MTN Q4 2026 Earnings

Call Details

• Call Title: Vail Resorts Q4 2026 Earnings Call
• Date: September 28, 2026 at 9:00 PM UTC
• Management Team:
  • Connie Wang (Vice President, Investor Relations)
  • Rob Katz (Chief Executive Officer)
  • Angela Korch (Chief Financial Officer)

Call Summary

Financial Performance

• Resorts reported EBITDA for fiscal 2026 was $746 million, which landed in line with the midpoint of the June range.
• Total lift revenue decreased 3.5% year-over-year despite skier visitation declining 13%.
• Past revenue grew 4% year-over-year and materially supported lift revenue resilience during fiscal 2026.
• Resort net revenue was approximately flat in Q4, with Australian results pressured by cumulative snowfall more than 50% below the 10-year average.
• Through the September selling cutoff, past units declined 12%, days sold declined 10%, and sales dollars including tax were down 6%.
• Total liquidity was approximately $0.8 billion at July 31 and trailing 12-month net leverage was 3.9 times total reported EBITDA.

Guidance

• Fiscal 2027 guidance targets net income attributable to failed resorts of $158 million to $233 million.
• Resort reported EBITDA guidance for fiscal 2027 is $805 million to $865 million, which includes approximately $14 million of one-time costs.
• Guidance assumes blended labor and expense inflation of approximately 4% and fiscal 2027 cash taxes of $75 million to $85 million.
• The outlook incorporates approximately $20 million of normalized incentive compensation, $10 million of incremental marketing, $3 million for the Grand Teton Lodging Company contract renewal, and $3 million of one-time transformation costs, partially offset by approximately $25 million of incremental resource efficiency savings.
• The company expects total revenue to increase approximately 3% versus its fiscal 2026 expectations, driven by stronger ancillary revenue growth while lift revenue is expected to be relatively flat.
• Implied resort EBITDA margin of 27.3%, excluding one-time costs, is expected to be approximately 200 basis points below the company's original fiscal 2026 outlook.