Vail Resorts Reports 47% Drop in FY26 Net Income, Guides FY27 EBITDA to $805M-$865M
MTN is trading near its 52-week low of $118.51 (14% above the low) on elevated volume (2.1× avg).
Summary
Vail Resorts reported a 47% decline in fiscal 2026 net income to $147.5 million and provided fiscal 2027 guidance of $158M-$233M net income and $805M-$865M Resort Reported EBITDA, while season-to-date pass sales are down 12% in units.
Key Events · Earnings and Guidance · MTN
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FY26 Net Income Down 47%
Net income attributable to Vail Resorts fell to $147.5 million from $280.0 million, driven by a 4.5% decline in resort net revenue to $2.83 billion on historically low snowfall.
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FY27 Guidance Issued
Company guides fiscal 2027 net income of $158M-$233M and Resort Reported EBITDA of $805M-$865M, implying a recovery from weather-impacted FY26 but below original FY26 expectations.
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Pass Sales Down 12% in Units
Season-to-date pass product unit sales through September 18, 2026 decreased approximately 12%, with sales dollars down approximately 6%, reflecting continued demand weakness.
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Net Debt at 3.9x EBITDA
Net debt was $2.92 billion as of July 31, 2026, with net debt to trailing twelve months Total Reported EBITDA of 3.9x, up from $2.75 billion a year earlier.
Analysis · MTN · Trade & Services
Fiscal 2026 net income fell 47% to $147.5 million on a 4.5% decline in resort net revenue, driven by historically poor snowfall across the western U.S. The fiscal 2027 guidance of $158M-$233M net income and $805M-$865M Resort Reported EBITDA implies a meaningful recovery from weather-impacted results, but season-to-date pass sales are down 12% in units and 6% in dollars, signaling continued demand weakness. Net debt of $2.92 billion at 3.9x EBITDA and a maintained $2.22 quarterly dividend underscore the balance sheet pressure and capital allocation priorities amid an ongoing activist proxy fight with Oasis Management.
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At the time of this filing, MTN was trading at $135.60 on NYSE in the Trade & Services sector, with a market capitalization of approximately $4.9B. The 52-week trading range was $118.51 to $163.34. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.