Results
  978. [978] Item 7, MD&A — Consolidated Results
  979. [979] Item 7, MD&A — Consolidated Results
  980. [980] Item 7, MD&A — Consolidated Results
  981. [981] Item 7, MD&A — Consolidated Results
  982. [982] Item 7, MD&A — Consolidated Results
  983. [983] Item 7, MD&A — Consolidated Results
  984. [984] Item 7, MD&A — Consolidated Results
  985. [985] Item 7, MD&A — Consolidated Results
  986. [986] Item 7, MD&A — Consolidated Results
  987. [987] Item 7, MD&A — Consolidated Results
  988. [988] Item 7, MD&A — Consolidated Results
  989. [989] Item 7, MD&A — Consolidated Results
  990. [990] Item 7, MD&A — Consolidated Results
  991. [991] Item 7, MD&A — Consolidated Results
  992. [992] Item 7, MD&A — Consolidated Results
  993. [993] Item 7, MD&A — Consolidated Results
  994. [994] Item 7, MD&A — Consolidated Results
  995. [995] Item 7, MD&A — Consolidated Results
  996. [996] Item 7, MD&A — Consolidated Results
  997. [997] Item 7, MD&A — Consolidated Results
  998. [998] Item 7, MD&A — Consolidated Results
  999. [999] Item 7, MD&A — Consolidated Results
  1000. [1000] Item 7, MD&A — Consolidated Results

Analysis on 9/28/2026