Vail Resorts Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.17%.
Did MTN Beat Earnings? Q1 2026 Results
Vail Resorts posted a modest miss on both the top and bottom lines for its fiscal first quarter of 2026, a period that represents the company's structural off-season and routinely produces losses. The ski resort operator reported a diluted loss per share of $5.20, fractionally worse than the $5.17 consensus estimate, while revenue of $271.03 million trailed analyst expectations of $277.59 million by 2.36%, even as it grew 4.1% year over year. The net loss widened to $186.75 million from $173.25 million a year ago, driven in large part by higher interest expense of $51.29 million compared to $42.80 million in the prior-year period. Separately, early North American season pass data through December 5 offered mixed signals, with unit sales down approximately 2% though dollar sales rose approximately 3% on a 7% price increase. Shares faced additional pressure from concerns about below-average snowfall at key western resorts, though management reaffirmed full-year Resort Reported EBITDA guidance of $842 million to $898 million, signaling confidence that the season can recover.
- Improved visitation at Australian ski resorts due to favorable weather conditions and Epic Australia Day Pass introduction
- 7% price increase on season pass products drove 3% increase in pass sales dollars despite 2% unit decline
- Resource Efficiency Transformation cost savings partially offsetting inflation
- Total skier visits increased 34.9% to 739,000 driven by Australian season
- Increased marketing spend and updated marketing strategy improved late-period pass product sales trends
“Our first quarter results were in line with our expectations and importantly, we're seeing encouraging early momentum from our key initiatives to drive visitation during the 2025/2026 ski season, deepen our guest engagement, and create exceptional guest experiences.”
Vail Resorts CEO, on the earnings call
Forward Guidance & Outlook
Vail Resorts reaffirmed fiscal 2026 guidance for net income attributable to Vail Resorts, Inc. of $201 million to $276 million and Resort Reported EBITDA of $842 million to $898 million, despite acknowledging a slow start to the season across western North American resorts. The Resource Efficiency Transformation plan remains on track to achieve $38 million in additional savings in fiscal 2026 over the prior year, with continued expectations to exceed the cumulative $100 million annualized run rate by fiscal 2027. Guidance assumes continuation of the current economic environment, normal weather for 2025/2026 North American and European ski seasons and the 2026 Australian ski season, and foreign currency rates as of September 29, 2025. For calendar year 2026, total capital spending is expected to be $234 million to $239 million, including $215 million to $220 million in core capital. Management expressed confidence in its ability to reaccelerate growth in fiscal 2027 and beyond through multi-year strategic initiatives.
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Figures from SEC filings and company reports. Not investment advice.