Vail Resorts reported third-quarter fiscal 2026 net income attributable to Vail Resorts, Inc. of $314.4 million, a decrease from $389.7 million in the prior year, as unfavorable weather conditions pressured visitation and revenue. The company reduced its fiscal 2026 guidance, now expecting net income of $128 million to $162 million and Resort Reported EBITDA of $735 million to $755 million, citing historically challenging weather in the western U.S.

Resort Reported EBITDA for the quarter decreased $61.3 million, or 9.5%, to $586.4 million compared to the prior year. Resort net revenue decreased $90.4 million, or 7.0%, to $1.205 billion. Total skier visits declined 15.5% year-over-year, while the Effective Ticket Price (ETP) increased 12.0% to $100.24.

"Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S., driving continued pressure on visitation and revenue in the quarter, particularly at our destination resorts in the Rockies," CEO Rob Katz said.

Season Pass Sales

Pass product unit sales through May 26, 2026, for the upcoming North American ski season decreased approximately 10%, while sales dollars decreased approximately 5% compared to the prior year period. However, Epic Australia Pass sales increased approximately 26% in units and 31% in sales dollars.

Liquidity and Capital Returns

The Board of Directors declared a quarterly cash dividend of $2.22 per share, payable on July 9, 2026, to shareholders of record as of June 25, 2026. As of April 30, 2026, total liquidity was approximately $1.1 billion, and Net Debt was 3.5 times trailing twelve months Total Reported EBITDA.

Analyst Reactions

Following the earnings announcement, analysts adjusted their price targets. Barclays analyst Brandt Montour maintained Vail Resorts with an Underweight rating and lowered the price target from $138 to $119. Stifel analyst Jeffrey Stantial maintained the stock with a Buy and lowered the price target from $172 to $167.

Stifel analyst Jeffrey Stantial has maintained a Buy rating on Vail Resorts while lowering the price target to $167 from $172. The adjustment reflects a revised valuation outlook for the company's stock performance.

Rating and Price Target Details

The research note updates the investment thesis on Vail Resorts, keeping the positive recommendation despite the lower price objective. The new target of $167 represents a decrease from the prior estimate of $172.