Vail Resorts Inc (MTN)

Vail Resorts Reports Third Quarter Fiscal 2026 Results, Provides Updated Fiscal 2026 Guidance and Provides Early Season Pass Sales ResultsJune 8, 2026 4:05 PM
PR Newswire (US) BROOMFIELD, Colo., June 8, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the third quarter of fiscal 2026 ended April 30, 2026, updated fiscal 2026 guidance and provided early season pass sales results.HighlightsQ3 fiscal 2026 net income attributable to Vail Resorts, Inc. was $314.4 million compared to $389.7 million in the prior year.Q3 fiscal 2026 Resort Reported EBITDA was $586.4 million compared to $647.7 million in the prior year.The Company reduced its fiscal 2026 guidance, in line with the update provided in April, and is now expecting net income attributable to Vail Resorts, Inc. of $128 million to $162 million and Resort Reported EBITDA of $735 million to $755 million.Pass product unit sales through May 26, 2026 for the upcoming 2026/2027 North American ski season decreased approximately 10%, days sold decreased approximately 8% and sales dollars, inclusive of sales and admissions taxes, decreased approximately 5%, as compared to the prior year period through May 27, 2025.The Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on July 9, 2026 to shareholders of record as of June 25, 2026.Commenting on the Company's fiscal 2026 third quarter results, Rob Katz, Chief Executive Officer said, "Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S., driving continued pressure on visitation and revenue in the quarter, particularly at our destination resorts in the Rockies. While these dynamics negatively impacted results, our advance commitment model provided considerable stability and strong cost discipline kept us on track to exceed our resource efficiency transformation plan savings for the year. At the same time, our continued investments in talent, technology and resort operations drove record guest satisfaction scores and strong employee engagement. Despite the weather challenges of the past year, our strategic focus remains unchanged, and we are pleased with the progress we made this year. The new lift ticket products and strategic shifts in our marketing approach showed early positive results this past season, with our lift ticket visitation meaningfully outperforming the industry based on preliminary data, including in the Rockies, and we continued to make significant strides in enhancing the guest experience."Looking ahead, we see significant opportunity to further elevate the guest experience across our resorts through continued investments in lifts, snowmaking, terrain and our talent, while leveraging the scale and strength of our integrated network to implement new technologies and enhance key elements of the guest experience. We have key initiatives underway in our gear, ski school and dining businesses, as well as every facet of guest engagement and communication, and will share updates on these efforts in the upcoming months. Together, these initiatives will play an important role in driving future visitation growth and long-term value creation."Third Quarter Operating ResultsResort Net Revenue decreased $90.4 million, or 7.0%, compared to the prior year, primarily driven by unfavorable weather conditions that impacted visitation and revenue for both local and destination guests, particularly at the Rockies and Tahoe resorts. Compared to the prior year, total lift revenue declined 5%, despite visitation being down 15%, primarily as a result of 2025/2026 North American Pass Sales increasing 3% heading into the season.Resort Reported EBITDA decreased $61.3 million, or 9.5%, 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.Fiscal Year 2026 Guidance Due to the historically challenging weather conditions in the western U.S. that persisted through the third quarter, which negatively impacted demand, the Company is reducing its fiscal 2026 guidance. The Company now expects fiscal 2026 Net Income and Resort EBITDA as follows:Net income attributable to Vail Resorts, Inc. of $128 million to $162 million.Resort Reported EBITDA of $735 million to $755 million.Resource efficiency transformation plan remains on track to achieve an incremental $45 million of efficiencies over the prior year, before one-time costs, and the Company now expects to deliver $106 million of annualized cost efficiencies, representing a $6 million increase above the original two-year plan. Revised Fiscal 2026 Resort EBITDA guidance includes an estimated $13 million of one-time costs in support of the Company's resource efficiency transformation plan.The updated guidance also assumes (1) normal weather conditions and operations throughout the Australian ski season and North American summer season; (2) a continuation of the current economic environment; and (3) foreign currency exchange rates as of June 8, 2026, including an exchange rate of $0.72 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 $1.26 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans Montana in Switzerland, and does not include any potential impacts related to future fluctuations in foreign currency exchange rates, which may be impacted by tariffs, trade disputes, or other factors.The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2026 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance.
Fiscal 2026 Guidance
(In thousands)
For the Year Ending
July 31, 2026
Low End
High End
Range
RangeNet income attributable to Vail Resorts, Inc.$      128,000
$      162,000Net income attributable to noncontrolling interests27,000
21,000Net income155,000
183,000Provision for income taxes (1)55,000
65,000Income before income taxes210,000
248,000Depreciation and amortization303,000
299,000Interest expense, net207,000
203,000Other (2)19,000
11,000Total Reported EBITDA$      739,000
$      761,000



