Vail Resorts Q2 Revenue Drops 4.7%, EPS Misses Estimates; RevPAR Declines
Vail Resorts reported Q2 revenue of $1.08 billion, down 4.7% year-over-year and 2.7% below the $1.11 billion estimate, with EPS at $5.87 versus $6.06 expected. Core metrics saw widespread declines, including ski visits at 6.78 thousand (vs. 7.15 thousand est.) and lodging RevPAR falling to $152.98 (vs. $158.82 est.).
1. Q2 Results Summary
For the quarter ended January 2026, Vail Resorts reported revenue of $1.08 billion, a 4.7% year-over-year decline and 2.7% below the $1.11 billion consensus. EPS fell to $5.87 from $6.56 last year, missing the $6.06 estimate by 3.1%.
2. Segment Performance Metrics
Key operational metrics showed broad weakness: skier visits reached 6,780 versus 7,150 estimated, lodging RevPAR dropped to $152.98 against $158.82 estimates, and owned hotel RevPAR declined to $130.60 versus $142.18 expected. Mountain net revenue of $1.01 billion fell short of the $1.03 billion estimate, while lift revenue, ski school, dining, retail and other segments each posted mid-single-digit declines. Notably, effective ticket price (ETP) rose to $92.29, modestly above the $90.94 forecast.
3. Market Reaction and Outlook
Shares have returned 0.1% over the past month compared with a 2.7% drop in the S&P 500, reflecting muted investor response. The company carries a hold outlook, indicating limited upside absent a meaningful recovery in core skiing and lodging performance.