Vail Resorts Q4 Revenue Drops 4.7% to $1.08B, Cuts FY EBITDA Guidance
Vail Resorts posted Q4 CY2025 revenue of $1.08 billion, missing estimates by 0.6%, while GAAP EPS of $5.87 fell 4.6% short and adjusted EBITDA of $417.7 million missed by 3.5%. Fiscal Q2 net income dropped to $210 million from $244.4 million a year ago, lift revenue fell 2.9% as skier visits declined 11.9%, prompting a cut to full-year EBITDA guidance to $745–$775 million and a boost of cost efficiencies to $106 million.
1. Q4 CY2025 Performance
Vail Resorts reported Q4 revenue of $1.08 billion, down 4.7% year-on-year and 0.6% below estimates. GAAP EPS of $5.87 missed by 4.6%, adjusted EBITDA was $417.7 million (3.5% miss), operating margin fell to 31.8% from 33.8%, and skier visits dropped to 6.78 million, down 973,000.
2. Fiscal Q2 Results
In fiscal Q2, net income declined to $210 million from $244.4 million a year earlier, with EPS at $5.87 versus analyst expectations of $6.06. Revenue of $1.08 billion and Resort Reported EBITDA of $421.3 million both fell short of forecasts amid continued visitation headwinds.
3. Revised Fiscal 2026 Guidance
Management lowered full-year net income guidance to $144 million–$190 million and Resort EBITDA guidance to $745 million–$775 million. The company declared a $2.22 quarterly dividend and repurchased approximately 0.3 million shares at an average price of $139 per share.
4. Weather Impact and Efficiency Plan
Management attributed softer results to the lowest snowfall in over 30 years, reducing terrain availability and visitation. Season-to-date skier visits are down 11.9%, lift revenue down 3.6%, ski school revenue down 8.2%, dining down 8.6% and retail down 5.7%. The company is advancing its Resource Efficiency Transformation to deliver $106 million in annualized cost savings.