• Vail Resorts average gross margin for 2023 was 42.69%, a 6.93% decline from 2022.
• Vail Resorts average gross margin for 2022 was 45.87%, a 8.01% decline from 2021.
• Vail Resorts average gross margin for 2021 was 42.47%, a 5.31% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.