Vail Resorts sees FY26 Resort Reported EBITDA $842M-$898M

The company is providing its initial guidance for the year ending July 31, 2026 and expects net income attributable to Vail Resorts (MTN), Inc. to be between $201 million and $276 million for fiscal 2026. The Company expects Resort Reported EBITDA for fiscal 2026 to be between $842 million and $898 million, including an estimated $14 million in one-time costs related to the multi-year resource efficiency transformation plan. Compared to fiscal 2025, fiscal 2026 guidance assumes growth from price increases and ancillary capture, as well as the assumed benefit of approximately $38 million in incremental efficiencies related to the resource efficiency transformation plan and $9 million of Resort Reported EBITDA growth related to the assumed return to normal weather conditions in Australia in the first quarter of fiscal 2026, partially offset by lower pass unit sales, which are expected to have a negative impact on skier visits relative to the prior year, and cost inflation. At the midpoint, the guidance implies an estimated Resort EBITDA Margin for fiscal 2026 to be approximately 28.8% or 29.3% excluding one-time costs from the resource efficiency transformation plan. The guidance is based on certain assumptions, including a continuation of the current economic environment, and normal weather conditions for the 2025/2026 North American and European ski season and the 2025 and 2026 Australian ski seasons. The guidance assumes an exchange rate of $0.72 between the Canadian dollar and U.S. dollar related to the operations of Whistler Blackcomb in Canada, an exchange rate of $0.66 between the Australian dollar and U.S. dollar related to the operations of Perisher, Falls Creek and Hotham in Australia, and an exchange rate of $1.25 between the Swiss franc and U.S. dollar related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland, and does not include any potential impacts related to future fluctuations in foreign currency exchange rates, which may be impacted by tariffs, trade disputes, or other factors.