Vail Resorts’ Q3 earnings report shows net revenue decreased $90M

Skier visits in Colorado bottomed out to 1991-92 levels during winter 2025/26

Vail Resorts reported its Q3 earnings on Monday, June 8 and the numbers show net revenue was down again after an abysmal winter snowfall in the western United States.

The Broomfield ski company reported its third quarter earnings report and showed that pass product units sold through May 26 for the upcoming North American ski season decreased approximately 10%.

Further more, days sold decreased approximately 8% while sales dollars (inclusive of sales and admissions taxes) decreased approximately 5%, as compared to the prior year period through May 27, 2025.

The Q2 earnings report in March showed a drop in net revenue as well. Second quarter net revenue was down $53.2M, or 4.7% compared to the prior year.

According to Vail Resorts, the decline in performance-to-date reflected softer demand following one of the worst snowfall years in history in the western U.S., most evident in weaker trends across weather-impacted markets such as Colorado, Utah and Lake Tahoe.

Vail Resorts also said the low snowfall year plagued ‘Destination guests’ who typically visit the Rockies, relative to much stronger performance in the Eastern United States and at Whistler/Blackcomb, British Colombia, Canada.

Third quarter operating results highlights

• Resort Net Revenue decreased $90.4 million, or 7.0%, compared to the prior year, primarily driven by unfavorable weather conditions that impacted visitation and revenue for both local and destination guests, particularly at the Rockies and Tahoe resorts. Compared to the prior year, total lift revenue declined 5%, despite visitation being down 15%, primarily as a result of 2025/2026 North American Pass Sales increasing 3% heading into the season.
• Resort Reported EBITDA decreased $61.3 million, or 9.5%, compared to the prior year, which was primarily driven by the weather-related headwinds, and were partially offset by disciplined cost management and continued resource efficiency transformation cost savings.
• Vail Resorts declared a quarterly cash dividend of $2.22 per share of Vail Resorts’ common stock that will be payable on July 9, 2026 to shareholders of record as of June 25, 2026.

Vail Resorts’ stock (MTN) opened Monday trading at $135.09/share, rose to an intraday high of $139.40/share, but fell to $130.45/share, and as low as $128/share, in after hours trading.

Vail Resorts CEO Rob Katz weighed in on the third quarter earnings report.

“Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S., driving continued pressure on visitation and revenue in the quarter, particularly at our destination resorts in the Rockies,” Katz said. “While these dynamics negatively impacted results, our advance commitment model provided considerable stability and strong cost discipline kept us on track to exceed our resource efficiency transformation plan savings for the year.” 

Vail Resorts reported in late April it estimated that 14.4 million skier visits across its 37 North American resorts were recorded during the 2025/26 season, which marked a 14.9% decline in total skier visits compared to the 2024/25 season.

Colorado Ski Country USA skier visit numbers

On Thursday, June 4 at its annual meeting, Colorado Ski Country USA announced its 2025/26 skier visit numbers. The ski-industry trade group projected preliminary statewide skier visits of only 10.5 million, down 25% from winter 2024/25’s 13.9 million skier visits.

According to CSCUSA, all visitor segments declined in 2025/26: in-state, out-of-state, and international. The average days ski areas were open declined from the 20-year average of 144 days to 129 days, and visits fell more than 20% below both the five year and ten year averages, respectively. 

“This year revealed the experience, dedication, and grit of Colorado’s resorts and the teams behind them,” Melanie Mills, president and CEO of Colorado Ski Country USA said. “Their work supports mountain economies, keeps people connected to the mountains, and sustains the experience that generations of Coloradans and visitors come here to share. Skier visits are an important metric, but they are far from the only measure of the health of our industry.”

Skier visit numbers recorded by both Vail Resorts and CSCUSA correlate with near-record low snowfall during winter 2025/26, where every ski area and resort in Colorado saw below- to well-below snowfall, with no lift accessed ski area recording more than 200 inches of snowfall for the season.

CSCUSA remained optimistic after the less-than-stellar news.

“The warmer weather drew newer skiers and snowboarders to the slopes,” CSCUSA said. “Many days offered shorter lift lines, milder temperatures, and well-groomed, approachable terrain that helped beginners build confidence. In addition, several Colorado resorts hosted enthusiastic crowds for qualifying events in the run-up to the 2026 Winter Olympic Games, supported their communities with fundraising events and ski safety education, and welcomed guests with diverse winter activities and creative food and beverage options.”

Katz also remaied optimistic for the future, however, saying Vail Resorts’ model for success will prevail long term.

“Looking ahead, we see significant opportunity to further elevate the guest experience across our resorts through continued investments in lifts, snowmaking, terrain and our talent, while leveraging the scale and strength of our integrated network to implement new technologies and enhance key elements of the guest experience,” Katz said.

“We have key initiatives underway in our gear, ski school and dining businesses, as well as every facet of guest engagement and communication, and will share updates on these efforts in the upcoming months. Together, these initiatives will play an important role in driving future visitation growth and long-term value creation.”