Vail Resorts Reports Third Quarter Fiscal 2026 Results, Provides Updated Fiscal 2026 Guidance and Provides Early Season Pass Sales Results
Rhea-AI Summary
Vail Resorts (NYSE: MTN) reported Q3 FY2026 net income of $314.4 million and Resort Reported EBITDA of $586.4 million, both below the prior year. Resort net revenue fell 7% ($90.4 million).
The company reduced FY2026 guidance to net income of $128–$162 million and Resort Reported EBITDA of $735–$755 million, highlighted a resource efficiency plan targeting $106 million of annualized cost efficiencies, reported weaker North American pass sales but strong Epic Australia growth, and declared a $2.22 quarterly dividend payable July 9, 2026.
Positive
- Q3 FY2026 net income of $314.4 million
- Q3 FY2026 Resort Reported EBITDA of $586.4 million
- Fiscal 2026 Resort Reported EBITDA guidance of $735–$755 million
- Resource efficiency plan targeting $106 million annualized cost efficiencies, $45 million incremental year-over-year
- Total liquidity of approximately $1.1 billion as of April 30, 2026
- Quarterly cash dividend of $2.22 per share payable July 9, 2026
- Epic Australia Pass units up ~26% and sales dollars up ~31% year-over-year
- Calendar 2026 core capital plan of $215–$220 million reaffirmed
Negative
- Q3 FY2026 net income down from $389.7 million in prior-year quarter
- Q3 FY2026 Resort Reported EBITDA down to $586.4 million from $647.7 million
- Resort net revenue decreased $90.4 million, or 7%, year-over-year
- Fiscal 2026 net income and Resort Reported EBITDA guidance reduced from prior expectations
- North American pass product units down ~10%, days sold down ~8%, sales dollars down ~5%
News Market Reaction – MTN
On the day this news was published, MTN declined 3.19%, reflecting a moderate negative market reaction. Argus tracked a trough of -4.2% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $161M from the company's valuation, bringing the market cap to $4.89B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 15 | Earnings timing notice | Neutral | +1.8% | Announced Q3 FY26 earnings release date and investor call details. |
| May 05 | Pass promotion | Positive | -0.3% | Promoted 2026/27 Epic Pass pricing, discounts and new Gen Z reductions. |
| Apr 23 | Season metrics update | Negative | -5.0% | Reported double-digit skier visit declines and weaker ancillary revenues. |
| Mar 16 | Product expansion | Positive | +1.9% | Announced My Epic Gear expansion and removal of seasonal membership fee. |
| Mar 09 | Q2 results & guidance | Negative | +0.9% | Reported lower Q2 earnings and reduced fiscal 2026 guidance range. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Negative operating updates have previously aligned with selloffs, while product and marketing news often saw modest positive or mixed reactions.
Over the last few months, MTN has communicated a difficult 2025/26 North American ski season, with skier visits down and guidance reduced, as highlighted on Mar 9 and in the Apr 23 metrics update. At the same time, the company promoted Epic Pass offers and My Epic Gear expansion, and reiterated strong liquidity and dividends. Today’s Q3 results, further reduced fiscal 2026 guidance, and weaker early pass sales fit this narrative of weather-driven pressure offset by cost discipline and product initiatives.
Key Terms
ebitda financial
stock-based compensation financial
contingent consideration financial
net debt financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Highlights
- Q3 fiscal 2026 net income attributable to Vail Resorts, Inc. was
$314.4 million $389.7 million - Q3 fiscal 2026 Resort Reported EBITDA was
$586.4 million $647.7 million - The Company reduced its fiscal 2026 guidance, in line with the update provided in April, and is now expecting net income attributable to Vail Resorts, Inc. of
$128 million $162 million $735 million $755 million - Pass product unit sales through May 26, 2026 for the upcoming 2026/2027 North American ski season decreased approximately
10% , days sold decreased approximately8% and sales dollars, inclusive of sales and admissions taxes, decreased approximately5% , as compared to the prior year period through May 27, 2025. - The Company declared a quarterly cash dividend of
$2.22
Commenting on the Company's fiscal 2026 third quarter results, Rob Katz, Chief Executive Officer said, "Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western
"Looking ahead, we see significant opportunity to further elevate the guest experience across our resorts through continued investments in lifts, snowmaking, terrain and our talent, while leveraging the scale and strength of our integrated network to implement new technologies and enhance key elements of the guest experience. We have key initiatives underway in our gear, ski school and dining businesses, as well as every facet of guest engagement and communication, and will share updates on these efforts in the upcoming months. Together, these initiatives will play an important role in driving future visitation growth and long-term value creation."
