Vail Resorts Reports Certain Ski Season Metrics for the Season-to-Date Period Ended January 4, 2026

Rhea-AI Summary

Vail Resorts (NYSE: MTN) reported season-to-date ski metrics through January 4, 2026. Total skier visits were down 20.0% year-over-year and total lift revenue was down 1.8%. Ski school revenue fell 14.9%, dining revenue fell 15.9%, and retail/rental revenue was down 6.0% versus the prior-year period. Management attributed results to unusually low early-season snowfall across the western U.S., with November–December snowfall ~50% below the 30-year average and Rockies down ~60%. The company now expects full-year Resort Reported EBITDA to be just below the low end of September 29, 2025 guidance, assuming Rockies performance normalizes by President's weekend and other stated assumptions.

Company noted strong guest satisfaction scores season to date and improving post-holiday conditions in some regions.

Positive

• None.

Negative

• Season-to-date skier visits down 20.0% versus prior year
• Season-to-date ski school revenue down 14.9% versus prior year
• Dining revenue down 15.9% versus prior year
• Retail/rental revenue down 6.0% versus prior year
• Total lift revenue down 1.8% versus prior year
• Now expects Resort Reported EBITDA just below the low end of guidance

News Market Reaction

-2.41%

3 alerts

-2.41% News Effect

-$126M Valuation Impact

$5.10B Market Cap

3K Volume

On the day this news was published, MTN declined 2.41%, reflecting a moderate negative market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $126M from the company's valuation, bringing the market cap to $5.10B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Skier visits change: -20.0% Lift revenue change: -1.8% Ski school revenue change: -14.9% +5 more

8 metrics

Skier visits change -20.0% Season-to-date vs. prior year period (North American resorts/areas)

Lift revenue change -1.8% Season-to-date total lift revenue vs. prior year period

Ski school revenue change -14.9% Season-to-date vs. prior year period

Dining revenue change -15.9% Season-to-date vs. prior year period

Retail/rental revenue change -6.0% North American resort and ski area stores, season-to-date vs. prior year

Western U.S. snowfall vs. average 50% below November–December snowfall vs. 30-year historical average

Rockies snowfall vs. average 60% down Snowfall vs. 30-year historical average

Terrain opened in December 11% Approximate terrain open at Rockies resorts in December

Market Reality Check

Price: $134.32 Vol: Volume 676,360 is below 2...

low vol

$134.32 Last Close

Volume Volume 676,360 is below 20-day average of 1,043,511, suggesting limited pre-news positioning. low

Technical Shares at $142.61 are trading below the 200-day MA $149.81, reflecting a prior downtrend into this update.

Peers on Argus

MTN was up 0.71% while key peers like CZR (-1.13%), HGV (-1.41%), and BYD (-0.77...

MTN was up 0.71% while key peers like CZR (-1.13%), HGV (-1.41%), and BYD (-0.77%) traded lower, pointing to a stock-specific setup rather than a sector-wide move.

Historical Context

5 past events · Latest: Dec 18 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 18	Dining initiatives	Positive	-1.4%	Launch of new Colorado mountain dining and beverage experiences for 2025/26.
Dec 16	Event programming	Positive	-1.2%	Heavenly’s 70th anniversary with season-long events and lift ticket savings.
Dec 10	Earnings & guidance	Negative	-2.6%	Wider seasonal loss offset by higher revenue and reaffirmed FY26 guidance.
Dec 9	Pricing strategy	Positive	+1.1%	New advance-purchase lift ticket discounts to drive non-pass demand.
Nov 21	Executive hire	Positive	-0.1%	Appointment of new Chief Revenue Officer with large-brand experience.

Pattern Detected

Recent company news has often seen muted-to-negative price reactions, even for operational or promotional positives.

Recent Company History

Over the last few months, MTN news has focused on strategic, operational, and leadership updates. On Dec 10, 2025, the company reported a wider Q1 loss but reaffirmed fiscal 2026 guidance and outlined a $234M–$239M capital plan, with shares down 2.65%. Marketing and pricing initiatives, including advance-purchase lift ticket discounts and new dining concepts across Colorado resorts, saw small mixed reactions. Leadership changes, such as appointing a new Chief Revenue Officer, also produced limited share impact. Against this backdrop, the sharp decline in skier visits and ancillary revenues in the latest update marks a clearly more negative operational data point.

