Vail Resorts (NYSE: MTN) reported Q3 EPS of $8.81, $0.28 worse than the analyst estimate of $9.09. Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.22 billion.
Fiscal Year 2026 Guidance
Due to the historically challenging weather conditions in the western U.S. that persisted through the third quarter, which negatively impacted demand, the Company is reducing its fiscal 2026 guidance. The Company now expects fiscal 2026 Net Income and Resort EBITDA as follows:
- Net income attributable to Vail Resorts, Inc. of $128 million to $162 million.
- Resort Reported EBITDA of $735 million to $755 million.
- Resource efficiency transformation plan remains on track to achieve an incremental $45 million of efficiencies over the prior year, before one-time costs, and the Company now expects to deliver $106 million of annualized cost efficiencies, representing a $6 million increase above the original two-year plan. Revised Fiscal 2026 Resort EBITDA guidance includes an estimated $13 million of one-time costs in support of the Company's resource efficiency transformation plan.
The updated guidance also assumes (1) normal weather conditions and operations throughout the Australian ski season and North American summer season; (2) a continuation of the current economic environment; and (3) foreign currency exchange rates as of June 8, 2026, including an exchange rate of $0.72 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada, an exchange rate of $0.70 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia, and an exchange rate of $1.26 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans Montana in Switzerland, and does not include any potential impacts related to future fluctuations in foreign currency exchange rates, which may be impacted by tariffs, trade disputes, or other factors.
The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2026 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance.
| | Fiscal 2026 Guidance |
| | (In thousands) |
| | For the Year Ending |
| | July 31, 2026 |
| | Low End | | High End |
| | Range | | Range |
Net income attributable to Vail Resorts, Inc. | $ 128,000 | | $ 162,000 |
Net income attributable to noncontrolling interests | 27,000 | | 21,000 |
Net income | 155,000 | | 183,000 |
Provision for income taxes (1) | 55,000 | | 65,000 |
Income before income taxes | 210,000 | | 248,000 |
Depreciation and amortization | 303,000 | | 299,000 |
Interest expense, net | 207,000 | | 203,000 |
Other (2) | 19,000 | | 11,000 |
Total Reported EBITDA | $ 739,000 | | $ 761,000 |
| | | | |
Mountain Reported EBITDA (3) | $ 721,000 | | $ 739,000 |
Lodging Reported EBITDA (4) | 14,000 | | 16,000 |
Resort Reported EBITDA (5) | 735,000 | | 755,000 |
Real Estate Reported EBITDA | 4,000 | | 6,000 |
Total Reported EBITDA | $ 739,000 | | $ 761,000 |
For earnings history and earnings-related data on Vail Resorts (MTN) click here.
