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Q4 25 EPS
$-5.08
MISS 7.71%
Est. $-4.72
Q4 25 Revenue
$271.3M
MISS 1.77%
Est. $276.2M
vs S&P Since Q4 25
-7.3%
TRAILING MARKET
MTN +2.8% vs S&P +10.1%
Full Year 2025 Results
FY 25 EPS
$7.53
MISS 2.69%
Est. $7.74
FY 25 Revenue
$2.96B
MISS 0.05%
Est. $2.97B
Market Reaction
Did MTN Beat Earnings? Q4 2025 Results
Vail Resorts delivered a disappointing fiscal fourth quarter, missing on both the top and bottom lines as the ski operator's seasonally loss-heavy period was further weighed down by one-time charges and currency headwinds. The company posted a Q4 los… Read more Vail Resorts delivered a disappointing fiscal fourth quarter, missing on both the top and bottom lines as the ski operator's seasonally loss-heavy period was further weighed down by one-time charges and currency headwinds. The company posted a Q4 loss of $5.08 per diluted share, falling short of the consensus estimate of $4.77 by 6.50%, while revenue of $271.29 million came in just below the $272.87 million expected, representing a modest 2.2% year-over-year gain. The primary culprit was a combination of $8.00 million in CEO transition costs and $5.00 million in transformation plan expenses, which together drove Q4 Resort Reported EBITDA down 8% year-over-year. On a full-year basis, results were more encouraging, with net income rising to $280.00 million and Resort EBITDA climbing 2.3% to $844.14 million despite a 3% drop in skier visits. Looking ahead, early 2025/2026 pass sales are trending roughly 3% lower in units, and fiscal 2026 Resort EBITDA guidance of $842.00 million to $898.00 million reflects continued uncertainty around visit volumes.
Key Takeaways
- • 4.2% increase in pass product revenue driven by pricing for 2024/2025 North American ski season
- • 5.1% increase in non-pass effective ticket price (excluding Crans-Montana)
- • Increased ancillary spend per guest across ski school and dining
- • $37 million in cost efficiencies from resource efficiency transformation plan before one-time costs
- • Improved conditions in the second quarter relative to prior year
- • Incremental revenue contribution from Crans-Montana acquisition
- • $16.5 million gain on sale of East Vail property and $8.5 million gain from Breckenridge real estate sales
MTN YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
MTN Revenue by Segment
With YoY comparisons, source: SEC Filings
“The Company achieved 2% growth in Resort Reported EBITDA despite total skier visits declining 3% across our North American destination mountain resorts and regional ski areas versus the prior year. Visitation reflects the benefit of improved conditions in the second quarter relative to the prior year, offset by the expected decline in visitation from selling fewer pass units for the 2024/2025 North American ski season.”
— Rob Katz, Q4 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% |