Mountain Reported EBITDA (3)$      721,000
$      739,000Lodging Reported EBITDA (4)14,000
16,000Resort Reported EBITDA (5)735,000
755,000Real Estate Reported EBITDA4,000
6,000Total Reported EBITDA$      739,000
$      761,000
(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.(3) Mountain Reported EBITDA also includes approximately $24 million of stock-based compensation.(4) Lodging Reported EBITDA also includes approximately $3 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. Season Pass SalesPass product units sold through May 26, 2026 for the upcoming North American ski season decreased approximately 10%, days sold1 decreased approximately 8% and sales dollars2, inclusive of sales and admissions taxes, decreased approximately 5%, as compared to the prior year period through May 27, 2025. The decline in performance-to-date reflects softer demand following one of the worst snowfall years in history in the western U.S., most evident in weaker trends across weather-impacted markets such as Colorado, Utah and Lake Tahoe, and among Destination guests who typically visit the Rockies, relative to much stronger performance in the East and at Whistler Blackcomb.The Company is seeing encouraging guest response to its new Young Adult pass products that are solidly outperforming other age groups, in addition to Unlimited pass products solidly outperforming frequency products, underscoring sustained demand for core high-value products.Commenting on the Company's season pass sales for the upcoming North American ski season, Katz said, "While any decline in pass sales is disappointing, it is not surprising given the severity of this past season's conditions and we are encouraged that third-party data indicates our spring pass results are meaningfully outperforming others in the industry during this period. We believe the challenging conditions have delayed purchase decisions, creating the opportunity for improved pass performance in the Fall selling season and/or ultimately through lift ticket purchases during next season. Historical U.S. ski market data indicates that visitation typically fully recovers following a season with poor conditions if the subsequent season has normal conditions, and we believe we are well positioned to capture that visitation with the pass and lift ticket product and marketing strategies we have developed. That said, given how anomalous this past season was, there remains continued uncertainty around how the full pass selling season and next season's visitation will ultimately unfold. We will provide more information about pass sales results and our thoughts on next season in our Q4 earnings release in September."Epic Australia Pass sales through May 27, 2026 increased approximately 26% in units and approximately 31% in sales dollars as compared to the period in the prior year through May 28, 2025.1 Days sold measures an estimate of how many days of access are sold, calculated by assigning a number of days to each pass unit and assumes a blended estimate of 8 days sold to unlimited passes and actual number of access days purchased for frequency products.2 Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.72 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales.Liquidity and Return of CapitalDespite difficult conditions this year, the Company remains confident in its long-term cash flow generation strength and its stable business model.As of April 30, 2026, the Company's total liquidity as measured by total cash plus revolver availability was approximately $1.1 billion.Net Debt was 3.5 times trailing twelve months Total Reported EBITDA.The Board of Directors declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on July 9, 2026 to shareholders of record as of June 25, 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 MTNQ326. A replay of the conference call will be available two hours following the conclusion of the conference call through June 15, 2026, at 11:59 p.m. Eastern time. To access the replay, dial (800) 757-4770 (U.S. and Canada) or +1 (402) 220-7228 (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 years 2026 and 2027 and calendar years 2026 and 2027 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; our anticipated drivers of visitation and value creation; 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 April 30,
Nine Months Ended April 30,
2026
2025
2026
2025Net revenue:






Mountain and Lodging services and other$   1,043,884
$   1,115,031
$   2,160,491
$   2,259,172Mountain and Lodging retail and dining161,209
180,412
399,441
433,537Resort net revenue1,205,093
1,295,443
2,559,932
2,692,709Real Estate82
115
204
349Total net revenue1,205,175
1,295,558
2,560,136
2,693,058Segment operating expense:






Mountain and Lodging operating expense459,875
483,161
1,214,221
1,245,010Mountain and Lodging retail and dining cost of products sold56,701
59,206
143,471
156,164General and administrative102,559
106,011
334,601
327,408Resort operating expense619,135
648,378
1,692,293
1,728,582Real Estate operating expense1,475
1,662
4,768
4,911Total segment operating expense620,610
650,040
1,697,061
1,733,493Other operating (expense) income:






Depreciation and amortization(77,219)
(76,067)
(224,686)
(221,963)Gain on sale of real property400
7,898
11,458
24,404Change in estimated fair value of contingent consideration(13,500)
(1,900)
(14,439)
(4,079)(Loss) gain on disposal of fixed assets and other, net(118)
2,323
(6,053)
1,087Income from operations494,128
577,772
629,355
759,014Mountain equity investment income, net458
666
389
3,562Investment income and other, net2,620
3,154
9,168
8,668Foreign currency (loss) gain on intercompany loans(34)
1,702
84
53Interest expense, net(51,318)
(41,905)
(152,081)
(127,372)Income before provision for income taxes445,854
541,389
486,915
643,925Provision for income taxes(105,631)
(130,073)
(117,303)
(157,645)Net income340,223
411,316
369,612
486,280Net income attributable to noncontrolling interests(25,788)
(21,576)
(31,922)
(25,419)Net income attributable to Vail Resorts, Inc.$     314,435
$     389,740
$     337,690
$     460,861Per share amounts:






Basic net income per share attributable to Vail Resorts, Inc.$         8.82
$        10.47
$         9.44
$        12.33Diluted net income per share attributable to Vail Resorts, Inc.$         8.81
$        10.46
$         9.43
$        12.32Cash dividends declared per share$         2.22
$         2.22
$         6.66
$         6.66Weighted average shares outstanding:






