Vail missed Q2 estimates with EPS of $8.81 versus $9.05 expected and revenue of $1.21 billion versus $1.23 billion, driven by a 55% below-average Rockies snow drought that cut resort revenue 7% and EBITDA 9% year over year. The company outperformed the industry's 24% Rockies visitation drop, limiting its own lift ticket visits decline to 12% through Epic Pass advance commitments that grew 3% and buffered lift revenue to only a 5% drop despite 15% lower visitation. Full-year guidance implies a 12% resort EBITDA decline, supported by $106 million in efficiency savings, steady 3.5x leverage, $1.1 billion liquidity, and unchanged priorities around guest engagement despite spring pass sales weakness.

Company: Vail Resorts, Inc. (MTN) — Q3 FY2026

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