Third Quarter Operating Results
- Resort Net Revenue decreased
$90.4 million 7.0% , compared to the prior year, primarily driven by unfavorable weather conditions that impacted visitation and revenue for both local and destination guests, particularly at the Rockies and Tahoe resorts. Compared to the prior year, total lift revenue declined5% , despite visitation being down15% , primarily as a result of 2025/2026 North American Pass Sales increasing3% heading into the season. - Resort Reported EBITDA decreased
$61.3 million 9.5% , compared to the prior year, which was primarily driven by the weather-related headwinds, and were partially offset by disciplined cost management and continued resource efficiency transformation cost savings.
Fiscal Year 2026 Guidance
Due to the historically challenging weather conditions in the western
- Net income attributable to Vail Resorts, Inc. of
$128 million $162 million - Resort Reported EBITDA of
$735 million $755 million - Resource efficiency transformation plan remains on track to achieve an incremental
$45 million $106 million $6 million $13 million
The updated guidance also assumes (1) normal weather conditions and operations throughout the Australian ski season and North American summer season; (2) a continuation of the current economic environment; and (3) foreign currency exchange rates as of June 8, 2026, including an exchange rate of
The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2026 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance.
Fiscal 2026 Guidance | |||
(In thousands) | |||
For the Year Ending | |||
July 31, 2026 | |||
Low End | High End | ||
Range | Range | ||
Net income attributable to Vail Resorts, Inc. | $ 128,000 | $ 162,000 | |
Net income attributable to noncontrolling interests | 27,000 | 21,000 | |
Net income | 155,000 | 183,000 | |
Provision for income taxes (1) | 55,000 | 65,000 | |
Income before income taxes | 210,000 | 248,000 | |
Depreciation and amortization | 303,000 | 299,000 | |
Interest expense, net | 207,000 | 203,000 | |
Other (2) | 19,000 | 11,000 | |
Total Reported EBITDA | $ 739,000 | $ 761,000 | |
Mountain Reported EBITDA (3) | $ 721,000 | $ 739,000 | |
Lodging Reported EBITDA (4) | 14,000 | 16,000 | |
Resort Reported EBITDA (5) | 735,000 | 755,000 | |
Real Estate Reported EBITDA | 4,000 | 6,000 | |
Total Reported EBITDA | $ 739,000 | $ 761,000 | |
(1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price. | |||
(2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. | |||
(3) Mountain Reported EBITDA also includes approximately | |||
(4) Lodging Reported EBITDA also includes approximately | |||
(5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. |
Season Pass Sales
Pass product units sold through May 26, 2026 for the upcoming North American ski season decreased approximately
The Company is seeing encouraging guest response to its new Young Adult pass products that are solidly outperforming other age groups, in addition to Unlimited pass products solidly outperforming frequency products, underscoring sustained demand for core high-value products.
Commenting on the Company's season pass sales for the upcoming North American ski season, Katz said, "While any decline in pass sales is disappointing, it is not surprising given the severity of this past season's conditions and we are encouraged that third-party data indicates our spring pass results are meaningfully outperforming others in the industry during this period. We believe the challenging conditions have delayed purchase decisions, creating the opportunity for improved pass performance in the Fall selling season and/or ultimately through lift ticket purchases during next season. Historical
Epic Australia Pass sales through May 27, 2026 increased approximately
1 Days sold measures an estimate of how many days of access are sold, calculated by assigning a number of days to each pass unit and assumes a blended estimate of 8 days sold to unlimited passes and actual number of access days purchased for frequency products. |
2 Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of |
Liquidity and Return of Capital
Despite difficult conditions this year, the Company remains confident in its long-term cash flow generation strength and its stable business model.
