Key Takeaways:
- Vail Resorts’ season pass unit sales are down by double digits heading into the coming ski season.
- Weakness is concentrated in destination frequency passes, especially those with fewer days, while unlimited passes are holding up better.
- Fiscal 2026 profit fell after a historically poor snow year in the western U.S., and the company forecasts a recovery in fiscal 2027.
Vail Resorts, Inc. is heading into the coming North American ski season with fewer season passes sold, as pass product unit sales fell about 12% through Sept. 18 compared with the prior year period through Sept. 19, 2025.
Days sold, the company’s estimate of how many days of access its passes represent, decreased about 10%. Pass sales dollars, including sales and admissions taxes and adjusted for currency, declined about 6%.
Vail Resorts said results through the Labor Day sales deadline were generally consistent with spring selling trends, excluding auto renewals, as demand across the industry continued to be affected by last season’s historically challenging conditions.
The declines are concentrated among destination frequency passes, especially those with fewer days. Unlimited passes performed better, which the company said improved its product mix and pricing. Colorado and Utah local markets showed modest improvement after the spring deadline in May.
The company said third party data continues to show Vail Resorts outperforming the broader industry, especially among comparable unlimited products. It believes the unit declines may reflect delayed purchases among less committed guests rather than fully lost demand. The company sees an opportunity to recapture that visitation through pass sales later in the selling season or lift ticket sales during the winter.
New Pass Pricing
Vail Resorts introduced several pricing changes for the season, which it outlined at its investor conference in March. The adult Epic Pass launched at $1,089, up 4% from last season’s launch price. Guests ages 13 to 30 now fall into new teen and young adult age groups, with a launch price of $869, down 17% from the $1,051 they paid last season. Both prices exclude taxes.
The company also raised prices 12% to 17% on Epic Day Passes good for one or two days, while passes for six or seven days fell 2% to 3%.
Fiscal 2026 Results
For the fiscal year ended July 31, 2026, net income attributable to Vail Resorts fell to $147.5 million, or $4.12 per diluted share, from $280 million, or $7.53 per diluted share, a year earlier.
Resort net revenue decreased 4.5% to $2.83 billion, as poor conditions, particularly at its Rockies and Tahoe resorts, reduced visits from both local and destination guests.
Total skier visits dropped 13.4% to about 15.3 million. Lift revenue fell 3.5% despite the drop in visits, primarily because pass revenue increased 3.9%.
“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,” Chief Executive Officer Rob Katz said in a statement.
In the fourth quarter, resort net revenue rose 0.3% to $272.1 million, driven by Grand Teton Lodge Company and partly offset by weak snowfall in Australia. The quarterly net loss widened to $190.2 million from $182.4 million.
Retail and rental revenue in the company’s mountain segment declined 6.5% to $282.8 million for the year. In fiscal 2027, the company plans to begin transitioning its rental shops to the My Epic Gear brand, according to its March investor presentation.
Fiscal 2027 Forecast
Vail Resorts forecasts fiscal 2027 net income attributable to the company of $158 million to $233 million.
The company expects increased lift ticket visitation, pricing growth, higher guest spending across its ancillary businesses and about $25 million in additional savings from its resource efficiency transformation plan. These gains will be partly offset by lower pass demand, normalized operating expenses, inflation, additional strategic investments and the nonrecurring costs.
The forecast assumes normal weather conditions for the coming ski seasons and a continuation of the current economic environment.
