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Mails Letter to Shareholders and Highlights Board's Commitment to Accountability and Disciplined Oversight of Strategic ExecutionBoard Determined Oasis Management's Director Nominees Lack the Qualifications Necessary to Advance Vail Resorts' Strategy and Enhance Value CreationUrges Shareholders to Vote "FOR" ONLY Vail Resorts' Highly Qualified Director Nominees at the Upcoming Annual Meeting Visit Vote.VailResorts.com For More Information, /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today filed its definitive proxy statement with the U.S. Securities and Exchange Commission in connection with the Company's upcoming Annual Meeting of Stockholders (the "Annual Meeting") scheduled to be held on December 14, 2026. Shareholders of record as of October 19, 2026, will be entitled to vote at the meeting.

The Vail Resorts Board of Directors mailed the following letter to shareholders:

Dear Fellow Shareholders,

Over the last 17 months, your Board and management team have executed a clear strategy to return the Company to sustainable earnings growth and drive long-term shareholder value—and it's beginning to deliver results.

Oasis Management, in collaboration with Matthew Prince, has nominated four candidates who we believe lack the experience and judgment required to oversee this strategy and who would put our progress at risk. That is why your vote on the WHITE proxy card "FOR" ALL of Vail Resorts' nine highly qualified director nominees is extremely important at this year's Annual Meeting.

As an experienced, refreshed Board, we have acted decisively to adjust the Company's strategy, including modernizing its marketing approach, introducing new pass and lift-ticket products and pricing options, and launching the Epic Experience growth strategy. Following one of the most challenging winters in history across the western U.S., the Company achieved record guest satisfaction, increased lift-ticket market share, and is outperforming the industry in pass sales for the upcoming season.1

Epic Experience is designed to build on this progress and drive guest loyalty and the next phase of growth by delivering a more seamless, personalized, and differentiated guest experience—something the Company is uniquely positioned to do with its integrated network of 42 owned and operated resorts, marketing capabilities, and investments in talent and technology.

These initiatives are only just starting to demonstrate their potential, and we should not disrupt our progress toward delivering long-term shareholder value. Oasis Management has presented four unqualified dissident candidates, two of whom were introduced to Oasis Management by Mr. Prince approximately one week before their nominations. This connection is concerning, as Mr. Prince has long advocated for dismantling Vail Resorts' integrated network, one of the Company's most important strategic advantages. He has made his agenda clear: stating publicly that he would like an activist to take over the Board and sell Park City Mountain to him. Mr. Prince's connection to Oasis Management and its nominees raises serious questions about the independence and judgment of all their nominees and the true motives of their campaign.

With the addition of self-nominated shareholder Gregory Syvert Meyer, the five dissident nominees present serious governance concerns and collectively lack relevant experience and qualifications. In contrast, Vail Resorts' highly qualified Board, with the right mix of skills and expertise, has taken meaningful action to drive growth, strengthen leadership, and deliver results.

We are encouraged by the confidence of our fellow shareholders, including Ron Baron, our largest and 30-year shareholder, who said:

"Baron Capital will vote for Vail Resorts' nominees. Under the proven leadership of CEO Rob Katz, I believe that Vail Resorts has the right strategy to return to sustainable earnings growth and that there are meaningful opportunities that are not reflected in the stock today. This includes capturing more revenue through enhanced rental equipment and ski school offerings, and increasing engagement through continued investment in technology, mountain infrastructure, and the guest experience.

I do not believe the Oasis nominees would serve the best long-term interests of investors and strongly oppose their candidacies. I also have serious concerns about Oasis' coordination with Matthew Prince. I believe Prince's self-interested demand that the Company sell him Park City, one of its most iconic mountains, is short-sighted and destructive to long-term shareholder value. That alone taints my view of anyone Oasis recommends for the Board, including Bob Chapek. Vail Resorts' opportunity is in using the full power of its network of irreplaceable resorts, not dismantling it."2

I. The Vail Resorts Board and Management Team Recognized the Need to Change—and Acted

Over the past 17 months, the Board and management have acted decisively to strengthen Vail Resorts and position the Company for sustained growth. Across leadership, marketing, pricing and product strategy, growth and efficiency, they have taken significant actions designed to strengthen the business for the long term while addressing near-term opportunities.

In May 2025, the Board brought Executive Chair Rob Katz back as CEO. From 2006 to 2021, his prior tenure as CEO, Mr. Katz transformed Vail Resorts, pioneering and scaling the Epic Pass and building the Company's integrated network of irreplaceable resorts. His leadership during this time delivered sustained growth in revenue, profitability, and cash generation, with Vail Resorts generating approximately 12x total shareholder return, compared with roughly 4x for the S&P 500, and ranking as the top performer in the travel sector.

In less than a year, Mr. Katz and the management team evolved marketing and pricing strategies to better meet guests where they are, introducing Epic Friend Tickets and Super Advanced Lift Tickets to grow lift-ticket visitation and drive long-term guest lifetime value; took a more individualized approach to lift ticket pricing across resorts to better respond to demand periods; and launched new pass products and pricing optimization with Young Adult and Teen pricing.

The Company also announced in November 2025 that it hired Celeste Burgoyne3 into the newly created role of Executive Vice President and Chief Revenue Officer. Burgoyne brings significant experience scaling global brands and driving growth; a deep appreciation for the connection between brand, guest experience, and digital engagement; and a personal connection to Whistler Blackcomb, Vail Resorts' largest resort. These attributes are critical to driving revenue growth and leveraging our marketing strengths.

II. The Board's Actions are Showing Early Results

Vail Resorts' actions are already translating into measurable progress. Despite the historic weather challenges this past season, the Company achieved record guest satisfaction scores and strong employee engagement and retention. Its new marketing approach—increased paid media investment, a broader social-media presence, and more resort-focused storytelling—as well as its lift-ticket product and pricing initiatives, helped the Company to outperform the broader industry in lift-ticket visitation during Fiscal 2026. For the coming season, third-party data indicates the Company is outperforming the broader industry in pass sales, particularly on comparable unlimited products.

III. Vail Resorts Has the Right Strategy and Structural Advantages for Long-Term Success

The Company is uniquely situated to transform the guest experience because of the scale, technology, and integrated resort network it has strategically built over time. Through Epic Experience, the Company is leveraging those advantages to increase loyalty, visitation, and guest lifetime value. Announced in July 2026, the strategy centers on making every part of the mountain journey more seamless, personalized, and memorable, so that guests are inspired to return.

That starts with how Vail Resorts reaches and engages guests through a seamless digital journey. The My Epic app is expanding into a digital companion, bringing planning, purchasing, and in-resort engagement to a single platform, which now includes native in-app commerce and the ability to use your phone as your lift ticket or pass, a first for the ski industry.