Basic35,633
37,241
35,765
37,365Diluted35,686
37,277
35,811
37,412







Vail Resorts, Inc.Consolidated Condensed Statements of Operations - Other Data(In thousands)(Unaudited)

Three Months Ended April 30,
Nine Months Ended April 30,
2026
2025
2026
2025Other Data:






Mountain Reported EBITDA$     579,611
$     635,437
$     859,194
$     948,991Lodging Reported EBITDA6,805
12,294
8,834
18,698Resort Reported EBITDA586,416
647,731
868,028
967,689Real Estate Reported EBITDA(993)
6,351
6,894
19,842Total Reported EBITDA$     585,423
$     654,082
$     874,922
$     987,531Mountain stock-based compensation$        6,520
$        6,058
$      18,033
$      18,424Lodging stock-based compensation865
844
2,433
2,564Resort stock-based compensation7,385
6,902
20,466
20,988Real Estate stock-based compensation58
65
179
196Total stock-based compensation$        7,443
$        6,967
$      20,645
$      21,184
Vail Resorts, Inc.Mountain Segment Operating Results(In thousands, except ETP)(Unaudited)

Three Months Ended April 30,
PercentageIncrease
Nine Months Ended April 30,
PercentageIncrease
2026
2025
(Decrease)
2026
2025
(Decrease)Net Mountain revenue:










Lift$    729,378
$    770,259
(5.3) %
$  1,404,948
$  1,455,600
(3.5) %Ski school141,758
160,243
(11.5) %
270,269
300,091
(9.9) %Dining99,142
110,972
(10.7) %
203,554
222,507
(8.5) %Retail/rental104,211
113,678
(8.3) %
261,014
278,363
(6.2) %Other55,289
57,397
(3.7) %
187,536
192,378
(2.5) %Total Mountain net revenue1,129,778
1,212,549
(6.8) %
2,327,321
2,448,939
(5.0) %Mountain operating expense:










Labor and labor-related benefits238,346
256,343
(7.0) %
614,110
639,363
(3.9) %Retail cost of sales29,744
30,617
(2.9) %
78,851
86,121
(8.4) %Resort related fees55,604
55,727
(0.2) %
106,785
107,330
(0.5) %General and administrative89,335
90,678
(1.5) %
292,278
281,588
3.8 %Other137,596
144,413
(4.7) %
376,492
389,108
(3.2) %Total Mountain operating expense550,625
577,778
(4.7) %
1,468,516
1,503,510
(2.3) %Mountain equity investment income, net458
666
(31.2) %
389
3,562
(89.1) %Mountain Reported EBITDA$    579,611
$    635,437
(8.8) %
$    859,194
$    948,991
(9.5) %











Total skier visits7,276
8,609
(15.5) %
14,797
16,912
(12.5) %ETP$     100.24
$       89.47
12.0 %
$       94.95
$       86.07
10.3 %











Vail Resorts, Inc.Lodging Operating Results(In thousands, except Average Daily Rate ("ADR") and Revenue per Available Room ("RevPAR"))(Unaudited)

Three Months Ended April 30,
PercentageIncrease
Nine Months Ended April 30,
PercentageIncrease
2026
2025
(Decrease)
2026
2025
(Decrease)Lodging net revenue:










Owned hotel rooms$     12,861
$     15,104
(14.9) %
$     54,049
$     56,618
(4.5) %Managed condominium rooms28,345
32,634
(13.1) %
64,124
71,413
(10.2) %Dining13,816
14,870
(7.1) %
46,577
48,576
(4.1) %Transportation5,200
6,743
(22.9) %
11,413
13,784
(17.2) %Golf—
—
nm
8,468
8,131
4.1 %Other9,981
9,308
7.2 %
34,661
34,109
1.6 %
70,203
78,659
(10.8) %
219,292
232,631
(5.7) %Payroll cost reimbursements5,112
4,235
20.7 %
13,319
11,139
19.6 %Total Lodging net revenue75,315
82,894
(9.1) %
232,611
243,770
(4.6) %Lodging operating expense:










Labor and labor-related benefits29,257
31,149
(6.1) %
96,987
100,845
(3.8) %General and administrative13,224
15,333
(13.8) %
42,323
45,820
(7.6) %Other20,917
19,883
5.2 %
71,148
67,268
5.8 %
63,398
66,365
(4.5) %
210,458
213,933
(1.6) %Reimbursed payroll costs5,112
4,235
20.7 %
13,319
11,139
19.6 %Total Lodging operating expense68,510
70,600
(3.0) %
223,777
225,072
(0.6) %Lodging Reported EBITDA$       6,805
$     12,294
(44.6) %
$       8,834
$     18,698
(52.8) %











Owned hotel statistics:










ADR$     312.54
$     347.01
(9.9) %
$     315.90
$     322.94
(2.2) %RevPAR$     137.95
$     165.54
(16.7) %
$     154.49
$     164.03
(5.8) %Managed condominium statistics:










ADR$     502.67
$     517.07
(2.8) %
$     428.06
$     442.94
(3.4) %RevPAR$     174.87
$     206.66
(15.4) %
$     124.87
$     139.09
(10.2) %Owned hotel and managed condominium statistics (combined):







