TL;DR
A historically poor western winter cut Vail Resorts' annual net income from $280 million to $147.5 million and skier visits by 13.4 per cent. Now 2026-27 pass units are down 12 per cent as of 18 September, worse than the 10 per cent flagged in spring. Vail blames the weather and thinks some buyers are simply waiting, and it forecasts a rebound if the snow behaves.
Vail Resorts lost nearly half its net income last winter, and the pass-sales hangover has not cleared.
Vail Resorts reported its fiscal 2026 results on Monday 28 September. Net income attributable to the company fell from $280 million to $147.5 million, and skier visits dropped 13.4 per cent to 15.3 million. Vail said snowfall and snowpack across the western United States were at or near historic lows, with the Rockies hit particularly hard. The company also said pass product unit sales for 2026-27 were down about 12 per cent through 18 September.
A Thin Winter, A Smaller Profit
Resort net revenue fell $131.9 million, or 4.5 per cent, to $2.83 billion. Mountain net revenue declined 4.8 per cent to $2.50 billion, and Resort Reported EBITDA fell 11.7 per cent, from $844.1 million to $745.7 million. Vail said the weather cut visitation and spending among local and destination guests, with the biggest effects at its Rocky Mountain and Lake Tahoe resorts. Food and beverage, retail, rental and ski school revenue all felt the pressure as fewer guests turned up.
Lift revenue fell only 3.5 per cent despite the 13.4 per cent drop in visits. Vail credited a 3.9 per cent rise in pass revenue and higher pricing, with effective ticket price up 11.5 per cent to $94.85. Cost control helped too, including about $45 million in resource-efficiency savings and lower performance-based management incentives. Against that, the company spent an extra $20 million on marketing aimed at pass sales, lift ticket initiatives and branding.
