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Apr 30
Vail Resorts Q3 2025 Earnings Report
Vail Resorts reported a strong Q3 with higher EPS and net income despite lower visitation from lift ticket guests.
Key Takeaways
Vail Resorts posted solid Q3 2025 financial results, with increased EPS and net income supported by higher passholder spending and strong cost discipline. Total revenue and Resort Reported EBITDA saw slight year-over-year growth despite a decline in overall visitation.
Net income rose to $392.8 million, up from $362.0 million a year earlier.
EPS increased to $10.54 from $9.54 in the prior year quarter.
Resort net revenue grew slightly to $1.295 billion despite a decline in skier visits.
Visitation from lift ticket guests declined, but passholder revenue and ancillary spending remained strong.
Vail Resorts
Vail Resorts
Vail Resorts Revenue by Segment
Revenue by Segment
Mountain Revenue
CapyFin.comLodging Revenue
CapyFin.comReal Estate Revenue
CapyFin.com Forward Guidance
Vail Resorts updated its FY2025 guidance downward due to lower spring visitation and CEO transition costs, but remains optimistic due to cost controls and strong passholder engagement.
Positive Outlook
- Cost savings from the resource efficiency transformation plan.
- Improved pre-committed destination visitation in March and April.
- Stable guest satisfaction scores across most resorts.
- Strong ancillary spending per guest in ski school and dining.
- Season pass revenue increased 4% year-to-date.
Challenges Ahead
- Lower-than-expected spring lift ticket visitation.
- Estimated $9 million one-time CEO transition costs.
- Expected $7 million impact from foreign exchange rate declines.
- Estimated $15 million one-time costs from efficiency transformation plan.
- Unfavorable EBITDA impact from performance-based incentives not incurred last year.