MTN · Vail Resorts, Inc.

Vail Resorts disclosed challenging season-to-date metrics for its North American destination mountain resorts and regional ski areas through April 19, 2026, reflecting a 14.9% drop in total skier visits compared to the prior year period ending April 20, 2025. Lift revenue declined 5.6%, incorporating allocated season pass revenue, while ancillary revenues faced steeper declines: ski school down 12.0%, dining 11.7%, and retail/rental 6.6%. CEO Rob Katz attributed these results to one of the most challenging winters in western U.S. history, marked by record low snowfall and historically warm temperatures, which persisted into March and led to weaker late-season visitation, earlier closures, and a 25% drop in Rockies visitation. These conditions increased variability, impacting both destination and local guests. As a result, the company now anticipates Resort Reported EBITDA for fiscal 2026 to be at or around the low end of the guidance range provided on March 9, 2026. Spring pass sales for the 2026/2027 season, through the April 12 deadline, showed a moderate decline in pass product units and a slight decline in sales dollars, though it is early in the selling period with a key pricing deadline in May. Metrics are interim, subject to fiscal quarter-end adjustments, and exclude Australian and European operations, with Whistler Blackcomb adjusted for foreign currency impacts.