Vail Resorts Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 10 December 2025: press release. Guidance figures: 5 new, 4 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Net loss attributable rose to $186.8 million: The company reported a net loss attributable to Vail Resorts of $186.8 million, against $173.3 million a year earlier. Diluted net loss per share was $5.20, compared with $4.62. Source
• Resort EBITDA loss flat at $139.7 million: Resort Reported EBITDA loss was $139.7 million, unchanged from the prior year. Management described the quarter's results as in line with its expectations. Source
• Mountain EBITDA improved $1.5 million: Mountain Reported EBITDA loss was $142.6 million. Lift revenue rose 22.8% to $49.6 million, total skier visits rose 34.9% to 739 thousand, and effective ticket price fell 8.9%. Source
• Pass units down 2%, dollars up 3%: Through December 5, units were down about 2% and sales dollars up about 3%. The price increase was partly offset by pass mix; unit declines sat mainly in Colorado, Utah and Tahoe local markets. Source
• Advance commitments expected to cover 74% of visits: Non-refundable advance commitment products are expected to generate about $1 billion of revenue and about 74% of skier visits, excluding complimentary visits. Source
• New advance lift ticket discount launched: A new advance lift ticket discount applies to guests who book at least a month ahead at select resorts. Source
• Marketing and one-time costs offset savings: Resort EBITDA was held flat by Australian weather normalization and continued transformation savings. Year-round overhead inflation, higher pass marketing spend and one-time transformation costs offset them. Source
• Liquidity about $1.5 billion; net debt 3.0x: Liquidity was about $1.5 billion at October 31, 2025. Net debt was $2.59 billion, or 3.0 times trailing twelve-month Total Reported EBITDA. Source

“Our first quarter results were in line with our expectations and importantly, we’re seeing encouraging early momentum from our key initiatives to drive visitation during the 2025/2026 ski season”

Rob Katz, Chief Executive Officer of Vail Resorts

Guidance

What changed from last quarter

• Guidance kept: Fiscal 2026 net income and Resort Reported EBITDA ranges were reaffirmed, unchanged from September 29, 2025. Source
• New guidance: Calendar 2026 capital plan announced with a core capital figure; the prior release gave no calendar 2026 figure. Source
• New: New advance lift ticket discount for guests booking at least a month ahead at select resorts. Source

Quarter results and drivers

• Net loss attributable rose to $186.8 million: The company reported a net loss attributable to Vail Resorts of $186.8 million, against $173.3 million a year earlier. Diluted net loss per share was $5.20, compared with $4.62. Source
• Resort EBITDA loss flat at $139.7 million: Resort Reported EBITDA loss was $139.7 million, unchanged from the prior year. Management described the quarter's results as in line with its expectations. Source
• Resort revenue rose 4%, in line: Resort net revenue rose $10.7 million, or 4%, which the company said was in line with its expectations. Total net revenue was $271.0 million, against $260.3 million. Source

Segments and regions

• Mountain EBITDA improved $1.5 million: Mountain Reported EBITDA loss was $142.6 million. Lift revenue rose 22.8% to $49.6 million, total skier visits rose 34.9% to 739 thousand, and effective ticket price fell 8.9%. Source
• Australia drove visitation gains: Australian visitation improved with favorable weather and the Epic Australia Day Pass introduced this season. Source
• Lodging EBITDA fell on group demand: Lodging Reported EBITDA was $2.9 million, down $1.5 million, on lower summer group demand at North American mountain properties. Grand Teton Lodge visitation rose with favorable weather. Managed condominium RevPAR fell 8.9%. Source
• Real estate EBITDA fell on gain comparison: Real Estate EBITDA was $11.5 million, down $3.6 million. The Breckenridge gain of $13.0 million compared with a $16.5 million gain on the East Vail condemnation a year earlier. Source

“We are encouraged by the initial response to our updated marketing strategy and investments focused on expanding our reach, which drove improved pass product sales results in the final selling period.”

