Vail Resorts reported fiscal 2026 net income of $147.5 million, down from $280 million a year earlier, after snowfall and snowpack in the Rockies sank to or near historic lows. Total net revenue for the fiscal year stood at $2.88 billion, with Resort Reported EBITDA of $745.7 million, and lift revenue slipped only 3.5% because many guests had already paid for passes before the season began. The company booked $45 million in savings from its efficiency overhaul in fiscal 2026 and raised its annualized target to $110 million by the end of fiscal 2027. Fiscal 2027 guidance assumes normal weather and projects net income of $158 million to $233 million and resort EBITDA of $805 million to $865 million, though pass units were down about 12% as of September 18 and sales dollars were down 6%, concentrated in destination frequency passes. Guidance implies a resort EBITDA margin of 27.3% before one-time costs, about 200 basis points below the original fiscal 2026 plan, with leverage at 3.9 times trailing EBITDA as of July 31, 2026, and short interest at 29.16% of the float.
Vail Resorts IncFiscal 2026 net income fell to $147.5M from $280M on historic-low Rockies snowfall, and pass units are down ~12% heading into fiscal 2027.
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