Vail Resorts Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.05%.
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 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.
- 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
“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.”
Vail Resorts CEO, on the earnings call
Forward Guidance & Outlook
For fiscal 2026 (year ending July 31, 2026), Vail Resorts expects net income attributable to the company of $201 million to $276 million and Resort Reported EBITDA of $842 million to $898 million, including approximately $14 million of one-time costs from the resource efficiency transformation plan. Guidance assumes growth from price increases and ancillary capture, approximately $38 million in incremental efficiencies from the transformation plan, and $9 million of EBITDA growth from assumed normal weather conditions in Australia, partially offset by lower pass unit sales expected to have a negative impact on skier visits. At the midpoint, Resort EBITDA Margin is estimated at approximately 28.8%, or 29.3% excluding one-time transformation costs. Pass product sales through September 19, 2025 decreased approximately 3% in units and increased approximately 1% in sales dollars versus the prior year period. The company expects December 2025 season-to-date growth rates to be relatively consistent with September 2025 results. Capital expenditures for calendar 2025 are planned at approximately $249 million to $254 million including European growth capital and real estate projects.
MTN YoY Financials
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Figures from SEC filings and company reports. Not investment advice.