Vail Resorts (NYSE:MTN) Announces Quarterly Earnings Results

Vail Resorts (NYSE:MTN) posted its quarterly earnings results on Monday. The company reported $5.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.06 by ($0.19), FiscalAI reports. Vail Resorts had a return on equity of 32.51% and a net margin of 8.94%.The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business posted $6.56 EPS. The business’s revenue was down 4.7% on a year-over-year basis.

Here are the key takeaways from Vail Resorts’ conference call:

• Unprecedented Rockies weather severely pressured results — Rockies snowfall was down ~43% in Q2, skier visitation fell ~12–13% season-to-date, and Vail reduced fiscal 2026 guidance to Resort Reported EBITDA $745M–$775M and net income $144M–$190M, with greater variability in the outlook due to ongoing weather uncertainty.
• The company highlights the stability of its advanced-commitment model — pass holders now represent ~75% of visits, pass units grew ~55% over five years, and pass revenue growth helped limit lift revenue declines to ~3% despite a meaningful drop in overall visitation.
• Management is pushing product and pricing changes to drive demand, including a 20% discount for ages 13–30, ~3–4% blended price increases on Epic/Epic Local (plus ~3% tax passthrough), and new offers like Epic Friend tickets and one?month advance lift tickets that are showing early traction.
• Operational and financial resilience is being reinforced — the Resource Efficiency Transformation Plan will exceed the $100M target by about $6M, FY26 incremental savings of ~$42M (before ~$15M one?time), liquidity ~ $1.1B, net leverage ~3.1x, retirement of $525M convertible debt, and an amended credit facility to 2031.
• Company is maintaining capital priorities and guest investments — reaffirmed CY2026 core capex of $215M–$220M (total $234M–$239M), held the quarterly dividend at $2.22/sh, repurchased $45M YTD, and reported record-high system-wide guest satisfaction while accelerating marketing and guest?facing technology (CMS, app enhancements) to support future growth.

Vail Resorts Trading Up 0.3%

MTN traded up $0.35 during trading on Tuesday, hitting $134.29. The company’s stock had a trading volume of 585,074 shares, compared to its average volume of 839,605. The firm has a market capitalization of $4.80 billion, a P/E ratio of 19.71, a PEG ratio of 8.46 and a beta of 0.78. Vail Resorts has a twelve month low of $126.15 and a twelve month high of $175.51. The stock’s fifty day moving average price is $137.49 and its 200-day moving average price is $145.03. The company has a quick ratio of 0.46, a current ratio of 0.54 and a debt-to-equity ratio of 5.52.

Vail Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Thursday, March 26th will be issued a $2.22 dividend. This represents a $8.88 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date is Thursday, March 26th. Vail Resorts’s payout ratio is presently 130.21%.

Institutional Trading of Vail Resorts

Several large investors have recently made changes to their positions in MTN. Arrowstreet Capital Limited Partnership boosted its holdings in Vail Resorts by 41.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 554,307 shares of the company’s stock worth $82,908,000 after acquiring an additional 161,562 shares in the last quarter. UBS Group AG increased its holdings in shares of Vail Resorts by 22.4% during the third quarter. UBS Group AG now owns 713,531 shares of the company’s stock valued at $106,723,000 after acquiring an additional 130,460 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Vail Resorts by 1,776.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 113,956 shares of the company’s stock worth $17,044,000 after purchasing an additional 107,883 shares during the period. Marshall Wace LLP lifted its holdings in shares of Vail Resorts by 732.0% in the 3rd quarter. Marshall Wace LLP now owns 112,219 shares of the company’s stock worth $16,785,000 after purchasing an additional 98,731 shares in the last quarter. Finally, HRT Financial LP acquired a new stake in Vail Resorts in the 4th quarter valued at $12,878,000. 94.90% of the stock is currently owned by institutional investors and hedge funds.

Key Vail Resorts News

Here are the key news stories impacting Vail Resorts this week:

• Positive Sentiment: Vail declared a quarterly cash dividend of $2.22 per share, payable Apr. 9 to holders of record Mar. 26, which annualizes to about $8.88 and implies roughly a 6.6% yield at current prices — supportive for income-focused investors.
• Neutral Sentiment: Management’s Q2 earnings call transcript and detailed release are available for investors who want management’s color on season trends and cost actions; use the call to assess forward commentary on pass sales and operating leverage. Q2 2026 Earnings Call Transcript
• Neutral Sentiment: Analyst write-ups compare Vail’s key metrics to estimates and prior year results, useful for assessing whether misses reflect one-off weather effects or structural demand weakness. Zacks: How Key Metrics Compare
• Negative Sentiment: Q2 results missed estimates: EPS $5.87 vs. consensus ~$6.05 and revenue $1.08B vs. ~$1.11B; revenue declined ~4.7% year?over?year — a direct earnings headwind. Q2 Press Release
• Negative Sentiment: Company cut FY26 net income guidance to $144M–$190M from a prior $201M–$276M range, citing the “most challenging winter across the Rockies” and lower skier visits — the guidance cut is the primary driver of the negative market reaction. WSJ: Cuts Guidance
• Negative Sentiment: Multiple outlets report sparse snow and steep declines in skier visits and lift revenue at key resorts — operational volumes remain the key near?term risk to recovery. AOL: Revenue, Skier Visits Plummet
• Negative Sentiment: Street reaction: shares fell in after?hours trading and at least one bank trimmed its price target (Deutsche Bank cut PT to $151), reflecting reduced near?term visibility. Deutsche Bank PT Cut

Analysts Set New Price Targets

Several brokerages recently issued reports on MTN. Mizuho set a $200.00 price target on shares of Vail Resorts in a report on Tuesday. UBS Group reiterated a “neutral” rating and issued a $169.00 price target on shares of Vail Resorts in a research note on Friday, January 16th. Zacks Research raised Vail Resorts from a “strong sell” rating to a “hold” rating in a report on Thursday, December 11th. JPMorgan Chase & Co. lifted their price target on Vail Resorts from $168.00 to $172.00 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Finally, Wall Street Zen downgraded Vail Resorts from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Vail Resorts has an average rating of “Hold” and an average target price of $171.45.

About Vail Resorts

Vail Resorts, Inc is a leading mountain resort company that owns and operates an integrated network of ski areas, hotels, restaurants and retail outlets. The company’s signature Epic Pass program offers skiers and snowboarders season?long access to its portfolio of resorts, while ancillary services such as ski and snowboard schools, equipment rental and retail drive additional revenue.

Headquartered in Broomfield, Colorado, Vail Resorts was formed in 1997, building on the legacy of Vail Associates, which opened the Vail ski area in 1962.