Vail Resorts skier visits, net revenue down modestly after Q2 fiscal results released

Vail Resorts reported its second quarter results for fiscal year 2026 on March 9, with several metrics showing the company struggled modestly during Q2.

Vail Resorts’ Chief Executive Officer Rob Katz said part of the decline was due to a “worst case weather scenario” across much of the western United States.

According to Vail Resorts, the company’s net revenue decreased $53.2 million, or 4.7% compared to the prior year. This decline was primarily driven by unfavorable weather conditions impacting visitation and ancillary spending for both local and destination guests during the period.

“This has been the most challenging winter across the Rockies that we have ever experienced with the lowest snowfall levels in more than 30 years for our Colorado and Utah resorts, combined with warmer temperatures, resulting in reduced terrain throughout the quarter and into February,” Katz said.

Vail Resorts also said, compared to the prior year, total lift revenue declined 2.9% despite visitations being down 13%. This decline was primarily a result of 2025/26 North American Pass Sales Revenue increasing by 3% heading into the season.

Last September, Vail Resorts forecast its annual earnings to be between $842 million and $898 million, however, the forecast was reduced to between $745 million and $775 million.

Katz, who returned to Vail Resorts in May 2025 to lead the largest ski company in North America in, also pointed out Vail Resort’s operating model was still working according to design.

“We are pleased with the strength and stability shown by our operating model, as we reported only modest declines in lift revenue in what many would consider a worst-case weather scenario,” Katz said. “While these conditions and the resulting visitation headwinds negatively impacted our quarterly results, we remained focused on the areas within our control. This includes our advanced commitment strategy, continued investments in our resorts and our employees, and progressing key initiatives to optimize visitation, including enhanced marketing and new products.”

Vail Resorts also reported certain ski season metrics for the comparative periods from the beginning of the ski season through March 1, and for the same prior year period through March 2, 2025. According to Vail Resorts, the reported ski season metrics are for the company’s North American destination mountain resorts and regional ski areas only.

Three other key Season-to-Date metrics through March 1:

• Season-to-date total skier visits were down 11.9% compared to the prior year period.
• Season-to-date total lift revenue, including an allocated portion of season pass revenue for each applicable period, was down 3.6% compared to the prior year period.
• Season-to-date ski school revenue was down 8.2% and dining revenue was down 8.6% compared to the prior year period. Retail/rental revenue for North American resort and ski area store locations was down 5.7% compared to the prior year period.

Katz said during the March 9 earnings conference call, at the end of February, only between 70% to 80% of skiable acreage in Colorado, and subsequently at Vail Resort’s Utah property (Park City), was open to skiing and riding.

Vail Resorts operates Beaver Creek, Breckenridge, Crested Butte, Keystone and Vail in Colorado, all of whom have received well-below average snow totals in winter 2025/26.

Season snowfall totals as reported by each Colorado resort as of March 10:

• Vail – 145″
• Beaver Creek – 123″
• Keystone – 122″
• Crested Butte – 121″
• Breckenridge – 120″

In a change of strategy heading into the 2026/27 season, Vail Resorts is trying to lure in younger skiers and riders by offering an Epic Pass catered to Gen Z people. Skiers and riders between the ages of 13 and 30 will get a 20% discount on next winter’s Epic Pass. The Teen (ages 13-17) and Young Adult (18-30) Epic Passes are currently priced at $869.

A full-price Epic Pass (ages 31+) for next winter is priced at $1,089, which is 3.6% higher than last season’s price.

Epic Passes for winter 2026/27 went on sale March 3.