Vail Resorts, Inc. MTN posted third-quarter fiscal 2026 results, with earnings per share (EPS) missing the Zacks Consensus Estimate and revenues meeting the same. On a year-over-year basis, both the top and bottom lines declined.
Results were shaped by record-low snowfall and historically warm temperatures across key western markets, which led to earlier resort closures and softer demand, particularly in the Rockies and Tahoe regions. Profitability also moved lower on a segment basis as weather-related headwinds outweighed the benefits of cost discipline and ongoing efficiency initiatives.
MTN’s advanced commitment model helped provide stability in a volatile season, as pre-sold products supported performance even as on-mountain volume weakened. Management also highlighted continued progress on guest experience initiatives, alongside cost actions that helped limit the downside from the demand shock.
Following the announcement, shares of MTN declined 4.5% during the after-hours trading session yesterday.
MTN’s Q3 Earnings & Revenues
In the quarter under review, the company reported adjusted earnings of $8.81 per share, missing the Zacks Consensus Estimate of $8.97 by 1.8%. In the year-ago quarter, it had reported an EPS of $10.46.
Vail Resorts, Inc. Price, Consensus and EPS Surprise
Vail Resorts, Inc. price-consensus-eps-surprise-chart | Vail Resorts, Inc. Quote
Quarterly revenues were $1.21 billion, in line with the consensus estimate and down 7% year over year. Unfavorable conditions weighed on demand, with total visitation down 15% in the quarter, pressuring both destination and local performance.
Vail Resorts reports through two segments, Mountain and Lodging.
Vail Resorts’ Mountain Trends Showed Broad-Based Softness
The Mountain segment posted net revenues of $1.13 billion, down 6.8% year over year. The figure came in line with our model’s projection of $1.13 billion. Lift revenues declined 5.3% to $729.4 million, while ski school, dining and retail/rental revenues decreased 11.5%, 10.7% and 8.3%, respectively.
Profitability moved lower as the fixed-cost nature of mountain operations met reduced demand. Mountain's reported EBITDA fell 8.8% to $579.6 million. Notably, effective ticket price rose 12% to $100.24 even as total skier visits dropped to 7.276 million, reflecting a mix and pricing dynamic that partially offset volume pressure.
MTN’s Lodging Business Saw ADR and RevPAR Declines
Lodging net revenues were $75.3 million, down 9.1% year over year, with declines across owned hotel rooms, managed condominium rooms, dining and transportation. The figure missed our projection of $84.6 million. The pullback was consistent with weaker destination demand and the impact of reduced skier visitation during the quarter.
Lodging profitability was also pressured. Lodging Reported EBITDA fell 44.6% to $6.8 million, as pricing weakened and ancillary revenues softened. Owned hotel ADR declined 9.9% to $312.5 and RevPAR fell 16.7% to $137.9, while managed condominium RevPAR decreased 15.4% to $174.9.
MTN's Results Fell as Rockies Conditions Weighed
The quarter was defined by weather-related disruption, particularly in the Rockies, where visitation and on-mountain spending faced notable headwinds. Net income attributable to MTN came in at $314.4 million compared with $389.7 million a year ago, underscoring how sharply the operating environment deteriorated relative to a more normal prior-year season.
Profitability also moved lower on a segment basis. Resort Reported EBITDA was $586.4 million, down 9.5% from the prior-year period, as weaker demand flowed through a business with meaningful fixed costs. Still, the advance commitment model continued to provide a stabilizing base compared with a purely walk-up driven season.
Vail Resorts' Liquidity Remains Solid Despite a Tough Season
Even amid a challenging operating backdrop, the company maintained a sizeable liquidity position. As of April 30, 2026, the company had total cash and revolver availability of approximately $1.1 billion. Capital returns continued as well. The board declared a quarterly cash dividend of $2.22 per share, payable in July, reinforcing the company’s confidence in longer-term cash generation even as near-term performance remains sensitive to weather and the pace of recovery in pass demand.
Cash and cash equivalents as of April 30, 2026, totaled $371.4 million compared with $467 million reported in the year-ago quarter. Net debt was $2.65 billion as of April 30, 2026, compared with $2.24 billion as of April 30, 2025.
MTN Lowers 2026 Outlook, Notes Early Pass Softness
Management reduced its fiscal 2026 guidance following the persistent weather headwinds through the third quarter. MTN now expects net income attributable of $128-$162 million, down from the prior outlook of $144-$190 million, and Resort Reported EBITDA of $735-$755 million, down from the earlier outlook of $745-$775 million, incorporating continued cost initiatives and assumptions around the remainder of the year.
Early pass sales for the 2026/2027 North American season were also weaker to date. Through late May, pass units declined about 10%, days sold fell about 8%, and sales dollars decreased roughly 5% year over year, suggesting some near-term demand sensitivity following a difficult season in key western markets.
MTN’s Zacks Rank & Stocks to Consider
Currently, Vail Resorts carries a Zacks Rank #5 (Strong Sell).
Here are better-ranked stocks from the Consumer Discretionary sector:
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The company delivered a trailing four-quarter earnings surprise of 37.9%, on average. HAS stock has moved up 1.9% in the year-to-date period. The Zacks Consensus Estimate for Hasbro’s 2026 sales and EPS indicates an increase of 5.9% and 7.6%, respectively, from the year-ago levels.
Vince Holding Corp. VNCE currently sports a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 647.2%, on average. VNCE stock has gained 14.5% in the year-to-date period.
The Zacks Consensus Estimate for Vince Holding’s 2026 sales and EPS implies growth of 4.5% and 25%, respectively, from the year-ago levels.
Strategic Education, Inc. STRA currently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 11.2%, on average. STRA stock has gained 0.8% in the year-to-date period.
The Zacks Consensus Estimate for Strategic Education’s fiscal 2026 sales and EPS implies growth of 1.7% and 16.5%, respectively, from the year-ago levels.
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