My Epic Gear extends that digital experience to how guests access equipment, with Pick Your Own demo gear and an updated web platform this season, and broader personalization, fulfillment, and app integration planned for Fiscal 2028 that we expect will transform the entire gear experience for renters and owners. It dramatically improves a critical component of the ski day by leveraging the Company's integrated network to differentiate the experience, drive capture, and deepen loyalty.

Epic Experience also extends to ski school, where Vail Resorts is digitizing arrival and guest communications while elevating the private-lesson experience through Epic Ascent, including concierge support, gear lounges, and personalized trip planning. The Company is also improving the on-mountain dining experience through investments in higher-quality ingredients, presentation, and technology.

At the heart of all these initiatives are the employees who deliver the guest experience, which is why our continued investment in training, development, engagement, and retention for frontline employees is a key part of the Epic Experience strategy. One of the Company's best proof points in its ability to deliver on Epic Experience is the turnaround the Company has seen in the hiring and selection of frontline seasonal talent, which has gone from a pain point to a towering strength in just four years.

Enabling these investments is the Company's continued execution of its Resource Efficiency Transformation Plan, which is on track to exceed its original $100 million target. The Company has identified an additional $30 million of technology-related opportunities by Fiscal 2028, and has begun deploying artificial intelligence to simplify work, drive innovation, improve outcomes, and create additional capacity for employees to focus on elevating the guest experience.

The focus on execution builds on years of disciplined capital investment to transform the guest experience. From 2016 to 2025, the Company invested over $2 billion of capital across its resorts, $700 million of which was at its six largest destination resorts, including Park City Mountain. We have continued to balance capital allocation with returning capital to shareholders, maintaining a dividend through one of the most challenging weather years in history and taking an opportunistic approach to share buybacks, repurchasing approximately 5.22 million shares (representing approximately $1.04 billion in capital returns, excluding accrued excise tax) between Fiscal 2022 and 2026.

IV. Vail Resorts Has the Right Board for its Next Phase of Growth

Your Board combines deep knowledge of Vail Resorts' resort network and season-pass business model with relevant expertise across hospitality, consumer businesses, digital innovation, finance, governance, and talent development. These complementary perspectives are directly relevant to the Company's next phase of growth, including building guest loyalty, strengthening marketing, driving revenue generation, improving operational execution, and allocating capital with discipline.

The Board has also continued to refresh its composition, having welcomed one-third of its directors in the past three years alone. In 2024, the Board appointed Reginald Chambers, a proven transformation leader at the Teachers Insurance and Annuity Association of America, and Iris Knobloch, an international executive specializing in global consumer, media, and hospitality, and current President of the Cannes Film Festival. In August 2026, the Board appointed William Hornbuckle, CEO of MGM Resorts International, who brings decades of hospitality, loyalty, digital innovation, and guest experience expertise. In September 2026, we announced Sue Decker's intent to step down from the Board after 11 years of service. Our Nominating & Governance Committee is conducting an independent-director search with a leading executive search firm, which we expect to complete in early 2027. Once this new director has been appointed, four independent directors will have been added in three years. The committee considered Oasis Management's candidates in this search process, and for the reasons detailed below determined that they lacked the necessary skills.

This is what accountability looks like: recognizing room to improve and taking action.

V. The Oasis Management Nominees Risk Disrupting our Strategy

The Board values input from all shareholders and, for more than a year, engaged extensively and constructively with Oasis Management on the Company's strategy, operations, pricing, marketing, guest experience, and Board composition, including considering its ideas and meeting with multiple director candidates they proposed in August 2026.

While Oasis Management ultimately chose to nominate a competing slate of directors, they have yet to offer a credible plan to improve shareholder returns. More concerning though, is that two of their nominees, Mr. Roberts and Ms. Street, were introduced to Oasis Management by Mr. Prince about one week before they were formally nominated. Mr. Prince is running a very public campaign against the Company to advance his goal of breaking up our network of resorts so he can acquire Park City Mountain for himself.

These connections to Mr. Prince present a clear conflict and call into question the judgment of Oasis Management, the independence of their nominees, and the true motive of their campaign. Within hours of Oasis Management filing its preliminary proxy statement, a ski-industry podcast interview featuring Mr. Prince was released, in which he discussed his longstanding objective to acquire Park City Mountain, noting that he knew certain Oasis Management nominees, and describing how they could seek to change Vail Resorts' strategic direction, get the Company to engage with Mr. Prince on a potential sale and/or replace our CEO, Mr. Katz. After the Board completed its interviews of the Oasis Management nominees, Mr. Prince appeared on a podcast and stated that he had "insight" into some of the Board conversations with Oasis.4 Mr. Prince then publicly disclosed—and mischaracterized—details from the Board's interview of Mr. Roberts, who then subsequently reiterated Mr. Prince's comments on social media, indicating collaboration between Oasis Management and Mr. Prince.5'6

Despite this, and in line with strong governance practices, the Board conducted a thorough interview and evaluation of all dissident nominees, including self-nominated shareholder, Gregory Syvert Meyer, and the four Oasis Management nominees: Robert Chapek, M. Ashton Hudson, Bryce Roberts, and Picabo Street. Following that process, the Board determined that all of Oasis Management's nominees and Mr. Meyer lack the necessary qualifications and characteristics to advance the Company's strategy and enhance value creation.

None of the dissident nominees offered any new or compelling ideas, views or perspectives regarding the Company's strategic direction, execution of its business plan, technological innovation, or sustainability efforts. Aside from Mr. Hudson, none of the dissident candidates showed any awareness of the Company's recently announced strategic initiatives.

Four of the five dissident nominees lack relevant industry or meaningful professional experience, which is particularly important given the complexity of overseeing an integrated network of 42 owned and operated resorts and approximately 50,000 employees around the world. Specifically, neither Mr. Roberts nor Ms. Street have operational experience running any business or serving on any prior public company board. As for Mr. Hudson, his only operational experience is running a private pest control company, over eight years ago. He claimed the Board would benefit from his capital allocation experience—but could not articulate any specific changes he would make to the Company's current approach or cost structure.

With respect to Mr. Chapek, the Board has serious concerns that in his first interview with Mr. Katz, Mr. Chapek represented that he would not be part of a contested activist fight, and was not forthcoming about the fact that he had already entered into an agreement with Oasis Management, under which he had contractually committed "to be nominated to join the new Board of the Company" and to be an active participant in a full proxy fight. The Board also questioned whether Mr. Chapek could represent the interests of all shareholders independently given the significant compensation he is currently receiving from Oasis Management for his advisory services.

