Financial Data and Key Metrics Changes - The company generated $844 million of resort reported EBITDA in fiscal 2025, representing a 2% growth compared to the prior year despite a 3% decline in total skier visits across North American resorts [19][20] - Fiscal 2026 guidance expects net income attributable to Vail Resorts to be between $201 million and $276 million, with resort reported EBITDA projected between $842 million and $898 million [20][21] - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased approximately 1% in sales dollars compared to the prior year [22] Business Line Data and Key Metrics Changes - The company is focused on rebuilding lift ticket visitation, which is essential for revenue and long-term growth, and has introduced Epic Friend Tickets to drive lift ticket sales for new guests [11][12] - The pass price reset ahead of the 2021-2022 season has led to a projected increase of over 50% in pass units for fiscal 2026 compared to fiscal 2021 [14][15] Market Data and Key Metrics Changes - The company anticipates growth in fiscal 2026 to be driven by price increases, ancillary capture, and incremental efficiencies related to the Resource Efficiency Transformation Plan, partially offset by lower pass unit sales [22] - The company expects to exceed $100 million in annualized cost efficiencies by the end of fiscal year 2026 [23] Company Strategy and Development Direction - The company is committed to a multi-year strategy aimed at increasing guest visitation and optimizing product and pricing approaches across all resorts [10][11] - The focus is on leveraging strong competitive advantages, including owning and operating 42 resorts, to drive sustained and profitable growth [10][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that results from the past season were below expectations and emphasized the need to adapt marketing strategies to connect with guests more effectively [5][6] - The company is preparing for fiscal 2027 and is focused on long-term growth despite current challenges [36][37] Other Important Information - The company plans to invest approximately $198 million to $203 million in core capital before additional growth capital investments in European resorts [24] - The company declared a quarterly cash dividend of $2.22 per share, reflecting strong cash flow generation [29] Q&A Session Summary Question: What is the expectation for visitation this upcoming season? - Management expects total visitation to be down slightly, primarily driven by the decline in pass sales, but anticipates some recovery through lift ticket sales [35] Question: How significant is the change in the Buddy Pass system? - The Buddy Pass historically contributes about 7% of total lift revenue and 20% of paid lift ticket revenue, and management expects it to positively impact lift ticket growth this year [60][62] Question: What are the trends for international guests? - Management noted that international visitation has decreased over the past several years but does not see it as a major issue for the upcoming season [82] Question: Where is the company seeing weakness in its consumer base? - Management indicated that the results are consistent across various guest demographics, with lower renewal rates for less tenured pass holders [88][92] Question: What needs to happen to hit the upper end of the guidance range? - Visitation is the key driver for achieving the upper end of the guidance range, and management is focused on strategies to enhance visitation [95]

Financial Data and Key Metrics Changes - The company generated $844 million of resort reported EBITDA in fiscal 2025, representing a 2% growth compared to the prior year despite a 3% decline in total skier visits across North American resorts [19][20] - Fiscal 2026 guidance expects net income attributable to Vail Resorts to be between $201 million and $276 million, with reported EBITDA projected between $842 million and $898 million [20][21] - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased approximately 1% in sales dollars compared to the prior year [22] Business Line Data and Key Metrics Changes - The company is focused on rebuilding lift ticket visitation, which is essential for revenue and long-term growth, and has introduced Epic Friend Tickets to drive sales [11][12] - The pass price reset ahead of the 2021-2022 season has led to a projected increase of over 50% in pass units for fiscal 2026 compared to fiscal 2021 [14] Market Data and Key Metrics Changes - The company anticipates growth in fiscal 2026 to be driven by price increases, ancillary capture, and normalized weather conditions in Australia, partially offset by lower pass unit sales [22] - The company has seen a broad-based result in performance across different guest demographics, indicating potential market maturity [91] Company Strategy and Development Direction - The company is committed to a multi-year strategy aimed at leveraging competitive advantages to drive sustained and profitable growth [10][17] - A new Chief Revenue Officer will be appointed to focus on driving all aspects of revenue for the company, reflecting a strategic shift in leadership [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that results from the past season were below expectations and emphasized the need to adapt marketing strategies to evolving consumer preferences [5][6] - The company is confident in its ability to return to higher growth in fiscal year 2027 and beyond, despite current challenges [5][18] Other Important Information - The company plans to invest approximately $198 million to $203 million in core capital for fiscal 2026, with additional investments in European resorts and real estate projects [24][25] - The company declared a quarterly cash dividend of $2.22 per share, reflecting strong cash flow generation [29] Q&A Session All Questions and Answers Question: What is the expectation for visitation this upcoming season? - Management expects total visitation to be down slightly, primarily driven by the decline in pass sales, but anticipates some recovery through lift ticket sales [35] Question: How significant is the change in the pricing strategy for passes? - Management indicated that a more strategic approach to pricing will be taken, focusing on individual pass products rather than a blanket approach [41] Question: What is the expected impact of the Epic Friend Tickets on visitation? - Management expects the Epic Friend Tickets to contribute positively to visitation, although the full impact will take time to materialize [37][65] Question: How does the company view the impact of international guests on sales? - Management does not see any significant trends affecting international visitation that would materially impact overall results [84] Question: What are the trends in consumer behavior regarding renewals? - Management noted that while there is a lower renewal rate for less tenured passholders, overall trade-up and trade-down behaviors remain consistent [93]

