A ‘most challenging’ winter buried Vail profits as pass sales still slump

BROOMFIELD — On the heels of a historically warm and dry winter, Broomfield-based Vail Resorts Inc. (NYSE: MTN) saw its bottom line for its 2026 fiscal year, which ended July 31, melt nearly in half.

Net income attributable to Vail was $147.5 million in the most-recent fiscal year, down from $280 million in 2025, according to the company’s recently filed earnings report.

And despite the potential for Super El Niño weather patterns to bring snowy conditions back to its mountains this winter, Vail’s Epic Pass sales for the 2027/2026 season are thus far down about 12% year over year. 

“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,” a statement from Vail CEO Rob Katz said in part. 

For the 2027 fiscal year, Vail expects its to post net income in the range of $158 million to $233 million.

Vail is implementing a new strategic vision, dubbed Epic Experience, to help the Broomfield company reverse a trend of tumbling visitor totals and softening financial performance.

Notably, the strategic shift pivots Vail’s focus away from growing the Epic Pass program — the subject of the recent lawsuits — and toward improving visitor experience.

The strategy involves a commitment to “white-glove” service and amenities for skiers, Vail said in July. That includes everything from private lessons with concierge services to slopeside valets for gear rentals and a new burger option featuring New School American Cheese, pecan-smoked bacon and brioche buns.

Additionally, Vail, which is battling multiple lawsuits alleging price fixing (the company has denied wrongdoing) and a proxy fight with an activist investor, has begun to focus more of its marketing efforts on individual resorts rather than highlighting the broad portfolio of properties to which Epic Pass holders have access.

“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,” Katz’s statement said. “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.”

Vail’s stock price, which has carved off half its value over the past five years, was resilient in trading Tuesday, closing at 141.29, up 2.32%.

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