Companies /Consumer Cyclical

Vail Resorts Inc

NYSE: MTN Resorts & Casinos
$140.61
▲ $7.28 (+5.46%) today
Markets open · 3:18pm ET

Q2 2026 Earnings

Reported Mar 9, 2026, 4:06pm ET · SEC source
$5.87
Miss −4.62%
EPS · est. $6.15
$1.1B
Miss −2.09%
Revenue · est. $1.1B
−5.8%
Trailing market
MTN vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
0+3%+6%+9%Mar 9Mar 10report 4:06pm ETearnings+0.2%+6.4%
0+3%+6%+9%Mar 9Mar 10earnings+0.2%+6.4%
MTN +6.4%S&P 500 +0.2%
0+3%+6%+9%Mar 9Mar 10report 4:06pm ETearnings+0.3%+6.4%
0+3%+6%+9%Mar 9Mar 10earnings+0.3%+6.4%
MTN +6.4%NASDAQ +0.3%
0+4%+8%Mar 9Mar 17report 4:06pm ETearnings−1.0%+10.2%
0+4%+8%Mar 9Mar 17earnings−1.0%+10.2%
MTN +10.2%S&P 500 −1.0%
0+4%+8%Mar 9Mar 17report 4:06pm ETearnings−0.5%+10.2%
0+4%+8%Mar 9Mar 17earnings−0.5%+10.2%
MTN +10.2%NASDAQ −0.5%
+0.93%
Day of report
+2.47%
Next session
+6.81%
One week
−5.41%
30 days

S&P 500 over the same 30 days: +0.34%.

Did MTN Beat Earnings? Q2 2026 Results

Vail Resorts delivered a bruising second quarter for fiscal 2026, missing on both the top and bottom lines as historically catastrophic snowfall conditions across its core Rocky Mountain markets overwhelmed even its best defensive strategies. The company posted earnings of $5.87 per share, falling 4.62% short of the $6.15 consensus estimate, while revenue of $1.08 billion trailed expectations by 2.09% and slid 4.7% from the prior year period. CEO Rob Katz characterized the season as the lowest snowfall in more than 30 years for Colorado and Utah, driving skier visits down 13% and pressuring ski school, dining, and retail revenues across the board. The advance Epic Pass commitment model provided a partial buffer, limiting the lift revenue decline to just 2.9%, but Resort Reported EBITDA still contracted 8.3% to $421.30 million. In a show of conviction despite the turbulence, Katz personally purchased nearly $5 million in company stock following the report. Looking ahead, Vail trimmed its full-year guidance, now targeting Resort Reported EBITDA of $745 million to $775 million, while its Resource Efficiency Transformation plan is expected to deliver $106 million in annualized savings.

Key Takeaways
  • Lowest snowfall in more than 30 years for Colorado and Utah resorts drove 13% decline in skier visits
  • Advance commitment strategy via Epic Pass limited lift revenue decline to 2.9% despite 13% visit decline
  • 2025/2026 North American Pass Sales Revenue increased 3% heading into the season
  • Resource Efficiency Transformation delivered disciplined cost management partially offsetting revenue declines
  • Record high enterprise guest satisfaction scores including year-over-year increases in Colorado and Utah

“This has been the most challenging winter across the Rockies that we have ever experienced with the lowest snowfall levels in more than 30 years for our Colorado and Utah resorts, combined with warmer temperatures, resulting in reduced terrain throughout the quarter and into February. Given that backdrop, we are pleased with the strength and stability shown by our operating model, as we reported only modest declines in lift revenue in what many would consider a worst-case weather scenario. While these conditions and the resulting visitation headwinds negatively impacted our quarterly results, we remained focused on the areas within our control. This includes our advanced commitment strategy, continued investments in our resorts and our employees, and progressing key initiatives to optimize visitation, including enhanced marketing and new products. I especially want to recognize the exceptional execution delivered by our teams over the course of the season, resulting in record high enterprise guest satisfaction scores, including increases over prior year in both Colorado and Utah despite conditions, along with continued progress on our transformation plan. I am confident that with our collective strength and focus, we will continue to elevate the guest experience and deliver sustainable long-term value for shareholders.”

Vail Resorts CEO, on the earnings call

Forward Guidance & Outlook

Vail Resorts reduced its fiscal 2026 guidance due to persistent historically challenging weather conditions in the Rockies. The company now expects net income attributable to Vail Resorts of $144 million to $190 million and Resort Reported EBITDA of $745 million to $775 million. At the midpoint, guidance implies a Resort EBITDA margin of 26.4%, or 26.9% before one-time Resource Efficiency Transformation costs. The Resource Efficiency Transformation plan remains on track to deliver $106 million in annualized cost efficiencies, $6 million above the original two-year plan. Guidance assumes consistent North American conditions for the remainder of the season, normal weather for the 2026 Australian ski season, and continuation of the current economic environment. The company reaffirmed its calendar 2026 capital plan of approximately $215-$220 million in core capital and $234-$239 million in total capital including growth investments.

MTN YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$400.0M$800.0M$1.2B$1.1B$1.1BRevenue$384.4M$345.0MOperating Income$245.5M$225.8MNet Income
$0$400.0M$800.0M$1.2BRevenueOperating IncomeNet Income

MTN Revenue by Segment

Mountain$1.0B−4.8%
Lift$625.9M−2.9%
Lift Revenue
Lodging$71.6M−3.2%
Ski School$120.6M−9.3%
Retail/Rental$126.0M−6.8%
Dining$84.6M−6.9%
Golf

Figures from SEC filings and company reports. Not investment advice.