Financial Data and Key Metrics Changes - The company generated $844 million of resort reported EBITDA in fiscal 2025, representing a 2% growth compared to the prior year despite a 3% decline in total skier visits across North American resorts [19][20] - Fiscal 2026 guidance expects net income attributable to Vail Resorts to be between $201 million and $276 million, with resort reported EBITDA projected between $842 million and $898 million [20][21] - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased approximately 1% in sales dollars compared to the prior year [22] Business Line Data and Key Metrics Changes - The company is focused on rebuilding lift ticket visitation, which is essential for revenue and long-term growth, and has introduced Epic Friend Tickets to drive lift ticket sales for new guests [11][12] - The pass price reset ahead of the 2021-2022 season has led to a projected increase of over 50% in pass units for fiscal 2026 compared to fiscal 2021 [14][15] Market Data and Key Metrics Changes - The company anticipates growth in fiscal 2026 to be driven by price increases, ancillary capture, and incremental efficiencies related to the Resource Efficiency Transformation Plan, partially offset by lower pass unit sales [22] - The company expects to exceed $100 million in annualized cost efficiencies by the end of fiscal year 2026 [23] Company Strategy and Development Direction - The company is committed to a multi-year strategy aimed at increasing guest visitation and optimizing product and pricing approaches across all resorts [10][11] - The focus is on leveraging strong competitive advantages, including owning and operating 42 resorts, to drive sustained and profitable growth [10][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that results from the past season were below expectations and emphasized the need to adapt to changing consumer preferences [5][6] - The company is confident in its ability to return to higher growth in fiscal year 2027 and beyond, despite current challenges [5][18] Other Important Information - The company plans to invest approximately $198 million to $203 million in core capital before additional growth capital investments in European resorts [24] - A quarterly cash dividend of $2.22 per share has been declared, reflecting strong cash flow generation [29] Q&A Session Summary Question: What is the expectation for visitation this upcoming season? - Management expects total visitation to be down slightly, primarily driven by the decline in pass sales, but anticipates some offset from lift ticket sales [35] Question: How significant is the change in the Buddy Pass system? - The Buddy Pass historically contributes about 7% of total lift revenue and 20% of paid lift ticket revenue, and management expects it to positively impact lift ticket growth this year [60][62] Question: What are the trends for international guests? - There has been no significant trend affecting overall results from international visitation, although it has declined over the past several years for various reasons [82] Question: Where is the company seeing weakness in its consumer base? - The company is experiencing lower renewal rates for less tenured pass holders, but overall performance is consistent across different guest demographics [88][92] Question: What needs to happen to hit the upper end of the guidance range? - The key driver for achieving the upper end of the guidance range is visitation, which impacts all ancillary revenue [95]

