In advance of reporting fiscal 2026 first-quarter results, Vail Resorts, Inc. (Vail) CEO Rob Katz announced a new discount program offering an average of 30 percent off lift tickets at 12 of its top destination resorts for consumers who purchase four or more weeks in advance. The effort appears to be part of key initiatives to drive visitation during the 2025/2026 ski season.

“Up until this season, there were two ways to save on lift access at our mountain resorts – you could either purchase an Epic Pass or Epic Day Pass pre-season for a huge value, or save a smaller amount on lift tickets by purchasing online at least seven days in advance – our goal is to fill that gap,” explained Katz. “While we will always give the best deal to our Pass Holders, with this new discount, our hope is to make the sport more accessible for guests who aren’t thinking about skiing and snowboarding until winter arrives.”

The new lift ticket discount will be offered to skiers and riders who visit Vail Mountain, Beaver Creek, Breckenridge, Keystone, Crested Butte, Park City Mountain, Whistler Blackcomb, Heavenly, Northstar, Stowe, Okemo, and Mount Snow resorts during the 2025/26 season.

The rollout follows the company’s Epic Friend Tickets program, launched earlier this year, which provides season-long Epic Pass Holders with half off lift tickets.

Nearly 75 percent of Vail Resorts’ visitation comes from skiers and riders with a season-long Epic Pass or Epic Day Pass purchased before the winter season, and the remaining ~25 percent comes from resort guests who purchase a lift ticket. Less than 2 percent of visitation comes from guests who purchased their ski pass at the ticket window.

Fiscal First Quarter
Vail Resorts, Inc. reported results for the first quarter of fiscal 2026, ended October 31, provided North American season pass sales results for the 2025/26 ski season, reaffirmed full-year fiscal 2026 guidance, and announced capital investment plans for calendar year 2026.

“Our first quarter results were in line with our expectations and importantly, we’re seeing encouraging early momentum from our key initiatives to drive visitation during the 2025/2026 ski season, deepen our guest engagement, and create exceptional guest experiences,” said Katz in the company’s Q1 earnings release. “We are taking decisive actions to support these priorities, as evidenced by the introduction of our new advanced lift ticket discount for guests who book at least a month in advance at select resorts, in addition to our Epic Friend tickets announced in August.

Katz said the company was encouraged by the initial response to the updated marketing strategy and investments focused on expanding reach, which drove improved pass product sales results in the final selling period.

“These efforts are a part of a multi-year strategy that leverages our unique competitive advantages to drive sustained, profitable growth, and we remain confident in our ability to make improvements that reaccelerate growth in fiscal 2027 and beyond,” he said.

Revenues

  • Resort Net Revenue increased $10.7 million, or 4 percent, compared to the prior year, which was in line with expectations and primarily driven by improved visitation at Australian ski resorts, due to favorable weather conditions and the benefit from the introduction of the Epic Australia Day Pass.
  • Resort Reported EBITDA was flat compared to the prior year, primarily driven by favorability from weather normalization in Australia and continued Resource Efficiency Transformation cost savings, offset by typical inflation in year-round overhead costs, increased marketing spend aimed at driving winter pass product sales, and one-time Resource Efficiency Transformation Plan costs.
  • Mountain Reported EBITDA increased $1.5 million compared to the prior year, which was driven by improved Australian visitation, partially offset by inflation in year-round overhead costs, increased marketing efforts, and one-time Resource Efficiency Transformation Plan costs.
  • Lodging Reported EBITDA decreased $1.5 million compared to the prior year, primarily due to decreased demand for summer group lodging at North American mountain resort properties, partially offset by increased visitation at the Grand Teton Lodge Company, driven by favorable weather conditions.
  • Real Estate EBITDA decreased $3.6 million compared to the prior year period. During the quarter, the company recorded a $13.0 million gain on the sale of real property related to a transaction in Breckenridge. This compares to a $16.5 million gain recognized in the same period in the prior year from the condemnation of the East Vail property. 

Profitability

  • The fiscal 2026 first quarter net loss attributable to Vail Resorts, Inc. was $186.8 million, compared to a net loss attributable to Vail Resorts, Inc. of $173.3 million in the prior-year period.
  • First quarter Resort Reported EBITDA loss was $139.7 million, flat with the prior-year Q1 period.

Season Pass Sales
North American pass product sales for the upcoming 2025/26 ski season through December 5, 2025, decreased roughly 2 percent in units and increased approximately 3 percent in sales dollars compared to the same selling period in the prior year. Pass product sales are reportedly adjusted to exclude the impact of changes in foreign currency. The company said this year’s results benefited from a 7 percent price increase compared with the prior year, partially offset by the mix impact of pass sales. The decline in units was driven primarily by decreases in the company’s Colorado, Utah, and Tahoe local drive-to markets, while units from destination markets were only down slightly.

For the period between September 20 and December 5, pass product sales trends reportedly improved relative to pass product sales through September 19, with units down approximately 1 percent and sales dollar growth of approximately 6 percent compared to the same selling period in the prior year, reflecting the benefit of increased paid media investments and a change in marketing approach.

