Vail Resorts’ Executives Grab $8.9 Million in RSU & SAR Grants as Board Signals Confidence Amid Ski Season Slump

Insider Activity Signals Confidence Amid a Softening Ski Season

On February 1, 2026, Vail Resorts’ EVP of Revenue, Celeste Burgoyne, received a sizable grant of restricted share units (RSUs) totaling 69,539 shares, alongside a 38,665‑unit share‑appreciation‑right (SAR) package. The RSUs vest over 2027–2028, while the SARs vest in 2029, aligning Burgoyne’s incentives with the company’s long‑term performance. The grant, valued at roughly $8.9 million at today’s $130.50 price, underscores the board’s belief that the resort sector’s rebound will justify a higher valuation.

A Broader Insider Trend of Optimism

Burgoyne’s grant sits within a broader pattern of high‑level insider buying. On the same day, Angela Korch, Vail’s CFO, executed six transactions—four buys of common stock (totaling 1,158 shares) and two sells of restricted units—while other executives (e.g., Robert Katz and Peter Vaughn) were also buying or selling across the board. The cumulative insider buying, especially of RSUs and SARs, suggests that senior management remains bullish despite a 3.9 % weekly decline and a 22.9 % yearly slide. Importantly, these are non‑market‑price transactions (price = 0), indicating that the grants are designed to lock in future upside rather than signal immediate earnings expectations.

Implications for Investors

For shareholders, the insider grants are a mixed signal. On one hand, the timing of the grants—coinciding with a weak season and a 60 % snow shortfall—could be interpreted as a “buy‑the‑dip” strategy, reinforcing confidence that Vail’s assets will recover once weather normalizes. On the other hand, the substantial volume of new shares held by insiders may add downward pressure if the company were to issue additional public shares to fund expansion or debt reduction. However, the SARs provide a cushion: if the share price climbs, insiders stand to reap additional gains, potentially aligning their interests with shareholders.

Future Outlook

With the 52‑week high at $175.51 and a market cap of $4.78 billion, Vail’s current price sits near the lower end of its annual range. The board’s decision to grant sizable RSUs and SARs amid a softening season indicates an expectation that the company will navigate the short‑term volatility and emerge stronger. Investors should monitor weather forecasts, resort occupancy rates, and any sign of increased capital spending. If the sector recovers, the insider grants could translate into a rally, whereas prolonged weakness could test the resilience of the company’s earnings model.