Overview

• U.S. ski resort operator's Q3 resort net revenue fell 7% yr/yr due to unfavorable weather

• Q3 EPS missed analyst expectations

• Company reduced fiscal 2026 guidance and early season pass sales declined for 2026/2027

Outlook

• Vail Resorts cuts fiscal 2026 net income guidance to $128 mln-$162 mln

• Company lowers fiscal 2026 Resort Reported EBITDA forecast to $735 mln-$755 mln

• Season pass sales for 2026/2027 North American ski season down 10% in units so far

Result Drivers

• UNFAVORABLE WEATHER - Co said extremely poor weather in the western U.S. drove lower visitation and revenue, especially at destination resorts in the Rockies and Tahoe

• COST DISCIPLINE - Cost management and resource efficiency transformation plan partially offset weather-related declines, per CEO Rob Katz

• PASS SALES MIX - Young Adult and Unlimited pass products outperformed other categories despite overall decline in pass sales

Company press release: ID:nPn9xYcWfa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Resort Net Revenue		$1.21 bln
Q3 EPS	Miss	$8.81	$8.96 (10 Analysts)
Q3 Net Income		$340.22 mln
Q3 Income from Operations	Miss	$494.13 mln	$510.69 mln (9 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the leisure & recreation peer group is "buy."

• Wall Street's median 12-month price target for Vail Resorts Inc is $147.00, about 8.6% above its June 5 closing price of $135.37

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 19 three months ago

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