TL;DR
Vail Resorts has reported its Q3 fiscal 2026 results, and the numbers reflect what anyone skiing the Rockies this past winter already suspected - it was rough. Net income fell from $389.7M to $314.4M, visitation dropped 15%, and early pass sales for 2026/27 are down approximately 10%. The one bright spot? Epic Australia Pass sales are up 26% in units and 31% in revenue. Perisher, Falls Creek and Hotham head into the southern hemisphere season with real momentum behind them.
Vail Resorts has reported a steep drop in Q3 fiscal 2026 earnings after one of the worst winters on record across the western United States pushed visitation down 15% and revenue across most major properties with it.
The company released its third quarter fiscal 2026 results on 8 June, covering the period through 30 April 2026. Net income attributable to Vail Resorts came in at $314.4 million, down from $389.7 million in the same quarter last year. Resort Reported EBITDA fell from $647.7 million to $586.4 million - a drop of $61.3 million, or 9.5%.
The headline driver was weather. Warm and dry conditions across Colorado, Utah, and Lake Tahoe compressed the season at key Vail properties including Breckenridge, Park City, and Northstar. Total lift revenue declined 5% despite visitation falling 15%, with the gap partially cushioned by the 3% increase in pass sales heading into the season - a structural benefit of the advance commitment model that Vail's CEO was quick to highlight.
What the numbers actually mean
The visitation decline is the figure that matters most. A 15% drop across the network in a single quarter is significant, and it flowed through into ski school revenue (down 11.5%), dining (down 10.7%), and retail and rental (down 8.3%). The resorts that performed relatively well were those outside the weather-affected western markets - notably Whistler Blackcomb and properties in the US Northeast, which held up considerably better than the Rockies and Tahoe destinations.
