📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Vail Resorts, Inc., together with its subsidiaries, operates mountain resorts and regional ski areas in the United States and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ~ Volatile 4 quarters analysed

Q3 2025

Confident Specific

Management expresses optimism about future growth and the strength of the advanced commitment model, while openly acknowledging underperformance in lift ticket visitation and committing to improvements in guest experience and marketing. They provide specific guidance and cost efficiency targets.

Q4 2025

Mixed

The CEO openly admitted underperformance ('results were below expectations', 'we are not yet delivering on the full growth potential') and weakness in pass sales, but expressed confidence in long-term strategy ('well positioned to return to higher growth in FY27 and beyond'). The tone balanced candid self-criticism with optimistic forward-looking statements.

Q1 2026

Confident Vague

Management expressed confidence in strategic shifts (marketing, lift ticket pricing, pass sales improvements) but remained vague on quantification, repeatedly noting it is 'very early' and results are 'less visible this fiscal year.'

Q2 2026 latest

Cautious

Management acknowledged the most difficult weather environment in the Rockies on record, leading to reduced guidance, but repeatedly emphasized the resilience of their advance commitment strategy and geographic diversification. Specific language included 'unprecedented weather challenges' and 'proud of the resilience of our business model'.

Guidance Reliability Pending · <3Q data

Investor Lens

The near-term investment thesis weakens as severe weather in the Rockies drove a significant EBITDA reduction and guided lower. However, the long-term thesis remains largely intact: the pass program provides stable committed revenue, geographic diversification helps buffer regional shocks, and new targeted pricing and marketing initiatives aim to broaden the customer base. The resource efficiency plan adds cost discipline. Key watchpoints for next quarter include early pass sales momentum for the 2026/27 season, any weather normalization in late spring, and the conversion rate of the young adult discount. The call underscores that while weather is an uncontrollable headwind, management's strategic adjustments and balance sheet strength provide a resilient foundation. Overall, the investment thesis is currently weaker due to the immediate financial impact, but management's actions position the company for recovery when conditions improve.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Cautious ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Vail Resorts: 75% pass visitation, 55% pass growth, Rockies weather hit

Revenue & Profitability

Q2 total net revenue declined approximately 5% year-over-year, and Resort Reported EBITDA declined approximately 8%. Season-to-date skier visitation is down 12%, while lift revenue is down 4% (pass revenue up ~3% heading into the season). Fiscal 2026 net income guidance is $144 million-$190 million, and Resort EBITDA guidance is $745 million-$775 million.

Outlook

Management views the severe Rockies weather as a temporary aberration that does not change long-term engagement in skiing. They remain confident in the model's resilience and balance sheet strength. No macro or geopolitical headwinds were cited; all guidance variability is attributed to weather conditions.

Growth Drivers

Key growth levers include a new young adult pass (20% discount for ages 13-30), Epic Friend Tickets, one-month advance lift tickets, and off-peak pricing. Enhanced marketing with a social-first, influencer-driven approach (the 'Epic Passion' campaign) is driving pass sales. Geographic diversification and pass product innovation are central to future growth.

Balance Sheet & CapEx

Core capital expenditures for calendar year 2026 are $215 million-$220 million, with total capital spending of $234 million-$239 million. Focus is on technology investments deployable at scale. The Resource Efficiency Transformation Plan is expected to deliver $42 million in incremental savings in fiscal 2026 (before $15 million one-time costs), exceeding the $100 million target by $6 million.

Margins

Margin trajectory is pressured this year by weather-driven revenue declines with high fixed costs, resulting in high flow-through. The Resource Efficiency Transformation Plan is improving operating leverage. Disciplined cost management partially offset weather headwinds. No explicit margin percentages were provided, but EBITDA guidance implies compression relative to initial expectations.

Key Risks

The primary risk is unprecedented weather conditions, particularly in the Rockies, with snowfall at all-time historic lows and record warmth. This creates greater variability in guidance. Management stated that all guidance changes are weather-driven, with no mention of macro or geopolitical risks. The late-season snowpack uncertainty adds to variability.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-06-08

Q3 results were heavily impacted by historic weather challenges, leading to lower visitation and revenue, but operational execution and guest experience remained strong. Strategic marketing and product initiatives helped mitigate declines, and management expects recovery if conditions normalize.

Q2 2026 Q2 2026 2026-03-09

Second quarter results were heavily impacted by record-low snowfall in the Rockies, leading to lower revenue and EBITDA, but strong pass sales and diversification provided stability. Fiscal 2026 guidance was reduced, and new initiatives target younger skiers and enhanced guest experience.

Q1 2026 Q1 2026 2025-12-10

Fiscal Q1 2026 saw 4% revenue growth and flat EBITDA, with strong Australian results and improved fall pass sales from new marketing and product initiatives. Guidance for FY26 is reiterated, with $1.5B liquidity and major capital investments planned.

Q4 2025 Q4 2025 2025-09-29

Fiscal 2025 saw stable EBITDA growth despite lower skier visits and pass sales. Fiscal 2026 guidance projects modest growth, driven by price increases, cost efficiencies, and new guest engagement strategies, while capital investments and share repurchases continue.

Q3 2025 Q3 2025 2025-06-05

Fiscal Q3 saw stable revenue and EBITDA growth despite a 7% drop in visitation, with strong ancillary spend and cost discipline offsetting lower lift ticket sales. Updated 2025 guidance reflects one-time CEO transition costs and continued investment in guest experience.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.