- As of April 30, 2026, the Company's total liquidity as measured by total cash plus revolver availability was approximately
$1.1 billion - Net Debt was 3.5 times trailing twelve months Total Reported EBITDA.
- The Board of Directors declared a quarterly cash dividend of
$2.22 - The Company reaffirmed its calendar 2026 capital plan of approximately
$215 million $220 million $234 million $239 million
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) 225-9448 (
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 years 2026 and 2027 and calendar years 2026 and 2027 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; our expectations related to our pass and lift ticket products and initiatives; capital investment projects; our calendar year 2026 capital plans; our expectations and anticipated benefits of our capital structure; our expectations related to our key initiatives and strategies; our anticipated drivers of visitation and value creation; 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 most recently filed Annual Report on Form 10-K and quarterly reports on Form 10-Q.
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.
Vail Resorts, Inc. | |||||||
Consolidated Condensed Statements of Operations | |||||||
(In thousands, except per share amounts) | |||||||
(Unaudited) | |||||||
Three Months Ended April 30, | Nine Months Ended April 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net revenue: | |||||||
Mountain and Lodging services and other | $ 1,043,884 | $ 1,115,031 | $ 2,160,491 | $ 2,259,172 | |||
Mountain and Lodging retail and dining | 161,209 | 180,412 | 399,441 | 433,537 | |||
Resort net revenue | 1,205,093 | 1,295,443 | 2,559,932 | 2,692,709 | |||
Real Estate | 82 | 115 | 204 | 349 | |||
Total net revenue | 1,205,175 | 1,295,558 | 2,560,136 | 2,693,058 | |||
Segment operating expense: | |||||||
Mountain and Lodging operating expense | 459,875 | 483,161 | 1,214,221 | 1,245,010 | |||
Mountain and Lodging retail and dining cost of products sold | 56,701 | 59,206 | 143,471 | 156,164 | |||
General and administrative | 102,559 | 106,011 | 334,601 | 327,408 | |||
Resort operating expense | 619,135 | 648,378 | 1,692,293 | 1,728,582 | |||
Real Estate operating expense | 1,475 | 1,662 | 4,768 | 4,911 | |||
Total segment operating expense | 620,610 | 650,040 | 1,697,061 | 1,733,493 | |||
Other operating (expense) income: | |||||||
Depreciation and amortization | (77,219) | (76,067) | (224,686) | (221,963) | |||
Gain on sale of real property | 400 | 7,898 | 11,458 | 24,404 | |||
Change in estimated fair value of contingent consideration | (13,500) | (1,900) | (14,439) | (4,079) | |||
(Loss) gain on disposal of fixed assets and other, net | (118) | 2,323 | (6,053) | 1,087 | |||
Income from operations | 494,128 | 577,772 | 629,355 | 759,014 | |||
Mountain equity investment income, net | 458 | 666 | 389 | 3,562 | |||
Investment income and other, net | 2,620 | 3,154 | 9,168 | 8,668 | |||
Foreign currency (loss) gain on intercompany loans | (34) | 1,702 | 84 | 53 | |||
Interest expense, net | (51,318) | (41,905) | (152,081) | (127,372) | |||
Income before provision for income taxes | 445,854 | 541,389 | 486,915 | 643,925 | |||
