After the market close on Monday, September 28, 2026, Vail Resorts, Inc. (NYSE: MTN) reported fourth-quarter and full-year fiscal 2026 financial results, revealing that net income attributable to Vail Resorts, Inc. was $147.5 million for fiscal 2026 compared to $280.0 million in the prior year. The earnings decline stemmed from historic low snowfall across the western United States, which drove a 13.4% drop in total skier visits. Early season-to-date pass unit sales for 2026/2027 also fell approximately 12% through September 18, 2026.
Key Takeaways for Investors
- Net Income Halved on Record Drought: Net income attributable to Vail Resorts tumbled 47.3% to $147.5 million for the fiscal year ended July 31, 2026, driven by unprecedented low snowfall and warm weather in the Rocky Mountains and western regions.
- Resort EBITDA Impacted by Fixed Operating Costs: Resort Reported EBITDA was $745.7 million for fiscal 2026 compared to $844.1 million in the prior year, which includes $11 million of one-time costs tied to its resource efficiency transformation plan.
- Season Pass Units Down 12% Heading into 2026/2027: Pass product unit sales through September 18, 2026 for the upcoming 2026/2027 North American ski season decreased approximately 12%, while sales dollars dropped roughly 6% due to price increases.
- Pricing Power Cushion: Despite severe visitation declines, Effective Ticket Price (ETP) climbed 11.5% to $94.85, cushioning Mountain net revenue to a 4.8% decline.
- FY2027 Rebound Guided: Management guided fiscal 2027 Resort Reported EBITDA to $805 million to $865 million and maintained the quarterly cash dividend at $2.22 per share.
Weather Shock Drives 13.4% Drop in Skier Visits
The primary headwind throughout fiscal 2026 was severe weather anomaly across premier ski destinations. According to the company’s earnings release and Form 10-K, snowfall across the Rocky Mountain region fell to historic lows, delaying resort openings and restricting open terrain during peak holiday periods.
As a result, total skier visits across Vail’s network fell 13.4% to 15,299 thousand in fiscal 2026 compared to 17,665 thousand in fiscal 2025. Ancillary revenue streams tied directly to mountain volume saw pronounced drops: ski school revenue dropped 10.3% to $278.1 million, dining revenue decreased 7.6% to $222.5 million, and retail and equipment rental revenue fell 6.5% to $282.8 million.
However, Vail’s pricing structure provided a substantial defensive offset. Mountain segment lift revenue declined only 3.5% to $1,451.1 million, as Effective Ticket Price (ETP) increased 11.5% from $85.09 to $94.85. Total Mountain net revenue concluded the year at $2,503.2 million, down 4.8% from $2,629.9 million in fiscal 2025.
Fiscal 2026 vs. Fiscal 2025 Operating Performance
The following table details Vail Resorts’ key segment results, visitation metrics, and the initial fiscal 2027 outlook based on filings with the Securities and Exchange Commission.
| Metric (in thousands, except per share/ETP) | Fiscal 2025 | Fiscal 2026 | YoY Change | Fiscal 2027 Guidance (Midpoint) |
|---|---|---|---|---|
| Mountain Net Revenue | $2,629,873 | $2,503,184 | -4.8% | — |
| Lodging Net Revenue | $334,039 | $328,827 | -1.6% | — |
| Resort Net Revenue (Mountain + Lodging) | $2,963,912 | $2,832,011 | -4.5% | $3,108,000 |
| Mountain Reported EBITDA | $821,341 | $729,352 | -11.2% | — |
| Resort Reported EBITDA | $844,136 | $745,671 | -11.7% | $835,000 |
| Net Income Attributable to Vail Resorts | $280,004 | $147,535 | -47.3% | $195,500 |
| Diluted Earnings Per Share | $7.53 | $4.12 | -45.3% | — |
| Total Skier Visits | 17,665 | 15,299 | -13.4% | — |
| Effective Ticket Price (ETP) | $85.09 | $94.85 | +11.5% | — |
| Dividends Declared Per Share | $8.88 | $8.88 | 0.0% | $8.88 (annualized) |
Pass Product Trends: Unit Demand Softens Ahead of 2026/2027
Investors closely monitor Vail’s Epic Pass commitment program, which secures consumer cash prior to winter weather outcomes. Pass product unit sales through September 18, 2026 for the 2026/2027 North American ski season decreased approximately 12%, days sold dropped 10%, and total sales dollars fell approximately 6% compared to the prior-year period through September 19, 2025.
Management noted that pass product sales were affected by consumer hesitation following the poor weather conditions experienced in the Rockies last season. However, price increases of roughly 8% across pass products helped narrow the dollar decline relative to unit sales. The company has maintained its disciplined strategy of shifting skiers into advance commitments, even as broader discretionary spending faces pressures across leisure and travel sectors.
Balance Sheet, Leverage, and Capital Allocation
As of July 31, 2026, Vail Resorts held $231.3 million in cash and cash equivalents and $37.1 million in short-term certificates of deposit, alongside $3,186.4 million in total debt ($3,102.5 million net long-term debt and $83.9 million current maturities). Net debt stood at $2,917.9 million, resulting in a net debt to Total Reported EBITDA ratio of 3.9x, compared to 3.2x in fiscal 2025.
Despite lower net income, the company demonstrated confidence in its liquidity by declaring a quarterly cash dividend of $2.22 per share ($8.88 annualized), payable October 27, 2026 to shareholders of record as of October 8, 2026. The company also expanded its resource efficiency transformation plan, targeting an additional $30 million of annualized cost savings by fiscal 2028 on top of its initial targets.
Fiscal 2027 Outlook: Anticipating Normal Weather Recovery
For the fiscal year ending July 31, 2027, The Company provided its fiscal 2027 outlook, including net income attributable to Vail Resorts, Inc. of $158 million to $233 million and Resort Reported EBITDA of $805 million to $865 million. The guidance assumes a return to historical weather averages, stable economic conditions, and includes approximately $14 million in one-time efficiency transformation expenses.
At the midpoint of guidance ($835 million in Resort EBITDA on $3,108 million in Resort net revenue), Resort EBITDA margin is expected to expand to 26.9%, up from 26.3% in fiscal 2026. For readers tracking broader market conditions and corporate earnings health, visit the ECMSource guide hub for educational frameworks on analyzing corporate balance sheets and seasonal cash flows.
Sources
- Vail Resorts, Inc. Form 8-K Exhibit 99.1 (Earnings Press Release) — September 28, 2026
- Vail Resorts, Inc. Form 8-K (Current Report) — September 28, 2026
- Vail Resorts, Inc. Form 10-K (Annual Report for Fiscal Year Ended July 31, 2026) — September 28, 2026
Disclosure: This article is for informational purposes only and is not investment advice.