Financial Highlights for Q1 Fiscal 2026

• Net loss: The company reported a net loss of $186.8 million, compared to a net loss of $173.3 million in the same quarter last year.
• Resort Reported EBITDA: The EBITDA loss remained steady at $139.7 million, consistent with the previous year’s results.
• Pass product sales: Sales through December 5, 2025, showed a decrease of approximately 2% in units sold, but an increase of 3% in sales dollars compared to the prior year.
• Full-year guidance: The company reaffirmed its fiscal 2026 guidance, projecting net income attributable to Vail Resorts, Inc. to range between $201 million and $276 million and Resort Reported EBITDA between $842 million and $898 million.
• Capital investments: Vail Resorts plans to invest approximately $215 million to $220 million in core capital for 2026, with total capital spending expected to be between $234 million and $239 million.

Dividend Declaration and Share Buyback

In a show of confidence in its financial position, Vail Resorts declared a quarterly cash dividend of $2.22 per share, which will be paid on January 12, 2026, to shareholders of record as of December 30, 2025. Additionally, the company repurchased approximately 200,000 shares in November at an average price of $140 per share for a total of $25 million.

CEO Insights on First Quarter Performance

Rob Katz, Chief Executive Officer of Vail Resorts, stated, “Our first quarter results were in line with our expectations and importantly, we're seeing encouraging early momentum from our key initiatives to drive visitation during the 2025/2026 ski season.” Katz emphasized the introduction of a new advanced lift ticket discount for guests booking early, which is part of their broader strategy to enhance guest engagement and improve visitation rates.

Operational Performance Overview

• Resort Net Revenue: Increased by $10.7 million or 4% year-over-year, with improved visitation at Australian ski resorts attributed to favorable weather.
• Mountain Reported EBITDA: Up by $1.5 million, driven primarily by increased visitation in Australia.
• Lodging Reported EBITDA: Decreased by $1.5 million, reflecting lower summer group demand in North America.
• Real Estate EBITDA: Experienced a decrease of $3.6 million, although a gain of $13 million was recorded on a property sale in Breckenridge.

Season Pass Sales Insights

As of December 5, 2025, North American season pass sales for the 2025/2026 ski season showed a 2% decrease in units sold but a 3% increase in sales dollars compared to the prior year. This improvement was largely attributed to a 7% price increase, though the number of pass units sold in local markets like Colorado, Utah, and Tahoe declined.

With roughly 2.3 million guests committed to Vail Resorts’ 42 North American, Australian, and European resorts, these advanced commitment products are expected to generate approximately $1 billion in revenue, covering about 74% of all skier visits for the season.

Fiscal Year 2026 Guidance and Future Outlook

Despite slight improvements in pass product sales, Vail Resorts is cautious about the ongoing ski season, reaffirming its fiscal 2026 guidance previously set forth on September 29, 2025. The company anticipates net income of $201 million to $276 million and Resort Reported EBITDA of $842 million to $898 million.

The guidance also factors in assumptions about economic conditions, weather patterns for ski seasons, and prevailing foreign exchange rates. Vail Resorts remains committed to its Resource Efficiency Transformation plan, aiming for $38 million in additional savings in fiscal 2026.

Commitment to Shareholders

With strong liquidity and a balanced approach to managing capital, Vail Resorts is focused on enhancing shareholder value through disciplined investments and returns. The current strategies for share repurchases and dividend distribution reflect the company’s robust cash generation potential, with an eye toward future growth in dividends based on improved cash flow expectations.