With the results for the full selling season, the company has approximately 2.3 million people committed to its 42 North American, Australian, and European resorts in advance of the season in non-refundable advanced commitment products this year, which are expected to generate approximately $1 billion of revenue and account for approximately 74 percent of all skier visits (excluding complimentary visits).

Liquidity and Return of Capital
The company said its balance sheet and cash flow generation “remain strong.” Vail said it remains committed to a disciplined and balanced approach as a steward of its shareholders’ capital, continuing to prioritize investments that enhance the guest and employee experience, high-return capital projects, and strategic acquisition opportunities.

After these priorities, the company said it is focused on returning excess capital to shareholders. In the current environment, the company looks to balance its approach between share repurchases and dividends. The current dividend level reflects the business’s strong cash flow generation, with any future growth dependent on a material increase in expected cash flows. The company also maintains an opportunistic approach to share repurchases based on the value of the shares.

  • As of October 31, 2025, the company’s total liquidity, as measured by total cash plus revolver availability and delayed draw term loan availability, was approximately $1.5 billion.
  • Net Debt was 3.0 times trailing twelve months Total Reported EBITDA.
  • The Board of Directors declared a quarterly cash dividend of $2.22 per share. The dividend will be payable on January 12, 2026, to shareholders of record as of December 30, 2025.
  • The company additionally repurchased approximately 0.2 million shares in November at an average price of approximately $140 per share for a total of $25 million.

Outlook
The company reaffirmed its fiscal 2026 guidance, including net income attributable to Vail Resorts, Inc. of $201 million to $276 million and Resort Reported EBITDA of $842 million to $898 million.

For calendar year 2026, the company announced plans to invest approximately $215 million to $220 million in core capital, consistent with long-term capital guidance. Total capital spending is expected to be $234 million to $239 million, which includes additional growth investments at European resorts and in Resource Efficiency Transformation projects.

Invested Capital
Vail Resorts’ plans to invest approximately $215 million to $220 million in core capital is said to be consistent with its long-term capital investment guidance, which adjusts for expected inflation and includes the impact of tariffs.

In addition to the core capital plan, the company plans to invest $12 million in growth capital investments at its European resorts, $5 million of Resource Efficiency Transformation projects, and $2 million in real estate planning capital. Including these investments, the Company plans to invest approximately $234 million to $239 million in calendar year 2026. The Company will continue to strategically deploy discretionary capital across its portfolio, with the 2026 capital plan focused on impactful resort-specific investments at destination and regional resorts, technology investments that scale across our resorts and investments that drive overall sustainability and efficiency. Highlights of the high-impact resort-specific investments planned for calendar year 2026 include:

  • Park City Mountain – As a part of a multi-year transformational investment at Canyons Village base, the company plans to replace the eight-passenger Cabriolet lift with a 10-passenger gondola. This upgrade will “significantly increase capacity from the lower and mid-village areas to the upper village, creating a more seamless connection between multiple gondolas and the new parking garage, while also enhancing reliability and comfort during inclement weather,” the company said in a media release. These improvements are designed to “enhance the guest arrival experience and support the resort’s long-term development and future growth.”
  • Whistler Blackcomb – The company plans to replace the Showcase T-Bar lift with a fixed-grip quad chairlift, providing “more consistent access to the Blackcomb Glacier, which offers 215 acres of exceptional terrain.”
  • Dining Experience – The company will invest in strategic upgrades to “elevate dining experiences across its portfolio.” Projects include remodels at high-volume lodges such as Whistler Blackcomb’s Roundhouse Lodge, Beaver Creek’s Spruce Saddle, Keystone’s Timber Ridge, and Hunter’s Base Lodge Marketplace. These enhancements will “improve guest flow, expand seating, introduce modern coffee bars and lively bar experiences, expand menu offerings, and create vibrant social spaces. Scaled dining optimization initiatives will additionally improve seating efficiency and throughput at quick-service outlets, driving capture and enhancing overall guest satisfaction,” the company continued.
  • Vail Mountain – The company will complete a “major room renovation of the Lodge at Vail to elevate the guest experience and strengthen its competitive positioning in the market.” In addition, the company also noted it will “allocate incremental capital to advance the planning for the multi-year transformation work announced last year, including the development of the West Lionshead area into a fourth base village at Vail Mountain.”
  • Remote Avalanche Control Systems – The company is launching a multi-year investment plan at select resorts to implement remote avalanche control systems. These systems “remotely trigger controlled avalanches, reducing manual intervention and improving safety, reliability and the guest experience through faster, more consistent, and predictable terrain openings.” These systems are prevalent in Europe, and the company has operated them at Andermatt-Sedrun and Crans-Montana.
  • Seven Springs – The company plans to upgrade the Blitzen triple lift to a fixed-grip quad chairlift, which will “ease congestion and reduce bottlenecks at the current unload area, while enhancing reliability and providing more efficient access to the North face side of the resort from the main base area.”
  • Keystone – The company plans to invest in the Keystone River Run Plaza to “complement the new portal experience with the new luxury Kindred hotel project that is opening this season.”

Image courtesy Vail Mountain/Vail Resorts, Inc.