While Mr. Chapek possessed relevant industry experience, though dated at this point, the Board also had concerns regarding the circumstances surrounding his termination from Disney and that during Mr. Chapek's interview, he did not demonstrate thoughtful reflection regarding the shortcomings and challenges of his tenure as CEO. Further, the Board had concerns regarding Mr. Chapek's decision to serve on the board of Masimo, a public company that Institutional Shareholder Services (ISS) described as having board governance that was "firmly among the most troubling of any modern public company," as well as Mr. Chapek's current service on another board of a company founded by the former founder, chairman, and CEO of Masimo, all of which raised questions regarding Mr. Chapek's ability to drive strong corporate governance in the interest of all shareholders. When asked in his interview about the 2024 ISS report, Mr. Chapek downplayed the significance of ISS commentary.

Finally, the Board was concerned about Mr. Chapek's decision to write a tell-all book on his time as CEO and a director of Disney, which may call into question his ability to protect the confidentiality of Board deliberations and decisions. Further, in his interview Mr. Chapek did not demonstrate basic knowledge of the Company's services, products, and strategic initiatives, including its recent announcements relating to Epic Experience.

Vail Resorts will continue to listen to shareholders and evaluate opportunities to improve execution and enhance value. We firmly believe Oasis Management's campaign is disruptive, ill-informed, and risks undermining the progress already underway. Shareholders should evaluate all the dissident nominees against a Board that has already been meaningfully refreshed and has taken meaningful action to drive change. We are confident that Vail Resorts is better served by allowing its leadership team to execute the plan they have in place.

Vote TODAY "FOR" ALL of Vail Resorts' Highly-Qualified Director Nominees on the WHITE Proxy Card

Vail Resorts has the right Board, leadership, and strategy in place to build on its unique advantages and deliver stronger long-term performance. The Company has acted with urgency, and we are encouraged by our early results and the substantial opportunities ahead. Disrupting this progress now would put shareholder value at risk.

We encourage you to support the Board that is driving Vail Resorts forward and delivering on its commitments to shareholder value creation. Protect the value of your investment and use the WHITE proxy card or WHITE voting instruction form to vote "FOR" ALL of Vail Resorts' nine (9) director nominees: Reginald A. Chambers, William J. Hornbuckle, Robert A. Katz, Iris Knobloch, Nadia N. Rawlinson, Michele Romanow, Hilary A. Schneider, D. Bruce Sewell, and Peter A. Vaughn.

Sincerely,
Your Vail Resorts Board of Directors

YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN.
Whether or not you plan to attend the Annual Meeting, your Board recommends you vote using the WHITE proxy card provided by management to vote "FOR" the nominees
and proposals recommended by your Board, as soon as possible.

If you have already submitted a blue proxy card, or a proxy card of any other color, you may revoke that vote by voting again using Vail Resorts' WHITE proxy card. Only your latest-dated valid proxy
will be counted at the Annual Meeting.

If you have any questions or require assistance with voting your WHITE proxy card, please contact our proxy solicitation firm, Okapi Partners via Email: [email protected]

Banks and Brokerage Firms, Please Call: (212) 297-0720 | Shareholders and All Others Call Toll-Free: (855) 208-8903

About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts operates a network of 42 iconic mountain resorts across North America, Europe and Australia. Our portfolio includes premier destinations such as Vail Mountain, Beaver Creek, Breckenridge, Park City Mountain, Whistler Blackcomb, Keystone; beloved regional mountains like Stowe, Heavenly and Northstar; and local resorts close to metro areas that help to introduce the next generation of skiers and riders to the sport. Together, these resorts provide guests with an unmatched range of mountain experiences connected through the Epic Pass. We are passionate about providing an Experience of a Lifetime to our team members and guests. Through our environmental and social responsibility work, we are committed to reaching a zero net operating footprint by 2030, supporting our employees and communities, and broadening engagement in our sport. Beyond our resorts, Vail Resorts operates industry-leading ski and ride school programs, rental operations, distinctive dining and hospitality experiences, retail operations, and the Grand Teton Lodge Company. 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 federal securities laws, including statements regarding our expected growth through our Epic Experience strategy. 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 the anticipated contested director election at the 2026 Annual Meeting and related shareholder activism; 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; unfavorable weather conditions or the impact of natural disasters or other unexpected events; 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 or discretionary spending habits; the seasonality of our business combined with adverse events that may occur during our peak operating periods; and the other risks and uncertainties described in the Company's filings with the SEC, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Except as required by law, we undertake no obligation to update any forward-looking statements.

Important Additional Information and Where to Find It
On October 30, 2026, Vail Resorts, Inc. ("Vail Resorts") filed its definitive proxy statement on Schedule 14A (the "Definitive Proxy Statement") and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the "SEC") in connection with its 2026 annual meeting of stockholders (the "2026 Annual Meeting") and its solicitation of proxies for the election of Vail Resorts' director nominees and for other matters to be voted on. This press release is not a substitute for the Definitive Proxy Statement or any other document that Vail Resorts has filed or may file with the SEC regarding its solicitation of proxies for the 2026 Annual Meeting. SHAREHOLDERS OF VAIL RESORTS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT VAIL RESORTS AND THE MATTERS TO BE VOTED ON AT THE 2026 ANNUAL MEETING. Shareholders may obtain free copies of the Definitive Proxy Statement and other documents (including the WHITE proxy card) that were filed or will be filed by Vail Resorts with the SEC from the SEC's website (http://www.sec.gov), from the investor relations section of Vail Resorts' website (http://investors.vailresorts.com), or by emailing Connie Wang at [email protected].

1 Vail Resorts, Inc., "Vail Resorts Reports Fourth Quarter and Full Year Fiscal 2026 Results and Provides Fiscal 2027 Outlook," September 28, 2026.
2 Ron Baron, "Message from Ron Baron in Support of Vail Resorts," Baron Capital, October 30, 2026. permission to use quotation neither sought nor obtained
3 Commenting on her appointment, a Stifel sell-side analyst wrote: "…we expect her experience cultivating brand loyalty in the hyper-competitive retail space will prove valuable as MTN transitions from a mostly centralized marketing strategy to more resort-specific tapping into mountain-level guest affinity." permission to use quotation neither sought nor obtained
4 The Storm Skiing Journal and Podcast (10.13.26)
5 The Nomination Agreement between Oasis Management and Mr. Roberts provides that Mr. Roberts "will not issue, publish or otherwise make any public statement or any other form of public communication relating to the Corporation, the Campaign or the Proxy Solicitation without the prior written consent of Oasis."
6 TBPN Podcast (10.22.26)

SOURCE Vail Resorts, Inc.

Vail Resorts, Inc. (NYSE:MTN – Get Free Report) announced a quarterly dividend on Thursday, September 24th. Investors of record on Thursday, October 8th will be given a dividend of $2.22 per share on Tuesday, October 27th. This represents a $8.88 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Thursday, October 8th.

Vail Resorts has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Vail Resorts has a dividend payout ratio of 109.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Vail Resorts to earn $6.24 per share next year, which means the company may not be able to cover its $8.88 annual dividend with an expected future payout ratio of 142.3%.

