Vail Resorts Q3 Earnings Miss Estimates as Weather Pressures Ski Visits and 2026 Outlook
Vail Resorts Q3 Earnings Miss Estimates as Weather Pressures Ski Visits and 2026 Outlook
Vail Resorts Inc. (NYSE: MTN) reported weaker third-quarter fiscal 2026 results, with earnings falling short of analyst expectations as poor snowfall across key western U.S. markets reduced skier visits and pressured resort revenue.
The company posted quarterly earnings of $8.81 per share, down from $10.54 per share in the same quarter last year. Revenue came in near $1.21 billion, representing a roughly 7% year-over-year decline. Zacks reported that Vail Resorts missed earnings expectations, while revenue was close to consensus estimates.
Weather Was the Main Challenge
Management pointed to unusually weak snowfall in the western United States as the biggest reason for the disappointing quarter. The company said resort visitation was hurt in major ski markets including Colorado, Utah, and Lake Tahoe. Industry reports also noted that western U.S. ski visits dropped sharply after one of the weakest snowfall seasons in decades.
Vail Resortsâ Resort Reported EBITDA fell to $586.4 million, compared with $647.7 million a year earlier. Net income attributable to Vail Resorts declined to $314.4 million, down from $389.7 million in the prior-year quarter.
Full-Year Guidance Cut Again
The company lowered its fiscal 2026 outlook. Vail Resorts now expects full-year net income attributable to the company between $128 million and $162 million. It also forecasts Resort Reported EBITDA between $735 million and $755 million.
This guidance cut signals that management expects weather-related weakness to continue weighing on results. Although cost controls helped soften the impact, they were not enough to fully offset lower visitation and reduced lift-related revenue.
Season Pass Sales Also Weaken
Another concern for investors is early season pass sales for the 2026/2027 North American ski season. Vail Resorts reported that pass product units were down about 10%, with pass sales dollars down around 5%. The company linked this decline to softer demand after the poor snowfall season, especially among destination guests and customers in weather-hit western markets.
Stock Reaction
Following the earnings report and weaker outlook, Vail Resorts shares declined. Reports from financial media showed the stock falling around 4% to 5% after the announcement, as investors reacted to the earnings miss, lower guidance, and weaker pass trends.
What Investors Should Watch Next
Investors will likely focus on three key areas: whether snowfall returns to normal levels, whether season pass demand improves, and whether Vail Resorts can protect margins through cost savings. The companyâs advance-purchase pass model still gives it some revenue stability, but the latest quarter shows that extreme weather can still have a major effect on visits, guest spending, and investor confidence.
Overall, Vail Resorts remains a major player in the ski resort industry, but its third-quarter results highlight the risks tied to weather, consumer travel demand, and seasonal outdoor recreation. The next several quarters will be important as the company tries to rebuild momentum before the next North American ski season.
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