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Gaming & Lodging

Vail Resorts Executive Compensation (FY25)

MTN · Broomfield, CO · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): December 10, 2025
376 figures on this page: 366 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
Total compensation for Robert Katz, Chairperson of the Board and Chief Executive Officer, came to $3,952,230 in fiscal 2025, and Katz's total was 79.5% higher than the $2,202,070 reported for fiscal 2024. Meanwhile, the disclosed chief executive pay ratio for fiscal 2025 is 134:1, against median employee compensation of $29,598. Separately, shareholders supported the say-on-pay proposal with 96.7% of votes cast for or against in favor at the meeting held December 9, 2025 for fiscal 2025. The disclosed peer group includes Boyd Gaming Corporation, Choice Hotels International, Churchill Downs Inc., Hilton Grand Vacations and Hyatt Hotels Corporation, among others.
Chief executive, fiscal 2025
◇
Robert Katz
Median of the other named officers
$2,306,598
5 officers, excluding the chief executive
Latest say-on-pay support
=
December 9, 2025
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Robert Katz: $2,202,070 → $3,952,230 (79.5% higher)
Say-on-pay support: 98.3% → 96.7% (1.6 points lower)
CEO pay ratio: 217:1 → 134:1 (38.2% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Vail Resorts' chief executive and what were they paid?
Total compensation for Robert Katz, Chairperson of the Board and Chief Executive Officer, came to $3,952,230 in fiscal 2025. Katz's total was 79.5% higher than the $2,202,070 reported for fiscal 2024.
What was Vail Resorts' say-on-pay result?
Shareholders supported the say-on-pay proposal with 96.7% of votes cast for or against in favor at the meeting held December 9, 2025 for fiscal 2025.
Which companies are in Vail Resorts' peer group?
The disclosed peer group includes Boyd Gaming Corporation, Choice Hotels International, Churchill Downs Inc., Hilton Grand Vacations and Hyatt Hotels Corporation, among others.
What is Vail Resorts' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 134:1, against median employee compensation of $29,598.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kirsten Lynch
Chief Executive Officer
◇—◇◇◇—◇◇
Angela Korch
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Lyndon Donahue
Executive Vice President and Chief Human Resources Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kirsten Lynch
Former Chief Executive Officer
Departed during or after this year
◇—◇◇◇—◇◇
Robert Katz
Chief Executive Officer
◇—◇◇——◇◇
Angela Korch
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kirsten Lynch
Former Chief Executive Officer
Departed during or after this year
◇—◇◇◇—◇◇
Robert Katz
Chairperson of the Board and Chief Executive Officer
◇—◇◇——◇◇
Angela Korch
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
William Rock
Senior Vice President and Chief Operating Officer
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kirsten Lynch
Former Chief Executive Officer
Departed during or after this year
◇—◇◇◇—◇◇
Robert Katz
Chairperson of the Board and Chief Executive Officer
◇—◇◇——◇◇
Angela Korch
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Lynanne Kunkel
Executive Vice President and Chief Human Resource Officer
◇—◇◇◇—◇◇
William Rock
Senior Vice President and Chief Operating Officer
◇—◇◇◇—◇◇
Julie DeCecco
Executive Vice President General Counsel and Chief Public Affairs Officer
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Angela A. KorchOPTION◇——◇—◇◇
Angela A. KorchRSU◇——◇——◇
Julie A. DeCeccoRSU◇——◇——◇
Julie A. DeCeccoRSU◇——◇——◇
Julie A. DeCeccoOPTION◇——◇—◇◇
Julie A. DeCeccoOPTION◇——◇—◇◇
Kirsten A. LynchRSU◇——◇——◇
Kirsten A. LynchOPTION◇——◇—◇◇
Lynanne KunkelRSU◇——◇——◇
Lynanne KunkelOPTION◇——◇—◇◇
Robert A. KatzRSU◇——◇——◇
Robert A. KatzOPTION◇——◇—◇◇
Robert A. KatzRSU◇——◇——◇
Robert A. KatzOPTION◇——◇—◇◇
William C. RockOPTION◇——◇—◇◇
William C. RockRSU◇——◇——◇
William C. RockSAR◇——◇——◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Angela KorchRSU◇◇——
RSU◇◇——
SAR◇———
RSU◇◇——
SAR◇———
SAR◇—◇9/27/2034
SAR◇—◇9/29/2033
William RockSAR◇———
RSU◇◇——
SAR◇—◇9/29/2033
SAR◇———
RSU◇◇——
SAR◇—◇9/27/2034
SAR◇—◇9/27/2027
RSU◇◇——
SAR◇—◇9/24/2031
SAR◇—◇9/29/2032
SAR◇—◇9/27/2028
SAR◇—◇9/25/2029
SAR◇—◇9/25/2030
Robert KatzSAR◇———
SAR◇—◇9/24/2031
RSU◇◇——
RSU◇◇——
SAR◇———
RSU◇◇——
SAR◇—◇9/25/2029
SAR◇—◇9/25/2030
SAR◇—◇9/29/2033
SAR◇—◇9/27/2034
SAR◇—◇9/27/2027
RSU◇◇——
SAR◇—◇9/27/2028
SAR◇—◇9/29/2032
SAR◇—◇6/4/2035
Lynanne KunkelRSU◇◇——
RSU◇◇——
SAR◇———
SAR◇———
SAR◇—◇—
SAR◇—◇—
SAR◇—◇—
SAR◇—◇—
RSU◇◇——
SAR◇—◇—
SAR◇—◇—
SAR◇—◇—
SAR◇—◇—
Julie DeCeccoRSU◇◇——
RSU◇◇——
RSU◇◇——
SAR◇———
RSU◇◇——
SAR◇—◇9/25/2029
RSU◇◇——
SAR◇—◇9/29/2033
SAR◇—◇9/27/2034
SAR◇—◇11/1/2034
SAR◇———
SAR◇—◇9/25/2030
SAR◇—◇5/1/2031
SAR◇—◇9/24/2031
SAR◇—◇9/29/2032
SAR◇—◇5/1/2034
Kirsten LynchSAR◇—◇9/27/2034
SAR◇—◇9/27/2027
SAR◇—◇9/27/2028
SAR◇—◇9/25/2029
SAR◇—◇9/25/2030
SAR◇—◇9/24/2031
SAR◇—◇9/29/2033
SAR◇—◇9/25/2030
SAR◇—◇9/29/2032
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
D. Bruce Sewell
Lead independent director
◇◇———◇◇
John F. Sorte
◇◇———◇◇
Peter A. Vaughn
◇◇———◇◇
Nadia N. Rawlinson
◇◇———◇◇
Hilary Schneider
◇◇———◇◇
Susan L. Decker
◇◇———◇◇
Reginald Chambers
◇◇————◇
John Redmond
◇◇————◇
Iris Knobloch
◇◇————◇
Michele Romanow
◇◇————◇
Kirsten Lynch and Robert A. Katz served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual cash retainer ($425,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Boyd Gaming Corporation BYD
  • Choice Hotels International CHH
  • Churchill Downs Inc. CHDN
  • Hilton Grand Vacations HGV
  • Hyatt Hotels Corporation H
  • Marriott Vacations Worldwide VAC
  • Norwegian Cruise Line Holdings Ltd NCLH
  • PENN Entertainment, Inc. PENN
  • Red Rock Resorts Inc. RRR
  • Six Flags Entertainment Corporation FUN
  • Travel + Leisure Co. TNL
  • United Parks & Resorts PRKS
  • Wyndham Hotels & Resorts, Inc. WH
  • Wynn Resorts Ltd. WYNN

