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Vail Resorts Q1 Earnings Surpass Estimates, Revenues Miss
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Key Takeaways
MTN posted a narrower Q1 loss and higher revenues despite missing the sales estimate.
Results were boosted by strong Australia visitation and improved pass sales momentum.
Weak Rockies and Tahoe weather, and rising costs pressured margins, though FY26 guidance stayed firm.
Vail Resorts, Inc. (MTN - Free Report) reported mixed first-quarter fiscal 2026 results, with earnings beating the Zacks Consensus Estimate. However, revenues missed the estimate but increased from the prior year's reported figure.
In the first quarter of fiscal 2026, Vail Resorts' performance was supported by strong visitation at its Australian resorts, aided by favorable weather and the successful launch of the Epic Australia Four-Day Pass. Pass sales also improved meaningfully, reflecting increased paid media investments and a stronger mix of higher-value unlimited pass products. Additional momentum came from solid performance in the Northeast, Whistler Blackcomb and Switzerland, while the company’s robust liquidity position further reinforced its overall financial resilience.
However, poor early-season weather in the Rockies and Tahoe reduced visitation and local pass sales, and rising costs continued to pressure margins despite efficiency improvements. In spite of these conditions, Vail Resorts kept its fiscal 2026 EBITDA and net income guidance unchanged.
MTN’s Q1 Earnings & Revenues
In the quarter under review, the company incurred an adjusted loss per share of $5.20, slightly narrower than the Zacks Consensus Estimate of a loss of $5.23. In the year-ago quarter, it had reported an adjusted loss per share of $4.61.
Vail Resorts, Inc. Price, Consensus and EPS Surprise
Quarterly net revenues amounted to $271 million, missing the consensus estimate of $271.3 million by 0.09%. However, the top line increased 4.2% on a year-over-year basis.
Segmental Results of MTN
Vail Resorts reports through two segments, Mountain and Lodging.
Mountain: This segment generated net revenues of $185.2 million in the fiscal first quarter, up 6.9% year over year. The figure surpassed our model’s projection of $174.8 million. In the quarter under review, revenues from dining inched down 4.1% year over year to $19.8 million.
Revenues from retail/rental increased 4.3% year over year to $30.8 million. That said, revenues from ski school and lift increased 15.3% and 22.8%, respectively, year over year.
The segment’s reported EBITDA loss amounted to $142.6 million in the fiscal first quarter compared with $144.1 million reported in the year-ago quarter. Operating expenses totaled $328.9 million, up 2.9% year over year.
Lodging: Total net revenues in the reported quarter were $85.7 million, down 1.4% year over year. The figure missed our projection of $96.4 million.
In the fiscal quarter, the segment’s EBITDA was $2.9 million compared with $4.4 million reported in the year-ago quarter. Operating expenses in the segment increased 0.3% year over year to $82.8 million.
Operating Results of MTN
Vail Resorts reported a consolidated EBITDA loss of $128.2 million in the fiscal quarter, up from $124.6 million reported in the year-ago quarter. Operating expenses totaled $413.4 million compared with $403.6 million reported in the year-ago quarter.
MTN’s Balance Sheet
Cash and cash equivalents as of Oct. 1, 2025, totaled $581.5 million compared with $403.8 million reported in the year-ago quarter.
Net long-term debt amounted to $2.6 billion at the end of the fiscal first quarter compared with $2.7 billion as of Oct. 1, 2024.
As of Oct. 31, 2025, the company had total cash and revolver availability of approximately $1.5 billion.
Other Updates of MTN
Vail Resorts completed the North American pass selling period with pass units down 2% year over year, while pass sales dollars increased 3%. Trends accelerated late in the cycle from Sept. 20 to Dec. 5, 2025, driven by expanded paid media efforts, with units down just 1% and sales dollars up 6%. The company now has approximately 2.3 million committed passholders for the 2025-26 season, expected to generate about $1 billion in revenues. Management noted that unusually weak early-season snowfall at Western resorts likely weighed on local pass sales, but overall advance-commitment momentum remained solid.