ADR$     449.66
$     472.36
(4.8) %
$     386.08
$     399.57
(3.4) %RevPAR$     166.25
$     197.16
(15.7) %
$     132.66
$     145.47
(8.8) % Key Balance Sheet Data(In thousands)(Unaudited)

As of April 30,
2026
2025Total Vail Resorts, Inc. stockholders' equity$     551,727
$     877,167Long-term debt, net$   2,949,629
$   2,118,911Long-term debt due within one year73,512
591,474Total debt3,023,141
2,710,385Less: cash and cash equivalents371,374
467,034Net debt$   2,651,767
$   2,243,351Reconciliation 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 nine months ended April 30, 2026 and 2025.
(In thousands)(Unaudited)
(In thousands)(Unaudited)
Three Months Ended April 30,
Nine Months Ended April 30,
2026
2025
2026
2025Net income attributable to Vail Resorts, Inc.$     314,435
$     389,740
$     337,690
$     460,861Net income attributable to noncontrolling interests25,788
21,576
31,922
25,419Net income340,223
411,316
369,612
486,280Provision for income taxes105,631
130,073
117,303
157,645Income before provision for income taxes445,854
541,389
486,915
643,925Depreciation and amortization77,219
76,067
224,686
221,963Loss (gain) on disposal of fixed assets and other, net118
(2,323)
6,053
(1,087)Change in fair value of contingent consideration13,500
1,900
14,439
4,079Investment income and other, net(2,620)
(3,154)
(9,168)
(8,668)Foreign currency loss (gain) on intercompany loans34
(1,702)
(84)
(53)Interest expense, net51,318
41,905
152,081
127,372Total Reported EBITDA$     585,423
$     654,082
$     874,922
$     987,531







Mountain Reported EBITDA$     579,611
$     635,437
$     859,194
$     948,991Lodging Reported EBITDA6,805
12,294
8,834
18,698Resort Reported EBITDA*586,416
647,731
868,028
967,689Real Estate Reported EBITDA(993)
6,351
6,894
19,842Total Reported EBITDA$     585,423
$     654,082
$     874,922
$     987,531







* 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 April 30, 2026.
(In thousands)(Unaudited)
Twelve Months Ended
April 30, 2026Net income attributable to Vail Resorts, Inc.$            156,833Net income attributable to noncontrolling interests24,475Net income181,308Provision for income taxes64,079Income before provision for income taxes245,387Depreciation and amortization299,160Gain on disposal of fixed assets and other, net207Change in fair value of contingent consideration19,739Investment income and other, net(10,626)Foreign currency gain on intercompany loans(51)Interest expense, net196,337Total Reported EBITDA$            750,153

Mountain Reported EBITDA$            731,544Lodging Reported EBITDA12,931Resort Reported EBITDA*744,475Real Estate Reported EBITDA5,678Total Reported EBITDA$            750,153

* 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 April 30, 2026.
(In thousands)(Unaudited)
As of April 30, 2026Long-term debt, net$         2,949,629Long-term debt due within one year73,512Total debt3,023,141Less: cash and cash equivalents371,374Net debt$         2,651,767Net debt to Total Reported EBITDA3.5xThe following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and nine months ended April 30, 2026 and 2025.
(In thousands)(Unaudited)
(In thousands)(Unaudited)
Three Months Ended April 30,
Nine Months Ended April 30,
2026
2025
2026
2025Real Estate Reported EBITDA$         (993)
$        6,351
$       6,894
$     19,842Non-cash Real Estate stock-based compensation58
65
179
196Change in real estate deposits and recovery of previously
incurred project costs/land basis less investments in real estate(400)
66
(10,910)
1,184Net Real Estate Cash Flow$       (1,335)
$         (393)
$      (3,837)
$     14,347The 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)$       2,853,000Resort Reported EBITDA (1)$         745,000Resort EBITDA Margin (1)26.1 %

(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-third-quarter-fiscal-2026-results-provides-updated-fiscal-2026-guidance-and-provides-early-season-pass-sales-results-302794373.htmlSOURCE Vail Resorts, Inc. Original: Vail Resorts Reports Third Quarter Fiscal 2026 Results, Provides Updated Fiscal 2026 Guidance and Provides Early Season Pass Sales Results

Vail Resorts Announces Fiscal 2026 Third Quarter Earnings Release DateMay 15, 2026 4:05 PM
PR Newswire (Canada) BROOMFIELD, Colo., May 15, 2026 /CNW/ -- Vail Resorts, Inc. (NYSE: MTN) announced today it will release the Company's financial results for its fiscal third quarter 2026 ended April 30, 2026 after market close on Monday, June 8, 2026. The Company will host a conference call at 5:00 p.m. Eastern Time that same day during which Company executives will review the financial results.The call will be broadcast at investors.vailresorts.com. Those wishing to participate via telephone should dial (800) 225-9448 to be connected. Callers outside of the U.S. or Canada should dial +1 (203) 518-9708. The conference ID is MTNQ326.In addition, a replay of the call will be available two hours following the conclusion of the conference call through June 15, 2026. To access the replay, dial (800) 757-4770 (U.S. and Canada) or +1 (402) 220-7228 (international). The call also will be archived at 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/vail-resorts-announces-fiscal-2026-third-quarter-earnings-release-date-302773842.htmlSOURCE Vail Resorts, Inc. Original: Vail Resorts Announces Fiscal 2026 Third Quarter Earnings Release Date

