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.

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.

Mizuho analyst Ben Chaiken has maintained an Outperform rating on Vail Resorts (NYSE: MTN) while lowering the price target to $191 from $200. The revised target reflects a recalibrated valuation outlook for the ski resort operator, despite the continued positive stance on the stock's performance potential.

The rating affirmation suggests confidence in Vail Resorts' underlying business fundamentals and strategic positioning. However, the reduction in the price target indicates a more conservative near-term valuation metric, possibly factoring in market conditions or operational forecasts.

Analyst Rating and Price Target

The following table outlines the revised analyst metrics for Vail Resorts:

The Outperform rating implies that the stock is expected to perform better than the broader market average over the specified rating period. Investors should note that price targets are projections and not guarantees of future performance.