Vail Resorts Reports Certain North American Ski Season Metrics for the Season-to-Date Period Ended April 20, 2025
Vail Resorts (NYSE: MTN) has reported mixed results for its North American ski season through April 20, 2025. Total skier visits decreased by 3.1% compared to the previous year, while total lift ticket revenue, including season pass revenue, increased by 3.4%. The company saw modest growth in ski school revenue (+2.7%) and dining revenue (+2.2%), but experienced a 4.0% decline in retail/rental revenue.
CEO Kirsten Lynch highlighted the stability provided by their season pass program and investments in guest experience, despite continued industry demand normalization. Due to lower than expected lift ticket visitation in spring, the company expects Resort Reported EBITDA for fiscal 2025 to be in the lower half of their previously issued guidance range.
For the 2025/2026 season's initial pass sales through April 13, 2025, pass product units showed a slight decline while sales dollars increased. Notably, renewals among loyal, tenured pass holders significantly improved compared to the prior period.
Vail Resorts (NYSE: MTN) ha riportato risultati contrastanti per la stagione sciistica nordamericana fino al 20 aprile 2025. Le visite totali degli sciatori sono diminuite del 3,1% rispetto all'anno precedente, mentre i ricavi totali dai biglietti per gli impianti, inclusi quelli dai pass stagionali, sono aumentati del 3,4%. L'azienda ha registrato una crescita moderata nei ricavi delle scuole di sci (+2,7%) e della ristorazione (+2,2%), ma ha subito un calo del 4,0% nei ricavi da retail e noleggio.
La CEO Kirsten Lynch ha sottolineato la stabilità garantita dal programma dei pass stagionali e dagli investimenti nell'esperienza degli ospiti, nonostante la normalizzazione della domanda nel settore. A causa di una minore affluenza ai biglietti degli impianti in primavera rispetto alle aspettative, l'azienda prevede che l'EBITDA segnalato del resort per l'anno fiscale 2025 si collocherà nella metà inferiore della fascia di previsione precedentemente comunicata.
Per le vendite iniziali dei pass della stagione 2025/2026 fino al 13 aprile 2025, le unità di prodotto pass hanno mostrato un leggero calo mentre i ricavi da vendite sono aumentati. In particolare, i rinnovi tra i possessori fedeli e di lunga data dei pass sono migliorati significativamente rispetto al periodo precedente.
Vail Resorts (NYSE: MTN) ha reportado resultados mixtos para su temporada de esquí en Norteamérica hasta el 20 de abril de 2025. Las visitas totales de esquiadores disminuyeron un 3,1% en comparación con el año anterior, mientras que los ingresos totales por boletos de remontes, incluyendo los ingresos por pases de temporada, aumentaron un 3,4%. La compañía experimentó un crecimiento moderado en los ingresos de las escuelas de esquí (+2,7%) y en los ingresos por restauración (+2,2%), pero tuvo una caída del 4,0% en los ingresos por venta minorista y alquileres.
La CEO Kirsten Lynch destacó la estabilidad que brinda su programa de pases de temporada y las inversiones en la experiencia del cliente, a pesar de la continua normalización de la demanda en la industria. Debido a una asistencia a los remontes en primavera menor a la esperada, la compañía espera que el EBITDA reportado del resort para el año fiscal 2025 se ubique en la mitad inferior del rango de guía previamente emitido.
Para las ventas iniciales de pases de la temporada 2025/2026 hasta el 13 de abril de 2025, las unidades de productos de pases mostraron una leve disminución mientras que los ingresos por ventas aumentaron. Destaca la mejora significativa en las renovaciones entre los titulares de pases leales y con antigüedad en comparación con el período anterior.
Vail Resorts (NYSE: MTN)은 2025년 4월 20일까지 북미 스키 시즌에 대해 엇갈린 실적을 보고했습니다. 총 스키어 방문객 수는 전년 대비 3.1% 감소했으나 시즌 패스 수익을 포함한 리프트 티켓 총수익은 3.4% 증가했습니다. 회사는 스키 학교 수익(+2.7%)과 식음료 수익(+2.2%)에서 소폭 성장을 보였지만 소매 및 렌탈 수익은 4.0% 감소했습니다.
