The Vail Resorts fiscal 2027 outlook calls for resort reported EBITDA of $805 million to $865 million as the ski operator seeks to recover from historically weak snowfall across the western United States.
Vail Resorts (NYSE: MTN) reported fiscal 2026 net income of $147.5 million, down from $280 million a year earlier. Resort reported EBITDA fell 11.7% to $745.7 million, including $11 million of one-time transformation costs.
Vail Resorts Fiscal 2027 Outlook Assumes a Weather Recovery
The company expects fiscal 2027 net income of $158 million to $233 million and resort reported EBITDA of $805 million to $865 million, according to its official results release filed with the SEC. The EBITDA forecast includes about $14 million of one-time costs.
Management said the guidance reflects a meaningful recovery from the weather-affected 2026 season. Snowfall and snowpack in the Rockies were at or near record lows, while poor conditions also affected Tahoe and Australian operations.
Full-year resort revenue declined $131.9 million, or 4.5%. Skier visitation dropped 13.4%, although total lift revenue decreased by a smaller 3.5% as pass revenue rose 3.9% and helped cushion the decline.
Advance Pass Sales Remain Under Pressure
Pass-product units sold through September 18 for the coming North American season were down about 12% from the comparable period. Estimated ski days sold fell roughly 10%, while pass-sales dollars declined approximately 6% on a constant-currency basis.
The smaller revenue decline relative to unit sales points to pricing and product mix support, but it also leaves Vail dependent on late-season sales and favorable winter conditions. Management said weakness remained concentrated in destination-oriented, lower-frequency passes.
Vail generated $45 million of savings from its resource-efficiency program in fiscal 2026 and plans another $30 million by fiscal 2028. Those savings can support margins, but they do not remove the weather and visitation exposure embedded in the new forecast.
The company declared a $2.22 quarterly dividend payable October 27 to holders of record on October 8. Updated pass sales and early-season snowfall will provide the next evidence on whether the projected EBITDA rebound is developing as planned.
