Vail Resorts Reports Third Quarter Fiscal 2026 Results, Provides Updated Fiscal 2026 Guidance and Provides Early Season Pass Sales Results

Vail Resorts, Inc. (NYSE: MTN) today reported results for the third quarter of fiscal 2026 ended April 30, 2026, updated fiscal 2026 guidance and provided early season pass sales results.

Highlights

Q3 fiscal 2026 net income attributable to Vail Resorts, Inc. was $314.4 million compared to $389.7 million in the prior year.

Q3 fiscal 2026 Resort Reported EBITDA was $586.4 million compared to $647.7 million in the prior year.

The Company reduced its fiscal 2026 guidance, in line with the update provided in April, and is now expecting net income attributable to Vail Resorts, Inc. of $128 million to $162 million and Resort Reported EBITDA of $735 million to $755 million.

Pass product unit sales through May 26, 2026 for the upcoming 2026/2027 North American ski season decreased approximately 10%, days sold decreased approximately 8% and sales dollars, inclusive of sales and admissions taxes, decreased approximately 5%, as compared to the prior year period through May 27, 2025.

The Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on July 9, 2026 to shareholders of record as of June 25, 2026.

Commenting on the Company's fiscal 2026 third quarter results, Rob Katz, Chief Executive Officer said, "Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S., driving continued pressure on visitation and revenue in the quarter, particularly at our destination resorts in the Rockies. While these dynamics negatively impacted results, our advance commitment model provided considerable stability and strong cost discipline kept us on track to exceed our resource efficiency transformation plan savings for the year. At the same time, our continued investments in talent, technology and resort operations drove record guest satisfaction scores and strong employee engagement. Despite the weather challenges of the past year, our strategic focus remains unchanged, and we are pleased with the progress we made this year. The new lift ticket products and strategic shifts in our marketing approach showed early positive results this past season, with our lift ticket visitation meaningfully outperforming the industry based on preliminary data, including in the Rockies, and we continued to make significant strides in enhancing the guest experience.

"Looking ahead, we see significant opportunity to further elevate the guest experience across our resorts through continued investments in lifts, snowmaking, terrain and our talent, while leveraging the scale and strength of our integrated network to implement new technologies and enhance key elements of the guest experience. We have key initiatives underway in our gear, ski school and dining businesses, as well as every facet of guest engagement and communication, and will share updates on these efforts in the upcoming months. Together, these initiatives will play an important role in driving future visitation growth and long-term value creation."

Third Quarter Operating Results

Resort Net Revenue decreased $90.4 million, or 7.0%, compared to the prior year, primarily driven by unfavorable weather conditions that impacted visitation and revenue for both local and destination guests, particularly at the Rockies and Tahoe resorts. Compared to the prior year, total lift revenue declined 5%, despite visitation being down 15%, primarily as a result of 2025/2026 North American Pass Sales increasing 3% heading into the season.

Resort Reported EBITDA decreased $61.3 million, or 9.5%, compared to the prior year, which was primarily driven by the weather-related headwinds, and were partially offset by disciplined cost management and continued resource efficiency transformation cost savings.

Fiscal Year 2026 Guidance

Due to the historically challenging weather conditions in the western U.S. that persisted through the third quarter, which negatively impacted demand, the Company is reducing its fiscal 2026 guidance. The Company now expects fiscal 2026 Net Income and Resort EBITDA as follows:

Net income attributable to Vail Resorts, Inc. of $128 million to $162 million.

Resort Reported EBITDA of $735 million to $755 million.

Resource efficiency transformation plan remains on track to achieve an incremental $45 million of efficiencies over the prior year, before one-time costs, and the Company now expects to deliver $106 million of annualized cost efficiencies, representing a $6 million increase above the original two-year plan. Revised Fiscal 2026 Resort EBITDA guidance includes an estimated $13 million of one-time costs in support of the Company's resource efficiency transformation plan.

The updated guidance also assumes (1) normal weather conditions and operations throughout the Australian ski season and North American summer season; (2) a continuation of the current economic environment; and (3) foreign currency exchange rates as of June 8, 2026, including an exchange rate of $0.72 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada, an exchange rate of $0.70 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia, and an exchange rate of $1.26 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans Montana in Switzerland, and does not include any potential impacts related to future fluctuations in foreign currency exchange rates, which may be impacted by tariffs, trade disputes, or other factors.

The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2026 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance.

(1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price.

(2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material.

(3) Mountain Reported EBITDA also includes approximately $24 million of stock-based compensation.

(4) Lodging Reported EBITDA also includes approximately $3 million of stock-based compensation.

(5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges.

Season Pass Sales

Pass product units sold through May 26, 2026 for the upcoming North American ski season decreased approximately 10%, days sold1 decreased approximately 8% and sales dollars2, inclusive of sales and admissions taxes, decreased approximately 5%, as compared to the prior year period through May 27, 2025. The decline in performance-to-date reflects softer demand following one of the worst snowfall years in history in the western U.S., most evident in weaker trends across weather-impacted markets such as Colorado, Utah and Lake Tahoe, and among Destination guests who typically visit the Rockies, relative to much stronger performance in the East and at Whistler Blackcomb.

The Company is seeing encouraging guest response to its new Young Adult pass products that are solidly outperforming other age groups, in addition to Unlimited pass products solidly outperforming frequency products, underscoring sustained demand for core high-value products.

Commenting on the Company's season pass sales for the upcoming North American ski season, Katz said, "While any decline in pass sales is disappointing, it is not surprising given the severity of this past season's conditions and we are encouraged that third-party data indicates our spring pass results are meaningfully outperforming others in the industry during this period. We believe the challenging conditions have delayed purchase decisions, creating the opportunity for improved pass performance in the Fall selling season and/or ultimately through lift ticket purchases during next season. Historical U.S. ski market data indicates that visitation typically fully recovers following a season with poor conditions if the subsequent season has normal conditions, and we believe we are well positioned to capture that visitation with the pass and lift ticket product and marketing strategies we have developed. That said, given how anomalous this past season was, there remains continued uncertainty around how the full pass selling season and next season's visitation will ultimately unfold. We will provide more information about pass sales results and our thoughts on next season in our Q4 earnings release in September."

Epic Australia Pass sales through May 27, 2026 increased approximately 26% in units and approximately 31% in sales dollars as compared to the period in the prior year through May 28, 2025.

1 Days sold measures an estimate of how many days of access are sold, calculated by assigning a number of days to each pass unit and assumes a blended estimate of 8 days sold to unlimited passes and actual number of access days purchased for frequency products.

2 Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.72 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales.

Liquidity and Return of Capital

Despite difficult conditions this year, the Company remains confident in its long-term cash flow generation strength and its stable business model.

As of April 30, 2026, the Company's total liquidity as measured by total cash plus revolver availability was approximately $1.1 billion.

Net Debt was 3.5 times trailing twelve months Total Reported EBITDA.

The Board of Directors declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on July 9, 2026 to shareholders of record as of June 25, 2026.

The Company reaffirmed its calendar 2026 capital plan of approximately $215 million to $220 million in core capital, consistent with its long-term capital investment guidance. Including growth capital investments, at the Company's European resorts and in support of Resource Efficiency Transformation and real estate planning projects, the Company plans to invest a total of approximately $234 million to $239 million in calendar year 2026.