Financial Data and Key Metrics Changes - The company generated $844 million of resort reported EBITDA in fiscal 2025, representing a 2% growth compared to the prior year despite a 3% decline in total skier visits across North American resorts [19][20] - Fiscal 2026 guidance expects net income attributable to Vail Resorts to be between $201 million and $276 million, with reported EBITDA projected between $842 million and $898 million [20][21] - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased approximately 1% in sales dollars compared to the prior year [22] Business Line Data and Key Metrics Changes - The company is focused on rebuilding lift ticket visitation, which is essential for revenue and long-term growth, and has introduced Epic Friend Tickets to drive lift ticket sales for new guests [11][12] - The pass price reset ahead of the 2021-2022 season exceeded expectations, with pass units expected to be up over 50% in fiscal 2026 compared to fiscal 2021 [14][15] Market Data and Key Metrics Changes - The company anticipates growth in fiscal 2026 to be driven by price increases, ancillary capture, and normalized weather conditions in Australia, partially offset by lower pass unit sales [21][22] - The Resource Efficiency Transformation Plan is expected to exceed $100 million in annualized cost efficiencies by the end of fiscal 2026 [23] Company Strategy and Development Direction - The company aims to enhance guest engagement through modern marketing channels and increase media investment to drive awareness and visitation [13][14] - A new Chief Revenue Officer will be appointed to focus on driving all aspects of revenue for the company, reflecting a strategic shift in leadership [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that results from the past season were below expectations and emphasizes the need to adapt to changing consumer preferences [5][6] - The company is committed to a multi-year strategy to unlock its full potential, focusing on guest visitation and optimizing product and pricing approaches [10][11] Other Important Information - The company plans to invest approximately $198 million to $203 million in core capital for the year, with additional growth capital investments planned for European resorts [24][25] - The company declared a quarterly cash dividend of $2.22 per share, reflecting strong cash flow generation [29] Q&A Session All Questions and Answers Question: What is the expectation for visitation this upcoming season? - The company expects total visitation to be down slightly, primarily driven by the decline in pass sales, but anticipates some offset from lift ticket sales [34] Question: How significant is the change in the pricing strategy for passes? - The company is considering a more strategic approach to pricing, focusing on individual pass products rather than a blanket approach [40][41] Question: What is the expected impact of the Epic Friend Tickets on visitation? - The company expects Epic Friend Tickets to positively impact visitation, although the full benefits will take time to materialize [64] Question: How does the company view the impact of Park City disruptions on visitation? - Management views the disruptions as a tailwind for the upcoming season, expecting improved guest experiences [70] Question: What are the trends in international guest visitation? - There has been no significant shift in international visitation trends that would materially affect overall results [84] Question: Where is the company seeing weaknesses in its consumer base? - The company notes a broad-based performance across different demographics, with lower renewal rates for less tenured passholders [90][93]

Financial Data and Key Metrics Changes - The company generated $844 million of resort reported EBITDA in fiscal 2025, representing a 2% growth compared to the prior year despite a 3% decline in total skier visits across North American resorts [18] - Fiscal 2026 guidance expects net income attributable to Vail Resorts to be between $201 million and $276 million and reported EBITDA to be between $842 million and $898 million [19][20] - Season pass sales through September 19, 2025, decreased approximately 3% in units but increased approximately 1% in sales dollars compared to the prior year [20] Business Line Data and Key Metrics Changes - The company is focused on rebuilding lift ticket visitation, which is essential for revenue and long-term growth, and is enhancing lift ticket offerings and pricing strategies [10][11] - The introduction of Epic Friend Tickets aims to drive lift ticket sales for new guests and convert them into future pass purchases [10][11] Market Data and Key Metrics Changes - The company anticipates growth in fiscal 2026 to be driven by price increases, ancillary capture, and incremental efficiencies related to the Resource Efficiency Transformation Plan, partially offset by lower pass unit sales [20][21] - The Resource Efficiency Transformation Plan is expected to exceed $100 million in annualized cost efficiencies by the end of fiscal 2026 [21] Company Strategy and Development Direction - The company is committed to a multi-year strategy to unlock its full potential, focusing on guest engagement, marketing channel adaptation, and enhancing the guest experience [8][10] - The company plans to evaluate all aspects of its pass portfolio, including product offerings and pricing, to optimize overall lift access revenue growth [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that results from the past season were below expectations and emphasized the need to adapt to changing consumer preferences [4][5] - The company is confident in its ability to return to higher growth in fiscal year 2027 and beyond, leveraging its competitive advantages and data infrastructure [16][17] Other Important Information - The company plans to invest approximately $198 million to $203 million in core capital before additional growth capital investments in European resorts [23] - The company declared a quarterly cash dividend of $2.22 per share, reflecting strong cash flow generation [28] Q&A Session Summary Question: What is the expectation for visitation for the upcoming season? - Management expects total visitation to be down slightly, primarily driven by the decline in pass sales, but anticipates some offset from lift ticket sales [34] Question: How significant is the change in pricing strategy for passes? - Management indicated that a more strategic approach to pricing will be taken, focusing on individual pass products rather than a blanket approach [40][41] Question: What is the expected impact of the Epic Friend Tickets on visitation? - Management expects Epic Friend Tickets to positively impact visitation, although the full benefits will take time to materialize [35][60] Question: How does the company view the impact of international guests on pass sales? - Management noted that while international visitation has declined over the years, it does not see this as a major issue affecting overall results [72] Question: What are the trends in consumer behavior regarding pass renewals? - Management observed lower renewal rates for less tenured passholders but noted that overall trends are consistent across different guest demographics [76][78]

