Vail Resorts (MTN) Q2 2026 earnings summary

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.