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Jan 31
Vail Resorts Q2 2026 Earnings Report
Vail Resorts Q2 2026 Earnings Report
Key Takeaways
Vail Resorts faced significant headwinds in Q2 2026 due to historically low snowfall and warm temperatures in the Rockies, leading to a 13% decline in visitation. Despite these challenges, the company's advance commitment strategy and cost management efforts mitigated the impact, though the company ultimately lowered its full-year fiscal 2026 guidance.
Net income attributable to Vail Resorts decreased to $210.0 million from $244.4 million in the prior year.
Resort Reported EBITDA fell 8.3% to $421.3 million, driven by weather-related visitation declines.
Total skier visits for the quarter dropped 12.5% compared to the prior year period.
The company reduced its full-year fiscal 2026 Resort Reported EBITDA guidance to a range of $745 million to $775 million.
Revenue by Segment
Forward Guidance
Vail Resorts lowered its fiscal 2026 outlook due to persistent challenging weather conditions in the Rockies, while maintaining its capital investment plans.
Positive Outlook
- Expected Resort Reported EBITDA of $745 million to $775 million.
- Resource Efficiency Transformation plan on track for $42 million in incremental savings.
- Total annualized cost efficiencies increased to $106 million.
- Planned core capital investments of $215 million to $220 million for calendar 2026.
- Resort EBITDA margin expected at 26.4% at the midpoint.
Challenges Ahead
- Reduced fiscal 2026 net income guidance to $144 million - $190 million.
- Persistent historically challenging weather conditions in the Rockies.
- Limited terrain availability impacting visitation.
- Ongoing variability of results due to weather conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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