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3月前
Vail Resorts Reports Second Quarter Fiscal 2026 Results and Provides Updated Fiscal 2026 GuidanceMarch 9, 2026 4:05 PM
PR Newswire (US)
BROOMFIELD, Colo., March 9, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the second quarter of fiscal 2026 ended January 31, 2026 and provided the Company's ski season-to-date metrics through March 1, 2026.HighlightsQ2 fiscal 2026 net income attributable to Vail Resorts, Inc. was $210.0 million compared to $244.4 million in the prior year.Q2 fiscal 2026 Resort Reported EBITDA was $421.3 million compared to $459.7 million in the prior year.The Company reduced its fiscal 2026 guidance and is now expecting net income attributable to Vail Resorts, Inc. of $144 million to $190 million and Resort Reported EBITDA of $745 million to $775 million.The Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on April 9, 2026 to shareholders of record as of March 26, 2026. In addition to the shares repurchased in November, the Company repurchased an additional approximately 0.1 million shares in December, resulting in a total of approximately 0.3 million shares repurchased during the quarter at an average price of approximately $139 per share for a total of $45.0 million in the fiscal year to date period.Commenting on the Company's fiscal 2026 second quarter results, Rob Katz, Chief Executive Officer said, "This has been the most challenging winter across the Rockies that we have ever experienced with the lowest snowfall levels in more than 30 years for our Colorado and Utah resorts, combined with warmer temperatures, resulting in reduced terrain throughout the quarter and into February. Given that backdrop, we are pleased with the strength and stability shown by our operating model, as we reported only modest declines in lift revenue in what many would consider a worst-case weather scenario. While these conditions and the resulting visitation headwinds negatively impacted our quarterly results, we remained focused on the areas within our control. This includes our advanced commitment strategy, continued investments in our resorts and our employees, and progressing key initiatives to optimize visitation, including enhanced marketing and new products. I especially want to recognize the exceptional execution delivered by our teams over the course of the season, resulting in record high enterprise guest satisfaction scores, including increases over prior year in both Colorado and Utah despite conditions, along with continued progress on our transformation plan. I am confident that with our collective strength and focus, we will continue to elevate the guest experience and deliver sustainable long-term value for shareholders."Second Quarter Operating ResultsResort Net Revenue decreased $53.2 million, or 4.7%, compared to the prior year, which was primarily driven by the unfavorable weather conditions that impacted visitation and ancillary spending for both local and destination guests during the period. Compared to the prior year, total lift revenue declined 2.9%, despite visitation being down 13%, primarily as a result of 2025/2026 North American Pass Sales Revenue increasing 3% heading into the season.Resort Reported EBITDA decreased $38.4 million, or 8.3%, compared to the prior year, which was primarily driven by the weather-related headwinds, and were partially offset by disciplined cost management and continued Resource Efficiency Transformation cost savings.Season-to-Date Metrics through March 1, 2026 The Company reported certain ski season metrics for the comparative periods from the beginning of the ski season through March 1, 2026, and for the same prior year period through March 2, 2025. The reported ski season metrics are for the Company's North American destination mountain resorts and regional ski areas, excluding the results of the Australian and European resorts and ski areas in both periods. The data mentioned below is interim period data and is subject to fiscal quarter end review and adjustments.Season-to-date total skier visits were down 11.9% compared to the prior year period.Season-to-date total lift revenue, including an allocated portion of season pass revenue for each applicable period, was down 3.6% compared to the prior year period.Season-to-date ski school revenue was down 8.2% and dining revenue was down 8.6% compared to the prior year period. Retail/rental revenue for North American resort and ski area store locations was down 5.7% compared to the prior year period.Fiscal Year 2026 Guidance Commenting on Fiscal 2026 guidance, Katz said "Due to the persistent, historically challenging weather conditions in the Rockies, which continued to limit terrain availability, the Company is reducing its fiscal 2026 guidance. While we are lowering our estimates for the fiscal year, given the unprecedented weather in the Rockies, the impact from conditions was mitigated by our advance commitment strategy and resource transformation efforts. We are proud of the resilience of the business model and execution of our teams at our resorts that are delivering on the experience for our guests."The Company now expects fiscal 2026 Net Income and Resort EBITDA guidance as follows:Net income attributable to Vail Resorts, Inc. of $144 million to $190 million.Resort Reported EBITDA of $745 million to $775 million. At the midpoint, the guidance implies an estimated Resort EBITDA margin for fiscal 2026 of 26.4%, or 26.9% before one-time costs from the Resource Efficiency Transformation plan.Resource Efficiency Transformation plan remains on track to achieve an incremental $42 million of efficiencies over the prior year and the Company now expects to deliver $106 million of annualized cost efficiencies, representing a $6 million increase above the original two-year plan.Given ongoing variable conditions in the Rockies, there may be greater variability of results; current guidance assumes (1) the Company's estimate of conditions between now and the remainder of the season staying consistent in North America; (2) normal weather conditions for the 2026 Australian ski season; (3) continuation of the current economic environment; and (4) foreign currency exchange rates as of March 6, 2026, including an exchange rate of $0.73 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada, an exchange rate of $0.70 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia, and an exchange rate of $1.28 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans Montana in Switzerland, and does not include any potential impacts related to future fluctuations in foreign currency exchange rates, which may be impacted by tariffs, trade disputes, or other factors.The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2026 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance.
