Vail Resorts Faces Falling Epic Pass Sales and an Activist Board Challenge

Vail Resorts is entering the 2026/27 ski season under pressure from two directions at once: weaker advance Epic Pass sales and an activist investor seeking major changes to the company's board.

Vail Resorts reported that through September 18, 2026, pass product unit sales for the upcoming North American season were down about 12% from the comparable period a year earlier. Estimated days sold were down about 10%, while pass sales dollars were down about 6%. The company has said historically difficult snow conditions last season are an important factor in the decline.

Oasis Management has also increased its disclosed position in Vail Resorts. An amended Schedule 13D filed with the U.S. Securities and Exchange Commission on September 29, 2026 shows the reporting group beneficially owning approximately 3.22 million shares, or about 9.0% of Vail Resorts' outstanding common stock.

Oasis nominated four people for election to Vail's board at the company's 2026 annual meeting: former Disney CEO Robert A. Chapek, M. Ashton Hudson, Bryce Roberts and Olympic skier Picabo Street. Vail Resorts confirmed receipt of those nominations and has said it is also conducting its own board-refreshment process.

Board fights can sound distant from everyday skiing, but they can shape strategy on pricing, capital spending, acquisitions, customer experience and resort operations. At the same time, the decline in pass units puts additional attention on whether Vail can keep growing the Epic Pass model after years of expansion.

Neither Oasis' investment thesis nor Vail's response should be treated as a prediction of what shareholders will ultimately decide.

Update: An earlier version of this article cited Oasis's September 16 disclosure of approximately 7.4%. The September 29 amended SEC filing shows the reporting group at approximately 9.0%.

Sources: Vail Resorts fiscal 2026 earnings release dated September 28, 2026; Vail Resorts board-nominations statements; Oasis Management Schedule 13D/A filed September 29, 2026.