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Oct 31, 2025
Vail Resorts Q1 2026 Earnings Report
Vail Resorts reported a wider net loss in Q1 2026 but reaffirmed its full-year guidance.
Key Takeaways
Vail Resorts posted a net loss of $186.8 million in Q1 2026, slightly deeper than the prior year, while revenue rose to $271 million. The company reaffirmed its fiscal 2026 guidance, highlighting improved late-season pass sales momentum and planned capital investments to drive future growth.
Net loss increased to $186.8 million compared to $173.3 million in Q1 2025.
Total revenue grew to $271 million, driven by stronger performance in Australian resorts.
The company reaffirmed FY26 guidance, with expected net income between $201 million and $276 million.
Season pass sales improved late in the quarter, with a 3% increase in sales dollars despite a 2% decline in units.
Revenue by Segment
Forward Guidance
Vail Resorts reaffirmed its fiscal 2026 guidance despite a slow start to the ski season, expecting net income between $201 million and $276 million and Resort Reported EBITDA between $842 million and $898 million.
Positive Outlook
- FY26 net income guidance reaffirmed: $201M to $276M
- FY26 Resort Reported EBITDA guidance reaffirmed: $842M to $898M
- Approximately $1B in revenue secured through advance commitment products
- Late Q1 pass sales showed positive momentum due to marketing efforts
- Continued cost savings from the Resource Efficiency Transformation Plan
Challenges Ahead
- Q1 net loss widened year-over-year
- Pass units declined 2% year-over-year
- Season start was slow across western North American resorts
- Lodging EBITDA decreased due to weak summer group demand
Historical Earnings Impact
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Avg. Return Before/After Earnings
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