Vail Resorts Shares Slip After Earnings Miss and Lowered Outlook

Vail Resorts, Inc. (NYSE:MTN) reported second-quarter results that fell short of Wall Street expectations and cut its full-year guidance, citing unusually difficult weather conditions across its Rocky Mountain ski destinations. Shares declined roughly 2% intra-day Tuesday following the announcement.

The ski resort operator posted adjusted earnings per share of $5.87 for the quarter ended January 31, missing the analyst consensus of $6.25 by $0.38. Revenue totaled $1.08 billion, below the $1.12 billion estimate and down 4.7% compared with the same period last year.

The decline was largely attributed to the lowest snowfall in more than three decades at the company’s Colorado and Utah resorts, combined with warmer temperatures that limited terrain availability. Although visitation fell 13% during the quarter, total lift revenue dropped only 2.9%, supported by a 3% increase in North American pass sales revenue.

The company now expects fiscal 2026 net income between $144 million and $190 million, with Resort Reported EBITDA projected in a range of $745 million to $775 million. The midpoint of $760 million represents a meaningful reduction from prior expectations and reflects ongoing weather challenges that have continued to restrict terrain availability across the Rockies.

Resort Reported EBITDA for the quarter declined $38.4 million, or 8.3%, to $421.3 million from the prior year. Through March 1, season-to-date skier visits were down 11.9% year over year, while total lift revenue fell 3.6%.