Fiscal 2026 Guidance
(In thousands)
For the Year Ending
July 31, 2026 (6)
Low End
High End
Range
RangeNet income attributable to Vail Resorts, Inc.$ 144,000
$ 190,000Net income attributable to noncontrolling interests24,000
18,000Net income168,000
208,000Provision for income taxes (1)60,000
74,000Income before income taxes228,000
282,000Depreciation and amortization302,000
294,000Interest expense, net207,000
203,000Other (2)10,000
4,000Total Reported EBITDA$ 747,000
$ 783,000
Mountain Reported EBITDA (3)$ 731,000
$ 757,000Lodging Reported EBITDA (4)14,000
18,000Resort Reported EBITDA (5)745,000
775,000Real Estate Reported EBITDA2,000
8,000Total Reported EBITDA$ 747,000
$ 783,000
(1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price.(2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Additionally, our guidance excludes the impact of any future sales or disposals of land or other assets which are contingent upon future approvals or other outcomes.(3) Mountain Reported EBITDA also includes approximately $25 million of stock-based compensation.(4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation.(5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. (6) Guidance estimates are predicated on an exchange rate of $0.73 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.70 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.28 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland.Liquidity and Return of CapitalDespite difficult conditions this year, the Company remains confident in the long-term strong cash flow generation capabilities of our Company and its stable business model.As of January 31, 2026, the Company's total liquidity as measured by total cash plus revolver availability was approximately $1.1 billion.Net Debt was 3.1 times trailing twelve months Total Reported EBITDA.In addition to the shares repurchased in November, the Company repurchased approximately 0.1 million shares in December, resulting in approximately 0.3 million total shares repurchased during the quarter at an average price of approximately $139 per share for a total of $45.0 million.In December, the Company drew on the $275.0 million delayed draw term loan within its credit facility to retire the convertible notes with cash at maturity on January 2, 2026.On February 9, 2026, the Company entered into an amendment and restatement of the Ninth Amended and Restated Credit Agreement, dated as of April 24, 2024 (as amended the "Tenth A&R Credit Agreement"). The Tenth A&R Credit Agreement, among other things, (i) replaces the existing term loan facility with a new $1,275.0 million senior term loan facility; (ii) extends the maturity date of the revolving credit facility and term loan facility; and (iii) reduces the interest rate applicable to borrowings under the Tenth A&R Credit Agreement.The Board of Directors declared a quarterly cash dividend of $2.22 per share payable on April 9, 2026 to shareholders of record as of March 26, 2026.The Company reaffirmed its calendar 2026 capital plan of approximately $215 million to $220 million in core capital, consistent with its long-term capital investment guidance. Including growth capital investments, at the Company's European resorts and in support of Resource Efficiency Transformation and real estate planning projects, the Company plans to invest a total of approximately $234 million to $239 million in calendar year 2026.Earnings Conference CallThe Company will conduct a conference call today at 5:00 p.m. Eastern time to discuss the financial results. The call will be webcast and can be accessed at investors.vailresorts.com, or dial (800) 225-9448 (U.S. and Canada) or +1 (203) 518-9708 (international). The conference ID is MTNQ226. A replay of the conference call will be available two hours following the conclusion of the conference call through March 16, 2026, at 11:59 p.m. Eastern time. To access the replay, dial (800) 839-9557 (U.S. and Canada) or +1 (402) 220-6089 (international). The conference