fourth quarter and fiscal year 2026
Filed Sep 28, 2026Vail Resorts reported fiscal 2026 net income attributable to Vail Resorts, Inc. of $147.5 million and Resort Reported EBITDA of $745.7 million, then guided fiscal 2027 Resort Reported EBITDA to $805 million to $865 million.
Fiscal 2026 revenue, earnings, visitation and Resort Reported EBITDA declined amid historically challenging weather, while fourth-quarter Resort Reported EBITDA increased and fiscal 2027 guidance calls for a weather-driven recovery. Early pass sales remain lower year over year.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q4 2026 total net revenueGAAP | $278.1M | – | – |
| Fiscal 2026 total net revenueGAAP | $2.84B | – | – |
| Q4 2026 Resort net revenueGAAP | $272.1M | – | 0.3% |
| Fiscal 2026 Resort net revenueGAAP | $2.83B | – | (4.5)% |
| Q4 2026 total segment operating expenseGAAP | $402.1M | – | – |
| Fiscal 2026 total segment operating expenseGAAP | $2.10B | – | – |
| Q4 2026 loss from operationsGAAP | −$208.8M | – | – |
| Fiscal 2026 income from operationsGAAP | $420.5M | – | – |
| Q4 2026 net loss attributable to Vail Resorts, Inc.GAAP | −$190.2M | – | – |
| Fiscal 2026 net income attributable to Vail Resorts, Inc.GAAP | $147.5M | – | – |
| Q4 2026 diluted net loss per share attributable to Vail Resorts, Inc.GAAP | $ (5.34) | – | – |
| Fiscal 2026 diluted net income per share attributable to Vail Resorts, Inc.GAAP | $ 4.12 | – | – |
| Q4 2026 Resort Reported EBITDAnon-GAAP | −$122.4M | – | 1.0% |
| Fiscal 2026 Resort Reported EBITDAnon-GAAP | $745.7M | – | (11.7)% |
| Q4 2026 Total Reported EBITDAnon-GAAP | −$121.9M | – | – |
| Fiscal 2026 Total Reported EBITDAnon-GAAP | $753.0M | – | – |
| Fiscal 2026 Resort EBITDA marginnon-GAAP | 26.3 % | – | – |
| Fiscal 2026 total skier visitsother | 15,299 | – | (13.4) % |
| Fiscal 2026 total lift revenueGAAP | $1.45B | – | (3.5) % |
| Fiscal 2026 pass revenueother | 3.9% | – | 3.9% |
| Fiscal 2026 Net Debtnon-GAAP | $2.92B | – | – |
| Net Debt to Total Reported EBITDA as of July 31, 2026non-GAAP | 3.9 x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Q4 2026 MountainTotal Mountain net revenue declined, with lift, ski school and retail/rental revenue lower. | $175.9M | – | (2.8) % |
| Fiscal 2026 MountainUnfavorable weather affected local and destination visitation, particularly at Rockies and Tahoe resorts. | $2.50B | – | (4.8) % |
| Q4 2026 LodgingStrong performance at Grand Teton Lodge Company supported Resort Net Revenue. | $96.22M | – | 6.6 % |
| Fiscal 2026 LodgingOwned hotel rooms, managed condominium rooms, dining and transportation revenue declined year over year, partly offset by golf, other revenue and payroll cost reimbursements. | $328.8M | – | (1.6) % |
| Q4 2026 Real EstateReal Estate net revenue was reported at $ 5,989. | $5.99M | – | – |
| Fiscal 2026 Real EstateReal Estate net revenue was reported at $ 6,193. | $6.19M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
fiscal year ending July 31, 2027 outlook
- Revenue$ 3,108,000
- NoteNet income attributable to Vail Resorts, Inc. of $158 million to $233 million.
- NoteNet income of $ 184,000 to $ 255,000.
- NoteTotal Reported EBITDA of $ 795,000 to $ 861,000.
- NoteMountain Reported EBITDA of $ 789,000 to $ 843,000.
- NoteLodging Reported EBITDA of $ 14,000 to $ 24,000.
- NoteResort Reported EBITDA of $805 million to $865 million, including approximately $14 million of one-time costs.
- NoteReal Estate Reported EBITDA of $ (10,000) to $ (4,000).
- NoteResort EBITDA margin of approximately 26.9%, or approximately 27.3% excluding one-time costs.
- NoteApproximately $25 million of incremental efficiencies in fiscal year 2027, excluding one-time costs.
- NoteApproximately $110 million of annualized cost efficiencies by the end of fiscal year 2027.
- NoteProvision for income taxes of $ 61,000 to $ 84,000.
- NoteDepreciation and amortization of $ 311,000 to $ 298,000.
- NoteInterest expense, net of $ 212,000 to $ 204,000.
Capital returns
- The Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts’ common stock payable on October 27, 2026 to shareholders of record as of October 8, 2026.
