Vail Resorts, Inc. reported certain ski season metrics from the beginning of the ski season through Jan. 4, compared with the same period in 2025. The reported ski season metrics are for the company’s North American destination mountain resorts and regional ski areas, excluding the results of the Australian and European resorts and ski areas.
The data mentioned is interim period data and is subject to fiscal quarter-end review and adjustments.
- Season-to-date total skier visits were down 20% compared to the prior year period.
- Season-to-date total lift revenue, including an allocated portion of season pass revenue for each applicable period, was down 1.8% compared to the prior year period.
- Season-to-date ski school revenue was down 14.9%, and dining revenue was down 15.9% compared to the prior year period. Retail/rental revenue for North American resort and ski area store locations was down six percent compared to the prior year period.
“We experienced one of the worst early-season snowfalls in the western U.S. in over 30 years, which limited our ability to open terrain and negatively impacted visitation and ancillary spending for both local and destination guests during the period,” Rob Katz, Vail Resorts CEO, said.
“Snowfall at our western U.S. resorts for November and December [2025] was approximately 50% below the historical 30-year average. In the Rockies, snowfall was down nearly 60% versus the historical 30-year average, resulting in approximately 11% of terrain being opened in December [2025]. Conditions in Tahoe were near historic lows through mid-December [2025] while Whistler also had a slower start to the season, though both improved with significant snowstorms over the holiday period, which enabled us to greatly expand terrain.”
Early-season conditions at eastern U.S. ski areas were strong, providing a partial offset to broader weather headwinds and highlighting the benefit of our geographically diverse network of resorts. Following the holiday period, conditions across the Rockies have improved, though they remain near historic lows for this time of year.
“Given the impact from conditions, we now expect our full year Resort Reported EBITDA to be just below the low end of the guidance range issued on Sept. 29, 2025, assuming that performance in the Rockies returns to normal by President’s weekend. To the extent that performance improvements in the Rockies lag, due to weaker-than-expected conditions, there could be further downside to our guidance,” Katz said.
“Our guidance also assumes normal weather conditions, outside of the Rockies, for the remainder of the 2025-26 ski season and the 2026 Australian ski season, typical passholder usage for the remainder of the season, continuation of the current economic environment and the foreign currency exchange rates as of our original fiscal 2026 guidance issued Sept. 29, 2025.
“The recent weather variability has reinforced our commitment to our advanced commitment strategy and the investments we have made in our resorts and our employees to deliver on the guest experience. I’m proud of the team’s resilience and exceptional execution that delivered strong guest satisfaction scores season to date, despite the significant weather challenges.”
