Vail Resorts Inc
Q4 2026 Earnings
Includes $19.2 million change in fair value of contingent consideration, $6.8 million loss on disposal of fixed assets, and $11 million of one-time resource efficiency transformation costs during fiscal 2026
Market Reaction
Did MTN Beat Earnings? Q4 2026 Results
Vail Resorts posted a narrow beat on both the top and bottom lines in its fiscal fourth quarter of 2026, delivering results that held up better than feared against what management called one of the most challenging winters in ski industry history. The company reported GAAP EPS of negative $5.34, edging past the consensus estimate of negative $5.35 by 0.17%; that figure includes a $19.2 million change in fair value of contingent consideration, a $6.8 million loss on disposal of fixed assets, and $11 million in one-time resource efficiency transformation costs recorded during fiscal 2026. Revenue came in at $278.07 million, a 2.5% gain year over year and 3.26% ahead of the $269.30 million consensus estimate, supported by a resilient pass model that lifted full-year pass revenue 3.9% even as total visitation fell 13.4%. Looking ahead, management guided fiscal 2027 Resort Reported EBITDA of $805 million to $865 million, reflecting an expected recovery driven by normalized weather, pricing growth, and roughly $25 million in incremental efficiency savings, though early pass sales for 2026/2027 remain a watchpoint with units and dollars both running below prior-year levels.
- Historically poor snowfall across western U.S., particularly in the Rockies, drove 13.4% decline in total visitation for the full year
- Advanced commitment pass model provided revenue stability with pass revenue increasing 3.9% despite visitation declines
- Resource Efficiency Transformation Plan delivered $45 million of cost savings in fiscal 2026
- Reduced performance-based management incentive plan expense of $16.7 million
- Incremental $20 million marketing investment to support pass and lift ticket growth
- Grand Teton Lodge Company drove strong Q4 performance
- Australian ski season results pressured by cumulative snowfall approximately 57% below 10-year average
“This past winter was one of the most challenging winters in history across the western U.S. for the ski industry, which negatively impacted financial performance for the year. Conditions were particularly severe in the Rockies, where snowfall and snowpack were at or near historic lows and significantly below prior record-low seasons, resulting in the most difficult weather environment we have ever experienced. With that backdrop, this past year demonstrated the resilience of our business model and encouraging signs for the future.”
Vail Resorts CEO, on the earnings call
Forward Guidance & Outlook
For fiscal 2027 (year ending July 31, 2027), Vail Resorts guided net income attributable to the company of $158 million to $233 million and Resort Reported EBITDA of $805 million to $865 million, including approximately $14 million of one-time costs. Guidance reflects a meaningful recovery from weather-impacted fiscal 2026, supported by increased lift ticket visitation, pricing growth, increased guest spending, and approximately $25 million of incremental resource efficiency savings. These benefits are expected to be partially offset by lower pass demand trends, normalization of operating expenses, inflationary pressures, and additional strategic investments. At the midpoint, guidance implies a Resort EBITDA margin of approximately 26.9% (27.3% excluding one-time costs). Guidance assumes normal weather conditions and a continuation of the current economic environment. Pass product sales through September 18, 2026 for the upcoming 2026/2027 season showed units down approximately 12%, days sold down approximately 10%, and sales dollars down approximately 6% versus the prior year period.
MTN YoY Financials
MTN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.