call will also be archived at https://investors.vailresorts.com. About Vail Resorts, Inc. (NYSE: MTN)Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 240 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and pass options at www.EpicPass.com. Forward-Looking StatementsCertain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding expected fiscal year 2026 and calendar year 2026 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; our expectations related to our pass and lift ticket products and initiatives; capital investment projects; our calendar year 2026 capital plans; our expectations and anticipated benefits of our capital structure; our expectations related to our key initiatives and strategies; and our expectations regarding our Resource Efficiency Transformation plan. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of climate change, natural disasters or other events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe, or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our sustainability practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's most recently filed Annual Report on Form 10-K and quarterly reports on Form 10-Q.All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.Statement Concerning Non-GAAP Financial MeasuresWhen reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e., Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance.Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures.Vail Resorts, Inc.Consolidated Condensed Statements of Operations(In thousands, except per share amounts)(Unaudited)
Three Months Ended January 31,
Six Months Ended January 31,
2026
2025
2026
2025Net revenue:
Mountain and Lodging services and other$ 918,554
$ 957,091
$ 1,116,607
$ 1,144,141Mountain and Lodging retail and dining165,336
179,963
238,232
253,125Resort net revenue1,083,890
1,137,054
1,354,839
1,397,266Real Estate42
171
122
234Total net revenue1,083,932
1,137,225
1,354,961
1,397,500Segment operating expense:
Mountain and Lodging operating expense481,277
495,585
754,346
761,849Mountain and Lodging retail and dining cost of products sold58,536
68,011
86,770
96,958General and administrative121,618
114,540
232,042
221,397Resort operating expense661,431
678,136
1,073,158
1,080,204Real Estate operating expense1,669
1,758
3,293
3,249Total segment operating expense663,100
679,894
1,076,451
1,083,453Other operating (expense) income:
Depreciation and amortization(74,350)
(74,352)
(147,467)
(145,896)(Loss) gain on sale of real property(1,962)
—
11,058
16,506Change in estimated fair value of contingent consideration3,700
(100)
(939)
(2,179)(Loss) gain on disposal of fixed assets and other, net(3,172)
293
(5,935)
(1,236)Income from operations345,048
383,172
135,227
181,242Mountain equity investment (loss) income, net(1,162)
745
(69)
2,896Investment income and other, net3,525
3,021
6,548
5,514Foreign currency gain (loss) on intercompany loans197
(1,385)
118
(1,649)Interest expense, net(49,476)
(42,670)
(100,763)
(85,467)Income before provision for income taxes298,132
342,883
41,061
102,536Provision for income taxes(72,287)
(85,956)
(11,672)
(27,572)Net income225,845
256,927
29,389
74,964Net income attributable to noncontrolling interests(15,838)
(12,551)
(6,134)
(3,843)Net income attributable to Vail Resorts, Inc.$ 210,007
$ 244,376
$ 23,255
$ 71,121Per share amounts:
Basic net income per share attributable to Vail Resorts, Inc.$ 5.87
$ 6.54
$ 0.65
$ 1.90Diluted net income per share attributable to Vail Resorts, Inc.$ 5.87
$ 6.53
$ 0.65
$ 1.90Cash dividends declared per share$ 2.22
$ 2.22
$ 4.44
$ 4.44Weighted average shares outstanding:
Basic35,753
37,382
35,832
37,428Diluted35,783
37,425
35,874
37,480 Vail Resorts, Inc.Consolidated Condensed Statements of Operations - Other Data(In thousands)(Unaudited)
Three Months Ended January 31,
Six Months Ended January 31,
2026
2025
2026
2025Other Data:
Mountain Reported EBITDA$ 422,171
$ 457,616
$ 279,583
$ 313,554Lodging Reported EBITDA(874)
2,047
2,029