CEO 키르스텐 린치는 시즌 패스 프로그램과 고객 경험에 대한 투자가 안정성을 제공했다고 강조했으며, 업계 수요 정상화가 계속되고 있음에도 불구하고 긍정적인 요소로 작용했다고 밝혔습니다. 봄철 리프트 티켓 방문객 수가 예상보다 적어 2025 회계연도 리조트 보고 EBITDA는 이전에 제시한 가이드 범위의 하위 절반에 머물 것으로 예상하고 있습니다.
2025/2026 시즌 초기 패스 판매(2025년 4월 13일까지)에서는 패스 단위 수가 약간 감소했으나 판매 수익은 증가했습니다. 특히 충성도 높은 장기 패스 소지자들의 갱신률이 이전 기간에 비해 크게 개선되었습니다.
Vail Resorts (NYSE : MTN) a publié des résultats mitigés pour sa saison de ski nord-américaine jusqu'au 20 avril 2025. Le nombre total de visites de skieurs a diminué de 3,1 % par rapport à l'année précédente, tandis que les revenus totaux des forfaits de remontées mécaniques, y compris ceux des passes saisonniers, ont augmenté de 3,4 %. L'entreprise a enregistré une croissance modérée des revenus des écoles de ski (+2,7 %) et de la restauration (+2,2 %), mais a connu une baisse de 4,0 % des revenus liés à la vente au détail et à la location.
La PDG Kirsten Lynch a souligné la stabilité apportée par leur programme de passes saisonniers et les investissements dans l'expérience client, malgré la normalisation continue de la demande dans le secteur. En raison d'une fréquentation des remontées mécaniques au printemps inférieure aux attentes, l'entreprise prévoit que l'EBITDA déclaré du resort pour l'exercice 2025 se situera dans la moitié inférieure de la fourchette d'estimations précédemment communiquée.
Pour les ventes initiales de passes de la saison 2025/2026 jusqu'au 13 avril 2025, le nombre d'unités de produits pass a légèrement diminué tandis que le chiffre d'affaires a augmenté. Notamment, les renouvellements parmi les détenteurs de passes fidèles et de longue date se sont nettement améliorés par rapport à la période précédente.
Vail Resorts (NYSE: MTN) hat gemischte Ergebnisse für die nordamerikanische Skisaison bis zum 20. April 2025 gemeldet. Die Gesamtbesuche von Skifahrern gingen im Vergleich zum Vorjahr um 3,1 % zurück, während die Gesamteinnahmen aus Liftkarten, einschließlich der Einnahmen aus Saisonpässen, um 3,4 % stiegen. Das Unternehmen verzeichnete ein moderates Wachstum bei den Einnahmen der Skischulen (+2,7 %) und im Gastronomiebereich (+2,2 %), erlitt jedoch einen Rückgang der Einzelhandels- und Verleihumsätze um 4,0 %.
CEO Kirsten Lynch hob die Stabilität hervor, die ihr Saisonpass-Programm und Investitionen in das Gasterlebnis bieten, trotz der anhaltenden Normalisierung der Nachfrage in der Branche. Aufgrund der im Frühjahr niedrigeren als erwarteten Liftbesuche erwartet das Unternehmen, dass das berichtete EBITDA des Resorts für das Geschäftsjahr 2025 im unteren Bereich der zuvor veröffentlichten Prognose liegen wird.
Bei den ersten Passverkäufen für die Saison 2025/2026 bis zum 13. April 2025 zeigten die Pass-Einheiten einen leichten Rückgang, während die Verkaufserlöse stiegen. Besonders erwähnenswert ist die deutliche Verbesserung der Verlängerungsraten bei treuen, langjährigen Passinhabern im Vergleich zum Vorjahreszeitraum.
- Lift ticket revenue increased 3.4% year-over-year
- Ski school revenue grew 2.7%
- Dining revenue increased 2.2%
- Season pass sales dollars grew compared to prior year
- Significant improvement in loyal pass holder renewals
- Total skier visits declined 3.1%
- Retail/rental revenue decreased 4.0%
- Lower than expected lift ticket visitation in spring period
- Resort Reported EBITDA expected in lower half of guidance range
- Pass product units declined slightly in spring sales
Insights
Vail Resorts reports mixed season metrics with declining visitation (-3.1%) but increased revenue; expects results in lower half of previous guidance.
