Vail Resorts, Inc. (NYSE: MTN) announced financial results for the third quarter of fiscal 2026, which ended on April 30, 2026. The company also provided updated guidance for the full fiscal year and early results for season pass sales for the upcoming 2026/2027 North American ski season.
Third Quarter Fiscal 2026 Highlights
Net income attributable to Vail Resorts, Inc. for the third quarter was $314.4 million, compared to $389.7 million in the same period last year. Resort Reported EBITDA reached $586.4 million, down from $647.7 million in the prior year. The company attributed the declines to extremely unfavorable weather conditions, which impacted visitation and revenue, particularly at destination resorts in the Rockies.
Updated Fiscal 2026 Guidance
Vail Resorts reduced its fiscal 2026 guidance, consistent with an update provided in April. The company now expects net income attributable to Vail Resorts, Inc. to be in the range of $128 million to $162 million, with Resort Reported EBITDA between $735 million and $755 million.
Early Season Pass Sales Results
As of May 26, 2026, pass product unit sales for the upcoming 2026/2027 North American ski season decreased approximately 10% compared to the prior year period through May 27, 2025. Days sold decreased about 8%, and sales dollars, including sales and admissions taxes, fell approximately 5%.
Dividend Declaration
The company declared a quarterly cash dividend of $2.22 per share of Vail Resorts common stock, payable on July 9, 2026, to shareholders of record as of June 25, 2026.
CEO Commentary
Rob Katz, Chief Executive Officer, commented on the results: "Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S., driving continued pressure on visitation and revenue, particularly at our destination resorts in the Rockies. While these dynamics negatively impacted results, our advance commitment model provided considerable stability and strong cost discipline kept us on track to exceed our resource efficiency transformation plan savings for the year. At the same time, our continued investments in talent, technology and resort operations drove record guest satisfaction scores and strong employee engagement. Despite the weather challenges of the past year, our strategic focus remains unchanged, and we are pleased with the progress we made this year. The new lift ticket products and strategic shifts in our marketing approach showed early positive results this past season, with our lift ticket visitation meaningfully outperforming the industry based on preliminary data, including in the Rockies, and we continued to make significant strides in enhancing the guest experience."
Katz added: "Looking ahead, we see significant opportunity to further elevate the guest experience across our resorts through continued investments in lifts, snowmaking, terrain and our talent, while leveraging the scale and strength of our integrated network to implement new technologies and enhance key elements of the guest experience. We have key initiatives underway in our gear, ski school and dining businesses, as well as every facet of guest engagement and communication, and will share updates on these efforts in the upcoming months. Together, these initiatives will play an important role in driving future visitation growth and long-term value creation."
Third Quarter Operating Results
Resort Net Revenue decreased by $90.4 million, or 7.0%, compared to the prior year, primarily due to unfavorable weather conditions that affected visitation and revenue for both local and destination guests, especially at the Rockies and Tahoe resorts. Total lift revenue declined 5% despite visitation being down 15%, largely because 2025/2026 North American pass sales increased 3% heading into the season. Resort Reported EBITDA decreased by $61.3 million, or 9.5%, compared to the prior year, driven by weather-related headwinds, partially offset by disciplined cost management and continued resource efficiency transformation cost savings.