MTN Reaffirms FY26 Guidance
In fiscal 2026, Vail Resorts still expects net income (attributable to Vail Resorts) of $201 million to $276 million, and Resort Reported EBITDA is still expected in the range of $842 million to $898 million.
The company expects its Resource Efficiency Transformation plan to deliver an additional $38 million in cost savings in fiscal 2026 compared with the prior year. The initiative also remains on track to generate over $100 million in annual recurring savings by fiscal 2027.
Guidance reflects efficiency savings and normalized Australian weather, partially offset by lower pass unit sales and cost inflation.
MTN’s Zacks Rank & Stocks to Consider
Currently, Vail Resorts carries a Zacks Rank #4 (Sell).
Las Vegas Sands Corp. (LVS - Free Report) flaunts a Zacks Rank #1 (Strong Buy) at present. The company delivered a trailing four-quarter earnings surprise of 14.5%, on average. LVS stock has rallied 29.4% year to date. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for LVS’ 2026 sales and earnings per share (EPS) indicates growth of 5% and 6.7%, respectively, from the year-ago period’s levels.
Crocs, Inc. (CROX - Free Report) sports a Zacks Rank of 1 at present. The company delivered a trailing four-quarter earnings surprise of 14.3%, on average. Crocs stock has declined 20.4% year to date.
The Zacks Consensus Estimate for Crocs’ 2026 sales and earnings per share (EPS) indicates growth of 0.4% and 3.9%, respectively, from the year-ago period’s levels.
Amer Sports, Inc. (AS - Free Report) flaunts a Zacks Rank of 1 at present. The company delivered a trailing four-quarter earnings surprise of 78%, on average. AS stock has jumped 41.2% year to date.
The Zacks Consensus Estimate for AS’ 2026 sales and EPS indicates growth of 16.4% and 22%, respectively, from the prior-year levels.
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Vail Resorts Q1 Earnings Surpass Estimates, Revenues Miss
Key Takeaways
Vail Resorts, Inc. (MTN - Free Report) reported mixed first-quarter fiscal 2026 results, with earnings beating the Zacks Consensus Estimate. However, revenues missed the estimate but increased from the prior year's reported figure.
In the first quarter of fiscal 2026, Vail Resorts' performance was supported by strong visitation at its Australian resorts, aided by favorable weather and the successful launch of the Epic Australia Four-Day Pass. Pass sales also improved meaningfully, reflecting increased paid media investments and a stronger mix of higher-value unlimited pass products. Additional momentum came from solid performance in the Northeast, Whistler Blackcomb and Switzerland, while the company’s robust liquidity position further reinforced its overall financial resilience.
However, poor early-season weather in the Rockies and Tahoe reduced visitation and local pass sales, and rising costs continued to pressure margins despite efficiency improvements. In spite of these conditions, Vail Resorts kept its fiscal 2026 EBITDA and net income guidance unchanged.
MTN’s Q1 Earnings & Revenues
In the quarter under review, the company incurred an adjusted loss per share of $5.20, slightly narrower than the Zacks Consensus Estimate of a loss of $5.23. In the year-ago quarter, it had reported an adjusted loss per share of $4.61.
Vail Resorts, Inc. Price, Consensus and EPS Surprise
Vail Resorts, Inc. price-consensus-eps-surprise-chart | Vail Resorts, Inc. Quote
Quarterly net revenues amounted to $271 million, missing the consensus estimate of $271.3 million by 0.09%. However, the top line increased 4.2% on a year-over-year basis.
Segmental Results of MTN
Vail Resorts reports through two segments, Mountain and Lodging.
Mountain: This segment generated net revenues of $185.2 million in the fiscal first quarter, up 6.9% year over year. The figure surpassed our model’s projection of $174.8 million. In the quarter under review, revenues from dining inched down 4.1% year over year to $19.8 million.
