Vail Resorts Q2 EPS Misses by 3.1%; Fiscal 2026 Income Guidance Cut to $144M–$190M
Vail Resorts’ fiscal Q2 adjusted EPS of $5.87 fell 3.1% short of estimates while net revenue declined 4.7% year-over-year to $1.08 billion. The company narrowed fiscal 2026 net income guidance to $144 million–$190 million and cut Resort EBITDA range to $745 million–$775 million.
1. Q2 Financial Results
Vail Resorts reported adjusted EPS of $5.87, missing estimates by 3.1%, and net revenue of $1.08 billion, down 4.7% year-over-year. Consolidated EBITDA fell to $417.7 million from $458.1 million, while operating expenses decreased 2.4% to $663.1 million.
2. Segment Performance
The Mountain segment generated net revenues of $1.01 billion, down 4.8%, with declines across dining, retail, ski school and lift revenues. The Lodging segment posted $71.6 million in net revenues, a 3.2% drop, and recorded an EBITDA loss of $0.87 million on slightly higher operating expenses.
3. Ski Metrics and Weather Impact
Primary skier visits across North American resorts declined 11.9% due to the lowest snowfall in over 30 years, pressuring lift revenues by 3.6%. Ancillary segments fell as ski school revenues dropped 8.2%, dining 8.6%, and retail/rental 5.7% through March 1.
4. Revised Fiscal 2026 Guidance
Net income guidance was reduced to $144 million–$190 million from $201 million–$276 million, and Resort EBITDA is now expected at $745 million–$775 million versus $842 million–$898 million. The Resource Efficiency Transformation plan is forecast to deliver $42 million in 2026 cost savings and $106 million annually by 2027.