Vail Resorts Reports 14.9% Drop in Ski Season Visitors
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
0mins
Should l Buy MTN?
Vail Resorts reported certain ski season metrics from the beginning of the ski season through April 19, 2026 compared to the same prior year period through April 20, 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. Season-to-date total skier visits were down 14.9% 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 5.6% compared to the prior year period. Season-to-date ski school revenue was down 12.0% and dining revenue was down 11.7% compared to the prior year period. Retail/rental revenue for North American resort and ski area store locations was down 6.6% compared to the prior year period.
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Analyst Views on MTN
Wall Street analysts forecast MTN stock price to rise
9 Analyst Rating
3 Buy
5 Hold
1 Sell
Hold
Current: 127.180
Low
145.00
Averages
169.54
High
234.00
Current: 127.180
Low
145.00
Averages
169.54
High
234.00
About MTN
Vail Resorts, Inc. is a network of 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 - all available on the Company's Epic Pass. The Company's segments include Mountain, Lodging and Real Estate. It also provides ancillary services, primarily including ski school, dining and retail/rental operations. The 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 its mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. The Company operates more than 250 retail and rental locations across North America. It owns, develops and sells real estate in and around its resort communities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Vail Resorts Lowers FY26 Outlook Due to Challenging Ski Season
- Ski Visit Decline: Vail Resorts reported a 14.9% drop in season-to-date ski visits at its North American destinations, reflecting the severe impact of record low snowfall and warm temperatures across the western U.S.
- Revenue Declines: Lift revenue fell by 5.6%, while ski school and dining revenues decreased by 12% and 11.7%, respectively, leading the company to expect FY26 EBITDA to be at the lower end of its guidance range of $745M to $775M.
- Climate Impact Intensifies: CEO Rob Katz noted that March's low snowfall and warmer temperatures resulted in earlier-than-expected resort closures, with a 25% decline in visitation in the Rockies, significantly straining the company's operations.
- Unfavorable Outlook: Looking ahead to the spring 2026/2027 season, Vail Resorts anticipates a moderate decline in pass product units and slight decreases in sales dollars, indicating ongoing climate challenges that may affect future performance.
See More
Vail Resorts Reports Decline in Ski Season Metrics
- Visitor Decline: Total skier visits for the season-to-date through April 19, 2026, decreased by 14.9% compared to the prior year, indicating a significant reduction in the appeal of ski resorts due to adverse weather conditions, which could lead to further revenue declines.
- Revenue Drop: Total lift revenue fell by 5.6%, while ski school and dining revenues decreased by 12.0% and 11.7%, respectively, reflecting reduced consumer spending that negatively impacts the company's overall financial performance.
- Severe Climate Impact: The 2025/2026 winter has been one of the most challenging in history for the western U.S., with record low snowfall and historically warm temperatures causing early closures at many resorts, particularly in the Rockies where visitation dropped by 25%.
- Spring Sales Trends: Although spring pass sales for the 2026/2027 season have commenced, there has been a moderate decline in both units sold and sales dollars as of April 12, suggesting weakened consumer demand for the upcoming ski season, necessitating close monitoring of future sales trends.
See More
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- Personalized Selection: Future rentals will allow customers to choose specific gear models online, including high-performance BOA® ski boots and Step On® snowboard boots, ensuring comfort and performance of rental gear, thus enhancing customer confidence.
- Convenient Pick-Up Experience: The new system will offer multiple pick-up options, including delivery, in-store pickup, and slopeside valet, significantly reducing wait times and enhancing customer convenience and satisfaction.
- No Membership Fee for High-Performance Rentals: Starting winter 2026/27, high-performance Demo rentals at 12 participating resorts will waive the $50 membership fee, attracting more customers to experience premium gear, which is expected to significantly boost rental revenue.
See More
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- Rental Experience Upgrade: Vail Resorts plans to integrate the best features of My Epic Gear into traditional ski and snowboard rentals over the coming years, which is expected to enhance customer satisfaction and market competitiveness.
- Diverse Selection: Starting in the 2026/27 season, rental customers will be able to choose from over 60 ski or snowboard models from 13 top brands online, significantly enhancing personalization and convenience in rentals.
- Technological Innovation: The new system will offer premium technologies like BOA® ski boots and Step On® bindings, ensuring customers receive optimal comfort and performance during rentals, thereby increasing brand loyalty.
- Streamlined Process: With the new digital booking platform, customers can book rental equipment in advance and select in-resort delivery or in-store pickup, reducing wait times and enhancing the overall customer experience.
See More
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- Ski Visit Decline: Vail Resorts reported a 14.9% drop in season-to-date ski visits at its North American destinations, reflecting the severe impact of record low snowfall and warm temperatures across the western U.S.
- Revenue Declines: Lift revenue fell by 5.6%, while ski school and dining revenues decreased by 12% and 11.7%, respectively, leading the company to expect FY26 EBITDA to be at the lower end of its guidance range of $745M to $775M.