Vail Resorts Stock Down 1.2% Shares of NYSE:MTN opened at $139.48 on Tuesday. The stock has a market cap of $4.97 billion, a P/E ratio of 33.69, a P/E/G ratio of 10.13 and a beta of 0.76. The firm has a fifty day moving average price of $143.26 and a 200 day moving average price of $137.03. The company has a debt-to-equity ratio of 5.57, a current ratio of 0.80 and a quick ratio of 0.68. Vail Resorts has a 1-year low of $118.51 and a 1-year high of $163.34.

Vail Resorts (NYSE:MTN – Get Free Report) last issued its quarterly earnings data on Monday, September 28th. The company reported ($5.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($5.35) by $0.01. The company had revenue of $278.07 million for the quarter, compared to the consensus estimate of $269.30 million. Vail Resorts had a net margin of 5.20% and a return on equity of 22.82%. Vail Resorts’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the firm posted ($5.08) EPS. Sell-side analysts predict that Vail Resorts will post 5.64 EPS for the current year. About Vail Resorts (Get Free Report)

Vail Resorts, Inc is a mountain resort operator that owns and manages destination ski and summer resorts, regional ski areas, hotels and other hospitality businesses. Its operations are designed to serve visitors throughout the year, with activities including skiing, snowboarding, hiking, mountain biking, lodging, dining, retail and other resort experiences.

The company’s portfolio includes well-known resorts such as Vail, Beaver Creek, Breckenridge, Keystone, Park City, Whistler Blackcomb and Stowe in North America, as well as Perisher, Falls Creek and Hotham in Australia.

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Vail Resorts Inc. (NYSE:MTN) on Monday reported mixed results for the fourth quarter.

The company posted quarterly losses of $5.34 per share, which missed the analyst consensus estimate of losses of $5.23 per share. The company reported quarterly sales of $278.068 million, which beat the analyst consensus estimate of $271.626 million.

Rob Katz, Chief Executive Officer said, “This past winter was one of the most challenging winters in history across the western U.S. for the ski industry, which negatively impacted financial performance for the year. Conditions were particularly severe in the Rockies, where snowfall and snowpack were at or near historic lows and significantly below prior record-low seasons, resulting in the most difficult weather environment we have ever experienced. With that backdrop, this past year demonstrated the resilience of our business model and encouraging signs for the future. Our advanced commitment model and cost discipline provided considerable stability, and our investments in talent, technology and our resorts drove record guest satisfaction scores and strong employee engagement, which are critical measures of our success.”

Vail Resorts shares fell 1.2% to trade at $136.43 on Tuesday.

These analysts made changes to their price targets on Vail Resorts following earnings announcement.

Stifel analyst Jeffrey Stantial maintained the stock with a Buy and lowered the price target from $161 to $157. Barclays analyst Brandt Montour maintained the stock with an Underweight rating and cut the price target from $119 to $117. Wells Fargo analyst Anthony Bonadio maintained the stock with an Equal-Weight rating and raised the price target from $125 to $130. Deutsche Bank analyst Chris Woronka maintained the stock with a Hold and lowered the price target from $138 to $132. Mizuho analyst Ben Chaiken maintained the stock with an Outperform rating and slashed the price target from $160 to $156. Considering buying MTN stock? Here’s what analysts think:

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Vail Resorts, Inc. (MTN) Q4 2026 Earnings Call September 28, 2026 5:00 PM EDT

Company Participants

Connie Wang - Vice President of Investor Relations
Robert Katz - CEO & Executive Chairman
Angela Korch - Executive VP & CFO

Conference Call Participants

Stephen Grambling - Morgan Stanley, Research Division
Shaun Kelley - BofA Securities, Research Division
Arpine Kocharyan - UBS Investment Bank, Research Division
Aidan Youngs - Stifel, Nicolaus & Company, Incorporated, Research Division
Benjamin Chaiken - Mizuho Securities USA LLC, Research Division
Elizabeth Dove - Goldman Sachs Group, Inc., Research Division
Xian Siew Hew Sam - BNP Paribas, Research Division
Anthony Bonadio - Wells Fargo Securities, LLC, Research Division
Anthony Berni - Jefferies LLC, Research Division
Chris Woronka - Deutsche Bank AG, Research Division
Brandt Montour - Barclays Bank PLC, Research Division

Presentation

Operator

Good afternoon, and welcome to the Vail Resorts Fiscal 2026 Fourth Quarter and Year-End Earnings Conference Call. Today's conference is being recorded. [Operator Instructions].

I will now turn the call over to Connie Wang, Vice President of Investor Relations at Vail Resorts. You may begin.

Connie Wang
Vice President of Investor Relations

Thank you, operator. Good afternoon, everyone, and welcome to Vail Resorts fiscal 2026 fourth quarter earnings conference call. Joining me on the call today are Rob Katz, our Chief Executive Officer; and Angela Korch, our Chief Financial Officer.

Before we begin, let me remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties as described in our annual report on Form 10-K, and actual future results may vary materially. Forward-looking statements in our press release issued this afternoon, along with our remarks on this call, are made as of today, September 28, 2026, and we undertake no duty to update them as actual events unfold. Today's remarks also include certain non-GAAP financial measures. Reconciliations of

, /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the fourth quarter and fiscal year ended July 31, 2026, reported season-to-date pass product sales and provided its outlook for the fiscal year ending July 31, 2027.

Highlights

Net income attributable to Vail Resorts, Inc. was $147.5 million for fiscal 2026 compared to $280.0 million in the prior year. Resort Reported EBITDA was $745.7 million for fiscal 2026 compared to $844.1 million in the prior year, which includes $11 million of one-time costs related to the previously announced resource efficiency transformation plan. Pass product unit sales through September 18, 2026 for the upcoming 2026/2027 North American ski season decreased approximately 12%, days sold decreased approximately 10% and sales dollars, inclusive of sales and admissions taxes, decreased approximately 6%, as compared to the prior year period through September 19, 2025. The Company provided its fiscal 2027 outlook, including net income attributable to Vail Resorts, Inc. of $158 million to $233 million and Resort Reported EBITDA of $805 million to $865 million, which includes an estimated $14 million of one-time costs. The Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on October 27, 2026 to shareholders of record as of October 8, 2026. Commenting on the Company's fiscal 2026 results, Rob Katz, Chief Executive Officer said, "This past winter was one of the most challenging winters in history across the western U.S. for the ski industry, which negatively impacted financial performance for the year. Conditions were particularly severe in the Rockies, where snowfall and snowpack were at or near historic lows and significantly below prior record-low seasons, resulting in the most difficult weather environment we have ever experienced. With that backdrop, this past year demonstrated the resilience of our business model and encouraging signs for the future. Our advanced commitment model and cost discipline provided considerable stability, and our investments in talent, technology and our resorts drove record guest satisfaction scores and strong employee engagement, which are critical measures of our success.

