Vail Resorts Reports Steep Declines in Skier Visits, Revenue; Expects Low End of Guidance

summarizeSummary

Vail Resorts reported significant declines in key ski season metrics through April 19, 2026, including a 14.9% drop in skier visits and a 5.6% decrease in lift revenue, and now expects fiscal 2026 EBITDA to be at the low end of its previously issued guidance.

check_boxKey Events

• Skier Visits Plummet

  Season-to-date total skier visits were down 14.9% compared to the prior year period, with the Rockies experiencing a 25% decline due to record low snowfall and warm temperatures.

• Revenue Drops Across Segments

  Season-to-date total lift revenue decreased by 5.6%, ski school revenue by 12.0%, dining revenue by 11.7%, and retail/rental revenue by 6.6%.

• Fiscal 2026 EBITDA at Low End of Guidance

  The company now expects Resort Reported EBITDA for fiscal 2026 to be at or around the low end of the guidance range issued on March 9, 2026, confirming the worst-case scenario of its previously lowered outlook.

• Future Pass Sales Decline

  Spring pass sales for the 2026/2027 season show a moderate decline in pass product units and a slight decline in sales dollars through the April 12th deadline.

auto_awesomeAnalysis

Vail Resorts provided a significant update on its ski season performance, revealing substantial declines in key metrics through April 19, 2026. This follows the company's previous guidance cut on March 9, 2026, due to poor snowfall. The current filing reinforces the negative outlook by confirming that fiscal 2026 Resort Reported EBITDA is now expected to be at the low end of that already lowered guidance range. The widespread revenue declines across all segments, coupled with a moderate drop in early pass sales for the upcoming 2026/2027 season, indicate persistent operational challenges and potential headwinds for future performance. Investors should note the continued impact of adverse weather conditions on the company's core business and the implications for profitability.