Vail Resorts (NYSE:MTN) shares edged lower in pre-market trading on Tuesday after the ski resort operator reported fourth-quarter results above analyst expectations but disclosed lower season pass sales for the upcoming 2026/2027 ski season.
The company reported a fourth-quarter loss of $5.34 per share, compared with an analyst estimate for a loss of $5.35 per share.
Revenue increased 2.5% to $278.1 million from $271.3 million in the prior-year period, exceeding the consensus estimate of $269.3 million.
Full-Year Net Income Falls to $147.5 Million
For fiscal 2026, net income attributable to Vail Resorts declined to $147.5 million from $280.0 million in the previous year.
Resort Reported EBITDA decreased to $745.7 million from $844.1 million, including $11 million of one-time costs.
The company attributed the weaker annual performance in part to poor weather conditions across the western US during the ski season.
“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,” Chief Executive Rob Katz said.
Season Pass Sales Decline Ahead of 2026/2027 Season
Vail Resorts reported lower season pass sales for the upcoming ski season through 18 September.
Pass unit sales were down approximately 12% compared with the same period a year earlier, while days sold declined 10% and sales dollars fell 6%.
The figures represented an update on advance demand for the company’s 2026/2027 ski season.
Vail Resorts Issues Fiscal 2027 Guidance
For fiscal 2027, Vail Resorts expects net income attributable to the company of between $158 million and $233 million.
Resort Reported EBITDA is forecast at between $805 million and $865 million, including approximately $14 million of one-time costs.
The company also expects to generate approximately $25 million of incremental efficiencies during fiscal 2027 through its resource efficiency transformation plan.
Vail Resorts’ board declared a quarterly dividend of $2.22 per share.
Truist Highlights Pass Sales and FY2027 Outlook
Truist Securities analysts said investors were likely to focus more closely on season pass trends and the company’s fiscal 2027 guidance than on the fourth-quarter result.
“While FY4Q26 EBITDA was slightly better (or less of an offseason loss) than consensus expectations, focus is not on the quarter as FY4Q is not an important earnings quarter for MTN,” the analysts said in a note.
“We believe investors will be more focused on the […] slight deceleration in pass sales trends from June’s levels and […] initial FY2027 earnings guide that at the midpoint is slightly below consensus.”
Vail Resorts stock price
