Vail Resorts (MTN) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 was marked by exceptionally challenging weather, especially in the Rockies, leading to historic lows in snowfall and snowpack, but the business model proved resilient, supported by advanced commitment strategies and resource efficiency initiatives.

• Net income attributable to shareholders was $147.5 million, down from $280.0 million year-over-year.

• Record guest satisfaction and strong employee engagement were achieved despite adverse conditions, reflecting ongoing investments in talent and operations.

• Leadership changes, marketing revamp, and expanded efficiency programs were implemented to drive competitive differentiation and long-term growth.

• The company remains focused on execution, guest experience, and sustainable value creation.

Financial highlights

• Resort Net Revenue for fiscal 2026 was $2.83 billion, down 4.5% year-over-year.

• Q4 resort net revenue was flat year-over-year, with Australian operations pressured by snowfall 50%–57% below the 10-year average.

• Fiscal 2026 total lift revenue decreased 3.5% on a 13% decline in skier visitation, but pass revenue grew 4%, highlighting the strength of the advance commitment model.

• Resort Reported EBITDA for fiscal 2026 was $745.7 million, down 11.7% from the prior year, including $11 million in one-time transformation costs.

• Net income attributable to shareholders fell 47% to $147.5 million.

Outlook and guidance

• Fiscal 2027 net income guidance: $158 million–$233 million; resort-reported EBITDA: $805 million–$865 million, including $14 million in one-time costs.

• Guidance assumes meaningful visitation recovery but not a full return to fiscal 2025 levels, with increased lift ticket visitation, pricing growth, and $25 million in incremental efficiencies.

• Resort EBITDA margin expected at 26.9%–27.3% for fiscal 2027 (excluding one-time costs), about 200 basis points below original fiscal 2026 outlook.

• Labor and expense inflation projected at 4%, with $20 million normalization of incentive compensation and $10 million incremental marketing investment.

• Fiscal 2027 cash taxes expected at $75 million–$85 million.