I am VERY interested in watching Season Pass sales for both Vail and Alterra after the worst West Coast ski season in a generation. It's been 40-50 years since Mother Nature taught skiers that a pass is naught, always a deal, even with geographically diverse ski options. Assume a decent number will not renew - or wait.
Essentially, if Vail cannot book pass revenue up front, the model breaks. Especially since Vail trained analysts to watch that number versus any individual ski resort or region. Interested to see if Vail will be forced to discount and/or prolong deadlines.
This is what I am watching:
Regarding spring season North American pass sales results, Katz noted, "Spring pass sales for the 2026/2027 season are underway, and through the April 12th deadline, we have a seen a moderate decline in pass product units and a slight decline in sales dollars. It is early in the selling period, with our first pricing deadline in May, and we will provide a more comprehensive update on pass sales trends when we report third quarter results in June 2026."
Also, waiting for a response on not being able to use my Epic Pass at Telluride over the holidays. I don't really care, but just curious to see how Vail handles its partner mountains.
Apr 23, 2026
Vail Resorts Reports Certain Ski Season Metrics for the Season-to-Date Period Ended April 19, 2026
BROOMFIELD, Colo., April 23, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported certain ski season metrics from the beginning of the ski season through April 19, 2026 compared to the same prior year period through April 20, 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 in this release is interim period data and is subject to fiscal quarter end review and adjustments.
- Season-to-date total skier visits were down 14.9% 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 5.6% compared to the prior year period.
- Season-to-date ski school revenue was down 12.0% and dining revenue was down 11.7% compared to the prior year period. Retail/rental revenue for North American resort and ski area store locations was down 6.6% compared to the prior year period.
Commenting on the season-to-date metrics, Rob Katz, Chief Executive Officer said, "The winter of 2025/2026 has been one of the most challenging winters in history across the western U.S., with record low snowfall and historically warm temperatures negatively impacting visitation and spending throughout the season. March conditions saw a continuation of low snowfall and warmer temperatures well outside of historical norms, leading to weaker late-season visitation and earlier than planned closures for many resorts across the western U.S. As we previously highlighted heading into March, these dynamics increased variability and resulted in visitation declines for both destination and local guests with the largest impact in the Rockies, where visitation declined 25%. As a result of these persistently challenging conditions, we now expect Resort Reported EBITDA for fiscal 2026 to be at or around the low end of the guidance range issued on March 9, 2026."
Regarding spring season North American pass sales results, Katz noted, "Spring pass sales for the 2026/2027 season are underway, and through the April 12th deadline, we have a seen a moderate decline in pass product units and a slight decline in sales dollars. It is early in the selling period, with our first pricing deadline in May, and we will provide a more comprehensive update on pass sales trends when we report third quarter results in June 2026."
Basis of Presentation
The reported ski season metrics include growth for season pass revenue based on estimated fiscal 2026 North American season pass revenue compared to fiscal 2025 North American season pass revenue. The metrics include all North American destination mountain resorts and regional ski areas and are adjusted to eliminate the impact of foreign currency by applying current period exchange rates to the prior period for Whistler Blackcomb's results.