"Looking back over the past year and a half, we have taken decisive action and accelerated the pace of change across our business, strengthening leadership, advancing growth initiatives, enhancing the guest experience, and improving operational efficiency. In addition to appointing a new CEO, we have brought on a new Chief Revenue Officer and a new independent board member with hospitality and operations expertise, with an ongoing search for a second director. We refreshed our marketing approach and increased our investment across media, channel strategies, branding and optimization of our products and pricing. We also announced our multi-year Epic Experience growth strategy to further differentiate the guest experience to drive increased guest engagement and loyalty, and the expansion of our resource efficiency transformation plan to deliver an additional $30 million of savings by fiscal 2028."

"While this past season had a challenging weather backdrop, we are encouraged by the early progress we are seeing across these strategies, including strong performance from our new product and pricing initiatives, lift ticket and pass sales trends that are outperforming the industry, increased brand awareness, and exceeding our original resource efficiency plan savings. Looking ahead, our Epic Experience strategy provides a clear roadmap for growth by placing the guest at the center of everything we do, in areas where we can drive clear competitive differentiation. By enhancing, personalizing and reducing friction at every stage of the guest journey, we see a significant opportunity to drive greater visitation, guest spending and loyalty through our differentiated resort network, marketing capabilities, and technology investments."

Fourth Quarter Operating Results

Resort Net Revenue increased $0.9 million, or 0.3%, compared to the prior year primarily driven by strong performance at Grand Teton Lodge Company, partially offset by unfavorable weather conditions in Australia. Australian results were below expectations, as cumulative snowfall in the region during the quarter was approximately 57% below the 10-year average, which pressured visitation and revenue, partially mitigated by the growth in Australian pass sales. North American summer demand was in line with expectations. Resort Reported EBITDA increased $1.2 million, or 1.0%, compared to the prior year, primarily due to $8.1 million of CEO transition costs incurred in the prior year, disciplined cost management and $4 million lower one-time resource efficiency transformation costs, including $1 million of a timing shift into next year. These benefits were partially offset by weaker performance in Australia due to unfavorable weather conditions, typical cost inflation and increased marketing investments. Full Year Operating Results

Resort Net Revenue decreased $131.9 million, or 4.5%, compared to the prior year, primarily driven by unfavorable weather conditions that impacted visitation and revenue for both local and destination guests, particularly at the Rockies and Tahoe resorts. Compared to the prior year, total lift revenue declined 3.5%, despite visitation being down 13.4%, primarily as a result of pass revenue increasing 3.9% for the year. Resort Reported EBITDA decreased $98.5 million, or 11.7%, compared to the prior year, which was primarily driven by weather-related headwinds, and were partially offset by disciplined cost management, $45 million of resource efficiency transformation cost savings, $16.7 million of reduced costs from company-wide performance based management incentive plan expense that were not earned, and $6.2 million favorable EBITDA impact from changes in foreign exchange rates relative to the prior year. These cost benefits were partially offset by an incremental $20 million in marketing investment to support growth in pass sales, lift ticket initiatives and branding. Season Pass Sales

Pass product units sold through September 18, 2026 for the upcoming North American ski season decreased approximately 12%, days sold1 decreased approximately 10% and sales dollars2, inclusive of sales and admissions taxes, decreased approximately 6%, as compared to the prior year period through September 19, 2025. Results through the Labor Day sales deadline were generally consistent with trends experienced during the spring selling period, when excluding auto-renew, as demand across the industry continued to be impacted by the effects of last season's historically challenging conditions.

Results following the Spring deadline in May showed modest improvement in Colorado and Utah local markets, while weakness remains concentrated among Destination frequency products, especially lower frequency passes. Third-party data continues to show Vail Resorts outperforming the broader industry, especially amongst comparable unlimited products. The Company's recently introduced product and pricing initiatives have continued to generate encouraging results, with relative strength in unlimited pass products compared to lower-frequency product offerings driving improved mix and pricing performance. As unit declines remain concentrated among Destination frequency pass products, the Company believes these trends may reflect delayed purchase behavior among less committed guests rather than fully lost demand, creating an opportunity to recapture visitation through pass sales in the remainder of the selling season and/or lift ticket products during the season, especially given the Company's ability to seamlessly and efficiently market broad-based and resort-specific season passes and lift tickets across all of its channels.

1 Days sold measures an estimate of how many days of access are sold, calculated by assigning a number of days to each pass unit and assumes a blended estimate of 8 days sold to unlimited passes and actual number of access days purchased for frequency products.

2 Pass product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.71 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales.

Fiscal Year 2027 Guidance

The Company is providing its initial guidance for the year ending July 31, 2027 and expects:

Net income attributable to Vail Resorts, Inc. of $158 million to $233 million. Resort Reported EBITDA of $805 million to $865 million, including approximately $14 million of one-time costs. Fiscal 2027 guidance reflects a meaningful recovery from the weather-impacted fiscal 2026 season, supported by increased lift ticket visitation, pricing growth, increased guest spending across ancillary businesses and approximately $25 million of incremental efficiencies from the resource efficiency transformation plan. These benefits are expected to be partially offset by lower pass demand trends, the normalization of operating expenses, inflationary pressures, additional strategic investments to support future growth and approximately $14 million of one-time costs.

At the midpoint, guidance implies an estimated Resort EBITDA margin of approximately 26.9%, or approximately 27.3% excluding one-time costs.

Relative to the Company's original fiscal 2026 expectations issued in September 2025, fiscal 2027 guidance assumes visitation is modestly lower with overall lift revenue flat from pricing and product optimization efforts, along with increased marketing investments to drive visitation. As a result, ancillary revenue growth and savings from Resource Efficiency Transformation are not expected to fully offset inflationary pressures, resulting in a lower Resort EBITDA margin than originally expected for fiscal 2026.

The guidance also assumes (1) a continuation of the current economic environment, (2) a range of normal weather conditions for the 2026/2027 North American and European ski season and the 2027 Australian ski seasons, and (3) foreign currency exchange rates as of September 25, 2026 noted below, and does not include any potential impacts related to future fluctuations in foreign currency exchange rates, which may be impacted by tariffs, trade disputes, or other factors.

The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2027 for Total Reported EBITDA and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance.

Fiscal 2027 Guidance

(In thousands)

For the Year Ending

July 31, 2027 (6)

Low End

High End

Range

Range

Net income attributable to Vail Resorts, Inc.

