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Vail Resorts
Vail Resorts (MTN) investor relations material
Vail Resorts Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary9 Mar, 2026
Executive summary
Net income attributable to stockholders was $210.0 million for Q2, down from $244.4 million year-over-year, primarily due to historically low snowfall and record warmth in the Rockies, which reduced visitation and performance.
Pass holders now account for about 75% of annual visitation, providing stability amid weather volatility.
Geographic diversification and strong conditions in the East partially offset regional weather impacts, while Whistler and Tahoe experienced variable conditions.
Strategic initiatives included new pass products, targeted pricing, and enhanced marketing, especially to attract younger skiers.
Despite adverse conditions, guest satisfaction scores reached record highs, and the transformation plan progressed.
Financial highlights
Q2 total net revenue declined 4.7% year-over-year to $1.08 billion, mainly due to unfavorable weather and lower visitation.
Q2 lift revenue fell 2.9% despite a 13% drop in visitation, reflecting the stabilizing effect of pass sales, which were up 3% entering the season.
Q2 Resort Reported EBITDA declined 8.3% to $421.3 million, partially offset by disciplined cost management and efficiency savings.
Season-to-date skier visitation declined 11.9%, with lift revenue down 3.6% and ancillary revenue trends improving but still below prior year.
Lodging segment net revenue decreased 3.2% to $71.6 million, with ADR and RevPAR both declining.
Outlook and guidance
Fiscal 2026 net income guidance reduced to $144 million–$190 million; Resort Reported EBITDA guidance lowered to $745 million–$775 million.
Midpoint guidance implies a Resort EBITDA margin of 26.4%, or 26.9% before one-time transformation costs.
Resource Efficiency Transformation Plan expected to exceed $100 million annualized savings target by $6 million by year-end.
Guidance reflects continued challenging weather and assumes current conditions persist for the remainder of the season.
Management expects the timing impact of delayed resort openings to largely reverse in the third fiscal quarter.
Pass sales impact on lift revenue stability
Resource Efficiency Transformation cost savings
Tenth A&R Credit Agreement terms and impact
Explain the $8.8M pass revenue timing shift
Impact of the Tenth A&R Credit Agreement
Resource Efficiency Transformation plan details
Future snowmaking plans given extreme weather
Long-term impact of young adult pricing strategy
Rationale for maintaining dividend level
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Next Vail Resorts earnings date
Q3 20264 Jun, 2026
Vail Resorts
Next Vail Resorts earnings date
Q3 20264 Jun, 2026
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Frequently asked questions
Vail Resorts, Inc., operates mountain resorts and urban ski areas in the United States. The company operates through three segments: Mountain; Lodging; and Real Estate, Retail, and Other. Its mountain resort operations comprise 10 mountain resorts, including Vail Mountain, Breckenridge Ski Resort, Keystone, Park City, Beaver Creek Resort, and Heavenly in Colorado; Whistler Blackcomb in British Columbia, Canada; and Perisher in Australia.
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