Q2 2026 Vail Resorts Inc Earnings Call Transcript
Key Points
- Vail Resorts Inc (MTN) achieved record-high systemwide guest satisfaction scores this season, reflecting strong execution by team members.
- The company has grown its Pass units by 55% over the past five years, with pass holders now making up approximately 75% of annual visitation, providing stability.
- Vail Resorts Inc (MTN) has expanded its geographic diversity, which helps mitigate regional weather impacts, although this benefit was less evident this year.
- The company launched new products and targeted pricing adjustments for the 2026-2027 season, including a 20% discount for skiers and riders aged 13 to 30.
- Vail Resorts Inc (MTN) is advancing strategic initiatives to optimize visitation, supported by enhanced marketing strategies and new products like the Epic Passion campaign.
- The second quarter was significantly impacted by unprecedented weather challenges in the Rockies, with snowfall and snowpack at historic lows.
- Q2 total net revenue declined approximately 5% compared to the prior year, driven by unfavorable weather conditions that negatively impacted visitation.
- Q2 resort reported EBITDA declined approximately 8% compared to the prior year, despite disciplined cost management.
- The company reduced its fiscal 2026 net income and resort reported EBITDA guidance due to persistent challenging weather conditions.
- Skier visitation declined approximately 12% season-to-date through March 1, consistent with ongoing weather impacts.
Good afternoon, and welcome to the Vail Resorts fiscal second-quarter 2026 earnings conference call. Today's conference is being recorded. (Operator Instructions)
I will now turn the call over to Connie Wang, Vice President of Investor Relations at Vail Resorts. You may begin.
Thank you, operator. Good afternoon, everyone, and welcome to the Vail Resorts fiscal 2026 second-quarter earnings conference call. Joining me on the call today are Rob Katz, our Chief Executive Officer, and Angela Korch, our Chief Financial Officer.
Before we begin, let me remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions and subject to a number of risks and uncertainties as described in our SEC filings, and actual future results may vary materially. Forward-looking statements in our press release issued this afternoon, along with our remarks on this call, are made as of today, March 9, 2026, and we undertake no duty to
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