MTN Q4 2025 Earnings

Call Details

• Call Title: Vail Resorts Q4 2025 Earnings Call
• Date: September 29, 2025 9:00 PM UTC
• Management Team:
  • Rob Katz (Chief Executive Officer)
  • Angela Korch (Chief Financial Officer)

Call Summary

Financial Performance

• The company generated $844M of resort-reported EBITDA in fiscal 2025, representing 2% growth versus prior year.
• Total skier visits declined 3% across North American resorts in fiscal 2025.
• Fourth quarter results were slightly ahead of expectations due to strong cost management and improved Australia visitation compared to the prior year.
• Fiscal 2026 guidance for net income attributable to Vail Resorts is $201M to $276M and resort-reported EBITDA is $842M to $898M.
• The fiscal 2026 guidance includes an estimated $14M in one-time costs related to the Resource Efficiency Transformation Plan.
• Season-to-date pass sales through September 19, 2025 were down approximately 3% in units and up approximately 1% in sales dollars versus the prior-year comparable period.

Guidance

• Fiscal 2026 resort-reported EBITDA guidance range is $842M to $898M and assumes $38M of incremental efficiencies before one-time costs.
• The guidance assumes normalized weather conditions in Australia in the first fiscal quarter of 2026.
• Fiscal 2026 cash tax payments are anticipated to be $125M to $135M.
• Guidance reflects partial offset from lower pass unit sales and includes expected contributions from price increases, ancillary capture, and resource-efficiency savings.
• The company expects to exceed $100M in annualized cost efficiencies from the Resource Efficiency Transformation Plan by the end of fiscal 2026.
• Management expects December 2025 season-to-date growth rates to be relatively consistent with the September 19, 2025 season-to-date growth rates.