6,404Resort Reported EBITDA421,297
459,663
281,612
319,958Real Estate Reported EBITDA(3,589)
(1,587)
7,887
13,491Total Reported EBITDA$ 417,708
$ 458,076
$ 289,499
$ 333,449Mountain stock-based compensation$ 6,088
$ 6,555
$ 11,512
$ 12,366Lodging stock-based compensation808
901
1,568
1,720Resort stock-based compensation6,896
7,456
13,080
14,086Real Estate stock-based compensation64
70
122
131Total stock-based compensation$ 6,960
$ 7,526
$ 13,202
$ 14,217 Vail Resorts, Inc.Mountain Segment Operating Results(In thousands, except ETP)(Unaudited)
Three Months Ended January 31,
PercentageIncrease
Six Months Ended January 31,
PercentageIncrease
2026
2025
(Decrease)
2026
2025
(Decrease)Net Mountain revenue:
Lift$ 625,927
$ 644,918
(2.9) %
$ 675,570
$ 685,341
(1.4) %Ski school120,625
133,009
(9.3) %
128,511
139,848
(8.1) %Dining84,625
90,907
(6.9) %
104,412
111,535
(6.4) %Retail/rental126,012
135,159
(6.8) %
156,803
164,685
(4.8) %Other55,115
59,101
(6.7) %
132,247
134,981
(2.0) %Total Mountain net revenue1,012,304
1,063,094
(4.8) %
1,197,543
1,236,390
(3.1) %Mountain operating expense:
Labor and labor-related benefits253,685
264,490
(4.1) %
375,764
383,020
(1.9) %Retail cost of sales34,175
40,473
(15.6) %
49,107
55,504
(11.5) %Resort related fees46,793
47,794
(2.1) %
51,181
51,603
(0.8) %General and administrative106,452
98,342
8.2 %
202,943
190,910
6.3 %Other147,866
155,124
(4.7) %
238,896
244,695
(2.4) %Total Mountain operating expense588,971
606,223
(2.8) %
917,891
925,732
(0.8) %Mountain equity investment (loss) income, net(1,162)
745
(256.0) %
(69)
2,896
(102.4) %Mountain Reported EBITDA$ 422,171
$ 457,616
7.7 %
$ 279,583
$ 313,554
(10.8) %
Total skier visits6,782
7,755
(12.5) %
7,521
8,303
(9.4) %ETP$ 92.29
$ 83.16
11.0 %
$ 89.82
$ 82.54
8.8 % Vail Resorts, Inc.Lodging Operating Results(In thousands, except Average Daily Rate ("ADR") and Revenue per Available Room ("RevPAR"))(Unaudited)
Three Months Ended January 31,
PercentageIncrease
Six Months Ended January 31,
PercentageIncrease
2026
2025
(Decrease)
2026
2025
(Decrease)Lodging net revenue:
Owned hotel rooms$ 12,741
$ 13,439
(5.2) %
$ 41,188
$ 41,514
(0.8) %Managed condominium rooms26,089
27,074
(3.6) %
35,779
38,779
(7.7) %Dining13,379
13,754
(2.7) %
32,761
33,706
(2.8) %Transportation4,804
5,507
(12.8) %
6,213
7,041
(11.8) %Golf—
—
nm
8,054
7,801
3.2 %Other10,202
10,415
(2.0) %
25,094
25,131
(0.1) %
67,215
70,189
(4.2) %
149,089
153,972
(3.2) %Payroll cost reimbursements4,371
3,771
15.9 %
8,207
6,904
18.9 %Total Lodging net revenue71,586
73,960
(3.2) %
157,296
160,876
(2.2) %Lodging operating expense:
Labor and labor-related benefits31,051
32,469
(4.4) %
67,730
69,696
(2.8) %General and administrative15,166
16,198
(6.4) %
29,099
30,487
(4.6) %Other21,872
19,475
12.3 %
50,231
47,385
6.0 %
68,089
68,142
(0.1) %
147,060
147,568
(0.3) %Reimbursed payroll costs4,371
3,771
15.9 %
8,207
6,904
18.9 %Total Lodging operating expense72,460
71,913
0.8 %
155,267
154,472
0.5 %Lodging Reported EBITDA$ (874)
$ 2,047
(142.7) %
$ 2,029
$ 6,404
(68.3) %
Owned hotel statistics:
ADR$ 300.75
$ 311.52
(3.5) %
$ 317.03
$ 314.44
0.8 %RevPAR$ 130.60
$ 140.06
(6.8) %
$ 160.88
$ 163.44
(1.6) %Managed condominium statistics:
ADR$ 487.03
$ 504.70
(3.5) %
$ 380.50
$ 390.48
(2.6) %RevPAR$ 152.98
$ 159.72
(4.2) %
$ 100.64
$ 106.47
(5.5) %Owned hotel and managed condominium statistics (combined):
ADR$ 431.75
$ 447.54
(3.5) %
$ 353.66
$ 358.90
(1.5) %RevPAR$ 147.75
$ 155.23
(4.8) %
$ 117.29
$ 121.94
(3.8) % Key Balance Sheet Data(In thousands)(Unaudited)
As of January 31,
2026
2025Total Vail Resorts, Inc. stockholders' equity$ 301,816
$ 515,507Long-term debt, net$ 2,857,753
$ 2,128,064Long-term debt due within one year73,005
587,169Total debt2,930,758
2,715,233Less: cash and cash equivalents384,737
488,211Net debt$ 2,546,021
$ 2,227,022Reconciliation of Measures of Segment Profitability and Non-GAAP Financial MeasuresPresented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three and six months ended January 31, 2026 and 2025.
