We saw some initial positive results from this effort, turning around the past sales dollar trend for the post-Labor Day period from up 1% compared to the prior year through Labor Day to up 6% post-Labor Day, even though we faced challenging early season conditions heading into the final past selling period that likely impacted our local passholder results. As we head into the winter season in the Northern Hemisphere, we are turning our focus to driving lift ticket visitation. For this season, we have sever ...

Financial Data and Key Metrics Changes - Resort net revenue increased by 4% year over year, driven by improved visitation at Australian resorts due to favorable weather and the introduction of the Epic Australia four-day pass [14] - Fiscal first quarter resort reported EBITDA was flat year over year, reflecting benefits from the Resource Efficiency Transformation Plan offset by inflation and increased marketing spend [14] - The company expects to deliver approximately $75 million in cumulative efficiencies from the Resource Efficiency Transformation Plan, with one-time operating expenses of approximately $14 million for fiscal year 2026 [14][18] Business Line Data and Key Metrics Changes - North American pass product selling period saw units down by 2% but sales dollars up by 3%, with an acceleration in pass sales trends noted [15][16] - Approximately 2.3 million guests are committed to the company's resorts for the upcoming season, expected to generate around $1 billion in revenue [17] - The company has grown pass units by 55% over the past five years, indicating increased guest commitment and financial stability [17] Market Data and Key Metrics Changes - The company faced a slow start in the Rockies and Tahoe resorts due to challenging early season conditions, while strength was noted in the Northeast and typical patterns at Whistler Blackcomb and in Switzerland [12] - Snowfall was down almost 60% compared to the prior year at Western North American resorts, impacting local pass sales [16] Company Strategy and Development Direction - The company is focusing on driving lift ticket visitation as a critical entry point for guests to join the pass program, with new strategies like Epic Friends Tickets and advanced discount offerings [5][6] - Dynamic pricing strategies are being implemented to drive off-peak visitation and enhance competitiveness at certain resorts [7] - The company is modernizing its marketing approach to engage younger consumers through social media and digital channels [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategies being implemented to drive growth, despite early season challenges [12] - The company is focused on delivering an exceptional guest experience and optimizing products and pricing to support overall guest experience for fiscal year 2027 [12][24] - Management reiterated guidance for net income and resort-reported EBITDA for fiscal year 2026, factoring in expected growth from price increases and efficiencies [18][19] Other Important Information - The company announced a core capital investment plan of $215-$220 million for fiscal year 2026, focusing on enhancing guest experience and technology investments [20][22] - The company is committed to sustainability initiatives through investments in low-energy snowmaking and waste reduction projects [24] Q&A Session Summary Question: How do you expect the new initiatives to play out between price and volume? - Management indicated that the initiatives aim to make lift tickets more accessible and competitive, with expectations of increased volume despite price reductions [26][27] Question: What is the impact of weather on pass sales? - Management noted that while pass sales improved, they were impacted by challenging weather conditions, particularly at the end of the selling period [30][31] Question: How do you view third-party benefits to the pass? - Management stated that while third-party benefits are considered, the primary focus remains on pricing and access to resorts [34] Question: What are the expectations for ancillary spend from first-time visitors? - Management indicated it is too early to assess the impact of new initiatives on ancillary spend but expects first-time visitors to behave similarly to existing destination guests [61] Question: Will there be changes to the pass structure in the future? - Management confirmed that while all options are considered, there are no immediate plans to extend deadlines for pass purchases [37] Question: How do technology investments impact returns? - Management highlighted that technology investments improve guest experience and conversion rates, making it easier to track returns compared to physical infrastructure investments [41]

BROOMFIELD, Colo., Dec. 10, 2025 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2026 ended October 31, 2025, provided North American season pass sales results for the 2025/2026 ski season, reaffirmed full-year fiscal 2026 guidance and announced capital investment plans for calendar year 2026. Highlights "Our first quarter results were in line with our expectations and importantly, we're seeing encouraging early momentum from our key initiatives to drive ...

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 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 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 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 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 Insights - Vail Resorts has introduced My Epic Pro for Ski and Ride School, a new technology aimed at enhancing the skiing experience through a connected app that offers features like digital check-in, real-time updates, and skills tracking for the 2025/26 season [1][6]. Group 1: Technology and Features - My Epic Pro will be automatically available in the My Epic app for group lesson participants at Vail Mountain, Beaver Creek, Breckenridge, and Keystone, providing a seamless experience [1][4]. - The app allows users to check-in digitally, receive real-time lesson updates, share photos, track skills, and earn milestone badges, enhancing the overall learning experience [6][7]. - Future updates will include the ability to book, modify, and cancel lesson reservations, as well as in-lesson video sharing [4]. Group 2: Commitment to Guest Experience - Vail Resorts has invested nearly $2 billion in guest experience improvements over the past decade, including innovations like Mobile Pass and My Epic Gear [5]. - The introduction of My Epic Pro aligns with the company's mission to provide an "Experience of a Lifetime" for guests [5][9]. - The company aims to reach a zero net operating footprint by 2030 and is committed to supporting employees and communities [9]. Group 3: Benefits for Guests - My Epic Pro is designed to benefit all guests, particularly parents, by eliminating long check-in lines and providing real-time updates on children's progress during lessons [4][7]. - Skiers and riders can save 20% on group lessons and gear rentals with an Epic Pass, which is currently available at the lowest price of the year [8].