Vail Resorts' Revenue Plummets 47%, Pass Sales Drop 12% In Latest Earnings Report

Vail Resorts reported quarterly earnings on Monday, September 28, 2026, and we now know just how hard last season’s warm weather and lack of snow hit the ski resort giant.

The company reported $147.5 million in net income for fiscal 2026 (which ended on July 31, 2026), down 47% from $280.0 million in net income the previous year.

Pass sales have plummeted, too. Vail Resorts is reporting a 12% decrease in total pass sales through September 18, 2026.

“This past winter was one of the most challenging winters in history across the western U.S. for the ski industry, which negatively impacted financial performance for the year,” said Vail Resorts CEO Rob Katz in the release. “Conditions were particularly severe in the Rockies, where snowfall and snowpack were at or near historic lows and significantly below prior record-low seasons, resulting in the most difficult weather environment we have ever experienced.”

The steep declines in pass sales and total revenue, while shocking to see on paper, should come as no surprise to skiers who paid attention to how last season shook out.

The National Ski Areas Association (NSAA) reported that winter 26/27’s total skier visits (the number of days logged by individual skiers at resorts across the country) plummeted 15% year over year, and was 9% below the 10-year average.

The lack of snow was the driving factor, and Colorado, Utah, and California were hit the hardest. The average national snowfall at ski areas totaled 112 inches, according to the NSAA, far below the 10-year average of 169 inches and the lowest in more than a decade.

Vail Resorts is far from the only company feeling the pains of last season. Alterra Mountain Company had an unexpected round of layoffs earlier this summer. Budgets for ski movies, creative projects, and other endemic endeavors have dried up, and brands are reevaluating how they manage inventory after last season’s flop.

Last season’s downturn is affecting nearly every element of the ski industry, but Vail Resorts says it is handling it better than most.

“Third-party data continues to show Vail Resorts outperforming the broader industry, especially amongst comparable unlimited products,” the company said in its earnings report press release. “The Company’s recently introduced product and pricing initiatives have continued to generate encouraging results, with relative strength in unlimited pass products compared to lower-frequency product offerings driving improved mix and pricing performance.”

The most surprising thing about Vail Resorts’ quarterly earnings report is that it makes no mention of the “super El Niño” that is forecasted to wreak havoc on North America’s winter weather.

The hype around the weather phenomenon is getting out of control, with nearly every ski resort in the country claiming it’s “going to be the best season ever”. Everybody is trying to cash in on over-hyped long-range forecasts and mitigate last year’s losses, as I wrote about in this opinion piece last month, but Vail Resorts doesn’t seem to be taking the bait, at least not at the corporate level.

Rather, Vail Resorts CEO Rob Katz said that Epic Pass products, and Vail Resorts’ ability to sell add-on experiences and accommodations, will bring the company out of this current lull:

“Looking ahead, our Epic Experience strategy provides a clear roadmap for growth by placing the guest at the center of everything we do, in areas where we can drive clear competitive differentiation. By enhancing, personalizing and reducing friction at every stage of the guest journey, we see a significant opportunity to drive greater visitation, guest spending and loyalty through our differentiated resort network, marketing capabilities, and technology investments.”

You can read the full Vail Resorts Fourth Quarter and Full Year Fiscal 2026 Results here.

Related: Mammoth’s First Snow of the Season Surprises Locals