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]

Core Points - Vail Resorts announced target opening dates for the 2025/26 ski season across North America and Europe, with the Epic Pass available at the lowest price until September 1, 2025 [1][3][17] - The Epic Pass offers access to over 90 resorts worldwide, including 42 owned and operated by Vail Resorts, with no advance reservations required for the 2025/26 season [17][18] - New features in the My Epic app will enhance the Ski and Ride School experience, allowing for real-time updates and tracking [8][9] Group 1: Resort Openings and Enhancements - Keystone will open as early as October, with other resorts following in November, and the season lasting until May at select locations [3][5] - Whistler Blackcomb will celebrate its 60th anniversary with new experiences and events, while Park City Mountain will debut the new Sunrise Gondola [6][7][11] - Andermatt-Sedrun-Disentis in Switzerland will add two new six-seater chairlifts to improve connectivity and reduce wait times [12] Group 2: Ticketing and Pass Options - Vail Resorts introduced "Epic Friend Tickets," offering 50% off lift tickets for friends of Epic Pass holders, with 6-10 tickets available based on the purchase date [14][15] - The 2025/26 Epic Pass is priced at $1,075 for adults and $548 for children, while the Epic Local Pass is $799 for adults and $416 for children [17][18] - Epic Passes include benefits such as discounts on food, lodging, and rentals, as well as access to the My Epic app for convenient mountain experiences [20][21] Group 3: Events and Celebrations - The upcoming season will feature world-class competitions, including the Birds of Prey event at Beaver Creek, serving as an Olympic qualifier [13] - Special celebrations for milestone anniversaries are planned across various resorts, enhancing the guest experience [11] Group 4: Company Overview - Vail Resorts operates a network of premier ski resorts and is committed to sustainability with a goal of achieving a zero net operating footprint by 2030 [24]

Core Points - Vail Resorts has introduced "Epic Friend Tickets" for the 2025/26 season, allowing Epic Pass Holders to share significant savings with friends [1][3][4] - Epic Friend Tickets offer 50% off lift tickets at 37 North American resorts and can be redeemed for credit towards a 2026/27 Epic Pass [3][6][12] - The initiative aims to enhance the social aspect of skiing and snowboarding, encouraging Pass Holders to share their passion for the sport [1][7] Summary by Sections Epic Friend Tickets - Eligible Pass Holders will receive 6-10 Epic Friend Tickets based on their purchase date, with those buying before April 14, 2025, receiving 10 tickets [4] - Epic Friend Tickets replace the previous Buddy Tickets, which offered lower savings [4] Pricing and Access - Epic Pass prices for the 2025/26 season are $1,075 for adults and $548 for children, with the lowest price available until September 1, 2025 [9][10] - The Epic Local Pass is priced at $799 for adults and $416 for children, providing access to 29 resorts [10] Benefits and Promotions - Epic Friend Tickets can be used at all 37 North American resorts, including major destinations like Vail Mountain and Whistler Blackcomb [5] - Friends using Epic Friend Tickets can apply the cost of one ticket towards an eligible 2026/27 Epic Pass, effectively providing double savings [6][12] Company Vision - Vail Resorts aims to make skiing more accessible and foster traditions among friends, enhancing the overall experience of skiing and snowboarding [1][7]