Vail Resorts reported a net loss of $186.8 million in Q1 fiscal 2026, compared to $173.3 million in the previous year.
North American season pass sales for the 2025/2026 ski season showed a slight decrease in units but an increase in sales dollars.
The company reaffirmed its fiscal 2026 guidance and announced plans to invest in core capital for calendar year 2026.
Financial Performance
Q1 fiscal 2026 net loss increased compared to the prior year, while Resort Reported EBITDA remained flat.
Season Pass Sales
North American pass product sales for the upcoming ski season decreased in units but increased in sales dollars.
2026 Capital Plan
Vail Resorts plans to invest approximately $215 million to $220 million in core capital in 2026.
- Vail Resorts' first quarter operating results showed a 4% increase in Resort Net Revenue compared to the previous year.
- Mountain Reported EBITDA increased by $1.5 million driven by improved Australian visitation.
- Real Estate EBITDA decreased by $3.6 million, with a gain on the sale of real property in Breckenridge.
Despite the challenges in the first quarter, Vail Resorts is optimistic about driving visitation and guest engagement for the 2025/2026 ski season. The company remains committed to its strategic initiatives for long-term growth and profitability.