Summer Now, Winter Later; Four Reasons to Get an Epic Pass by May 25May 5, 2026 11:00 AM
PR Newswire (US) Lowest price of the year ends May 25, with last chance for six Epic Friend TicketsPass Holders receive summer access to Vail Mountain, Whistler Blackcomb, Park City Mountain, Beaver Creek and more as resorts start opening for summer operations BROOMFIELD, Colo., May 5, 2026 /PRNewswire/ -- From scenic gondola rides and festivals this summer to unforgettable powder days next winter, Epic Pass delivers memorable mountain experiences year-round at an unmatched value. With the lowest prices of the year ending May 25, now is the time to buy an Epic Pass and start planning mountain moments this summer and beyond. With the price increase fast approaching, here are four reasons to act now and lock in your Pass. 1. Epic Passes are at the Lowest Price of the Year 
Epic Pass provides access to world-class destinations including Vail Mountain, Whistler Blackcomb, Park City Mountain, Breckenridge, Beaver Creek, Keystone and many more across North America and internationally, delivering unmatched flexibility. All 2026/27 Epic Passes are available at the lowest price of the year for a limited time, with prices increasing after May 25.Epic Pass is available at $869 for teens and young adults ages 13-30, $1,089 for adults, and $555 for children ages 5-12.Epic Local Pass is available at $649 for teens and young adults ages 13-30, $809 for adults, and $425 for children.Epic Military Pass is available at $215 for Active and Retired Military and their dependents. Veterans and their dependents can purchase an Epic Military Pass for $620.Epic Adaptive Pass is available at $543 for adults and $279 for children.Epic Day Passes are available from $46–$97 per day, offering up to 65% savings compared to lift tickets.Visit epicpass.com to compare all 2026/27 Pass options, including local and regional Passes. All 2026/27 Epic Pass products increase in price after May 25. 2. There are Two New Ways to Save 
With new pricing for Gen Z and young travelers, skiers and riders ages 13–30 can now save 20% on the 2026/27 Epic Pass and Epic Local Pass, unlocking up to $220 in savings.Skied on a lift ticket this year? Skiers and riders who visited any of the company's 37 North American resorts with a lift ticket during the 2025/26 season can save up to $175 on the price of select Epic Pass products.3. It's the Last Chance for Six Epic Friend Tickets 
To celebrate the social side of skiing, Epic Friend Tickets are back. May 25 is the last chance to get six Epic Friend Tickets with eligible season-long Epic Passes, offering 50% off lift tickets for friends and family throughout the season. Epic Friend Tickets can also be used for 25% off child lift ticket prices.4. Save This Summer: Resort Opening Dates, Events & Epic Mountain Rewards
Epic Pass Holders don't have to wait for snow to enjoy all that these resorts have to offer. As Vail Resorts' destinations prepare to open for summer operations, 2026/27 Pass Holders can start enjoying the mountains months before winter returns with alpine adventures, on-mountain dining, live music, big views and more.With Epic Mountain Rewards, 2026/27 Pass Holders receive 20% off summer experiences, including bike rentals, on-mountain dining, lodging, and golf at select resorts. Scenic summer gondola rides are also included with select Epic Passes at participating destinations, offering unforgettable views and easy access to alpine activities.Planned summer opening dates and resort highlights include:Whistler Blackcomb – Opening May 15
Whistler Blackcomb Mountain Top Summer Feast: Dine high at the Roundhouse Lodge on Whistler Mountain, featuring alpine cuisine, live music, and sweeping mountain views.
Crankworx Whistler: Bringing together the best riders and biggest bike fans in the world for 9 days of racing from July 24–August 2, experience slopestyle competitions, Kidsworx events, bike demos and the chance to shred Whistler's trails with other like-minded bike fans.
UCI Mountain Bike World Cup Downhill: Experience the UCI Mountain Bike World Cup Downhill taking place Sept. 25–27 on Whistler Blackcomb's legendary 1199 trail.Park City Mountain – Opening June 6
Park City Canyons Village Summer Concert Series: Catch live music starting on June 25, and then select Thursday evenings in July and August in Canyons Village, featuring local, regional, and national artists, plus additional performances as part of the Concerts on the Slopes series.Vail Mountain – Opening June 12
Vail Summer Sessions: Live music returns July 24 & 25, featuring performances with Magic City Hippies, Marlon Funaki, Miki Fiki and more at the base of Gondola One.Beaver Creek – Opening June 19
Blues, Brews & BBQ Festival: Start your summer with live blues music over Memorial Day Weekend. Feast on mouth-watering BBQ by renowned pit masters and wash it all down with craft beers.
BC Unplugged: Every Thursday from June 18-September 17, enjoy complimentary live music performances by national touring artists at the Beaver Creek Village stage.
The Alpine Table: Experience dining at its most elevated, literally and creatively, during The Alpine Table: A Night in the Aspens - a rare, two-night culinary event July 17-18 set deep within a secluded aspen grove at 9,500 feet.Keystone – Opening June 25
Keystone Bourbon & Bacon Festival: A weekend celebration of all things bacon and bourbon June 27-28, serving up bold flavors and bacon inspired cuisine.
Kindred Resort Grand Opening: Kindred Resort, a RockResorts hotel, opens May 7 as Colorado's newest luxury ski-in, ski-out hub, featuring Campfire Luxury, elevated dining and spa experiences, and the new home for Keystone ski and ride school.Breckenridge – Opening June 12
Peak 8 Base Camp & Alpine Camp: Enjoy scenic chairlift rides, mountain biking, family-friendly activities like the GoldRunner Coaster and Alpine Slides, and Alpine Camp's elevated adventures at Peak 8.Heavenly – Opened May 1
Sightseeing and Scenic Coaster Rides: Start summer at Heavenly with scenic gondola rides overlooking Lake Tahoe and alpine coaster rides, every weekend throughout May, with daily operations slated to begin on June 12.Stowe – Opening June 20
Independence Day Celebration: With Stowe's 90th anniversary around the corner, the time to start celebrating is now. Visit Spruce Peak Village Green over July 4 to enjoy live music, entertainment, lawn games, food, craft beer, fireworks, and more.Additional opening dates and event details can be found on resort websites.IMAGES are available for media use here.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 – all available on the company's industry-changing Epic Pass. 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 250 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/summer-now-winter-later-four-reasons-to-get-an-epic-pass-by-may-25-302762765.htmlSOURCE Vail Resorts Original: Summer Now, Winter Later; Four Reasons to Get an Epic Pass by May 25

