Vail Resorts reports Q4 EPS ($5.08), consensus ($4.72)

Reports Q4 revenue $271.29M, consensus $276.17M. Commenting on the Company’s fiscal 2025 results, Rob Katz, Chief Executive Officer, said, “The Company achieved 2% growth in Resort Reported EBITDA despite total skier visits declining 3% across our North American destination mountain resorts and regional ski areas versus the prior year. Visitation reflects the benefit of improved conditions in the second quarter relative to the prior year, offset by the expected decline in visitation from selling fewer pass units for the 2024/2025 North American ski season. For the full year, Resort net revenue increased 3% driven by a 4% increase in season pass revenue and increased ancillary spend per guest across our ski school and dining businesses. Resort Reported EBITDA for fiscal 2025 also reflects strong cost discipline, including $37 million of savings from the resource efficiency transformation plan before one-time costs. The Company’s full year Resort Reported EBITDA growth is partially offset by $14 million of increased costs from company-wide performance-based management incentive plan expense that was not earned in the prior year, $15 million of one-time costs related to the two-year resource efficiency transformation plan, $8 million of one-time costs related to the Company’s previously announced CEO transition, and $5 million unfavorable EBITDA impact from changes in foreign exchange rates relative to the prior year. Excluding these impacts and removing the impact of Crans-Montana operating results and acquisition, closing, and integration expenses in both periods, Resort Reported EBITDA increased approximately 6% compared to the prior year, despite the decline in total skier visits across our North American resorts versus the prior year, highlighting strong cost discipline and the impacts of the resource efficiency transformation plan.”