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025December 9, 2025=◇◇◇
2024December 5, 2024=◇◇◇
2023December 6, 2023=◇◇◇
2022December 7, 2022=◇◇◇
2021December 8, 2021=◇◇◇
2020December 3, 2020=◇◇◇
2019December 5, 2019=◇◇◇
2018December 6, 2018=◇◇◇
2017December 6, 2017=◇◇◇
2016December 8, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Vail Resorts disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Vail Resorts sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
376 figures on this page: 366 cited to the filing that reported them, 10 calculated from figures it prints.
366 cited to the filing
10 calculated from the filing

Documents cited

  1. 0000812011-25-000242
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0000812011-25-000221
    CEO Pay Ratio · Director Compensation · Director Compensation for Fiscal 2025 · Grants of Plan-Based Awards in Fiscal 202 · and 4 more sections
  3. 0000812011-24-000207
  4. 0000812011-24-000183
    Summary Compensation Table for Fiscal 2024
  5. 0000812011-23-000064
  6. 0000812011-22-000054
  7. 0001140361-22-038189
    Summary Compensation Table
  8. 0000812011-21-000142
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0000812011-20-000114
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0000812011-19-000134
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0000812011-18-000136
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000812011-17-000133
  13. 0000812011-16-000186
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Vail Resorts executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MTN (accessed 2026).
Short form: data: Velarion
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Gaming & Lodging rankings

Chief executive pay — Gaming & LodgingCEO pay ratio — Gaming & LodgingSay-on-pay support — Gaming & Lodging

Peers Vail Resorts discloses

The companies named in MTN's own disclosed peer group.

Boyd Gaming CorporationChoice Hotels InternationalHyatt Hotels CorporationNorwegian Cruise Line Holdings LtdPENN Entertainment, Inc.Red Rock Resorts Inc.Six Flags Entertainment CorporationTravel + Leisure Co.Wyndham Hotels & Resorts, Inc.Wynn Resorts Ltd.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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