Rob Katz, Chief Executive Officer of Vail Resorts

Pass sales and demand

• Pass units down 2%, dollars up 3%: Through December 5, units were down about 2% and sales dollars up about 3%. The price increase was partly offset by pass mix; unit declines sat mainly in Colorado, Utah and Tahoe local markets. Source
• Late-window sales improved on media: From September 20 to December 5, units were down about 1% and sales dollars up about 6%, which the company linked to paid media investment and a changed marketing approach. Source
• Advance commitments expected to cover 74% of visits: Non-refundable advance commitment products are expected to generate about $1 billion of revenue and about 74% of skier visits, excluding complimentary visits. Source
• New advance lift ticket discount launched: A new advance lift ticket discount applies to guests who book at least a month ahead at select resorts. Source
• Early marketing response called encouraging: Management said the initial response to the updated marketing strategy was encouraging, and that it drove improved pass product sales in the final selling period. Source

Costs, labor and marketing

• Marketing and one-time costs offset savings: Resort EBITDA was held flat by Australian weather normalization and continued transformation savings. Year-round overhead inflation, higher pass marketing spend and one-time transformation costs offset them. Source
• Resort operating expense rose 2.4%: Resort operating expense was $411.7 million, against $402.1 million a year earlier. Consolidated general and administrative expense was $110.4 million, against $106.9 million. Source
• Mountain labor and admin costs rose: Mountain labor and labor-related benefits rose 3.0% to $122.1 million. Mountain general and administrative expense rose 4.2% to $96.5 million. Source

“we remain confident in our ability to make improvements that reaccelerate growth in fiscal 2027 and beyond”

Rob Katz, Chief Executive Officer of Vail Resorts

Capital, cash and shareholder returns

• Liquidity about $1.5 billion; net debt 3.0x: Liquidity was about $1.5 billion at October 31, 2025. Net debt was $2.59 billion, or 3.0 times trailing twelve-month Total Reported EBITDA. Source
• Quarterly dividend of $2.22 declared: The board declared a quarterly cash dividend of $2.22 per share. Source
• About 0.2 million shares repurchased: In November the company repurchased about 0.2 million shares at about $140 per share, a total of $25 million. Source
• Balance between buybacks and dividends: Management said it balances share repurchases and dividends in the current environment, after prioritizing investment in guest and employee experience. Source

Strategy and 2026 investment plan

• Multi-year strategy to drive growth: Management described the initiatives as a multi-year strategy using the company's competitive advantages to drive sustained, profitable growth, with reacceleration targeted for fiscal 2027. Source
• Park City gondola replaces Cabriolet lift: Replacing the Cabriolet lift is part of a multi-year investment at the Canyons Village base at Park City Mountain. Source
• Whistler T-Bar replaced with quad: The Showcase T-Bar at Whistler Blackcomb is to be replaced to improve access to the Blackcomb Glacier. Source
• My Epic app adds native commerce: Planned app upgrades add native commerce and expanded payment options in the website and app. Source

Coming up, as management said on 10 December 2025

• Dividend payment date: The $2.22 dividend is payable January 12, 2026 to shareholders of record as of December 30, 2025. Source
• Transformation plan details due March 2026: Management said it will provide more details on the Resource Efficiency Transformation plan in March 2026. Source
• Primary earnings period still ahead: Management said the North American ski season has just begun and its primary earnings period is still ahead. Source

Figures management reported

Risks management discussed

• Demand: Management cited a slow start to the season across western North American resorts as a current indicator. Source
• Demand: Pass unit declines were concentrated in Colorado, Utah and Tahoe local drive-to markets. Source
• External: Guidance assumes the current economic environment continues and normal weather for the ski seasons. Source
• Regulatory: Calendar 2026 capital projects remain subject to approvals. Source

Earlier plans management reported on

• On track: Management described the transformation plan as on track for its fiscal 2026 savings target. Source
• Met: Management described first quarter results as in line with its expectations. Source

Other quarters

• Q4 FY2026 earnings call
• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q4 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.