Vail Resorts Q4 Fiscal 2026 Earnings: Flat Resort Revenue and a Wider GAAP Loss

Vail Resorts (NYSE: MTN) reported fiscal Q4 2026 total net revenue of $278.1 million, up about 2.5% from $271.3 million a year earlier, while diluted loss per share widened to $5.34 from $4.99. The Resort business, which combines Mountain and Lodging, held revenue nearly flat and narrowed its Reported EBITDA loss slightly, but weak Australian snowfall and higher depreciation and interest expense contributed to a wider GAAP net loss. For the full year ended July 31, 2026, unusually difficult western U.S. weather drove visitation and profit lower.

Core Earnings Data

Total revenue increased more than Resort revenue because real estate revenue rose to $6.0 million from $0.1 million. Resort net revenue increased by only $0.9 million as strong Grand Teton Lodge Company performance was largely offset by weather pressure in Australia.

Resort Reported EBITDA improved modestly, helped by lower transition and transformation costs. That improvement did not carry through to GAAP earnings, with depreciation and interest expense both increasing.

Reported EBITDA is the company’s non-GAAP performance measure, while operating loss, attributable net loss, and EPS are GAAP results.

Business and Segment Performance

Australian snowfall during the quarter was approximately 57% below the region’s 10-year average, reducing visitation and revenue. Growth in Australian pass sales provided a partial offset, while North American summer demand was in line with the company’s expectations.

Mountain revenue declined, but Lodging delivered better quarterly results, including higher owned-hotel revenue and RevPAR. Grand Teton Lodge Company was the primary contributor to the overall Resort revenue increase.

Early Pass Sales Point to Lower Volume

For the upcoming 2026/2027 North American ski season, pass product units sold through September 18, 2026, were down approximately 12%. Days sold declined about 10%, while sales dollars, including sales and admissions taxes, fell about 6% on a comparable currency basis.

The smaller decline in sales dollars than in units reflected improved pricing and product mix. Unlimited passes performed better than lower-frequency products, with weakness concentrated in Destination frequency passes. Management said some of the decline could represent delayed purchases by less-committed guests, although those customers would still need to be recaptured through later pass sales or in-season lift tickets.

Pass Revenue Limited the Full-Year Revenue Decline, but Margins Still Compressed

Full-year skier visits fell 13.4%, but lift revenue declined only 3.5% because pass revenue increased 3.9%. The advanced-commitment pass model therefore reduced the revenue effect of historically weak snowfall, although it could not prevent broader pressure on the business.

Resort net revenue declined 4.5% to $2.83 billion, while Resort operating expenses decreased only about 1.7%. Resort Reported EBITDA consequently fell 11.7% to $745.7 million, and Resort EBITDA margin contracted to 26.3% from approximately 28.5% in fiscal 2025. Attributable net income dropped to $147.5 million from $280.0 million, while diluted EPS declined to $4.12 from $7.53.

Cost controls softened the impact. Vail Resorts recorded $45 million of savings from its resource-efficiency program, $16.7 million of lower performance-based incentive expense, and a $6.2 million favorable foreign-exchange effect. These benefits were partially offset by an additional $20 million of marketing investment.

Profitability, Liquidity, and Capital Allocation

The quarterly Resort EBITDA loss narrowed partly because the prior-year period included $8.1 million of CEO transition costs. Disciplined spending and $4 million of lower one-time transformation costs also helped, although weak Australian performance, cost inflation, and increased marketing investment limited the improvement.

GAAP profitability moved in the opposite direction. Quarterly depreciation and amortization increased to $80.9 million from $74.5 million, contributing to the wider operating loss. Interest expense rose to $53.5 million from $44.3 million, adding further pressure below the operating line.

At July 31, 2026, cash and cash equivalents totaled $231.3 million, with another $37.1 million in short-term certificates of deposit. Total debt was nearly unchanged at $3.19 billion, but lower cash caused net debt to increase to $2.92 billion from $2.75 billion. Net debt equaled 3.9 times trailing-12-month Total Reported EBITDA, while total liquidity, including revolver availability, was approximately $0.8 billion.

The company declared a quarterly dividend of $2.22 per share. Its calendar 2026 capital plan remains $215 million to $220 million for core projects and $229 million to $234 million including growth, transformation, and real estate planning investments.

Fiscal 2027 Guidance

Vail Resorts’ initial fiscal 2027 outlook calls for a recovery from the weather-affected fiscal 2026 season. At the midpoint, Resort Reported EBITDA would rise to $835 million and Resort EBITDA margin would improve to 26.9%, though the margin would remain below what the company originally expected for fiscal 2026.

The outlook assumes higher lift-ticket visitation, pricing growth, increased ancillary spending, and approximately $25 million of incremental efficiencies. Vail Resorts expects to reach about $110 million of annualized cost efficiencies by the end of fiscal 2027, followed by another $25 million of savings in fiscal 2028.

Those benefits are expected to be partially offset by lower pass demand, normalized operating expenses, inflation, strategic investments, and one-time costs. The guidance also assumes normal weather, continuation of the current economic environment, and specified exchange rates for the Canadian dollar, Australian dollar, and Swiss franc.

Recent Insider Transactions

The latest six-month aggregate data showed no insider purchases or sales and approximately 585,460 total shares held by insiders. The most recent entries with an explicitly reported purchase direction and value were in March 2026 and October 2025.

These records describe the transactions but do not by themselves establish insiders’ views on the company’s outlook or valuation.

Risks Investors Need to Watch

• Weather remains the largest operating variable. Fiscal 2026 results were hurt by historically low snowfall in the western U.S., while Australia faced snowfall 57% below its 10-year average during Q4. Fiscal 2027 guidance assumes normal conditions.
• Early pass demand is lower. Pass units were down about 12% and sales dollars were down about 6%, creating a need to recover demand through later pass sales or lift-ticket purchases.
• The expected recovery depends on execution. The outlook incorporates higher visitation, pricing, ancillary spending, and $25 million of incremental efficiencies, while inflation, normalized expenses, and added investment remain offsets.
• Debt and interest expense constrain financial flexibility. Net debt increased to $2.92 billion, leverage reached 3.9 times Total Reported EBITDA, and full-year interest expense rose to $205.6 million from $171.6 million.

Summary

Vail Resorts’ fiscal Q4 2026 Resort revenue was nearly unchanged and its Resort EBITDA loss improved slightly, but higher depreciation and interest expense widened the GAAP loss. For the full year, pass revenue and cost savings cushioned the effect of sharply lower visitation, though Resort EBITDA and margin still declined. Fiscal 2027 guidance anticipates a recovery supported by normal weather and further efficiencies, making early pass demand, visitation, and delivery of planned savings the main indicators to monitor.