10-Q · June 8, 2026
Vail Resorts, Inc. reported Q3 fiscal 2026 results featuring significant declines in revenue and EBITDA due to adverse weather impacting skier visitation. Total Q3 net income was $314 million, down from $389 million,…
Earnings analysis · 10-K
MTN earnings analysis
Filed September 28, 2026 · Our reading of the company's report
The latest report
Vail Resorts retains a differentiated, scaled platform built around 42 resorts, a broad Epic Pass ecosystem and integrated lodging and ancillary offerings, while RET initiatives and international operations provide…
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Vail Resorts retains a differentiated, scaled platform built around 42 resorts, a broad Epic Pass ecosystem and integrated lodging and ancillary offerings, while RET initiatives and international operations provide potential longer-term growth. However, Fiscal 2026 showed a clear financial inflection: revenue declined 4.3%, diluted EPS declined 45.2%, Mountain EBITDA declined 11.2%, and operating cash flow declined 13.6% amid adverse weather and lower visitation. The next season begins with pass units down 12% and sales dollars down 6%, while $3.2 billion of debt and $1.5 billion of variable-rate exposure constrain flexibility; the outlook is therefore bearish despite planned cost efficiencies and resort investment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.12
- Operating margin
- 14.82%
What stood out
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Scaled pass-led resort ecosystem
Vail’s strategy centers on a scaled, integrated resort ecosystem spanning 42 mountain resorts and regional ski areas, Lodging operations, ancillary services and real estate. Pass products represented approximately 70% of total lift revenue in Fiscal 2026, supporting advance cash collection, customer loyalty and reduced exposure to weather-sensitive visits.
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RET plan expands efficiency potential
The company is pursuing operating leverage through its multi-year RET plan, which is on track to deliver $110 million of annualized cost efficiencies in Fiscal 2027—$10 million above the original target—and approximately $25 million of additional annualized efficiencies in Fiscal 2028.
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International revenue continues to grow
International operations are the main geographic growth driver: international revenue increased to $600.0 million in Fiscal 2026 from $541.1 million in Fiscal 2025 and $498.4 million in Fiscal 2024, while U.S. revenue declined to $2.238 billion from $2.423 billion.
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Technology and resort upgrades continue
The company continues to invest in its product and operating roadmap, including My Epic digital capabilities, e-commerce and marketing modernization, Ski & Ride School and rental operations, lift capacity at Park City, Whistler and Seven Springs, and snowmaking and remote avalanche-control systems.
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Three-year financial performance weakened
Fiscal 2026 revenue was $2.838 billion, compared with $2.964 billion in Fiscal 2025 and $2.885 billion in Fiscal 2024. Diluted EPS was $4.12 versus $7.53 and $6.09, while net cash from operations was $479.6 million versus $554.9 million and $589.0 million, marking a material deterioration after Fiscal 2025.
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Dividends maintained despite downturn
Capital returns remained substantial: Vail paid $317.1 million of dividends, or $8.88 per share, and repurchased 322,709 shares for $45.0 million in Fiscal 2026. The board subsequently approved another $2.22-per-share dividend payable October 27, 2026.
What to watch
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Weather and pass demand pressure
Pass demand weakened materially entering the next season: through September 18, 2026, pass units sold declined approximately 12%, days sold declined approximately 10% and sales dollars declined approximately 6% year over year. The filing also notes that Fiscal 2026 skier visits fell 13.4%, primarily because of record-low snowfall and historically warm temperatures.
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Expanded AI execution and regulatory risk
The company added or materially expanded disclosure around AI risk as it increasingly uses AI and machine learning in operations, marketing and shared services. It warns that flawed or biased models, privacy and data-security issues, legal changes and failure to realize anticipated efficiencies could materially harm results and reputation.
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Active shareholder campaign
Activist risk became more immediate: the company received two nominations totaling five director candidates for the 2026 annual meeting. Vail warns that responding to activist campaigns could be costly and time-consuming, divert management attention and lead to pressure for increased borrowing, special dividends, repurchases or strategic restructuring.
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Debt and floating-rate exposure
Leverage and interest-rate exposure remain material. Total debt was $3.2 billion at July 31, 2026, including approximately $1.5 billion of variable-rate debt; a 100-basis-point change in borrowing rates would change annual interest payments by approximately $14.7 million.
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Operating deleverage from lower visitation
Mountain Reported EBITDA fell 11.2% to $729.4 million as skier visits declined 13.4%; Lodging Reported EBITDA fell 28.4% to $16.3 million. The high fixed-cost structure means further revenue declines could reduce margins, profits and cash flows disproportionately.
Management's outlook
The 10-K does not provide formal revenue or EPS guidance. Quantitative planning commentary includes calendar-year 2026 capital expenditures of approximately $229.0 million to $234.0 million, $110 million of annualized Fiscal 2027 RET efficiencies, and an additional approximately $25 million of annualized efficiencies anticipated in Fiscal 2028.
Earlier filings 4
10-Q · March 9, 2026
Vail Resorts reported Q2 net revenue of $1,083,932 (thousands) and diluted EPS of $5.87, both down versus the prior-year quarter. Operating income declined to $345,048 (thousands) but the company generated strong…
10-K · September 29, 2025
Vail Resorts positions itself as an owner/operator of a large, integrated resort network (42 resorts) that sells advance commitment pass products and monetizes year-round amenities; the Mountain segment accounted for…
10-Q · March 10, 2025
Vail Resorts reported quarter (three months ended January 31, 2025) revenue of $1,137,225,000, up $59,267,000 (5.5%) year-over-year, with income from operations of $384,417,000 and diluted EPS of $6.56 (vs $5.76 a year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.