Vail Resorts, Inc. (MTN) FY2026 earnings

Reported results

• Net income attributable to Vail Resorts, Inc. was $147.5 million for fiscal 2026 compared to $280.0 million in the prior year.
• Resort Reported EBITDA was $745.7 million for fiscal 2026 compared to $844.1 million in the prior year, which includes $11 million of one-time costs related to the resource efficiency transformation plan.
• Pass product unit sales through September 18, 2026 for the upcoming 2026/2027 North American ski season decreased approximately 12%, days sold decreased approximately 10% and sales dollars decreased approximately 6%, as compared to the prior year period through September 19, 2025.
• Total lift revenue declined 3.5% for the year, despite visitation being down 13.4%, primarily as a result of pass revenue increasing 3.9% for the year.
• Resort net revenue decreased $131.9 million, or 4.5%, compared to the prior year, primarily driven by unfavorable weather conditions.
• The Company delivered approximately $45 million of resource efficiency transformation cost savings in fiscal 2026.

Guidance

• Net income attributable to Vail Resorts, Inc. of $158 million to $233 million for fiscal 2027.
• Resort Reported EBITDA of $805 million to $865 million for fiscal 2027, including approximately $14 million of one-time costs.
• Approximately $25 million of incremental efficiencies expected from the resource efficiency transformation plan in fiscal 2027.
• Approximately $110 million of annualized cost efficiencies by the end of fiscal year 2027.
• Estimated Resort EBITDA margin of approximately 26.9% at the midpoint of fiscal 2027 guidance, or approximately 27.3% excluding one-time costs.

Notes

The press release includes Q4 fiscal 2026 results and full year fiscal 2026 results ended July 31, 2026. Fiscal 2026 was impacted by historically challenging weather conditions, particularly in the Rockies and Tahoe regions. The company incurred $11 million of one-time costs related to the resource efficiency transformation plan in fiscal 2026 and expects to incur approximately $14 million in fiscal 2027. Resort Reported EBITDA increased $1.2 million, or 1.0%, in Q4 despite full-year decline, primarily due to $8.1 million of CEO transition costs in the prior year Q4. The company maintains guidance assumptions on normal weather conditions, current economic environment, and foreign exchange rates as of September 25, 2026.

Price and volatility reaction

The stock moved +2.3% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -9.2 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-28 (8-K, Item 2.02). Read the original filing on sec.gov.