Market Pulse Summary

This announcement highlights significant early-season weather headwinds, with season-to-date skier v...

Analysis

This announcement highlights significant early-season weather headwinds, with season-to-date skier visits down 20.0% and ski school, dining, and retail/rental revenues all declining. Management now expects full-year Resort Reported EBITDA to land just below the low end of prior guidance, contingent on conditions normalizing in the Rockies. The update underscores Vail’s geographic diversification benefits but also its exposure to snowfall variability. Investors may watch upcoming quarterly results, terrain openings, and any revisions to fiscal 2026 expectations to gauge how quickly trends stabilize.

Key Terms

resort reported ebITDA, season pass, forward-looking statements, annual report on form 10-k, +3 more

7 terms

resort reported ebITDA financial

"we now expect our full year Resort Reported EBITDA to be just below the low end"

Reported EBITDA for a resort is the profit the business shows from its core operations — like rooms, food, events, and amenities — before subtracting interest, taxes, and accounting for building wear or purchase-price write-offs. Investors watch this figure because it acts like a heat‑sensor for how well the resort’s day‑to‑day activities generate cash, making it easier to compare operational performance across periods or against other hospitality businesses.

season pass financial

"including an allocated portion of season pass revenue for each applicable period"

A season pass is a single purchase that gives a customer access to a defined bundle of events, services, or content over a set period (a “season”), much like buying a subway pass that covers all rides for a month. For investors it signals recurring or upfront revenue, stronger customer retention and clearer short-term revenue visibility, which can make a company’s cash flow and growth prospects easier to predict and value.

forward-looking statements regulatory

"Certain statements discussed in this press release, other than statements of historical information, are forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

annual report on form 10-k regulatory

"Annual Report on Form 10-K for the fiscal year ended July 31, 2025"

An annual report on Form 10‑K is a required, comprehensive filing that publicly traded companies give to regulators and investors summarizing their business, results of operations, detailed financial statements reviewed by independent auditors, material risks, legal issues and management’s discussion of performance. Investors use it like a company’s year‑end report card and medical checkup: it reveals how the business made money, where it is vulnerable, and the facts needed to compare value, judge risk and make informed investment decisions.

quarterly report on form 10-q regulatory

"Quarterly Report on Form 10-Q for the quarter ended October 31, 2025"

A quarterly report on Form 10-Q is a standardized financial filing public companies must submit to U.S. regulators every three months, summarizing recent financial results, cash flows, balance sheet changes, operations and material risks or legal developments. Investors treat it like a company report card that shows up-to-date facts rather than marketing copy, helping them track performance, spot trends, reassess risk and make buy or sell decisions.

information technology systems technical

"risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks"

Information technology systems are the collection of computers, software, networks, data, and the people who run them that a company uses to record transactions, communicate, deliver services, and make decisions—think of them as the company’s digital nervous system or engine. For investors they matter because these systems drive efficiency, customer access, cost control and regulatory compliance; weaknesses or upgrades can change revenue, expenses, security risk and a company’s value.

independent registered public accounting firm regulatory

"PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm"

An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.

AI-generated analysis. Not financial advice.

BROOMFIELD, Colo., Jan. 15, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported certain ski season metrics from the beginning of the ski season through January 4, 2026 compared to the same prior year period through January 5, 2025. The reported ski season metrics are for the Company's North American destination mountain resorts and regional ski areas, excluding the results of the Australian and European resorts and ski areas. The data mentioned in this release is interim period data and is subject to fiscal quarter end review and adjustments.

• Season-to-date total skier visits were down 20.0% compared to the prior year period.
• Season-to-date total lift revenue, including an allocated portion of season pass revenue for each applicable period, was down 1.8% compared to the prior year period.
• Season-to-date ski school revenue was down 14.9% and dining revenue was down 15.9% compared to the prior year period. Retail/rental revenue for North American resort and ski area store locations was down 6.0% compared to the prior year period.

