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Jul 31, 2025
Vail Resorts Q4 2025 Earnings Report
Vail Resorts reported a seasonal Q4 loss, reflecting typical off-season trends and one-time transition expenses.
Key Takeaways
Vail Resorts posted a net loss in Q4 2025, driven by seasonal operations, CEO transition costs, and transformation expenses, though visitation in Australia improved due to better weather and pass sales.
Q4 revenue reached $271,289,000, up slightly from Q4 2024.
Net loss attributable to Vail Resorts was $185,460,000 or -$5.08 per diluted share.
Mountain Reported EBITDA was -$127,650,000, reflecting seasonal losses.
Australian visitation improved thanks to favorable weather and strong Epic Day Pass sales.
Revenue by Segment
Forward Guidance
Vail Resorts projects lower FY2026 net income due to softer pass sales and cost inflation but expects margin expansion through operational efficiencies and favorable conditions in Australia.
Positive Outlook
- FY2026 Resort EBITDA guidance range of $842M–$898M
- Estimated $38M in incremental efficiency gains from transformation plan
- $9M expected EBITDA benefit from normalized Australian weather
- Investments in Epic App, social engagement, and lift ticket marketing
- Focused strategy to rebuild lift ticket visitation and pass conversion
Challenges Ahead
- FY2026 net income expected to drop to $201M–$276M
- Lower pass unit sales expected to reduce skier visits
- Cost inflation expected to impact profitability
- Season pass unit sales down 3% YoY as of September 19, 2025
Historical Earnings Impact
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Avg. Return Before/After Earnings
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