Stock Market Live June 24, 2026: S&P 500 (SPY) Attempting to Regain Momentum
Q3 25 EPS
$10.54
BEAT +4.74%
Est. $10.06
Q3 25 Revenue
$1.30B
MISS 0.45%
Est. $1.30B
vs S&P Since Q3 25
-23.4%
TRAILING MARKET
MTN -0.9% vs S&P +22.4%
Market Reaction
Did MTN Beat Earnings? Q3 2025 Results
Vail Resorts delivered a stronger-than-expected bottom line in fiscal Q3 2025, even as softer lift ticket demand clouded the revenue picture. The mountain resort operator posted earnings per share of $10.54, clearing the $10.06 consensus estimate by … Read more Vail Resorts delivered a stronger-than-expected bottom line in fiscal Q3 2025, even as softer lift ticket demand clouded the revenue picture. The mountain resort operator posted earnings per share of $10.54, clearing the $10.06 consensus estimate by 4.74%, while revenue of $1.30 billion came in essentially in line with expectations but edged 0.45% below the consensus, rising just 1.0% year-over-year. The EPS outperformance was anchored by the company's advance commitment model, with season pass revenue growing 5.5% and lift ticket pricing gains lifting net income to $392.75 million, even as total skier visits fell 3.7% to 8,609 thousand. Lift ticket guests proved the weak link, visiting below expectations and prompting Vail to trim its full-year Resort Reported EBITDA outlook to a range of $831 million to $851 million, a revision that also absorbs roughly $9 million in CEO transition costs following the return of longtime former chief executive Rob Katz to the top role. Early pass sales for the 2025/2026 season showed a roughly 1% unit dip but a 2% gain in sales dollars, offering a cautiously constructive read on the season ahead.
Key Takeaways
- • Season pass revenue increased 5.5% driven by higher pass pricing for the 2024/2025 season
- • Stability from advance commitment pass program offset 7% decline in visitation during the quarter
- • Strong ancillary spend per destination guest visit in ski school and dining
- • Resource efficiency transformation plan delivering cost savings ahead of plan
- • Non-pass effective ticket price (excluding Crans-Montana) increased 6.6%
- • Incremental revenue contribution from Crans-Montana acquisition
- • Record front line employee return rates and strong engagement scores
MTN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MTN Revenue by Segment
With YoY comparisons, source: SEC Filings
“Results in the quarter reflect the stability provided by our season pass program as Resort net revenue, excluding Crans-Montana, remained consistent with prior year even as visitation declined 7%. In March and April, destination visitation among pre-committed passholder guests improved as expected. However, visitation from uncommitted lift ticket guests was below expectations. Ancillary spend per destination guest visit was strong across our ski school and dining businesses throughout the quarter, while overall revenue in our ancillary businesses was impacted by the lower visitation.”
— Rob Katz, Q3 2025 Earnings Press Release
MTN Earnings Trends
MTN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MTN EPS Trend
Earnings per share: estimate vs actual
MTN Revenue Trend
Quarterly revenue: estimate vs actual
MTN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 MISS | $9.00 | $8.81 | -2.11% | $1.21B | -0.29% |
| Q2 26 MISS | $6.15 | $5.87 | -4.62% | $1.08B | -2.09% |
| Q1 26 MISS | $-5.17 | $-5.20 | -0.57% | $271.0M | -2.36% |
| Q4 25 MISS FY | $-4.72 | $-5.08 | -7.71% | $271.3M | -1.77% |
| FY Full Year | $7.74 | $7.53 | -2.69% | $2.96B | -0.05% |
| Q3 25 BEAT | $10.06 | $10.54 | +4.74% | $1.30B | -0.45% |