New Lift To Be Built at Whistler, Plus Our Biggest Takeaways From Vail Resorts' Earnings Report

Vail Resorts has released its earnings report for Q1 of the 2026 fiscal year, which ended on October 31, 2025.

As a publicly traded company, the resort ownership conglomerate is required to publish its quarterly earnings reports. While there’s a lot of nuance to these reports and we’re definitely not financial analysts, it does provide a bit of insight into what’s happening with one of the biggest companies in skiing.

Vail’s Q1 highlights showed that while the company saw a higher net loss compared to the prior year and a decrease in season passes sold, there was an increase in dollar amount for pass sales, and the company is seeing an overall increase in momentum following reaffirmed fiscal guidance.

The company saw a net loss of $186.6 million in Q1, compared to a net loss of $173.3 million over the same period last year. Resort Net Revenue also increased $10.7M or 4% in comparison to the previous year, which Vail largely chalks up to improved visitation at Australian ski areas. Earnings (EBITDA) were flat with the prior year, at $139.7 million.

Keep reading for more.

The 2026 POWDER Photo Annual is here! Look for a print copy on a newsstand near you, or click here to have a copy shipped directly to your front door.

Additionally, pass product sales through December 5, 2025 decreased by 2% in unit sales, but increased ~3% in sales dollars compared to the same period in the previous year. Vail Resorts did raise the price of the Epic Pass for the 2025/26 season by about 7%, which could account for the increased dollar amount, even with lower pass sale volume. Unit decline was driven primarily by local Colorado, Utah, and Tahoe markets. The company is reporting 2.3 million guests with ‘non-refundable commitment products,’ which are expected to generate $1B in revenue and 74% of skier visits.

Vail’s Q1 report also included several notable capital investments at resorts like Park City, Whistler Blackcomb, and Vail Mountain. Park City will reportedly replace the existing 8-person Cabriolet lift with a 10-person Gondola in order to increase capacity from lower and mid-village areas to the upper village. This new gondola will join Park City’s other new gondola, which replaced the Sunrise lift this season.

Whistler Blackcomb will install a new lift to replace the Showcase T-Bar for better access to the Blackcomb Glacier’s 215 acres of skiable terrain. The new lift will be a fixed-grip quad chairlift manufactured by Doppelmayr. Whistler Blackcomb’s Roundhouse Lodge will also see a remodel, along with Beaver Creek’s Spruce Saddle, Keystone’s Timber Ridge, and Hunter Base’s Lodge Marketplace for improved dining experiences.

Other capital investment projects include a renovation of the Lodge at Vail, a new lift at Seven Springs to replace the Blitzen triple, and a new luxury hotel at Keystone’s River Run Plaza. In total, the company plans to invest $234-$239 million for these projects during the 2026 calendar year.

“Our first quarter results were in line with our expectations and importantly, we’re seeing encouraging early momentum from our key initiatives to drive visitation during the 2025/2026 ski season, deepen our guest engagement, and create exceptional guest experiences,” said Rob Katz, Chief Executive Officer of Vail Resorts in the report. “We are taking decisive actions to support these priorities, as evidenced by the introduction of our new advanced lift ticket discount for guests who book at least a month in advance at select resorts, in addition to our Epic Friend tickets announced in August. We are encouraged by the initial response to our updated marketing strategy and investments focused on expanding our reach, which drove improved pass product sales results in the final selling period. These efforts are a part of a multi-year strategy that leverages our unique competitive advantages to drive sustained, profitable growth, and we remain confident in our ability to make improvements that reaccelerate growth in fiscal 2027 and beyond.”

Related: How Many Pairs of Skis Do You Need? (Poll)