Revenues from retail/rental increased 4.3% year over year to $30.8 million. That said, revenues from ski school and lift increased 15.3% and 22.8%, respectively, year over year.
The segment’s reported EBITDA loss amounted to $142.6 million in the fiscal first quarter compared with $144.1 million reported in the year-ago quarter. Operating expenses totaled $328.9 million, up 2.9% year over year.
Lodging: Total net revenues in the reported quarter were $85.7 million, down 1.4% year over year. The figure missed our projection of $96.4 million.
In the fiscal quarter, the segment’s EBITDA was $2.9 million compared with $4.4 million reported in the year-ago quarter. Operating expenses in the segment increased 0.3% year over year to $82.8 million.
Operating Results of MTN
Vail Resorts reported a consolidated EBITDA loss of $128.2 million in the fiscal quarter, up from $124.6 million reported in the year-ago quarter. Operating expenses totaled $413.4 million compared with $403.6 million reported in the year-ago quarter.
MTN’s Balance Sheet
Cash and cash equivalents as of Oct. 1, 2025, totaled $581.5 million compared with $403.8 million reported in the year-ago quarter.
Net long-term debt amounted to $2.6 billion at the end of the fiscal first quarter compared with $2.7 billion as of Oct. 1, 2024.
As of Oct. 31, 2025, the company had total cash and revolver availability of approximately $1.5 billion.
Other Updates of MTN
Vail Resorts completed the North American pass selling period with pass units down 2% year over year, while pass sales dollars increased 3%. Trends accelerated late in the cycle from Sept. 20 to Dec. 5, 2025, driven by expanded paid media efforts, with units down just 1% and sales dollars up 6%. The company now has approximately 2.3 million committed passholders for the 2025-26 season, expected to generate about $1 billion in revenues. Management noted that unusually weak early-season snowfall at Western resorts likely weighed on local pass sales, but overall advance-commitment momentum remained solid.
MTN Reaffirms FY26 Guidance
In fiscal 2026, Vail Resorts still expects net income (attributable to Vail Resorts) of $201 million to $276 million, and Resort Reported EBITDA is still expected in the range of $842 million to $898 million.
The company expects its Resource Efficiency Transformation plan to deliver an additional $38 million in cost savings in fiscal 2026 compared with the prior year. The initiative also remains on track to generate over $100 million in annual recurring savings by fiscal 2027.
Guidance reflects efficiency savings and normalized Australian weather, partially offset by lower pass unit sales and cost inflation.
MTN’s Zacks Rank & Stocks to Consider
Currently, Vail Resorts carries a Zacks Rank #4 (Sell).
Some top-ranked stocks from the Consumer Discretionary sector are as follows:
Las Vegas Sands Corp. (LVS - Free Report) flaunts a Zacks Rank #1 (Strong Buy) at present. The company delivered a trailing four-quarter earnings surprise of 14.5%, on average. LVS stock has rallied 29.4% year to date. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for LVS’ 2026 sales and earnings per share (EPS) indicates growth of 5% and 6.7%, respectively, from the year-ago period’s levels.
Crocs, Inc. (CROX - Free Report) sports a Zacks Rank of 1 at present. The company delivered a trailing four-quarter earnings surprise of 14.3%, on average. Crocs stock has declined 20.4% year to date.
The Zacks Consensus Estimate for Crocs’ 2026 sales and earnings per share (EPS) indicates growth of 0.4% and 3.9%, respectively, from the year-ago period’s levels.
Amer Sports, Inc. (AS - Free Report) flaunts a Zacks Rank of 1 at present. The company delivered a trailing four-quarter earnings surprise of 78%, on average. AS stock has jumped 41.2% year to date.
The Zacks Consensus Estimate for AS’ 2026 sales and EPS indicates growth of 16.4% and 22%, respectively, from the prior-year levels.