Vail Resorts Sees 12% Slump in Ski Visits, Cuts 2026 Guidance
Vail Resorts reported skier visits down 12% year-on-year for the season through March 1 and saw second-quarter net income drop to $210 million from $244 million. The company trimmed its full-year 2026 net income guidance to $144–190 million from $201–276 million after a 30-year low snowpack.
1. Q2 Winter Season Results
For the winter season through March 1, Vail Resorts reported skier visits down 12% year-on-year and saw ski school revenue fall 8%, dining revenue drop 9% and rental revenue decline 6%, driving net income to $210 million from $244 million a year earlier.
2. Full-Year 2026 Net Income Guidance Cut
In response to the poor winter performance, management trimmed full-year 2026 net income guidance to a range of $144–190 million, down from a prior projection between $201–276 million, reflecting the seasonality of its business model.
3. Historic Low Snowpack Impact
A 30-year low snowpack across flagship properties in Colorado and Utah forced cancellations and lower foot traffic, illustrating the vulnerability of the Epic Pass subscription model to extreme weather fluctuations.
4. Market Reaction and Strategic Outlook
Shares edged lower after the earnings release and guidance cut, with long-term investors assessing the risk of recurring winter volatility as Vail explores diversification and climate-adaptive strategies.