$            158,000

$            233,000

Net income attributable to noncontrolling interests

26,000

22,000

Net income

184,000

255,000

Provision for income taxes (1)

61,000

84,000

Income before income taxes

245,000

339,000

Depreciation and amortization

311,000

298,000

Interest expense, net

212,000

204,000

Other (2)

27,000

20,000

Total Reported EBITDA

$            795,000

$            861,000

Mountain Reported EBITDA (3)

$            789,000

$            843,000

Lodging Reported EBITDA (4)

14,000

24,000

Resort Reported EBITDA (5)

805,000

865,000

Real Estate Reported EBITDA

(10,000)

(4,000)

Total Reported EBITDA

$            795,000

$            861,000

(1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price.

(2) Our guidance includes certain forward-looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward-looking change based upon, among other things, financial projections, including long-term growth rates for Park City, as such changes may be material.

(3) Mountain Reported EBITDA also includes approximately $28 million of stock-based compensation.

(4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation.

(5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges.

(6) Guidance estimates are predicated on an exchange rate of $0.71 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.70 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.21 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland.

Resource Efficiency Transformation Plan

The Company's multi-year Resource Efficiency Transformation Plan remains on track. The Company expects to deliver approximately $25 million of incremental efficiencies in fiscal year 2027, excluding one-time costs, resulting in approximately $110 million of annualized cost efficiencies by the end of fiscal year 2027. The updated fiscal year 2027 outlook reflects the accelerated realization of $5 million from the next phase of its resource efficiency transformation plan due to certain technology transformation initiatives that were previously expected to benefit fiscal 2028, with an additional $25 million of savings in fiscal year 2028 that includes a portion of capital savings. The Company incurred approximately $11 million of associated one-time costs in fiscal 2026 and expects to incur approximately $14 million in associated one-time costs in fiscal 2027.

Liquidity and Return of Capital

Despite difficult conditions in fiscal year 2026, the Company remains confident in its long-term cash flow generation strength and its stable business model.

As of July 31, 2026, the Company's total liquidity as measured by total cash plus highly liquid short-term investments and revolver availability was approximately $0.8 billion. Net Debt was 3.9 times trailing twelve months Total Reported EBITDA as of July 31, 2026. The Board of Directors declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on October 27, 2026 to shareholders of record as of October 8, 2026. The Company reaffirmed its calendar 2026 capital plan of approximately $215 million to $220 million in core capital, consistent with its long-term capital investment guidance. Including growth capital investments, at the Company's European resorts and in support of Resource Efficiency Transformation and real estate planning projects, the Company plans to invest a total of approximately $229 million to $234 million in calendar year 2026. Regarding calendar year 2027 capital expenditures, the Company is pleased to highlight select planned investments, including two significant lift upgrades at Park City Mountain. The Company plans to replace Silverlode with its first eight-passenger detachable chairlift in the United States, increasing uphill capacity and improving circulation and reliability at a critical on-mountain hub. The Company also plans to replace the existing Eagle and Eaglet fixed-grip lifts with a six-passenger detachable chairlift featuring a revised alignment and mid-station unload, significantly increasing out-of-base capacity and improving guest access, distribution and beginner progression. The Company also plans to complete a full retrofit of the Crescent Lift in Park City to further minimize lift downtime during the season. Together, these three lift upgrades, in addition to the Sunrise Gondola implemented last season and the new Canyons Village Skyway Gondola and base area parking structure, which will be ready for this upcoming season, represent a transformative impact on the uphill capacity for the entire resort and guest experience. The Company expects to provide its full calendar year 2027 capital investment plan in December 2026. The core capital plan is expected to remain consistent with the Company's long-term capital framework, adjusted for inflation, including tariffs, and any incremental capital commitments associated with the updated Grand Teton Lodge Company contract. Earnings Conference Call

The Company will conduct a conference call today at 5:00 p.m. Eastern time to discuss the financial results. The call will be webcast and can be accessed at investors.vailresorts.com, or dial (800) 225-9448 (U.S. and Canada) or +1 (203) 518-9708 (international). The conference ID is MTNQ426. A replay of the conference call will be available two hours following the conclusion of the conference call through October 5, 2026, at 11:59 p.m. Eastern time. To access the replay, dial (800) 753-0348 (U.S. and Canada) or +1 (402) 220-2672 (international). The conference call will also be archived at https://investors.vailresorts.com.

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 – all available on the company's industry-changing Epic Pass. 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 and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding expected fiscal years 2027 and 2028 and calendar years 2026 and 2027 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; our expectations related to our pass and lift ticket products and initiatives; capital investment projects; our calendar year 2026 and 2027 capital plans; our expectations and anticipated benefits of our capital structure; our expectations related to our key initiatives and strategies; our anticipated drivers of visitation and value creation; and our expectations regarding our Resource Efficiency Transformation plan. 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; the impact of stockholder activism and a potential proxy contest; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's most recently filed Annual Report on Form 10-K and quarterly reports on Form 10-Q.

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.

Statement Concerning Non-GAAP Financial Measures

When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e., Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance.

Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures.

Vail Resorts, Inc.

Consolidated Condensed Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

July 31,

Twelve Months Ended

July 31,

2026

2025(1)

2026

2025

Net revenue:

Mountain and Lodging services and other

$     206,730

$     205,738

$   2,367,221

$   2,464,910

Mountain and Lodging retail and dining

65,349

65,465

464,790

499,002

Resort net revenue

272,079

271,203

2,832,011

2,963,912

Real Estate

5,989

86

6,193

435

Total net revenue

278,068

271,289

2,838,204

2,964,347

Segment operating expense:

Mountain and Lodging operating expense

270,982

262,983

1,485,203

1,507,993

Mountain and Lodging retail and dining cost of products sold

24,489

25,824

167,960

181,988

General and administrative

99,405

106,306

434,006

433,714

Resort operating expense

394,876

395,113

2,087,169

2,123,695

Real Estate operating expense

7,217

1,302

11,985

6,213

Total segment operating expense

402,093

396,415

2,099,154

2,129,908

Other operating (expense) income:

Depreciation and amortization

(80,924)

(74,474)

(305,610)

(296,437)

Gain on sale of real property

1,705

—

13,163

24,404

Change in fair value of contingent consideration

(4,800)

(5,300)

(19,239)

(9,379)

 (Loss) gain on disposal of fixed assets and other, net

(770)

3,902

(6,823)

6,933

(Loss) income from operations

(208,814)

(200,998)

420,541

559,960

Interest expense, net

(53,542)

(44,256)

(205,623)

(171,628)

Mountain equity investment income, net

440

357

829

3,919

Investment income and other, net

1,961

1,458

11,129

10,126

Foreign currency (loss) gain on intercompany loans

(4)

(33)

80

20

(Loss) income before benefit from (provision for) income taxes

(259,959)

(243,472)

226,956

402,397

Benefit from (provision for) income taxes

61,091

53,664

(56,212)

(104,421)

Net (loss) income

(198,868)

(189,808)

170,744

297,976

Net loss (income) attributable to noncontrolling interests

8,713

7,447

(23,209)

(17,972)

Net (loss) income attributable to Vail Resorts, Inc.

