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Vail Resorts Reports Fiscal 2025 Fourth Quarter and Full Year Results and Provides Fiscal 2026 Outlook
Prnewswireยท 2025-09-29 20:05
Core Insights - Vail Resorts reported a 2% growth in Resort Reported EBITDA for fiscal 2025 despite a 3% decline in total skier visits across North American resorts, driven by increased season pass revenue and ancillary spending [3][6][9] - The company anticipates net income for fiscal 2026 to be between $201 million and $276 million, with Resort Reported EBITDA expected to range from $842 million to $898 million [22][30] - A quarterly cash dividend of $2.22 per share was declared, payable on October 27, 2025, and the company repurchased approximately 1.29 million shares during the quarter [32][33] Financial Performance - Net income attributable to Vail Resorts for fiscal 2025 was $280 million, up from $231.1 million in fiscal 2024 [6][17] - Resort net revenue increased by $83.4 million to $2,963.9 million, with Resort Reported EBITDA rising by $19 million, or 2.3% [17][18] - Total lift revenue increased by $60.4 million, or 4.2%, to $1,503.2 million, primarily due to a 4.2% increase in pass product revenue [7][17] Season Pass Sales - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased about 1% in sales dollars compared to the previous year [19][20] - The decline in units was attributed to fewer renewing guests and new passholders, although renewals were up for more loyal passholders [20][19] Resource Efficiency Transformation Plan - The company is on track to achieve $100 million in annualized cost efficiencies by the end of fiscal 2026, having delivered approximately $37 million in efficiencies in fiscal 2025 [21][30] - Fiscal 2026 is expected to deliver approximately $75 million in efficiencies, partially offset by one-time costs of about $14 million [21][22] Capital Investments - The company plans to invest approximately $249 million to $254 million in capital expenditures for calendar year 2025, including core capital and growth capital investments [34][35] - Key projects include upgrades at Park City Mountain and enhancements to the My Epic App [35][34] Guidance and Outlook - The guidance for fiscal 2026 assumes growth from price increases and ancillary revenue capture, alongside expected efficiencies from the resource efficiency transformation plan [22][23] - The company aims to increase guest visitation and evolve its guest engagement strategy to drive revenue growth [11][12]