Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2026 ended October 31, 2025, provided North American season pass sales results for the 2025/2026 ski season, reaffirmed full-year fiscal 2026 guidance and announced capital investment plans for calendar year 2026.

Highlights

"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," said Rob Katz, Chief Executive Officer of Vail Resorts. "We are taking decisive actions to support these priorities, as evidenced by the introduction of our new advanced lift ticket discount for guests who book at least a month in advance at select resorts, in addition to our Epic Friend tickets announced in August. We are encouraged by the initial response to our updated marketing strategy and investments focused on expanding our reach, which drove improved pass product sales results in the final selling period. These efforts are a part of a multi-year strategy that leverages our unique competitive advantages to drive sustained, profitable growth, and we remain confident in our ability to make improvements that reaccelerate growth in fiscal 2027 and beyond."

First Quarter Operating Results

Season Pass Sales

North American pass product sales for the upcoming 2025/2026 ski season through December 5, 2025 decreased approximately 2% in units and increased approximately 3% in sales dollars compared to the same selling period in the prior year. Pass product sales are adjusted to exclude the impact of changes in foreign currency. This year's results benefited from a 7% price increase compared to the prior year, partially offset by the mix impact of passes sold. The decline in units is driven primarily by declines in our Colorado, Utah and Tahoe local drive-to markets as units from destination markets were only down slightly.

For the period between September 20, 2025 and December 5, 2025, pass product sales trends improved relative to pass product sales through September 19, 2025, with units down approximately 1% and sales dollars growth of approximately 6% compared to the same selling period in the prior year, reflecting the benefit of increased paid media investments and change in marketing approach.

With the results for the full selling season, the Company has approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the season in non-refundable advanced commitment products this year, which are expected to generate approximately $1 billion of revenue and account for approximately 74% of all skier visits (excluding complimentary visits).

Fiscal Year 2026 Guidance

While pass product sales improved slightly from September, the North American ski season has just begun with the Company's primary earnings period still ahead. Given current indicators, including the slow start to the season across its western North American resorts, the Company is reaffirming prior fiscal 2026 guidance provided on September 29, 2025:

The guidance also assumes (1) a continuation of the current economic environment, (2) normal weather conditions for the 2025/2026 North American and European ski season and the 2026 Australian ski season, and (3) the foreign currency exchange rates as of our original fiscal 2026 guidance issued September 29, 2025.

Liquidity and Return of Capital

The Company's balance sheet and cash flow generation remain strong. The Company remains committed to a disciplined and balanced approach as stewards of its shareholders' capital that continues to prioritize investments that enhance the guest and employee experience, high-return capital projects, and strategic acquisition opportunities. After these priorities, the Company is focused on returning excess capital to shareholders. In the current environment, the Company looks to balance its approach between share repurchases and dividends. The current dividend level reflects the strong cash flow generation of the business with any future growth in the dividend dependent on a material increase in expected future cash flows. The Company also maintains an opportunistic approach to share repurchases based on the value of the shares.

Capital Investments

Vail Resorts is committed to differentiating the guest experience and supporting the Company's growth strategies through significant capital investments in the resort experience. For calendar year 2026, the Company plans to invest approximately $215 million to $220 million in core capital, consistent with its long-term capital investment guidance, which adjusts for expected inflation and includes the impact of tariffs. In addition to the core capital plan, the Company plans to invest $12 million of growth capital investments at its European resorts, $5 million of Resource Efficiency Transformation projects, and $2 million in real estate planning capital. Including these investments, the Company plans to invest a total of approximately $234 million to $239 million in calendar year 2026. The Company will continue to strategically deploy discretionary capital across its portfolio, with the 2026 capital plan focused on impactful resort-specific investments at destination and regional resorts, technology investments that scale across our resorts and investments that drive overall sustainability and efficiency. Highlights of the high impact resort-specific investments planned for calendar year 2026 include:

Highlights of the technology investments planned for calendar year 2026 include:

Highlights of the efficiency and sustainability investments planned for calendar year 2026 include:

Projects in the calendar year 2026 capital plan described herein remain subject to approvals.

In addition to the investments planned for calendar year 2026, the Company is completing significant calendar year 2025 investments that will enhance the guest experience for the upcoming 2025/2026 North American and European ski season. As previously announced, the Company expects its core capital plan for calendar year 2025 to be approximately $200 million to $203 million, and total capital investments of $247 million to $250 million including the $42 million of growth capital investments at its European resorts, and $5 million of real estate related capital projects.

Earnings Conference Call

The Company will conduct a conference call today at 5:00 p.m. Eastern time to discuss the financial results. The call will be webcast and can be accessed at investors.vailresorts.com, or dial (800) 267-6316 (U.S. and Canada) or +1 (203) 518-9783 (international). The conference ID is MTN1Q26. A replay of the conference call will be available two hours following the conclusion of the conference call through December 17, 2025, at 11:59 p.m. Eastern time. To access the replay, dial (800) 753-8878 (U.S. and Canada) or +1 (402) 220-0688 (international). The conference call will also be archived at https://investors.vailresorts.com.

About Vail Resorts, Inc. (NYSE: MTN)

Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 240 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and pass options at www.EpicPass.com.

Forward-Looking Statements

Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding expected fiscal year 2026 and calendar year 2025 and 2026 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; expectations related to our season pass products; our expectations regarding our ancillary lines of business; capital investment projects; our calendar year 2025 and 2026 capital plans; expectations and anticipated benefits of our capital structure; execution of our key priorities and strategies; and our expectations regarding our resource efficiency transformation plan. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of climate change, natural disasters or other events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe, or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our sustainability practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2025, which was filed on September 29, 2025.

All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.

Statement Concerning Non-GAAP Financial Measures

When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance.

Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures. Reconciliation of the Resort Reported EBITDA guidance to net income guidance is included in the Company's press release dated September 29, 2025.

 

 

 

 

Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures

Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three months ended October 31, 2025 and 2024.

Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA calculated in accordance with GAAP for the twelve months ended October 31, 2025.

The following table reconciles long-term debt, net to Net Debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended October 31, 2025.

The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended October 31, 2025 and 2024.

 

 

SOURCE Vail Resorts, Inc.

SOURCE: Vail Resorts, Inc.

Vail Resorts Contacts: Investor Relations: Connie Wang,
InvestorRelations@vailresorts.com OR Media: Sara Olson, News@vailresorts.com

COMTEX_470987104/2197/2025-12-10T16:05:00