Vail Resorts Cuts FY Guidance as Fiscal Q3 Ends Season on a Down Note

June 8, 2026

Vail Resorts ended its fiscal third quarter, which closed the ski season, on a weak note and cut its full-year fiscal 2026 guidance. The company now expects net income of $128 million to $162 million and Resort Reported EBITDA of $735 million to $755 million, both below its prior outlook. The downgrade reflects the impact of a historically poor western U.S. snow season that significantly reduced skier visits and resort revenue.

Total skier visits fell 15.5% year-over-year in Q3, driven by the historically low snowfall across the western United States. Despite the sharp decline in visits, Q3 net income was $314 million and Resort net revenue reached $1.2 billion. The company’s updated guidance assumes normal weather in Australia and a typical North American summer, with foreign-exchange rates remaining stable.

The poor winter season highlights the vulnerability of ski resort operators to weather conditions and climate variability. Vail Resorts’ season pass program provided some stability, keeping revenue consistent even as visitation declined, but the magnitude of this year’s snow shortfall was unprecedented. The guidance cut could pressure the company’s shares as investors assess the long-term impacts of inconsistent winter weather on the business. SGB