Commenting on the ski season-to-date, Rob Katz, Chief Executive Officer said, "We experienced one of the worst early season snowfalls in the western U.S. in over 30 years, which limited our ability to open terrain and negatively impacted visitation and ancillary spending for both local and destination guests during the period. Snowfall at our western U.S. resorts for November and December was approximately 50% below the historical 30-year average. In the Rockies, snowfall was down nearly 60% versus the historical 30-year average, resulting in approximately 11% of terrain being opened in December. Conditions in Tahoe were near historic lows through mid-December while Whistler also had a slower start to the season, though both improved with significant snowstorms over the holiday period, which enabled us to greatly expand terrain. Early season conditions at our eastern U.S. ski areas were strong, which provided a partial offset to the broader weather headwinds and highlights the benefit of our geographically diverse network of resorts. Following the holiday period, conditions across our resorts in the Rockies have improved, although conditions remain near historic lows for this time of the season."

Katz continued, "Given the impact from conditions, we now expect our full year Resort Reported EBITDA to be just below the low end of the guidance range issued on September 29, 2025, assuming that performance in the Rockies returns to normal by President's weekend. To the extent that performance improvements in the Rockies lag, due to weaker than expected conditions, there could be further downside to our guidance. Our guidance also assumes (1) normal weather conditions, outside of the Rockies, for the remainder of the 2025/2026 ski season and the 2026 Australian ski season, (2) typical passholder usage for the remainder of the season, (3) continuation of the current economic environment, and (4) the foreign currency exchange rates as of our original fiscal 2026 guidance issued September 29, 2025."

"The recent weather variability has reinforced our commitment to our advance commitment strategy and the investments we have made in our resorts and our employees to deliver on the guest experience. I'm proud of the team's resilience, and exceptional execution that delivered strong guest satisfaction scores season to date, despite the significant weather challenges."

Basis of Presentation

The reported ski season metrics include growth for season pass revenue based on estimated fiscal 2026 North American season pass revenue compared to fiscal 2025 North American season pass revenue. The metrics include all North American destination mountain resorts and regional ski areas and are adjusted to eliminate the impact of foreign currency by applying current period exchange rates to the prior period for Whistler Blackcomb's results.

About Vail Resorts, Inc. (NYSE: MTN)

Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 240 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and pass options at www.EpicPass.com.

Forward-Looking Statements

Certain statements discussed in this press release, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding expected fiscal 2026 performance and the assumptions related thereto, including, but not limited to, our expected Resort Reported EBITDA; expectations regarding weather and economic conditions, and their potential impact on our business; expectations related to our season pass products; execution of our priorities and strategies; and our expectations related to guest behavior, patterns, mix, and visitation, and their anticipated impacts on our business. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of climate change, natural disasters or other events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe, or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our sustainability practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, which was filed on December 10, 2025, and Annual Report on Form 10-K for the fiscal year ended July 31, 2025, which was filed on September 29, 2025.

All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.

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SOURCE Vail Resorts, Inc.

FAQ

How much did Vail Resorts (MTN) report skier visits changed through January 4, 2026?

Season-to-date total skier visits were down 20.0% versus the comparable prior-year period.

What revenue categories at Vail Resorts (MTN) fell the most season-to-date?

Season-to-date ski school was down 14.9% and dining was down 15.9% versus prior year.

How did early-season snowfall affect Vail Resorts' (MTN) 2025/2026 outlook?

Management said very low early snowfall (≈50% below 30-year average in the western U.S.) reduced terrain, visitation, and spending, and now expects Resort Reported EBITDA just below the low end of prior guidance.

Does Vail Resorts (MTN) still expect to meet its previous fiscal 2026 guidance?

The company now expects Resort Reported EBITDA to be just below the low end of the guidance range issued on September 29, 2025, assuming Rockies normalize by President's weekend.

What assumptions did Vail Resorts (MTN) list for its updated outlook?

Key assumptions include normal weather outside the Rockies, typical passholder usage, continuation of the current economic environment, and unchanged foreign exchange rates from the Sept 29, 2025 guidance.