Vail Resorts, Inc. CEO Rob Katz pointed the finger squarely at the weather when commenting on the company’s fiscal second quarter results.

“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,” Katz commented. “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.”

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 comparative 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 percent year-over-year (y/y).
  • Season-to-date total lift revenue, including an allocated portion of season pass revenue for each applicable period, was down 3.6 percent y/y.
  • Season-to-date ski school revenue was down 8.2 percent y/y and dining revenue was down 8.6 percent y/y. Retail/Rental revenue for North American resort and ski area store locations was down 5.7 percent compared to the prior-year Q2 period.

Mountain Segment Operating Results
(in thousands, except ETP)

Total Resort Summary

  • Resort Net Revenue decreased $53.2 million, or 4.7 percent year-over-year (y/y), for the three-month Q2 period ended January 31, which was said to be 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 comparative period, total lift revenue declined 2.9 percent, despite visitation decling  13 percent y/y, primarily as a result of 2025/2026 North American Pass Sales Revenue increasing 3 percent heading into the season.
  • Resort Reported EBITDA decreased 8.3 percent to $421.3 million in Q2, compared to $459.7 million in the prior-year Q2 period, which was said to be primarily driven by the weather-related headwinds, partially offset by “disciplined cost management and continued Resource Efficiency Transformation cost savings.”
  • Fiscal 2026 second quarter Q2 net income attributable to Vail Resorts, Inc. was $210.0 million compared to $244.4 million in the prior year.

Cash Dividend
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 ~0.1 million shares in December, resulting in a total of ~0.3 million shares repurchased during the quarter at an average price of ~$139 per share for a total of $45.0 million in the fiscal year-to-date period.

Outlook
The company reduced its fiscal 2026 guidance and is now expecting net income attributable to Vail Resorts, Inc. in the range of $144 million to $190 million and Resort Reported EBITDA in the range of $745 million to $775 million.

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. in the range of $144 million to $190 million.
    • Resort Reported EBITDA in the $745 million to $775 million range. At the midpoint, the guidance implies an estimated Resort EBITDA margin for fiscal 2026 of 26.4 percent of revenue, or 26.9 percent 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.

The company said that 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 73 cents between the Canadian dollar and U.S. dollar related to the operations of Whistler Blackcomb in Canada, an exchange rate of 70 cents 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 table to the right 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.

Images courtesy Park City / Vail Resorts, Inc.