Provision for income taxes | (105,631) | (130,073) | (117,303) | (157,645) | |||
Net income | 340,223 | 411,316 | 369,612 | 486,280 | |||
Net income attributable to noncontrolling interests | (25,788) | (21,576) | (31,922) | (25,419) | |||
Net income attributable to Vail Resorts, Inc. | $ 314,435 | $ 389,740 | $ 337,690 | $ 460,861 | |||
Per share amounts: | |||||||
Basic net income per share attributable to Vail Resorts, Inc. | $ 8.82 | $ 10.47 | $ 9.44 | $ 12.33 | |||
Diluted net income per share attributable to Vail Resorts, Inc. | $ 8.81 | $ 10.46 | $ 9.43 | $ 12.32 | |||
Cash dividends declared per share | $ 2.22 | $ 2.22 | $ 6.66 | $ 6.66 | |||
Weighted average shares outstanding: | |||||||
Basic | 35,633 | 37,241 | 35,765 | 37,365 | |||
Diluted | 35,686 | 37,277 | 35,811 | 37,412 | |||
Vail Resorts, Inc. | |||||||
Consolidated Condensed Statements of Operations - Other Data | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Three Months Ended April 30, | Nine Months Ended April 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Other Data: | |||||||
Mountain Reported EBITDA | $ 579,611 | $ 635,437 | $ 859,194 | $ 948,991 | |||
Lodging Reported EBITDA | 6,805 | 12,294 | 8,834 | 18,698 | |||
Resort Reported EBITDA | 586,416 | 647,731 | 868,028 | 967,689 | |||
Real Estate Reported EBITDA | (993) | 6,351 | 6,894 | 19,842 | |||
Total Reported EBITDA | $ 585,423 | $ 654,082 | $ 874,922 | $ 987,531 | |||
Mountain stock-based compensation | $ 6,520 | $ 6,058 | $ 18,033 | $ 18,424 | |||
Lodging stock-based compensation | 865 | 844 | 2,433 | 2,564 | |||
Resort stock-based compensation | 7,385 | 6,902 | 20,466 | 20,988 | |||
Real Estate stock-based compensation | 58 | 65 | 179 | 196 | |||
Total stock-based compensation | $ 7,443 | $ 6,967 | $ 20,645 | $ 21,184 | |||
Vail Resorts, Inc. | |||||||||||
Mountain Segment Operating Results | |||||||||||
(In thousands, except ETP) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended April 30, | Percentage Increase | Nine Months Ended April 30, | Percentage Increase | ||||||||
2026 | 2025 | (Decrease) | 2026 | 2025 | (Decrease) | ||||||
Net Mountain revenue: | |||||||||||
Lift | $ 729,378 | $ 770,259 | (5.3) % | $ 1,404,948 | $ 1,455,600 | (3.5) % | |||||
Ski school | 141,758 | 160,243 | (11.5) % | 270,269 | 300,091 | (9.9) % | |||||
Dining | 99,142 | 110,972 | (10.7) % | 203,554 | 222,507 | (8.5) % | |||||
Retail/rental | 104,211 | 113,678 | (8.3) % | 261,014 | 278,363 | (6.2) % | |||||
Other | 55,289 | 57,397 | (3.7) % | 187,536 | 192,378 | (2.5) % | |||||
Total Mountain net revenue | 1,129,778 | 1,212,549 | (6.8) % | 2,327,321 | 2,448,939 | (5.0) % | |||||
Mountain operating expense: | |||||||||||
Labor and labor-related benefits | 238,346 | 256,343 | (7.0) % | 614,110 | 639,363 | (3.9) % | |||||
Retail cost of sales | 29,744 | 30,617 | (2.9) % | 78,851 | 86,121 | (8.4) % | |||||
Resort related fees | 55,604 | 55,727 | (0.2) % | 106,785 | 107,330 | (0.5) % | |||||
General and administrative | 89,335 | 90,678 | (1.5) % | 292,278 | 281,588 | 3.8 % | |||||
Other | 137,596 | 144,413 | (4.7) % | 376,492 | 389,108 | (3.2) % | |||||
Total Mountain operating expense | 550,625 | 577,778 | (4.7) % | 1,468,516 | 1,503,510 | (2.3) % | |||||