Finally, a massive vote of confidence! CEO Robert Katz just dropped nearly $5M of his own cash at $131.81. This isn't just a tiny grant or option exercise; it’s a heavy open-market buy at 52-week lows.😁

Vail Resorts to Bring My Epic Gear Experience to All RentalsMarch 16, 2026 11:00 AM
PR Newswire (US)

Company unveils plans to transform the rental experience for every skier and rider; multi-year roadmap to bring more choice, convenience and personalization to all gear rentalsNext season, anyone renting Demo skis or snowboards can pick their model from the best gear selection online across 12 resorts, and get premium gear technologies like BOA® ski boots; these features will roll out to all rentals for 2027/28 seasonCompany to drop My Epic Gear membership fee and maintain gear rental pricingBROOMFIELD, Colo., March 16, 2026 /PRNewswire/ -- Vail Resorts today announced plans to integrate the best features from My Epic Gear® into traditional gear rentals, as part of a multi-year effort to transform the gear experience for all skiers and riders.







Over the coming years, Vail Resorts' rental outlets across its portfolio of mountain destinations and ski hills will offer expanded and upgraded gear and service options designed to improve performance, comfort and convenience for all guests. This will include the ability for anyone to choose a specific gear model (across Sport, Performance and Demo gear) online or in app. With the inclusion of premium rental technologies like BOA® ski boots and Step On® snowboard boots and bindings, guests will have confidence in the fit and performance of all aspects of their rental gear.Other future offerings include an enhanced pick-up experience. When renting gear, skiers and riders will be able to select their delivery, in-store fulfillment or slopeside valet. After the first rental, and on any subsequent trips, the guest's preferred gear can be delivered or picked up, without the need for further in-store fittings or adjustments, dramatically reducing any lines and wait times. Enhancements to the digital experience will make it easier for guests to browse, book and manage rentals through one connected platform. Personalized profiles will archive past rentals and favorite gear, and use this information to provide gear recommendations. Vail Resorts will offer both daily and season-long rental opportunities as part of the program.Specifically for next season, as an initial step in this multi-year roadmap, guests who book high-performance Demo rentals at the company's rental outlets across 12 participating resorts will receive the curated My Epic Gear experience without the membership fee. That includes the ability to select their preferred ski or snowboard model online, ahead of their arrival, from a large selection of the latest gear from top brands including Salomon, Stockli, Burton, and Rossignol. They will also have access to premium technologies like BOA® ski boots and Step On® bindings."We learned a great deal from My Epic Gear members over the past two seasons, uniquely positioning us to innovate the gear category and redefine the industry-standard for performance, comfort, convenience and consistency," said Rob Katz, CEO of Vail Resorts. "Skiers and riders who use My Epic Gear appreciate choosing exactly what they want – from the most popular and latest high-performance gear. We're excited to expand that experience to all Demo rentals as a first step to enhancing the overall rental experience for everyone. While initially focused on guests who rent their gear, we believe these innovations will also be appealing to those who currently own their gear, especially if they are more infrequent skiers or riders."Originally unveiled ahead of the 2024/25 season, My Epic Gear was a first-of-its-kind ski and snowboard gear membership program offered as an alternative to traditional rentals for guests visiting Vail Mountain, Whistler Blackcomb, Park City Mountain, Beaver Creek, Breckenridge, Keystone, Crested Butte, Heavenly, Northstar, Stowe, Okemo, and Mount Snow. The program was highly regarded by members for its personalized, seamless access to premium gear.Starting winter 2026/27, Vail Resorts-owned rental operations across those same 12 resorts will be re-branded My Epic Gear, bringing elements of the curated experience – like the ability to choose a specific model from a selection of premium gear – directly into the Demo rental experience without the $50 seasonal membership fee. Demo rental pricing will be generally consistent with typical Demo rental pricing, plus 2026/27 Epic Pass Holders can save 20% on all rentals with Epic Mountain Rewards. Passes for next season are on sale now.At participating resorts next season, skiers and riders (ages 13+) booking Demo rentals will be able to:Choose from current and recent-season top gear across 13 leading brands with access to more than 60 specific ski or snowboard models for a variety of conditionsGet complimentary access to premium technologies like BOA® ski boots and Step On® bindingsBook the entire gear experience in advance through a new, simplified digital booking platform at myepicgear.comSelect in-resort delivery or in-store pickupIMAGES are available for media use here.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 – all available on the company's industry-changing Epic Pass. 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 250 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.