$    (190,155)

$    (182,361)

$     147,535

$     280,004

Per share amounts:

Basic net (loss) income per share attributable to Vail Resorts, Inc.

$        (5.34)

$        (4.99)

$         4.13

$         7.54

Diluted net (loss) income per share attributable to Vail Resorts, Inc.

$        (5.34)

$        (4.99)

$         4.12

$         7.53

Cash dividends declared per share

$         2.22

$         2.22

$         8.88

$         8.88

Weighted average shares outstanding:

Basic

35,634

36,524

35,733

37,155

Diluted

35,634

36,524

35,792

37,204

(1) Reflects the impact of immaterial revisions to the financial statements

Vail Resorts, Inc.

Consolidated Condensed Statements of Operations - Other Data

(In thousands)

(Unaudited)

Three Months Ended

July 31,

Twelve Months Ended

July 31,

2026

2025

2026

2025

Other Data:

Mountain Reported EBITDA

$    (129,842)

$    (127,650)

$     729,352

$     821,341

Lodging Reported EBITDA

7,485

4,097

16,319

22,795

Resort Reported EBITDA

(122,357)

(123,553)

745,671

844,136

Real Estate Reported EBITDA

477

(1,216)

7,371

18,626

Total Reported EBITDA

$    (121,880)

$    (124,769)

$     753,042

$     862,762

Mountain stock-based compensation

$        6,596

$      11,208

$      24,629

$      29,632

Lodging stock-based compensation

863

1,439

3,296

4,004

Resort stock-based compensation

7,459

12,647

27,925

33,636

Real Estate stock-based compensation

60

130

239

326

Total stock-based compensation

$        7,519

$      12,777

$      28,164

$      33,962

Vail Resorts, Inc.

Mountain Segment Operating Results

(In thousands, except ETP)

(Unaudited)

Three Months Ended

July 31,

Percentage

Increase

Twelve Months Ended

July 31,

Percentage

Increase

2026

2025

(Decrease)

2026

2025

(Decrease)

Net Mountain revenue:

Lift

$   46,120

$   47,587

(3.1) %

$            1,451,068

$            1,503,187

(3.5) %

Ski school

7,781

9,772

(20.4) %

278,050

309,863

(10.3) %

Dining

18,964

18,393

3.1 %

222,518

240,900

(7.6) %

Retail/rental

21,760

24,087

(9.7) %

282,774

302,450

(6.5) %

Other

81,238

81,095

0.2 %

268,774

273,473

(1.7) %

Total Mountain net revenue

175,863

180,934

(2.8) %

2,503,184

2,629,873

(4.8) %

Mountain operating expense:

Labor and labor-related benefits

122,265

121,592

0.6 %

736,375

760,955

(3.2) %

Retail cost of sales

8,993

11,168

(19.5) %

87,844

97,289

(9.7) %

Resort related fees

5,453

4,500

21.2 %

112,238

111,830

0.4 %

General and administrative

86,798

91,816

(5.5) %

379,076

373,404

1.5 %

Other

82,636

79,865

3.5 %

459,128

468,973

(2.1) %

Total Mountain operating expense

306,145

308,941

(0.9) %

1,774,661

1,812,451

(2.1) %

Mountain equity investment income, net

440

357

23.2 %

829

3,919

(78.8) %

Mountain Reported EBITDA

$ (129,842)

$ (127,650)

(1.7) %

$  729,352

$  821,341

(11.2) %

Total skier visits

502

753

(33.3) %

15,299

17,665

(13.4) %

ETP

$     91.87

$     63.20

45.4 %

$     94.85

$     85.09

11.5 %

Vail Resorts, Inc.

Lodging Operating Results

(In thousands, except ADR and Revenue per Available Room ("RevPAR"))

(Unaudited)

Three Months Ended

July 31,

Percentage

Increase

Twelve Months Ended

July 31,

Percentage

Increase

2026

2025

(Decrease)

2026

2025

(Decrease)

Lodging net revenue:

Owned hotel rooms

$   33,927

$   31,566

7.5 %

$   87,976

$   88,184

(0.2) %

Managed condominium rooms

9,541

10,112

(5.6) %

73,665

81,525

(9.6) %

Dining

18,636

17,798

4.7 %

65,213

66,374

(1.7) %

Transportation

1,022

1,069

(4.4) %

12,435

14,853

(16.3) %

Golf

8,620

7,877

9.4 %

17,088

16,008

6.7 %

Other

19,410

18,696

3.8 %

54,071

52,805

2.4 %

91,156

87,118

4.6 %

310,448

319,749

(2.9) %

Payroll cost reimbursements

5,060

3,151

60.6 %

18,379

14,290

28.6 %

Total Lodging net revenue

96,216

90,269

6.6 %

328,827

334,039

(1.6) %

Lodging operating expense:

Labor and labor-related benefits

37,444

37,196

0.7 %

134,431

138,041

(2.6) %

General and administrative

12,607

14,490

(13.0) %

54,930

60,310

(8.9) %

Other

33,620

31,335

7.3 %

104,768

98,603

6.3 %

83,671

83,021

0.8 %

294,129

296,954

(1.0) %

Reimbursed payroll costs

5,060

3,151

60.6 %

18,379

14,290

28.6 %

Total Lodging operating expense

88,731

86,172

3.0 %

312,508

311,244

0.4 %

Lodging Reported EBITDA

$    7,485

$    4,097

82.7 %

$   16,319

$   22,795

(28.4) %

Owned hotel statistics:

ADR

$   340.21

$   331.06

2.8 %

$   324.58

$   325.65

(0.3) %

RevPAR

$   200.62

$   185.37

8.2 %

$   169.04

$   170.70

(1.0) %

Managed condominium statistics:

ADR

$   240.80

$   261.91

(8.1) %

$   393.60

$   413.47

(4.8) %

RevPAR

$    47.27

$    48.62

(2.8) %

$   105.39

$   116.70

(9.7) %

Owned hotel and managed condominium statistics (combined):

ADR

$   299.99

$   302.75

(0.9) %

$   363.81

$   376.95

(3.5) %

RevPAR

$    97.71

$    93.00

5.1 %

$   123.25

$   131.55

(6.3) %

Key Balance Sheet Data

(In thousands)

(Unaudited)

As of July 31,

2026

2025

Total Vail Resorts, Inc. stockholders' equity

$         240,527

$          424,499

Long-term debt, net

3,102,460

2,594,765

Long-term debt due within one year

83,908

599,509

Total debt

3,186,368

3,194,274

Less: cash and cash equivalents

231,349

440,290

Less: short-term certificates of deposit

37,112

—

Net debt

$       2,917,907

$        2,753,984

Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures

Presented below is a reconciliation of net (loss) income attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three and twelve months ended July 31, 2026 and 2025.

