Broomfield, Colo. – September 28, 2026 -- Vail Resorts, Inc. (NYSE: MTN) reported fiscal 2026 net income of $147.5 million, down from $280.0 million a year earlier, as the western U.S. ski industry endured what CEO Rob Katz called one of the most challenging winters in history.
Resort Reported EBITDA falls 11.7% to $745.7 million on weather losses
Full-year Resort Reported EBITDA declined $98.5 million to $745.7 million, including $11 million in one-time costs tied to the company's resource efficiency transformation plan. Resort Net Revenue fell $131.9 million, or 4.5%, driven by historically low snowfall and snowpack in the Rockies and Tahoe regions. Total lift revenue dropped 3.5% even as visitation fell 13.4%, cushioned by a 3.9% increase in pass revenue. In Australia, cumulative snowfall during the fourth quarter came in roughly 57% below the 10-year average, pressuring visitation despite growth in Australian pass sales.
Fourth-quarter EBITDA edges up 1.0% on cost discipline and prior-year transition costs
Fourth-quarter Resort Net Revenue rose $0.9 million to a 0.3% gain, lifted by strong results at Grand Teton Lodge Company. Resort Reported EBITDA increased $1.2 million, or 1.0%, aided by the absence of $8.1 million in CEO transition costs booked a year earlier and $4 million in lower one-time transformation expenses.
Season pass unit sales decline approximately 12% through September 18
Pass product unit sales for the 2026/2027 North American ski season fell approximately 12% through September 18, 2026, versus the comparable period ended September 19, 2025. Days sold dropped roughly 10%, while sales dollars, inclusive of taxes, declined approximately 6%. Vail said weakness remains concentrated in lower-frequency Destination passes, while Colorado and Utah local markets showed modest improvement following the May sales deadline. The company said third-party data continues to show it outperforming the broader industry, particularly among unlimited pass products.
Company issues fiscal 2027 guidance projecting recovery to $805-865 million EBITDA
Vail Resorts guided fiscal 2027 net income of $158 million to $233 million and Resort Reported EBITDA of $805 million to $865 million, including an estimated $14 million of one-time costs. The outlook assumes normal weather conditions, a continuation of current economic conditions, and roughly $25 million of incremental savings from an expanded resource efficiency transformation plan targeting $30 million in additional savings by fiscal 2028. At the midpoint, guidance implies a Resort EBITDA margin of approximately 26.9%, or 27.3% excluding one-time costs — below the company's original fiscal 2026 margin expectations issued in September 2025.
Board declares quarterly dividend of $2.22 per share
Vail Resorts declared a quarterly cash dividend of $2.22 per share, payable October 27, 2026, to shareholders of record as of October 8, 2026. Katz said the company added a new Chief Revenue Officer and an independent board member with hospitality expertise over the past year, alongside an ongoing search for a second director, as part of its multi-year Epic Experience growth strategy.