Mountain equity investment income, net | 458 | 666 | (31.2) % | 389 | 3,562 | (89.1) % | |||||
Mountain Reported EBITDA | $ 579,611 | $ 635,437 | (8.8) % | $ 859,194 | $ 948,991 | (9.5) % | |||||
Total skier visits | 7,276 | 8,609 | (15.5) % | 14,797 | 16,912 | (12.5) % | |||||
ETP | $ 100.24 | $ 89.47 | 12.0 % | $ 94.95 | $ 86.07 | 10.3 % | |||||
Vail Resorts, Inc. | |||||||||||
Lodging Operating Results | |||||||||||
(In thousands, except Average Daily Rate ("ADR") and Revenue per Available Room ("RevPAR")) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended April 30, | Percentage Increase | Nine Months Ended April 30, | Percentage Increase | ||||||||
2026 | 2025 | (Decrease) | 2026 | 2025 | (Decrease) | ||||||
Lodging net revenue: | |||||||||||
Owned hotel rooms | $ 12,861 | $ 15,104 | (14.9) % | $ 54,049 | $ 56,618 | (4.5) % | |||||
Managed condominium rooms | 28,345 | 32,634 | (13.1) % | 64,124 | 71,413 | (10.2) % | |||||
Dining | 13,816 | 14,870 | (7.1) % | 46,577 | 48,576 | (4.1) % | |||||
Transportation | 5,200 | 6,743 | (22.9) % | 11,413 | 13,784 | (17.2) % | |||||
Golf | — | — | nm | 8,468 | 8,131 | 4.1 % | |||||
Other | 9,981 | 9,308 | 7.2 % | 34,661 | 34,109 | 1.6 % | |||||
70,203 | 78,659 | (10.8) % | 219,292 | 232,631 | (5.7) % | ||||||
Payroll cost reimbursements | 5,112 | 4,235 | 20.7 % | 13,319 | 11,139 | 19.6 % | |||||
Total Lodging net revenue | 75,315 | 82,894 | (9.1) % | 232,611 | 243,770 | (4.6) % | |||||
Lodging operating expense: | |||||||||||
Labor and labor-related benefits | 29,257 | 31,149 | (6.1) % | 96,987 | 100,845 | (3.8) % | |||||
General and administrative | 13,224 | 15,333 | (13.8) % | 42,323 | 45,820 | (7.6) % | |||||
Other | 20,917 | 19,883 | 5.2 % | 71,148 | 67,268 | 5.8 % | |||||
63,398 | 66,365 | (4.5) % | 210,458 | 213,933 | (1.6) % | ||||||
Reimbursed payroll costs | 5,112 | 4,235 | 20.7 % | 13,319 | 11,139 | 19.6 % | |||||
Total Lodging operating expense | 68,510 | 70,600 | (3.0) % | 223,777 | 225,072 | (0.6) % | |||||
Lodging Reported EBITDA | $ 6,805 | $ 12,294 | (44.6) % | $ 8,834 | $ 18,698 | (52.8) % | |||||
Owned hotel statistics: | |||||||||||
ADR | $ 312.54 | $ 347.01 | (9.9) % | $ 315.90 | $ 322.94 | (2.2) % | |||||
RevPAR | $ 137.95 | $ 165.54 | (16.7) % | $ 154.49 | $ 164.03 | (5.8) % | |||||
Managed condominium statistics: | |||||||||||
ADR | $ 502.67 | $ 517.07 | (2.8) % | $ 428.06 | $ 442.94 | (3.4) % | |||||
RevPAR | $ 174.87 | $ 206.66 | (15.4) % | $ 124.87 | $ 139.09 | (10.2) % | |||||
Owned hotel and managed condominium statistics (combined): | |||||||||||
ADR | $ 449.66 | $ 472.36 | (4.8) % | $ 386.08 | $ 399.57 | (3.4) % | |||||
RevPAR | $ 166.25 | $ 197.16 | (15.7) % | $ 132.66 | $ 145.47 | (8.8) % | |||||
Key Balance Sheet Data | |||
(In thousands) | |||
(Unaudited) | |||
As of April 30, | |||
2026 | 2025 | ||
Total Vail Resorts, Inc. stockholders' equity | $ 551,727 | $ 877,167 | |
Long-term debt, net | $ 2,949,629 | $ 2,118,911 | |
Long-term debt due within one year | 73,512 | 591,474 | |
Total debt | 3,023,141 | 2,710,385 | |
Less: cash and cash equivalents | 371,374 | 467,034 | |
Net debt | $ 2,651,767 | $ 2,243,351 | |
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 and nine months ended April 30, 2026 and 2025.
