MTN earnings analysis
What we found in MTN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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, while Resort Reported EBITDA also saw a decrease to $586 million from $648 million, leading management to continue forecasting a challenging year ahead with reduced guidance on profitability.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue decreased to $1.07 billion in Q3 2026, down from $1.28 billion in Q3 2025.
- Operating Margins Declined
- Operating margin shrank to 54.6% from 57.3% year-over-year.
- EPS Decrease
- Diluted EPS fell to $8.99, compared to $10.54 a year ago.
- Segment Revenue Performance
- Mountain segment revenue dropped to $1.13 billion, down 6.8% from Q3 2025.
- Increased Pass Product Sales
- Mountain segment generated $25.1 million more in pass product revenue despite overall declines.
- Cost Efficiency Efforts
- Operating expenses decreased by 4.7%, benefiting from resource efficiency initiatives.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Weather Impact
- Continued adverse weather negatively affected visitation; total skier visits down 15.5%.
- Debt Levels Increase
- Net Debt rose to $2.65 billion from $2.24 billion year-over-year.
- Diminished Guidance
- Reduced fiscal 2026 guidance reflects challenges; net income now projected between $128 million to $162 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $8.99
- Operating margin
- 54.6%
- Segment
- Mountain
- Segment
- Lodging
- Segment
- Real Estate
What they said about what is next.
Management anticipates headwinds in visitation and revenue due to unfavorable weather and economic conditions.
The filing reads worse than the one before it.
What came before.
- 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…
- 10-Q · June 6, 2024
- Vail Resorts reported net revenue of $1,283,282,000 and diluted EPS of $9.54 for the three months ended April 30, 2024, with income from operations of $546,632,000. Mountain segment revenue grew while Lodging declined;…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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