Vail Resorts Profit Decline
Vail Resorts Reports Declining Pass Sales and Earnings Amid Poor Snowfall and Activist Pressure
Anonymous
Vail Resorts reported fourth-quarter revenue of $278.1 million, above analysts’ $269.3 million estimate, and an adjusted loss per share that slightly beat expectations. Fiscal 2026 net income fell to $147.5 million from $280 million, while Resort Reported EBITDA declined to $745.7 million from $844.1 million, as exceptionally poor snowfall—particularly in the Rockies—hurt results. Epic Pass sales for the 2026–27 season were down about 12% in units and 6% in dollars year over year, which the company attributed to lingering effects of poor snowfall across the western United States. Vail forecast fiscal 2027 net income of $158 million to $233 million and Resort Reported EBITDA of $805 million to $865 million, including about $14 million in one-time costs, and cited cost reductions and guest-experience improvements in response. Activist investor Oasis Management, which owns 7.4% of Vail’s voting shares, is seeking board changes, and Vail plans major lift upgrades at Park City Mountain ahead of the 2027–28 season. Truist Securities maintained its Buy rating but lowered its price target.
Key Points
1
Epic Pass provides unrestricted access to 42 ski areas.
2
In addition to unit sales falling about 12% and sales dollars falling 6%, pass days sold through September 18 were down 10% year over year.
3
Oasis put forward four candidates for Vail’s 10-member board of directors.
4
The Park City plans specify replacing the six-seat Silverlode lift with Vail’s first eight-seat high-speed lift in its U.S. network, and replacing the Eagle and Eaglet lifts with a high-speed six-seat lift to increase capacity from the Park City Mountain Village base.
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