Vail Resorts closes first fiscal quarter with loss

BROOMFIELD – Vail Resorts Inc. (NYSE: MTN) reported a net loss in its first quarter of fiscal 2026 but still expects full-year earnings to be $201 million to $276 million. 

The company’s financial statement filed Dec. 10 showed a first quarter net loss of $186.8 million, compared with $173.3 million net loss in the first quarter of 2025. The company also reported that North American pass sales through Dec. 5 were 2% down, but revenue from those sales was up 3%. 

Despite the lower pass numbers, “the company has approximately 2.3 million guests committed to our 42 North American, Australian and European resorts in advance of the season … which is expected to generate approximately $1 billion in revenue …,” the company reported.

Vail Resorts will issue a dividend of $2.22 per common share, payable next calendar year. It also repurchased 200,000 shares in November at an average $140 per share. 

“Our first quarter results were in line with our expectations and importantly, we’re seeing encouraging early momentum from our key initiatives to drive visitation during the 2025/2026 ski season, deepen our guest engagement, and create exceptional guest experiences,” Rob Katz, CEO, said in the press statement that accompanied the financial report. “We are taking decisive actions to support these priorities, as evidenced by the introduction of our new advanced lift ticket discount for guests who book at least a month in advance at select resorts, in addition to our Epic Friend tickets announced in August. We are encouraged by the initial response to our updated marketing strategy and investments focused on expanding our reach, which drove improved pass product sales results in the final selling period.”

Vail Resorts stock closed Monday at $147.43, below the 52-week high of $191.85 and above the 52-week low of $129.85.

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