Vail Resorts Q2 EPS $5.87, Revenue $1.08B Miss Estimates; Cuts 2026 Guidance
Vail Resorts posted Q2 EPS of $5.87 and revenues of $1.08B, missing estimates by 3.1% and 2.7% respectively, as Rockies resort snowfall dropped to a 30-year low, depressing skier visits and terrain access. The company cut fiscal 2026 net income guidance to $144M–$190M and EBITDA outlook to $745M–$775M.
1. Q2 Results Miss Estimates
Vail Resorts reported adjusted EPS of $5.87 versus the $6.06 consensus and net revenues of $1.08 billion, down 4.7% year over year, missing estimates by 3.1% and 2.7% respectively. Management attributed the shortfall to the lowest Rockies snowfall in over 30 years and unseasonably warm temperatures that limited terrain and reduced lift usage.
2. Segmental Performance Challenges
The Mountain segment generated $1.01 billion in revenues, down 4.8%, with dining, retail/rental, ski school, and lift revenues falling between 2.9% and 9.3%. Lodging revenues declined 3.2% to $71.6 million, resulting in a $0.87 million EBITDA loss, while consolidated EBITDA dropped to $417.7 million from $458.1 million.
3. Revised Fiscal 2026 Guidance and Cost Initiatives
In response to weather headwinds, Vail Resorts lowered fiscal 2026 net income outlook to $144 million–$190 million (from $201M–$276M) and Resort EBITDA guidance to $745 million–$775 million (from $842M–$898M). The Resource Efficiency Transformation plan is now expected to deliver $42 million in incremental cost savings this year and over $106 million annually by 2027.