View original content to download multimedia:https://www.prnewswire.com/news-releases/vail-resorts-to-bring-my-epic-gear-experience-to-all-rentals-302714707.htmlSOURCE Vail Resorts

Original: Vail Resorts to Bring My Epic Gear Experience to All Rentals

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

Epic Pass Lowers Prices for Gen Z, Making Hitting the Slopes at Whistler Blackcomb Easier for Young Skiers and SnowboardersMarch 3, 2026 10:45 AM
PR Newswire (Canada)

New pricing for 13- to 30-year-olds offers a 20% discount off full-price Epic & Epic Local PassesSeason-long Pass Holders who buy early get 10 Epic Friend Tickets for half-off lift ticketsSkiers and snowboarders who visited on a lift ticket this season can save up to $175 USD on a 2026/27 Epic PassBROOMFIELD, Colo., March 3, 2026 /CNW/ -- In a major step to shape the future of skiing and snowboarding, Vail Resorts is doubling down on accessibility with new pricing for Gen Z and young travelers visiting Whistler Blackcomb and other legendary resorts across the world. Skiers and riders, ages 13 to 30, can now purchase the 2026/27 Epic Pass and Epic Local Pass for 20% less than standard pricing. Teens and young adults can score up to $220 USD in savings, with Epic Pass launching at $869 USD and Epic Local Pass at $649 USD. All Passes for next season are on sale now at the lowest price of the year.







"The future of the sport depends on the next generation of skiers and riders, and it is our responsibility to create a more accessible pathway for them well into young adulthood," said Rob Katz, CEO of Vail Resorts. "We know that young travelers, especially Gen Z, are prioritizing experiences when deciding how to spend their time and money – and we hope to make skiing and snowboarding an easy decision for them."To celebrate the social side of skiing, Epic Friend Tickets are back for a second season. Eligible 2026/27 season-long Epic Pass Holders who purchase early will get 10 Epic Friend Tickets. These 50%-off lift tickets are a popular way for Epic Pass Holders to share their passion for the mountains with friends and family all season long. Epic Pass Holders can also use Epic Friend Tickets for 25% off child lift ticket prices.For guests ready to make the jump from a lift ticket to a Pass, Vail Resorts is offering another incredible way to save. Eligible skiers and riders who visited any of the company's 37 North American resorts with a lift ticket during the 2025/26 season can save up to $175 USD off the price of select Epic Pass products as well as the Whistler Blackcomb Unlimited Season Pass. With the new pricing, that means teens and young travelers (ages 13–30) could lock in an Epic Pass for as low as $694 USD or an Epic Local Pass for just $474 USD.Epic Pass and Epic Local Pass provide season-long access to Whistler Blackcomb, plus dozens of world-class resorts and regional favorites, including Vail Mountain, Park City Mountain, Breckenridge, Heavenly, Northstar, Stowe, Mount Snow, Hunter and more. Lock in a Pass to uncover the hidden gems of Whistler Blackcomb with Wonder Routes – a curated network of trails, waypoints and stops to take in the best mountain views, enjoy mellow blue runs, explore glade stashes, sample the alpine or hit every après spot. In addition to legendary skiing and riding, each season many of Vail Resorts' destinations, including Whistler Blackcomb, host unforgettable live music experiences on mountain, with renowned DJs and artists. Plus, Vail Resorts is introducing a new wave of food and beverage experiences across its destinations, delivering elevated offerings and Instagrammable moments that reflect the energy and character of each resort.  Guests with a 2026/27 Epic Pass receive Epic Mountain Rewards, which include 20% off on-mountain dining, making it easy for Pass Holders to explore dining experiences as memorable as the mountains themselves. The Whistler Blackcomb Unlimited Season Pass and EDGE Card include great perks such as savings on lodging, shopping, and group lessons and camps.Visit epicpass.com or whistlerblackcomb.com to compare all 2026/27 Pass options. Passes are non-refundable except through Epic Coverage. IMAGES are available for media use here.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 – all available on the company's industry-changing Epic Pass. 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 250 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. 














