Vail Resorts Inc
Q3 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.64%.
Did MTN Beat Earnings? Q3 2026 Results
Vail Resorts delivered a disappointing fiscal third quarter, missing on both the top and bottom lines as what analysts described heading into earnings as one of the most challenging ski seasons in 50 years took a severe toll on results. The company posted diluted EPS of $8.81, falling short of the $9.00 consensus estimate by 2.11%, while revenue slipped 7.0% year-over-year to $1.21 billion, barely missing the $1.21 billion expected. The primary culprit was historically poor weather across western U.S. resorts, which drove total skier visits down 15.5% to 7,276 thousand, hammering every Mountain segment revenue category from lift tickets to dining. Net income attributable to the company fell to $314.44 million from $389.74 million a year ago. Looking ahead, management trimmed its full-year fiscal 2026 guidance, now targeting net income of $128.00 million to $162.00 million and Resort Reported EBITDA of $735.00 million to $755.00 million, though a cost efficiency program now expected to yield $106.00 million in annualized savings offered a measure of structural encouragement amid the weather-driven headwinds.
- Historically poor weather conditions across the western U.S. drove 15.5% decline in total skier visits
- Advance commitment pass model provided revenue stability despite visitation declines, with lift revenue down only 5.3% vs 15.5% visitation decline
- Effective ticket price increased 12.0% to $100.24 due to higher pass prices heading into the season
- Disciplined cost management and resource efficiency transformation partially offset weather headwinds
- Mountain operating expenses declined 4.7% year-over-year
- Lodging RevPAR declined 15.7% for owned hotels and managed condominiums combined
“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.”
Vail Resorts CEO, on the earnings call
Forward Guidance & Outlook
Vail Resorts reduced its fiscal 2026 guidance due to historically challenging weather conditions in the western U.S. The company now expects net income attributable to Vail Resorts of $128 million to $162 million and Resort Reported EBITDA of $735 million to $755 million. The resource efficiency transformation plan is expected to deliver $106 million in annualized cost efficiencies, $6 million above the original two-year plan target. Early season pass sales for the 2026/2027 North American ski season are down approximately 10% in units and 5% in sales dollars, though the company believes challenging conditions have delayed purchase decisions and expects historical patterns of visitation recovery following poor-weather seasons if normal conditions return. Epic Australia Pass sales are up approximately 26% in units. The company reaffirmed its calendar 2026 capital plan of approximately $234 million to $239 million in total investment. Guidance assumes normal weather for the Australian ski season and North American summer season, and a continuation of the current economic environment.
MTN YoY Financials
MTN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.