(In thousands)(Unaudited)
(In thousands)(Unaudited)
Three Months Ended January 31,
Six Months Ended January 31,
2026
2025
2026
2025Net income attributable to Vail Resorts, Inc.$ 210,007
$ 244,376
$ 23,255
$ 71,121Net income attributable to noncontrolling interests15,838
12,551
6,134
3,843Net income225,845
256,927
29,389
74,964Provision for income taxes72,287
85,956
11,672
27,572Income before provision for income taxes298,132
342,883
41,061
102,536Depreciation and amortization74,350
74,352
147,467
145,896Loss (gain) on disposal of fixed assets and other, net3,172
(293)
5,935
1,236Change in fair value of contingent consideration(3,700)
100
939
2,179Investment income and other, net(3,525)
(3,021)
(6,548)
(5,514)Foreign currency (gain) loss on intercompany loans(197)
1,385
(118)
1,649Interest expense, net49,476
42,670
100,763
85,467Total Reported EBITDA$ 417,708
$ 458,076
$ 289,499
$ 333,449
Mountain Reported EBITDA$ 422,171
$ 457,616
$ 279,583
$ 313,554Lodging Reported EBITDA(874)
2,047
2,029
6,404Resort Reported EBITDA*421,297
459,663
281,612
319,958Real Estate Reported EBITDA(3,589)
(1,587)
7,887
13,491Total Reported EBITDA$ 417,708
$ 458,076
$ 289,499
$ 333,449
* Resort represents the sum of Mountain and Lodging
Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA calculated in accordance with GAAP for the twelve months ended January 31, 2026.
(In thousands)(Unaudited)
Twelve Months Ended
January 31, 2026Net income attributable to Vail Resorts, Inc.$ 232,138Net income attributable to noncontrolling interests20,263Net income252,401Provision for income taxes88,521Income before provision for income taxes340,922Depreciation and amortization298,008Gain on disposal of fixed assets and other, net(2,234)Change in fair value of contingent consideration8,139Investment income and other, net(11,160)Foreign currency gain on intercompany loans(1,787)Interest expense, net186,924Total Reported EBITDA$ 818,812
Mountain Reported EBITDA$ 787,370Lodging Reported EBITDA18,420Resort Reported EBITDA*805,790Real Estate Reported EBITDA13,022Total Reported EBITDA$ 818,812
* Resort represents the sum of Mountain and Lodging
The following table reconciles long-term debt, net to Net Debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended January 31, 2026.
(In thousands)(Unaudited)
As of January 31, 2026Long-term debt, net$ 2,857,753Long-term debt due within one year73,005Total debt2,930,758Less: cash and cash equivalents384,737Net debt$ 2,546,021Net debt to Total Reported EBITDA3.1xThe following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and six months ended January 31, 2026 and 2025.
(In thousands)(Unaudited)
(In thousands)(Unaudited)
Three Months Ended January 31,
Six Months Ended January 31,
2026
2025
2026
2025Real Estate Reported EBITDA$ (3,589)
$ (1,587)
$ 7,887
$ 13,491Non-cash Real Estate stock-based compensation64
70
122
131Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate2,510
17,652
(10,510)
1,118Net Real Estate Cash Flow$ (1,015)
$ 16,135
$ (2,501)
$ 14,740The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2026 guidance.
(In thousands)(Unaudited)
Fiscal 2026 Guidance (2)Resort net revenue (1)$ 2,878,000Resort Reported EBITDA (1)$ 760,000Resort EBITDA margin (1)26.4 %
(1) Resort represents the sum of Mountain and Lodging
(2) Represents the mid-point of Guidance
View original content to download multimedia:https://www.prnewswire.com/news-releases/vail-resorts-reports-second-quarter-fiscal-2026-results-and-provides-updated-fiscal-2026-guidance-302708526.htmlSOURCE Vail Resorts, Inc.
Original: Vail Resorts Reports Second Quarter Fiscal 2026 Results and Provides Updated Fiscal 2026 Guidance
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