Vail Resorts' latest season metrics reveal a complex performance picture through April 20, 2025. Despite a
This revenue-visitation disconnect highlights the effectiveness of Vail's season pass strategy, which locks in revenue before the season begins. The pre-committed pass revenue helped buffer against lower-than-expected lift ticket purchases, particularly from destination visitors during March and April. However, the reduced mix of high-spending destination guests impacted overall ancillary revenue growth despite strong per-visit spending.
The guidance revision is the most significant negative signal in this report. Management now expects Resort Reported EBITDA to fall in the lower half of their previous guidance range issued in March, citing weaker spring visitation. The company is counting on its Resource Efficiency Transformation plan and cost discipline to partially mitigate these impacts.
Looking ahead to the 2025/2026 season, early pass sales data through the April deadline shows pass product units slightly down but sales dollars up year-over-year. Management noted the sales period coincided with significant macroeconomic volatility but highlighted stronger renewals among loyal, tenured passholders—a positive sign for their core customer base stability.
This report demonstrates both the resilience and limitations of Vail's business model. While pre-committed revenue streams provide stability during visitation fluctuations, the company isn't immune to broader industry demand normalization and economic headwinds affecting discretionary leisure spending.
- Season-to-date total skier visits were down
3.1% compared to the prior year season-to-date period. - Season-to-date total lift ticket revenue, including an allocated portion of season pass revenue for each applicable period, was up
3.4% compared to the prior year season-to-date period. - Season-to-date ski school revenue was up
2.7% and dining revenue was up2.2% compared to the prior year season-to-date period. Retail/rental revenue for North American resort and ski area store locations was down4.0% compared to the prior year season-to-date period.
Reflecting on the winter season-to-date metrics, Kirsten Lynch, Chief Executive Officer said, "As the 2024/2025 North American winter season nears completion, our overall results highlight the stability provided by our season pass program, our investments in the guest experience, and the strong execution of our teams across all of our mountain resorts. Season-to-date visitation across the Company's 37 North American mountain resorts reflects the benefit of improved conditions, offset by the expected continued industry demand normalization. Destination visitation among pre-committed passholder guests improved as expected in March and April; however, visitation from lift ticket guests was below expectations. Although visitation declined, lift revenue increased compared to the prior year period, driven by the growth in season pass revenue committed ahead of the season. Ancillary spend per destination guest visit showed continued strength across our ski school and dining businesses, while overall revenue growth in our ancillary businesses was impacted by the lower mix of destination visitation. Overall, the results throughout the 2024/2025 North American ski season demonstrate the resiliency of our strategic business model and our network of resorts and loyal guests."
Regarding the outlook for fiscal 2025, Lynch said, "As a result of the lower than expected lift ticket visitation in the spring period, the Company currently expects Resort Reported EBITDA for fiscal 2025 to be in the lower half of the guidance range issued on March 10, 2025. The Company's focus on its Resource Efficiency Transformation plan and strong cost discipline is expected to partially mitigate the impacts from the lower visitation."
Commenting on spring season North American pass sales, Lynch noted, "Our attention is turning to the 2025/2026 season, with spring pass sales underway. The first pass deadline occurred on April 13, 2025, amid significant macroeconomic volatility, and it is currently unknown what, if any, impact that had on early pass decision making. Pass product units were down slightly, while sales dollars grew versus prior year through the April sales deadline, and renewals among our most loyal, tenured pass holders were up significantly from the prior period. The April sales deadline only impacts a portion of our pass holders that are eligible for buddy ticket benefits. We will have more to share in our third quarter earnings release in June 2025."
Basis of Presentation
The reported ski season metrics include growth for season pass revenue based on estimated fiscal 2025 North American season pass revenue compared to fiscal 2024 North American season pass revenue. The metrics include all North American destination mountain resorts and regional ski areas and are adjusted to eliminate the impact of foreign currency by applying current period exchange rates to the prior period for Whistler Blackcomb's results.
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,
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 fiscal 2025 performance and the assumptions related thereto, including, but not limited to, our expected Resort Reported EBITDA; our expectations regarding weather and economic conditions, and their potential impact on our business; our expectations related to our season pass products; our expectations regarding our ancillary lines of business; our expectations related to guest behavior, patterns, mix, and visitation, and their anticipated impacts on our business; 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; risks related to tariffs, sanctions and trade barriers, and the related impact on macroeconomic conditions; unfavorable weather conditions or the impact of natural disasters or other unexpected 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; risks related to labor disruptions or strikes from labor unions representing certain of our employees; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including
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.
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SOURCE Vail Resorts, Inc.
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