SOURCE Vail Resorts

Original: Epic Pass Lowers Prices for Gen Z, Making Hitting the Slopes at Whistler Blackcomb Easier for Young Skiers and Snowboarders

Epic Pass Lowers Prices for Gen Z to Make Hitting the Slopes Easier for Young Skiers and SnowboardersMarch 3, 2026 10:45 AM
PR Newswire (US)

New pricing for 13- to 30-year-olds offers a 20% discount off full-price Epic & Epic Local PassesSeason-long Pass Holders who buy early get 10 Epic Friend Tickets for half-off lift ticketsSkiers and snowboarders who visited on a lift ticket this season can save up to $175 on a 2026/27 Epic Pass BROOMFIELD, Colo., March 3, 2026 /PRNewswire/ -- In a major step to shape the future of skiing and snowboarding, Vail Resorts is doubling down on accessibility with new pricing for Gen Z and young travelers. Skiers and riders, ages 13 to 30, can now purchase the 2026/27 Epic Pass and Epic Local Pass for 20% less than standard pricing. Teens and young adults can score up to $220 in savings, with Epic Pass launching at $869 and Epic Local Pass at $649. All Passes for next season are on sale now at the lowest price of the year.







"The future of the sport depends on the next generation of skiers and riders, and it is our responsibility to create a more accessible pathway for them well into young adulthood," said Rob Katz, CEO of Vail Resorts. "We know that young travelers, especially Gen Z, are prioritizing experiences when deciding how to spend their time and money – and we hope to make skiing and snowboarding an easy decision for them."To celebrate the social side of skiing, Epic Friend Tickets are back for a second season. Eligible 2026/27 season-long Epic Pass Holders who purchase early will get 10 Epic Friend Tickets. These 50%-off lift tickets are a popular way for Pass Holders to share their passion for the mountains with friends and family all season long. Pass Holders can also use Epic Friend Tickets for 25% off child lift ticket prices.For guests ready to make the jump from a lift ticket to a Pass, Vail Resorts is offering another incredible way to save. Eligible skiers and riders who visited any of the company's 37 North American resorts with a lift ticket during the 2025/26 season can save up to $175 off the price of select Epic Pass products. With the new pricing, that means teens and young travelers (ages 13–30) could lock in an Epic Pass for as low as $694 or an Epic Local Pass for just $474.Epic Pass and Epic Local Pass provide season-long access to dozens of world-class resorts and regional favorites, including Vail Mountain, Whistler Blackcomb, Park City Mountain, Breckenridge, Heavenly, Northstar, Stowe, Mount Snow, Hunter and more. In addition to legendary skiing and riding, each season many of Vail Resorts' destinations host unforgettable live music experiences on mountain, with renowned DJs and artists. Plus, Vail Resorts is introducing a new wave of food and beverage experiences across its destinations, delivering elevated offerings and Instagrammable moments that reflect the energy and character of each resort. Guests with a 2026/27 Epic Pass receive 20% off on-mountain dining, making it easy for Pass Holders to explore dining experiences as memorable as the mountains themselves.Visit epicpass.com to compare all 2026/27 Pass options, including local and regional Passes. Passes are non-refundable except through Epic Coverage. IMAGES are available for media use here.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 – all available on the company's industry-changing Epic Pass. 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 250 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. 














View original content to download multimedia:https://www.prnewswire.com/news-releases/epic-pass-lowers-prices-for-gen-z-to-make-hitting-the-slopes-easier-for-young-skiers-and-snowboarders-302702658.htmlSOURCE Vail Resorts

Original: Epic Pass Lowers Prices for Gen Z to Make Hitting the Slopes Easier for Young Skiers and Snowboarders

Vail Resorts Announces Fiscal 2026 Second Quarter Earnings Release DateFebruary 13, 2026 4:05 PM
PR Newswire (US)

BROOMFIELD, Colo., Feb. 13, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) announced today it will release the Company's financial results for its fiscal second quarter 2026 ended January 31, 2026 after market close on Monday, March 9, 2026. The Company will host a conference call at 5:00 p.m. Eastern Time that same day during which Company executives will review the financial results.The call will be broadcast at investors.vailresorts.com. Those wishing to participate via telephone should dial (800) 225-9448 to be connected. Callers outside of the U.S. or Canada should dial +1 (203) 518-9708. The conference ID is MTNQ226.In addition, a replay of the call will be available two hours following the conclusion of the conference call through March 16, 2026. To access the replay, dial (800) 839-9557 (U.S. and Canada) or +1 (402) 220-6089 (international). The call also will be archived at 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.





View original content to download multimedia:https://www.prnewswire.com/news-releases/vail-resorts-announces-fiscal-2026-second-quarter-earnings-release-date-302687908.htmlSOURCE Vail Resorts, Inc.

Original: Vail Resorts Announces Fiscal 2026 Second Quarter Earnings Release Date

MTN 10Q due March 11

Vail resorts acquires Wilmot

Vail resorts acquiring park city mountain resort:

http://www.denverpost.com/business/ci_25808742/utah-court-hands-park-city-mountain-resort-over

Gonna be a great season, Im expecting big earnings from Vail resorts this winter.

~ Tuesday! $MTN ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $MTN ~ Earnings expected on Tuesday *
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