(In thousands) (Unaudited) | (In thousands) (Unaudited) | ||||||
Three Months Ended April 30, | Nine Months Ended April 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net income attributable to Vail Resorts, Inc. | $ 314,435 | $ 389,740 | $ 337,690 | $ 460,861 | |||
Net income attributable to noncontrolling interests | 25,788 | 21,576 | 31,922 | 25,419 | |||
Net income | 340,223 | 411,316 | 369,612 | 486,280 | |||
Provision for income taxes | 105,631 | 130,073 | 117,303 | 157,645 | |||
Income before provision for income taxes | 445,854 | 541,389 | 486,915 | 643,925 | |||
Depreciation and amortization | 77,219 | 76,067 | 224,686 | 221,963 | |||
Loss (gain) on disposal of fixed assets and other, net | 118 | (2,323) | 6,053 | (1,087) | |||
Change in fair value of contingent consideration | 13,500 | 1,900 | 14,439 | 4,079 | |||
Investment income and other, net | (2,620) | (3,154) | (9,168) | (8,668) | |||
Foreign currency loss (gain) on intercompany loans | 34 | (1,702) | (84) | (53) | |||
Interest expense, net | 51,318 | 41,905 | 152,081 | 127,372 | |||
Total Reported EBITDA | $ 585,423 | $ 654,082 | $ 874,922 | $ 987,531 | |||
Mountain Reported EBITDA | $ 579,611 | $ 635,437 | $ 859,194 | $ 948,991 | |||
Lodging Reported EBITDA | 6,805 | 12,294 | 8,834 | 18,698 | |||
Resort Reported EBITDA* | 586,416 | 647,731 | 868,028 | 967,689 | |||
Real Estate Reported EBITDA | (993) | 6,351 | 6,894 | 19,842 | |||
Total Reported EBITDA | $ 585,423 | $ 654,082 | $ 874,922 | $ 987,531 | |||
* Resort represents the sum of Mountain and Lodging | |||||||
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 April 30, 2026.
(In thousands) (Unaudited) | |
Twelve Months Ended | |
April 30, 2026 | |
Net income attributable to Vail Resorts, Inc. | $ 156,833 |
Net income attributable to noncontrolling interests | 24,475 |
Net income | 181,308 |
Provision for income taxes | 64,079 |
Income before provision for income taxes | 245,387 |
Depreciation and amortization | 299,160 |
Gain on disposal of fixed assets and other, net | 207 |
Change in fair value of contingent consideration | 19,739 |
Investment income and other, net | (10,626) |
Foreign currency gain on intercompany loans | (51) |
Interest expense, net | 196,337 |
Total Reported EBITDA | $ 750,153 |
Mountain Reported EBITDA | $ 731,544 |
Lodging Reported EBITDA | 12,931 |
Resort Reported EBITDA* | 744,475 |
Real Estate Reported EBITDA | 5,678 |
Total Reported EBITDA | $ 750,153 |
* Resort represents the sum of Mountain and Lodging |
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 April 30, 2026.
(In thousands) (Unaudited) | |
As of April 30, 2026 | |
Long-term debt, net | $ 2,949,629 |
Long-term debt due within one year | 73,512 |
Total debt | 3,023,141 |
Less: cash and cash equivalents | 371,374 |
Net debt | $ 2,651,767 |
Net debt to Total Reported EBITDA | 3.5x |
The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and nine months ended April 30, 2026 and 2025.
(In thousands) (Unaudited) | (In thousands) (Unaudited) | ||||||
Three Months Ended April 30, | Nine Months Ended April 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Real Estate Reported EBITDA | $ (993) | $ 6,351 | $ 6,894 | $ 19,842 | |||
Non-cash Real Estate stock-based compensation | 58 | 65 | 179 | 196 | |||
Change in real estate deposits and recovery of previously | (400) | 66 | (10,910) | 1,184 | |||
Net Real Estate Cash Flow | $ (1,335) | $ (393) | $ (3,837) | $ 14,347 | |||
The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2026 guidance.
(In thousands) (Unaudited) | |
Fiscal 2026 Guidance (2) | |
Resort net revenue (1) | $ 2,853,000 |
Resort Reported EBITDA (1) | $ 745,000 |
Resort EBITDA Margin (1) | 26.1 % |
(1) Resort represents the sum of Mountain and Lodging | |
(2) Represents the mid-point of Guidance | |
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SOURCE Vail Resorts, Inc.