Vail Resorts (MTN) quarter year MTN Financial Results Summary
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Vail Resorts (MTN) Q4 2026: Significant Decline in Net Income — Disappointing Quarter
Vail Resorts, Inc. (NYSE: MTN) reported its fourth quarter and full year fiscal 2026 results, revealing a substantial decline in net income. For fiscal 2026, net income attributable to Vail Resorts was $147.5 million, a decrease of $132.5 million or 47.5% compared to $280.0 million in the prior year. This significant drop reflects the challenges faced by the company during a particularly difficult winter season.
This quarter is disappointing for shareholders, primarily due to the drastic decline in net income and Resort Reported EBITDA, which fell to $745.7 million, down $98.5 million or 11.7% from $844.1 million in the previous year. The adverse weather conditions, particularly in the Rockies, severely impacted visitation and revenue, leading to a 4.5% decrease in Resort Net Revenue, which totaled $2.83 billion compared to $2.96 billion in fiscal 2025.
Key Financial Metrics:
- Net Income: $147.5 million (down from $280.0 million, -47.5% YoY)
- Resort Reported EBITDA: $745.7 million (down from $844.1 million, -11.7% YoY)
- Resort Net Revenue: $2.83 billion (down from $2.96 billion, -4.5% YoY)
- Total Lift Revenue: Declined 3.5%, despite a 3.9% increase in pass revenue.
- Visitation: Down 13.4% YoY.
The company also reported a 0.3% increase in Resort Net Revenue for the fourth quarter, totaling $278.0 million, primarily driven by strong performance at Grand Teton Lodge Company. However, this was offset by unfavorable weather conditions in Australia, where cumulative snowfall was approximately 57% below the 10-year average.
Dividend and Guidance:
Vail Resorts declared a quarterly cash dividend of $2.22 per share, payable on October 27, 2026, to shareholders of record as of October 8, 2026. Looking ahead, the company provided guidance for fiscal 2027, projecting net income attributable to Vail Resorts of $158 million to $233 million and Resort Reported EBITDA of $805 million to $865 million. This guidance reflects a recovery from the weather-impacted fiscal 2026 season, supported by anticipated increases in lift ticket visitation and pricing growth.
Forward-Looking Catalysts:
Investors should closely monitor the upcoming ski season and the effectiveness of Vail Resorts' new product and pricing initiatives, which have shown early signs of success. The company’s Epic Experience growth strategy aims to enhance guest engagement and loyalty, which could drive visitation and spending. Additionally, the execution of the Resource Efficiency Transformation Plan, expected to deliver approximately $25 million of incremental efficiencies in fiscal 2027, will be crucial for improving margins and overall financial performance.
In summary, while Vail Resorts faced significant challenges in fiscal 2026, the outlook for fiscal 2027 suggests potential recovery. However, the company must navigate ongoing weather uncertainties and market conditions to achieve its projected financial targets.
Consolidated Condensed Statements of Operations
(In thousands, except per share amounts)
Note: The amounts in the following table are in thousands.
| Three Months Ended July 31, 2026 | Three Months Ended July 31, 2025 | Twelve Months Ended July 31, 2026 | Twelve Months Ended July 31, 2025 | |
|---|---|---|---|---|
| Mountain and Lodging services and other | $ 206,783 | $ 205,734 | $ 2,367,223 | $ 2,464,155 |
| Retail and dining | ||||
| Resort net revenue | 272,054 | 271,200 | 2,832,127 | 2,963,377 |
| Real Estate | 5,989 | 86 | 6,193 | 435 |
| Total net revenue | 278,043 | 271,286 | 2,838,320 | 2,964,012 |
| Segment operating expenses | ||||
| Mountain and Lodging operating expenses | 270,907 | 262,913 | 1,485,464 | 1,507,025 |
| Cost of products sold | 24,489 | 25,824 | 167,991 | 181,940 |
| General and administrative | 99,405 | 106,339 | 434,088 | 433,749 |
| Resort operating expenses | 394,801 | 395,076 | 2,087,543 | 2,123,714 |
| Real Estate operating expenses | 7,217 | 1,302 | 11,985 | 6,213 |
| Total segment operating expenses | 402,018 | 396,378 | 2,099,528 | 2,129,927 |
| Other operating income | $(80,926) | $(74,440) | $(305,278) | $(296,476) |
| Gain on sale of real property | 1,705 | — | 13,163 | 24,404 |
| Change in fair value of contingent consideration | (4,800) | (5,300) | (19,238) | (9,379) |
| Loss (gain) on disposal of fixed assets | (770) | 3,902 | (6,823) | 6,933 |
| Net operating income | $(208,440) | $(200,832) | $420,580 | $559,689 |
| Interest expense, net | (53,575) | (44,218) | (205,873) | (171,948) |
| Mountain equity investment income, net | 440 | 357 | 829 | 3,919 |
| Investment income and other, net | 1,961 | 1,458 | 11,129 | 10,126 |
| Foreign currency (loss) gain | (4) | (33) | 80 | 20 |
| Income (loss) before benefit from (provision for) income taxes | $(259,932) | $(243,167) | $226,905 | $402,315 |
| Benefit from (provision for) income taxes | 61,091 | 53,664 | (56,214) | (104,377) |
| Net income (loss) | $(198,841) | $(189,503) | $170,691 | $297,938 |
| Net income (loss) attributable to noncontrolling interests | 8,713 | 7,447 | (23,209) | (17,972) |
| Net income (loss) attributable to Vail Resorts, Inc. | $ (190,128) | $ (182,056) | $ 147,482 | $ 280,085 |
| Per share amounts | ||||
| Basic net income (loss) per share | $ (5.34) | $ (4.99) | $ 4.13 | $ 7.54 |
| Diluted net income (loss) per share | $ (5.34) | $ (4.99) | $ 4.12 | $ 7.53 |
| Cash dividend declared per share | $ 2.22 | $ 2.22 | $ 8.88 | $ 8.88 |
| Weighted average shares outstanding | ||||
| Basic | 35,634 | 36,524 | 35,733 | 37,155 |
| Diluted | 35,634 | 36,524 | 35,792 | 37,204 |
Key Balance Sheet Data
(In thousands)
| As of July 31, 2026 | As of July 31, 2025 | |
|---|---|---|
| Total Vail Resorts, Inc. stockholders’ equity | $ 240,527 | $ 424,499 |
| Long-term debt, net | 3,102,460 | 2,594,765 |
| Long-term debt due within one year | 83,908 | 599,509 |
| Total debt | 3,186,368 | 3,194,274 |
| Less: cash and cash equivalents | 231,349 | 440,290 |
| Less: short-term certificates of deposit | 37,112 | — |
| Net debt | $ 2,917,907 | $ 2,753,984 |
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