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Vail Resorts Q2 Earnings and Revenues Miss Estimates, Guidance Lowered
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Key Takeaways
MTN reported Q2 EPS of $5.87 and revenues of $1.08B, both missing estimates and declining year over year.
MTN saw skier visits drop 11.9% season to date as low snowfall and warm Rockies weather hurt terrain.
MTN cut FY26 net income outlook to $144M$190M and Resort EBITDA forecast to $745M$775M.
Vail Resorts, Inc. (MTN - Free Report) reported dismal second-quarter fiscal 2026 results, with earnings and revenues missing the Zacks Consensus Estimate. On a year-over-year basis, both the top and bottom lines declined.
The second quarter of fiscal 2026 was defined by the most challenging winter conditions ever experienced across the Rockies, characterized by the lowest snowfall levels in over 30 years and unseasonably warm temperatures. These historically unfavorable conditions resulted in significantly reduced terrain and notable visitation headwinds at key Colorado and Utah resorts, which, in turn, pressured overall performance.
Despite these headwinds, results were partially supported by the company’s advanced commitment strategy, including solid pre-season pass sales that helped sustain lift revenue, though skier visits declined. In addition, disciplined cost management and continued savings generated through the Resource Efficiency Transformation initiative helped mitigate a portion of the weather-related impact.
MTN’s Q2 Earnings & Revenues
In the quarter under review, the company reported an adjusted earnings per share (EPS) of $5.87, which missed the Zacks Consensus Estimate of $6.06 by 3.1%. In the year-ago quarter, it had reported an EPS of $6.53.
Vail Resorts, Inc. Price, Consensus and EPS Surprise
Quarterly net revenues amounted to $1.08 billion, missing the consensus estimate of $1.11 billion by 2.7%. The top line also decreased 4.7% 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 $1.01 billion in the fiscal second quarter, down 4.8% year over year. The figure slightly missed our model’s projection of $1.05 billion. In the quarter under review, revenues from dining inched down 6.9% year over year to $84.6 million.
Revenues from retail/rental decreased 6.8% year over year to $126 million. That said, revenues from ski school and lift also fell 9.3% and 2.9%, respectively, year over year.
The segment’s reported EBITDA amounted to $422.2 million in the fiscal second quarter compared with $457.6 million reported in the year-ago quarter. Operating expenses totaled $589 million, down 2.8% year over year.
Lodging: Total net revenues in the reported quarter were $71.6 million, down 3.2% year over year. The figure missed our projection of $86.4 million.
In the fiscal quarter, the segment’s EBITDA loss was $0.87 million compared with the $2 million positive EBITDA reported in the year-ago quarter. Operating expenses in the segment increased 0.8% year over year to $72.5 million.
Operating Results of MTN
Vail Resorts reported a consolidated EBITDA of $417.7 million in the fiscal second quarter, down from $458.1 million reported in the year-ago quarter. Operating expenses totaled $663.1 million compared with $679.9 million reported in the year-ago quarter.
MTN’s Balance Sheet
Cash and cash equivalents as of Jan. 31, 2026, totaled $384.7 million compared with $488.2 million reported in the year-ago quarter.
Net long-term debt amounted to $2.5 billion at the end of the fiscal second quarter compared with $2.2 billion as of Jan. 31, 2025.
As of Jan. 31, 2026, the company had total cash and revolver availability of approximately $1.1 billion.
Other Updates of MTN
Through March 1, 2026, the company reported season-to-date ski metrics for its North American destination mountain resorts and regional ski areas, excluding Australian and European operations, compared with the prior-year period ended March 2, 2025. Primary engagement saw a 11.9% decrease in total skier visits, which contributed to a 3.6% decline in total lift revenue (inclusive of allocated season pass revenue). Ancillary business segments also contracted, with ski school and dining revenues down 8.2% and 8.6%, respectively, while retail/rental revenue at North American locations fell 5.7%. These interim figures remain subject to fiscal quarter-end review and adjustments.
MTN Lowers Fiscal 2026 Guidance
In light of historically challenging weather conditions in the Rockies, Vail Resorts has revised its fiscal 2026 guidance. For fiscal 2026, Vail Resorts now expects net income attributable to the company to be between $144 million and $190 million, reduced from the prior outlook of $201 million to $276 million. The company also lowered its Resort Reported EBITDA guidance to $745 million–$775 million compared with the earlier expectation of $842 million–$898 million.
At the midpoint, the revised outlook implies a Resort EBITDA margin of approximately 26.4% for fiscal 2026, or 26.9% excluding one-time costs associated with the Resource Efficiency Transformation plan.
Management expects the Resource Efficiency Transformation plan to deliver $42 million in incremental cost savings in fiscal 2026, up from the previous estimate of $38 million. The initiative also remains on track to generate more than $106 million in annual recurring savings by fiscal 2027, representing a $6 million increase above the original two-year savings target.
MTN’s Zacks Rank & Stocks to Consider
Currently, Vail Resorts carries a Zacks Rank #3 (Hold).
The company delivered a trailing four-quarter earnings surprise of 173.7%, on average. APEI stock has rallied 39.6% in the past six months. The Zacks Consensus Estimate for APEI’s 2026 sales and EPS indicates an increase of 7.1% and 106.5%, respectively, from the year-ago levels.
New Oriental Education & Technology Group, Inc. (EDU - Free Report) currently flaunts a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 31.8%, on average. EDU stock has lost 4.6% in the past six months.
The Zacks Consensus Estimate for EDU’s fiscal 2026 sales and EPS implies growth of 12% and 17.7%, respectively, from the year-ago levels.
Expedia Group, Inc. (EXPE - Free Report) currently sports a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 3%, on average. EXPE stock has risen 9.7% in the past six months.
