Vail Resorts Pass Sales Fall 12% as Fiscal 2026 Profit Drops Sharply

Vail Resorts reported fiscal 2026 results on September 28, 2026, showing a sharp decline in profit and weaker advance pass sales heading into the 2026/27 North American ski season.

The numbers

Net income fell to $147.5 million for fiscal 2026 from $280.0 million the year before. Resort Reported EBITDA declined to $745.7 million from $844.1 million. Resort net revenue fell $131.9 million, or 4.5%, and total skier visitation was down 13.4%.

The company said pass product unit sales through September 18 for the upcoming 2026/27 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%.

Vail points to historically poor weather

Vail Resorts attributed much of the decline to historically difficult snow conditions in the western United States, particularly the Rockies and Tahoe. The company also said Australian snowfall during the fourth quarter was roughly 57% below the 10-year average.

What matters for skiers

The results are notable because Epic Pass sales have historically helped Vail lock in revenue before the ski season begins. A double-digit drop in pass units means fewer customers have committed early so far this year, even though Vail says some lower-frequency destination skiers may simply be delaying purchases or may buy lift tickets later in the season.

For fiscal 2027, Vail is forecasting net income of $158 million to $233 million and Resort Reported EBITDA of $805 million to $865 million. The company expects visitation to recover from last season but not fully return to fiscal 2025 levels in the United States.

Source: Vail Resorts, Inc., Fourth Quarter and Full Year Fiscal 2026 Results, September 28, 2026.