• Vail Resorts average operating margin for 2023 was 18.7%, a 12.58% decline from 2022.
• Vail Resorts average operating margin for 2022 was 21.39%, a 80.05% decline from 2021.
• Vail Resorts average operating margin for 2021 was 11.88%, a 13.16% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.