The Zacks Consensus Estimate for Expedia Group’s fiscal 2026 sales and EPS implies growth of 7.7% and 20.7%, respectively, from the year-ago levels.
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Vail Resorts Q2 Earnings and Revenues Miss Estimates, Guidance Lowered
Key Takeaways
Vail Resorts, Inc. (MTN - Free Report) reported dismal second-quarter fiscal 2026 results, with earnings and revenues missing the Zacks Consensus Estimate. On a year-over-year basis, both the top and bottom lines declined.
The second quarter of fiscal 2026 was defined by the most challenging winter conditions ever experienced across the Rockies, characterized by the lowest snowfall levels in over 30 years and unseasonably warm temperatures. These historically unfavorable conditions resulted in significantly reduced terrain and notable visitation headwinds at key Colorado and Utah resorts, which, in turn, pressured overall performance.
Despite these headwinds, results were partially supported by the company’s advanced commitment strategy, including solid pre-season pass sales that helped sustain lift revenue, though skier visits declined. In addition, disciplined cost management and continued savings generated through the Resource Efficiency Transformation initiative helped mitigate a portion of the weather-related impact.
MTN’s Q2 Earnings & Revenues
In the quarter under review, the company reported an adjusted earnings per share (EPS) of $5.87, which missed the Zacks Consensus Estimate of $6.06 by 3.1%. In the year-ago quarter, it had reported an EPS of $6.53.
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 $1.08 billion, missing the consensus estimate of $1.11 billion by 2.7%. The top line also decreased 4.7% 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 $1.01 billion in the fiscal second quarter, down 4.8% year over year. The figure slightly missed our model’s projection of $1.05 billion. In the quarter under review, revenues from dining inched down 6.9% year over year to $84.6 million.
Revenues from retail/rental decreased 6.8% year over year to $126 million. That said, revenues from ski school and lift also fell 9.3% and 2.9%, respectively, year over year.
The segment’s reported EBITDA amounted to $422.2 million in the fiscal second quarter compared with $457.6 million reported in the year-ago quarter. Operating expenses totaled $589 million, down 2.8% year over year.
Lodging: Total net revenues in the reported quarter were $71.6 million, down 3.2% year over year. The figure missed our projection of $86.4 million.
In the fiscal quarter, the segment’s EBITDA loss was $0.87 million compared with the $2 million positive EBITDA reported in the year-ago quarter. Operating expenses in the segment increased 0.8% year over year to $72.5 million.
Operating Results of MTN
Vail Resorts reported a consolidated EBITDA of $417.7 million in the fiscal second quarter, down from $458.1 million reported in the year-ago quarter. Operating expenses totaled $663.1 million compared with $679.9 million reported in the year-ago quarter.
MTN’s Balance Sheet
Cash and cash equivalents as of Jan. 31, 2026, totaled $384.7 million compared with $488.2 million reported in the year-ago quarter.
Net long-term debt amounted to $2.5 billion at the end of the fiscal second quarter compared with $2.2 billion as of Jan. 31, 2025.
As of Jan. 31, 2026, the company had total cash and revolver availability of approximately $1.1 billion.
Other Updates of MTN
Through March 1, 2026, the company reported season-to-date ski metrics for its North American destination mountain resorts and regional ski areas, excluding Australian and European operations, compared with the prior-year period ended March 2, 2025. Primary engagement saw a 11.9% decrease in total skier visits, which contributed to a 3.6% decline in total lift revenue (inclusive of allocated season pass revenue). Ancillary business segments also contracted, with ski school and dining revenues down 8.2% and 8.6%, respectively, while retail/rental revenue at North American locations fell 5.7%. These interim figures remain subject to fiscal quarter-end review and adjustments.
MTN Lowers Fiscal 2026 Guidance
In light of historically challenging weather conditions in the Rockies, Vail Resorts has revised its fiscal 2026 guidance. For fiscal 2026, Vail Resorts now expects net income attributable to the company to be between $144 million and $190 million, reduced from the prior outlook of $201 million to $276 million. The company also lowered its Resort Reported EBITDA guidance to $745 million–$775 million compared with the earlier expectation of $842 million–$898 million.
At the midpoint, the revised outlook implies a Resort EBITDA margin of approximately 26.4% for fiscal 2026, or 26.9% excluding one-time costs associated with the Resource Efficiency Transformation plan.
Management expects the Resource Efficiency Transformation plan to deliver $42 million in incremental cost savings in fiscal 2026, up from the previous estimate of $38 million. The initiative also remains on track to generate more than $106 million in annual recurring savings by fiscal 2027, representing a $6 million increase above the original two-year savings target.
MTN’s Zacks Rank & Stocks to Consider
Currently, Vail Resorts carries a Zacks Rank #3 (Hold).
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American Public Education, Inc. (APEI - Free Report) currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
The company delivered a trailing four-quarter earnings surprise of 173.7%, on average. APEI stock has rallied 39.6% in the past six months. The Zacks Consensus Estimate for APEI’s 2026 sales and EPS indicates an increase of 7.1% and 106.5%, respectively, from the year-ago levels.
New Oriental Education & Technology Group, Inc. (EDU - Free Report) currently flaunts a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 31.8%, on average. EDU stock has lost 4.6% in the past six months.
The Zacks Consensus Estimate for EDU’s fiscal 2026 sales and EPS implies growth of 12% and 17.7%, respectively, from the year-ago levels.
Expedia Group, Inc. (EXPE - Free Report) currently sports a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 3%, on average. EXPE stock has risen 9.7% in the past six months.
The Zacks Consensus Estimate for Expedia Group’s fiscal 2026 sales and EPS implies growth of 7.7% and 20.7%, respectively, from the year-ago levels.