- Cash dividends declared per share were $ 8.88 for fiscal 2026 and $ 8.88 for fiscal 2025.
- The Company reaffirmed its calendar 2026 capital plan of approximately $215 million to $220 million in core capital.
- Including growth capital investments, the Company plans to invest a total of approximately $229 million to $234 million in calendar year 2026.
What drove it
- Fiscal 2026 Resort Net Revenue decreased $131.9 million, or 4.5%, primarily because unfavorable weather reduced visitation and revenue for local and destination guests, particularly at Rockies and Tahoe resorts.
- Total lift revenue declined 3.5% despite visitation being down 13.4%, primarily because pass revenue increased 3.9% for the year.
- Fiscal 2026 Resort Reported EBITDA was aided by $45 million of resource efficiency transformation cost savings, $16.7 million of reduced costs from performance-based management incentive plan expense that was not earned, and $6.2 million of favorable EBITDA impact from foreign exchange rates.
- Fiscal 2026 results included an incremental $20 million in marketing investment supporting pass sales, lift ticket initiatives and branding.
- Q4 Resort Reported EBITDA benefited from $8.1 million of CEO transition costs incurred in the prior year, disciplined cost management and $4 million lower one-time resource efficiency transformation costs.
- Fiscal 2027 guidance assumes increased lift ticket visitation, pricing growth, increased guest spending across ancillary businesses and approximately $25 million of incremental resource efficiency transformation efficiencies.
Concerns
- Pass product unit sales through September 18, 2026 decreased approximately 12%, days sold decreased approximately 10% and sales dollars decreased approximately 6% versus the prior-year period through September 19, 2025.
- Weakness remains concentrated among Destination frequency products, especially lower frequency passes.
- Australian results were below expectations as cumulative snowfall during the quarter was approximately 57% below the 10-year average.
- Fiscal 2027 guidance assumes lower pass demand trends, normalization of operating expenses, inflationary pressures, additional strategic investments and approximately $14 million of one-time costs.
- The Company expects a lower Resort EBITDA margin than originally expected for fiscal 2026 when compared with its original fiscal 2026 expectations issued in September 2025.
What to watch
- Whether lower-frequency Destination pass demand converts into pass purchases later in the selling season or lift ticket purchases during the season.
- Lift ticket visitation, pricing growth and ancillary guest spending, which are identified as fiscal 2027 guidance supports.
- Delivery of approximately $25 million of fiscal 2027 incremental efficiencies and the expected approximately $110 million of annualized cost efficiencies by the end of fiscal 2027.
- Weather conditions across the 2026/2027 North American and European ski season and the 2027 Australian ski seasons.
- The full calendar year 2027 capital investment plan expected in December 2026.
Balance sheet and cash flow
- Total liquidity was approximately $0.8 billion as of July 31, 2026.
- Cash and cash equivalents were $ 231,349 as of July 31, 2026, compared to $ 440,290 as of July 31, 2025.
- Short-term certificates of deposit were $ 37,112 as of July 31, 2026.
- Total debt was $ 3,186,368 as of July 31, 2026, compared to $ 3,194,274 as of July 31, 2025.
- Long-term debt, net was $ 3,102,460 as of July 31, 2026, compared to $ 2,594,765 as of July 31, 2025.
- Fiscal 2026 Net Real Estate Cash Flow was $ 2,446, compared to $ 13,259 in fiscal 2025.
Analysis
Fiscal 2026 was materially affected by adverse weather. Resort net revenue was $ 2,832,011, compared with $ 2,963,912 in fiscal 2025, while total skier visits were 15,299 compared with 17,665. Total lift revenue was $ 1,451,068 compared with $ 1,503,187. The company said visitation weakness was concentrated at Rockies and Tahoe resorts, while pass revenue increased 3.9% despite the 13.4% decline in visits. Net income attributable to Vail Resorts, Inc. fell to $ 147,535 from $ 280,004, and diluted EPS fell to $ 4.12 from $ 7.53.
Management, verbatim
This past winter was one of the most challenging winters in history across the western U.S. for the ski industry, which negatively impacted financial performance for the year.
Rob Katz, Chief Executive Officer
Our advanced commitment model and cost discipline provided considerable stability, and our investments in talent, technology and our resorts drove record guest satisfaction scores and strong employee engagement, which are critical measures of our success.
Rob Katz, Chief Executive Officer
By enhancing, personalizing and reducing friction at every stage of the guest journey, we see a significant opportunity to drive greater visitation, guest spending and loyalty through our differentiated resort network, marketing capabilities, and technology investments.
Rob Katz, Chief Executive Officer
Not in the filing
stated, not guessed- GAAP gross profit and gross margin
- Non-GAAP adjusted net income and adjusted EPS
- Operating cash flow
- Free cash flow
- Share repurchases
- Fiscal 2027 gross-margin guidance
- Fiscal 2027 operating-expense guidance
- Fiscal 2027 tax-rate guidance
- Prior fiscal 2027 guidance for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.