- Climate Impact Intensifies: CEO Rob Katz noted that March's low snowfall and warmer temperatures resulted in earlier-than-expected resort closures, with a 25% decline in visitation in the Rockies, significantly straining the company's operations.
- Unfavorable Outlook: Looking ahead to the spring 2026/2027 season, Vail Resorts anticipates a moderate decline in pass product units and slight decreases in sales dollars, indicating ongoing climate challenges that may affect future performance.
See More
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- Visitor Decline: Total skier visits for the season-to-date through April 19, 2026, decreased by 14.9% compared to the prior year, indicating a significant reduction in the appeal of ski resorts due to adverse weather conditions, which could lead to further revenue declines.
- Revenue Drop: Total lift revenue fell by 5.6%, while ski school and dining revenues decreased by 12.0% and 11.7%, respectively, reflecting reduced consumer spending that negatively impacts the company's overall financial performance.
- Severe Climate Impact: The 2025/2026 winter has been one of the most challenging in history for the western U.S., with record low snowfall and historically warm temperatures causing early closures at many resorts, particularly in the Rockies where visitation dropped by 25%.
- Spring Sales Trends: Although spring pass sales for the 2026/2027 season have commenced, there has been a moderate decline in both units sold and sales dollars as of April 12, suggesting weakened consumer demand for the upcoming ski season, necessitating close monitoring of future sales trends.
See More
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- Production Disruption: Recent airstrikes on Iran's two largest steel plants, Mobarakeh and Khuzestan, have disrupted production, with these facilities representing less than 20% of Iran's total steel capacity; however, as national utilization rates were already below 50% before the strikes, recovery could be swift by reallocating output to unaffected sites.
- Regional Market Volatility: The impact on the Gulf Cooperation Council (GCC) countries is more pronounced, as approximately 65% of their steel capacity is constrained by reliance on the Strait of Hormuz for raw material imports, meaning that direct military strikes on GCC plants would have a limited incremental effect on production levels.
- Increased Import Reliance: With domestic capacity under threat, the Middle East is expected to deepen its reliance on international markets to fill the supply gap, as the GCC is already a major net importer of steel, with China supplying over 60% of its imports, which may drive higher global blast furnace utilization rates.
- Raw Material Price Surge: Middle Eastern buyers seeking to secure finished steel from Asian exporters could lead to a
See More
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- Shareholder Meeting Announcement: ArcelorMittal has announced its Annual and Extraordinary General Meetings to be held on May 5, 2026, at its registered office in Luxembourg, which is expected to attract significant shareholder participation and enhance corporate governance transparency.
- Board Elections: The agenda includes the re-election of four directors, including Lakshmi Niwas Mittal, and the nomination of former Alcoa CEO Roy Harvey to the Board, aiming to enhance decision-making capabilities and strategic direction through the introduction of new leadership.
- Capital Authorization Renewal: The Extraordinary General Meeting will discuss renewing the Board's authorization to issue and cancel shares under specific conditions, reflecting the company's focus on flexible capital management, which may support future financing and investment opportunities.
- Transparency in Communication: Meeting notices and related documents will be published on ArcelorMittal's website, with shareholders able to request copies via email, demonstrating the company's commitment to addressing shareholder information needs and aiming to increase engagement and satisfaction.
See More
Vail Resorts Unveils Enhanced Rental Experience
- Rental Experience Upgrade: Vail Resorts plans to integrate the best features of My Epic Gear® into traditional rentals, which is expected to enhance the overall experience for skiers and riders, thereby increasing customer satisfaction and loyalty.
- Personalized Selection: Future rentals will allow customers to choose specific gear models online, including high-performance BOA® ski boots and Step On® snowboard boots, ensuring comfort and performance of rental gear, thus enhancing customer confidence.
- Convenient Pick-Up Experience: The new system will offer multiple pick-up options, including delivery, in-store pickup, and slopeside valet, significantly reducing wait times and enhancing customer convenience and satisfaction.
- No Membership Fee for High-Performance Rentals: Starting winter 2026/27, high-performance Demo rentals at 12 participating resorts will waive the $50 membership fee, attracting more customers to experience premium gear, which is expected to significantly boost rental revenue.
See More
Vail Resorts Unveils New Ski Rental Experience
- Rental Experience Upgrade: Vail Resorts plans to integrate the best features of My Epic Gear into traditional ski and snowboard rentals over the coming years, which is expected to enhance customer satisfaction and market competitiveness.
- Diverse Selection: Starting in the 2026/27 season, rental customers will be able to choose from over 60 ski or snowboard models from 13 top brands online, significantly enhancing personalization and convenience in rentals.
- Technological Innovation: The new system will offer premium technologies like BOA® ski boots and Step On® bindings, ensuring customers receive optimal comfort and performance during rentals, thereby increasing brand loyalty.
- Streamlined Process: With the new digital booking platform, customers can book rental equipment in advance and select in-resort delivery or in-store pickup, reducing wait times and enhancing the overall customer experience.
See More
