Vail Resorts, Inc.: Beat — EPS -$5.34, Revenue $278.07M
Earnings Report· 2026-09-28
MTN
Q4 · 2026After-MarketVail Resorts, Inc.
@trystockwhiz
EARNING PER SHARE
Actual ($)
-5.34
-7.00% YoY
Expected
-5.35
Beat
+0.19%
REVENUE
Actual ($)
278.07M
2.50% YoY
Expected
269.30M
Beat
+3.26%
Earning Report
| Metric | Q4 FY2026 | Q4 FY2025 | YoY Change % |
|---|---|---|---|
| Revenue | $278.07M | $271.29M | +2.5% |
| └─Resort net revenue | $272.08M | $271.20M | +0.3% |
| └─Real Estate | $5.99M | $866.00K | +591.6% |
| └─Mountain and Lodging services and other | $206.73M | $205.74M | +0.5% |
| └─Mountain and Lodging retail and dining | $65.35M | $65.47M | -0.2% |
| Net loss | ($198.87M) | ($189.81M) | - |
| GAAP Basic EPS | -$5.34 | -$4.99 | - |
| GAAP Diluted EPS | -$5.34 | -$4.99 | - |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | FY2027 Outlook |
|---|---|---|
| Net income attributable to Vail Resorts, Inc. | — | $158M-$233M |
| Total Reported EBITDA | — | $795M-$861M |
| Mountain Reported EBITDA | — | $789M-$843M |
| Lodging Reported EBITDA | — | $14M-$24M |
| Resort Reported EBITDA | — | $805M-$865M |
| Real Estate Reported EBITDA | — | -$10M--$4M |
| One-time costs | — | ~$14M |
| Incremental efficiencies | — | ~$25M |
| Annualized cost efficiencies | — | ~$110M by end of FY2027 |
Business Highlights
- ➤Appointed a new Chief Revenue Officer and independent director with hospitality and operations expertise.
- ➤Launched the multi-year Epic Experience growth strategy to differentiate the guest experience.
- ➤Refreshed marketing across media, channel strategies, branding, product and pricing optimization.
- ➤New product and pricing initiatives showed relative strength in unlimited pass products.
- ➤Third-party data showed Vail Resorts outperforming the broader industry among comparable unlimited products.
- ➤Plans a first U.S. eight-passenger detachable chairlift at Park City Mountain.
- ➤Will replace Eagle and Eaglet lifts with a six-passenger detachable chairlift and mid-station unload.
- ➤Will complete a Crescent Lift retrofit to minimize in-season lift downtime.
- ➤Canyons Village Skyway Gondola and base-area parking structure will be ready this upcoming season.
- ➤Declared a quarterly cash dividend of $2.22 per share.
- ➤EpicPromise targets a zero net operating footprint by 2030.
Management Commentary
Rob Katz, Chief Executive Officer
“This past winter was one of the most challenging winters in history across the western U.S. for the ski industry, which negatively impacted financial performance for the year. Conditions were particularly severe in the Rockies, where snowfall and snowpack were at or near historic lows and significantly below prior record-low seasons, resulting in the most difficult weather environment we have ever experienced. With that backdrop, this past year demonstrated the resilience of our business model and encouraging signs for the future. Our advanced commitment model and cost discipline provided considerable stability, and our investments in talent, technology and our resorts drove record guest satisfaction scores and strong employee engagement, which are critical measures of our success.”
Rob Katz, Chief Executive Officer
“Looking back over the past year and a half, we have taken decisive action and accelerated the pace of change across our business, strengthening leadership, advancing growth initiatives, enhancing the guest experience, and improving operational efficiency. In addition to appointing a new CEO, we have brought on a new Chief Revenue Officer and a new independent board member with hospitality and operations expertise, with an ongoing search for a second director. We refreshed our marketing approach and increased our investment across media, channel strategies, branding and optimization of our products and pricing. We also announced our multi-year Epic Experience growth strategy to further differentiate the guest experience to drive increased guest engagement and loyalty, and the expansion of our resource efficiency transformation plan to deliver an additional $30 million of savings by fiscal 2028.”
Rob Katz, Chief Executive Officer
“While this past season had a challenging weather backdrop, we are encouraged by the early progress we are seeing across these strategies, including strong performance from our new product and pricing initiatives, lift ticket and pass sales trends that are outperforming the industry, increased brand awareness, and exceeding our original resource efficiency plan savings. Looking ahead, our Epic Experience strategy provides a clear roadmap for growth by placing the guest at the center of everything we do, in areas where we can drive clear competitive differentiation. By enhancing, personalizing and reducing friction at every stage of the guest journey, we see a significant opportunity to drive greater visitation, guest spending and loyalty through our differentiated resort network, marketing capabilities, and technology investments.”