Vail Resorts, Inc. reported that Resort net revenue increased 2.7 percent year-over-year (y/y) to $2.96 billion for the fiscal year ended July 31 (fiscal 2025), driven by a 4 percent increase in season pass revenue and increased ancillary spend per guest across the company’s ski school and dining businesses.
Company CEO Rob Katz said total skier visits declined 3 percent across Vail’s North American destination mountain resorts and regional ski areas versus the prior year. “Visitation reflects the benefit of improved conditions in the second quarter relative to the prior year, offset by the expected decline in visitation from selling fewer pass units for the 2024/2025 North American ski season,” he noted in a media release.
Remarking on the overall business performance, Katz said, “The results from this past season were below expectations and our season-to-date pass sales growth has been limited. We recognize that we are not yet delivering on the full growth potential that we expect from this business, in particular on revenue growth, in both this past season and in our projected guidance for fiscal year 2026. However, we are confident that we are well positioned to return to higher growth in fiscal year 2027 and beyond.”
Net income attributable to Vail Resorts, Inc. was $280.0 million for fiscal 2025, , or $7.53 per diluted share, compared to net income attributable to Vail Resorts, Inc. of $231.1 million, or $6.09 per diluted share, for fiscal 2024.
Resort Reported EBITDA was $844.1 million for fiscal 2025, which included $15.2 million of one-time costs related to the previously announced two-year resource efficiency transformation plan, $8.1 million of one-time costs related to the company’s previously announced CEO transition, and $1.2 million of acquisition and integration related expenses. Resort Reported EBITDA was reported at $825.1 million for fiscal 2024.
“The company’s full year Resort Reported EBITDA growth is partially offset by $14 million of increased costs from company-wide performance-based management incentive plan expense that was not earned in the prior year, $15 million of one-time costs related to the two-year resource efficiency transformation plan, $8 million of one-time costs related to the company’s previously announced CEO transition, and $5 million unfavorable EBITDA impact from changes in foreign exchange rates relative to the prior year,” Katz explained. Excluding these impacts and removing the impact of Crans-Montana operating results and acquisition, closing, and integration expenses in both periods, he said Resort Reported EBITDA would have increased approximately 6 percent y/y, despite the decline in total skier visits across the company’s North American resorts versus the prior year.
Fourth Quarter Summary
Katz went on to detail the company’s fiscal 2025 fourth quarter results in the release, explaining that the fiscal fourth quarter historically operates at a loss, given that the North American and European mountain resorts are generally not open for ski season operations during the period.
“The quarter’s results were primarily driven by winter operating results from our Australian resorts and our North American and European resorts’ summer activities, dining, retail/rental and lodging operations, and administrative expenses,” Katz shared.
The company fell short of the Wall Street’s revenue expectations in fiscal Q4 as sales rose 2.2 percent y/y to $271.3 million. A GAAP loss of $5.08 per share was said to be 7.7 percent below analysts’ consensus estimates.
Fourth quarter Resort Reported EBITDA decreased 8 percent versus the prior-year Q4 period, primarily driven by $8 million of costs related to the company’s previously-announced CEO transition, $5 million of one-time costs related to the company’s resource efficiency transformation plan, and $1 million unfavorable EBITDA impact from changes in foreign exchange rates.
“We are pleased with the demand across our North American and European summer operations during the fourth quarter, which was in line with our expectations,” the CEO said. “In Australia, we are encouraged by the improved visitation relative to prior year, which was supported by improved weather conditions and the growth in pass sales for the 2025 Australian winter season, benefitting from the introduction of the Epic Australia Day Pass.”
Season Pass Sales Slip
The company reported that season pass product sales through September 19, 2025 for the upcoming 2025/2026 North American ski season decreased approximately 3 percent y/y in units and increased approximately 1 percent y/y in sales dollars as compared to the prior-year period through September 20, 2024.
“Season to date through September 19, 2025, pass trends were generally consistent with the spring selling period, with the decline in units driven by less tenured renewing guests, those that had a pass for just one year, and fewer new passholders,” Katz shared. “Renewals are up for more loyal passholders, those guests that have had a pass for more than one year. As we enter the final period for season pass sales, we expect our December 2025 season to date growth rates compared to the prior year to be relatively consistent with our September 2025 season to date growth rates.”
Consolidated Segment Operating Results
(in thousands U.S.$)
Full Year Mountain Segment Summary
Total lift revenue increased 4.2 percent, y/y to $1.50 billion, which was said to be primarily due to a 4.2 percent increase in pass product revenue, primarily driven by an increase in season pass pricing for the 2024/2025 North American ski season. Non-pass product lift revenue increased 4.2 percent y/y as a result of a 5.1 percent increase in non-pass effective ticket price (ETP) (excluding Crans-Montana) and incremental non-pass revenue from Crans-Montana of $15.4 million, partially offset by a reduction in non-pass visitation (excluding Crans-Montana).
Ski school revenue increased $5.3 million, or 1.7 percent, driven by increased lesson pricing and incremental revenue from Crans-Montana, partially offset by decreased skier visitation.
Dining revenue increased $13.3 million, or 5.9 percent, driven by incremental revenue from Crans-Montana and increased guest spend per visit, partially offset by decreased skier visitation.
Retail/rental revenue decreased $14.7 million, or 4.6 percent, for which retail revenues decreased $11.7 million, or 6.4 percent, driven by lower sales at on-mountain retail locations, and rental revenues decreased $3.0 million, or 2.2 percent, driven by decreased skier visitation.
Operating expense increased $69.1 million, or 4.0 percent, which was primarily attributable to increased variable expenses associated with increased revenue and incremental operating expenses from Crans-Montana.
Mountain Reported EBITDA increased $19.3 million, or 2.4 percent, compared to the prior year, which includes $29.6 million of stock-based compensation expense compared to $23.2 million in the prior year. The increase in stock-based compensation was primarily driven by accelerated vesting of awards associated with the CEO transition. Mountain segment results also include the impact of one-time expenses attributable to the company’s resource efficiency transformation plan of $14.9 million, one-time expenses attributable to the CEO transition of $6.8 million and acquisition and integration related expenses of $1.2 million and $8.0 million in 2025 and 2024, respectively.
Mountain Segment Operating Results
(in thousands U.S. $)
Fiscal 2026 Guidance
Vail Resorts, Inc. provided its initial guidance for the year ending July 31, 2026 as follows:
(in thousands U.S. $)
The company expects net income attributable to Vail Resorts, Inc. to be between $201 million and $276 million for fiscal 2026. The company expects Resort Reported EBITDA for fiscal 2026 to be between $842 million and $898 million, including an estimated $14 million in one-time costs related to the multi-year resource efficiency transformation plan.
Compared to fiscal 2025, fiscal 2026 guidance assumes growth from price increases and ancillary capture, as well as the assumed benefit of approximately $38 million in incremental efficiencies related to the resource efficiency transformation plan and $9 million of Resort Reported EBITDA growth related to the assumed return to normal weather conditions in Australia in the first quarter of fiscal 2026, partially offset by lower pass unit sales, which are expected to have a negative impact on skier visits relative to the prior year, and cost inflation. At the midpoint, the guidance implies an estimated Resort EBITDA Margin for fiscal 2026 to be approximately 28.8 percent or 29.3 percent excluding one-time costs from the resource efficiency transformation plan.
The guidance is based on certain assumptions, including a continuation of the current economic environment, and normal weather conditions for the 2025/2026 North American and European ski season and the 2025 and 2026 Australian ski seasons. The guidance assumes 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 $0.66 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 $1.25 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.
Image courtesy Whistler Blackcomb/Vail Resorts, Inc.