(In thousands)

(Unaudited)

(In thousands)

(Unaudited)

Three Months Ended July 31,

Twelve Months Ended July 31,

2026

2025(2)

2026

2025

Net (loss) income attributable to Vail Resorts, Inc.

$    (190,155)

$    (182,361)

$     147,535

$     280,004

Net (loss) income attributable to noncontrolling interests

(8,713)

(7,447)

23,209

17,972

Net (loss) income

(198,868)

(189,808)

170,744

297,976

(Benefit from) provision for income taxes

(61,091)

(53,664)

56,212

104,421

(Loss) income before (benefit from) provision for income taxes

(259,959)

(243,472)

226,956

402,397

Depreciation and amortization

80,924

74,474

305,610

296,437

Loss (gain) on disposal of fixed assets and other, net

770

(3,902)

6,823

(6,933)

Change in fair value of contingent consideration

4,800

5,300

19,239

9,379

Investment income and other, net

(1,961)

(1,458)

(11,129)

(10,126)

Foreign currency loss (gain) on intercompany loans

4

33

(80)

(20)

Interest expense, net

53,542

44,256

205,623

171,628

Total Reported EBITDA

$    (121,880)

$    (124,769)

$     753,042

$     862,762

Mountain Reported EBITDA

$    (129,842)

$    (127,650)

$     729,352

$     821,341

Lodging Reported EBITDA

7,485

4,097

16,319

22,795

Resort Reported EBITDA (1)

(122,357)

(123,553)

$     745,671

$     844,136

Real Estate Reported EBITDA

477

(1,216)

7,371

18,626

Total Reported EBITDA

$    (121,880)

$    (124,769)

$     753,042

$     862,762

(1) Resort represents the sum of Mountain and Lodging

(2) Reflects the impact of immaterial revisions to the financial statements

The following table reconciles long-term debt, net to Net Debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended July 31, 2026.

(In thousands)

(Unaudited)

(As of July 31, 2026)

Long-term debt, net

$            3,102,460

Long-term debt due within one year

83,908

Total debt

3,186,368

Less: cash and cash equivalents

231,349

Less: Short-term certificates of deposit

37,112

Net debt

$            2,917,907

Net debt to Total Reported EBITDA

3.9 x

The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and twelve months ended July 31, 2026 and 2025.

(In thousands)

(Unaudited)

Three Months Ended

July 31,

(In thousands)

(Unaudited)

Twelve Months Ended

July 31,

2026

2025

2026

2025

Real Estate Reported EBITDA

$       477

$    (1,216)

$     7,371

$    18,626

Non-cash Real Estate cost of sales

—

—

—

(5,737)

Non-cash Real Estate stock-based compensation

60

130

239

326

Change in real estate deposits and recovery of previously incurred
project costs/land basis less investments in real estate

5,746

(6,809)

(5,164)

44

Net Real Estate Cash Flow

$     6,283

$    (7,895)

$     2,446

$    13,259

The following table reconciles Resort net revenue to Resort EBITDA Margin for the year ended July 31, 2026 and fiscal 2027 guidance.

(In thousands)

(Unaudited)

(In thousands)

(Unaudited)

Twelve Months Ended
July 31, 2026

Fiscal 2027 Guidance (2)

Resort net revenue (1)

$              2,832,011

$              3,108,000

Resort Reported EBITDA (1)

$                745,671

$                835,000

Resort EBITDA margin (1)

26.3 %

26.9 %

(1) Resort represents the sum of Mountain and Lodging

(2) Represents the mid-point of Guidance

SOURCE Vail Resorts, Inc.

Vail Resorts is facing a revolt from within.

A shareholder has turned on the ski resort behemoth in a blistering lawsuit accusing the corporate executives of participating in an illegal price-fixing scheme that sent the cost of list tickets and its popular Epic Pass soaring.

In a 55-page complaint brought by shareholder Gary Peterson in Colorado federal court on Monday, he claims that Vail Resorts exchanged pricing and financial information with competitors Alterra Mountain Company, Boyne Resorts, and Powdr Corp. starting in 2020 to increase prices across passes, lift tickets, rentals, and lessons. The alleged backroom dealing sent ski ticket prices soaring into the stratosphere.

Skiers prepare to load the gondola at Vail Ski Resort on March 18, 2026, in Vail, Colorado. Getty Images At the center of the legal snowstorm is Vail’s lucrative Epic Pass, which gives skiers access to their massive portfolio of mountain resorts. Vail pioneered the Epic Pass, and helped shape the economics of skiing by getting customers to ditch pricey day tickets and commit to a full season upfront.

The coordinated scheme allowed Vail to ratchet up seasonal Epic Pass costs by 39% since 2021, going from $783 to a whopping $1,119 this season.

To force skiers into buying the pricey multi-mountain pass, the lawsuit claims Vail drove single-day lift tickets to “economically irrational” extremes, with peak holiday tickets reaching $385.

The sticker shock has sparked widespread fury. “I’m sitting in the parking lot staring at my receipt and I feel sick,” one devastated skier vented on Reddit after hitting Vail. “$275 for a Saturday pass. That doesn’t include the $40 parking, the $22 mountain priced burger, or the gas to get here.”

To force skiers into buying the pricey multi-mountain pass, the lawsuit claims Vail drove single-day lift tickets to “economically irrational” extremes. Getty Images

Vail operates 42 ski destinations, and the pass accounts for roughly 65% of its lift revenue. Bloomberg via Getty Images “The pricing of the Epic Pass and the Company’s lift tickets is not a peripheral concern; it is the core of Vail’s business,” the complaint states. Vail operates 42 ski destinations, and the pass accounts for roughly 65% of its lift revenue. With that much money riding on the Epic Pass, the lawsuit argues that few decisions matter more to Vail than how the company sets that price.

The new lawsuit marks the third class action targeting Vail’s pricing tactics, following two antitrust suits filed by frustrated customers. But this time, customers are taking aim at the company’s bottom line, arguing that top brass breached fiduciary duties and violated securities laws by misleading shareholders about its soaring profits.

“These wrongs resulted in significant damages to Vail’s reputation, goodwill, and standing in the business community, as well as exposing the company to two federal antitrust class actions seeking treble damages,” Peterson stated in the complaint.

Peterson argues that shareholders themselves were harmed by Vail’s directors, who unknowingly exposed them to financial and reputational damages by keeping them in the dark about its most important money maker — all while enriching themselves.

The company is fighting back against its shareholder. “We believe that the claims are without merit and will defend the company and our board of directors vigorously,” a Vail Resorts spokesperson told Courthouse News.

The suit demands a jury trial.

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