Sep 28, 2026, 4:06 PM ETConsumer Cyclical

Vail Resorts — Fiscal 2026 Earnings Summary

MTNVAIL RESORTS INC

Financial Performance

Net income attributable to Vail Resorts, Inc. for fiscal 2026 was $147.5 million, a decrease from $280.0 million in the prior year.
Resort Reported EBITDA for fiscal 2026 was $745.7 million, a decrease of 11.7% from $844.1 million in the prior year; this includes $11 million of one-time costs related to the resource efficiency transformation plan.
Resort Net Revenue for fiscal 2026 decreased $131.9 million (4.5%) to $2.832 billion compared to the prior year.
Total lift revenue declined 3.5% for the year, while pass revenue increased 3.9%.
Total skier visits decreased 13.4% to 15.3 million for the full year.
As of July 31, 2026, total liquidity (cash, short-term investments, and revolver availability) was approximately $0.8 billion.
Net Debt was 3.9 times trailing twelve months Total Reported EBITDA as of July 31, 2026.
Total debt was $3.186 billion, with long-term debt net at $3.102 billion and debt due within one year at $83.9 million.
Cash and cash equivalents were $231.3 million, and short-term certificates of deposit were $37.1 million.
Stock-based compensation for the full year was $28.2 million.

Fiscal 2027 guidance for net income attributable to Vail Resorts, Inc. is $158 million to $233 million.
Fiscal 2027 guidance for Resort Reported EBITDA is $805 million to $865 million, including approximately $14 million of one-time costs.
At the midpoint of guidance, the estimated Resort EBITDA margin is 26.9% (27.3% excluding one-time costs).
Fiscal 2027 guidance assumes a meaningful recovery from fiscal 2026 weather impacts, supported by increased lift ticket visitation, pricing growth, and ancillary spending.
The outlook includes approximately $25 million of incremental efficiencies from the resource efficiency transformation plan.
Guidance assumes normal weather conditions for the 2026/2027 North American and European ski seasons and the 2027 Australian ski season.
Guidance assumes foreign currency exchange rates of $0.71 CAD/USD, $0.70 AUD/USD, and $1.21 CHF/USD.
The outlook assumes visitation is modestly lower than fiscal 2026, with overall lift revenue flat due to pricing and product optimization.
Fiscal 2027 guidance assumes normalization of operating expenses, inflationary pressures, and additional strategic investments.

Mountain Segment: Net revenue decreased 4.8% to $2.503 billion; Mountain Reported EBITDA decreased 11.2% to $729.4 million.
Lodging Segment: Net revenue decreased 1.6% to $328.8 million; Lodging Reported EBITDA decreased 28.4% to $16.3 million.
Real Estate Segment: Net revenue increased to $6.2 million; Real Estate Reported EBITDA decreased to $7.4 million.
Pass product unit sales for the upcoming 2026/2027 North American ski season decreased approximately 12% through September 18, 2026.
Pass product days sold decreased approximately 10% and sales dollars decreased approximately 6% for the same period.
Demand weakness was concentrated in Destination frequency products, particularly lower frequency passes, while unlimited pass products showed relative strength.
The Company announced the "Epic Experience" growth strategy to differentiate the guest experience and drive loyalty.
The Resource Efficiency Transformation Plan is on track to deliver $25 million of incremental efficiencies in fiscal 2027, aiming for $110 million of annualized cost efficiencies by the end of fiscal 2027.
Capital investment plans for calendar 2026 include $215 million to $220 million in core capital and $229 million to $234 million including growth capital.
Planned 2027 capital investments include significant lift upgrades at Park City Mountain, including replacing the Silverlode lift with an eight-passenger detachable chairlift and the Eagle/Eaglet lifts with a six-passenger detachable chairlift.

Fiscal 2026 was described as one of the most challenging winters in history for the western U.S. ski industry due to historic lows in snowfall and snowpack.
Australian results were below expectations due to cumulative snowfall approximately 57% below the 10-year average.
Third-party data indicates Vail Resorts is outperforming the broader industry, especially among comparable unlimited products.
The Company believes pass unit declines reflect delayed purchase behavior among less committed guests rather than fully lost demand.
The Company is investing in marketing, channel strategies, branding, and product optimization to drive visitation.

Unfavorable weather conditions and climate change impacts continue to pose significant risks to visitation and revenue.
Inflationary pressures and increased marketing investments may offset revenue growth and savings.
Foreign currency exchange rate fluctuations could impact results, particularly for operations in Canada, Australia, and Switzerland.
The business faces high fixed costs and seasonality risks.
Potential risks include disruptions in travel, supply chains, or information technology systems.

Rob Katz, CEO, characterized the past winter as the most difficult weather environment the company has ever experienced.
Management expressed confidence in the resilience of the business model, citing advanced commitment models and cost discipline.
The tone highlighted encouraging signs for the future, including record guest satisfaction scores and strong employee engagement.
Management noted the acceleration of leadership changes, including a new CEO, Chief Revenue Officer, and independent board member.
The Company believes its strategies, including the Epic Experience and resource efficiency plan, provide a clear roadmap for growth.

The Board of Directors declared a quarterly cash dividend of $2.22 per share, payable on October 27, 2026, to shareholders of record as of October 8, 2026.
The Company incurred $11 million of one-time costs related to the resource efficiency transformation plan in fiscal 2026.
The Company expects to incur approximately $14 million in associated one-time costs in fiscal 2027.
The Company reaffirmed its long-term capital investment guidance and plans to provide the full calendar year 2027 capital investment plan in December 2026.
The Company is accelerating the realization of $5 million in savings from the resource efficiency transformation plan, previously expected for fiscal 2028.