Vail Resorts Q3 Earnings Cut Guidance After Poor Winter

Vail Resorts, Inc. (MTN) reported weaker third-quarter earnings for the quarter ended April 30, 2026, and lowered its fiscal‑2026 outlook after a historically poor western U.S. snow season reduced visits and resort revenue. Higher ticket pricing and cost controls helped limit the impact.

Third-Quarter Results and Weather Impact

The company said in a press release and a Form 8‑K that net income attributable to Vail Resorts fell to $314 million from $390 million a year earlier. Resort net revenue declined 7% to $1.21 billion, while Resort Reported EBITDA, the company’s segment-level earnings measure, dropped about 9.5% to $586 million. Total skier visits fell 15.5%, but the effective ticket price, a per-visit revenue metric, rose 12% year over year.

Management attributed the shortfall to a “historically poor snow season in the western U.S.” marked by record low snowfall and unusually warm temperatures. These conditions depressed visitation at key mountain resorts, especially in the Rockies. The company said its advance-commitment season pass model, early season pass sales, and operating cost controls helped partially offset the volume decline and limit pressure on profitability.

Lodging results were weak, with Lodging Reported EBITDA nearly halved from the prior-year quarter, reflecting lower destination visitation and softer ancillary demand.

Guidance Cut and Demand Signals

Following the third-quarter results, Vail Resorts reduced its full-year fiscal 2026 guidance. The company now expects net income of $128 million to $162 million and Resort Reported EBITDA of $735 million to $755 million, both below prior outlooks. The updated guidance incorporates the impact of the poor North American winter and assumes normal weather in Australia and a typical North American summer, with current foreign-exchange rates remaining stable.

Management emphasized that the advance-commitment season pass model is designed to provide resilience against in-season volatility by locking in a substantial portion of lift revenue before conditions develop. Early season pass sales results were cited as part of the rationale for the outlook reset, despite earlier season-to-date pass volumes through mid-September 2025 showing declining unit sales.

No new regulatory approvals, licensing changes, or enforcement actions were mentioned in the earnings materials.

Management said the company had experienced a “historically poor snow season in the western U.S.” that led to “total skier visits down 15.5%” and pressured resort net revenue and Resort Reported EBITDA.