SAM Magazine—Broomfield, Colo., June 6, 2025 —Vail Resorts’ fiscal Q3 results were a mixed bag. While net income for the quarter ending April 30 rose roughly 8.5 percent to $392.8 million and year-to-date resort reported EBITDA ticked up 3 percent, Q3 resort reported EBITDA declined 1 percent, skier visits declined 3 percent across the company’s North American destination and regional resorts, and early 2025-26 Epic Pass sales showed a 1 percent decline in units.

CEO Rob Katz acknowledged the shortfall, saying, “The slight decline in units relative to the prior year season-to-date period was primarily driven by new pass holders and lower tenured renewing pass holders, which may reflect delayed decision-making due to the macro-economic environment.”

But, he added, “The majority of our pass selling season is ahead of us, and we believe the full year pass unit and sales dollar trends will be relatively stable with the spring results.”

Katz said that Epic Day Pass products saw strong unit growth driven by renewing customers. The 7 percent price increase on season pass products drove a 2 percent increase in pass sales dollars through May 27 as compared to the prior year period.

Epic Australia Pass sales through May 28 were up approximately 20 percent in units and about 8 percent in sales dollars as compared to the same period last year.

Katz reaffirmed confidence in the company’s advance commitment model, but on a June 5 earnings call he pointed to lift ticket visitors—uncommitted skiers, as VR calls them—as an area of focus going forward.

“We still are hoping to convert those lift ticket buyers or people who may not be buying a pass into a pass product,” he said, adding that converting those uncommitted visitors “does require looking at new approaches to our pass product and pacing strategy.”

The company fell short in the day-ticket demographic this winter. “In March and April, destination visitation among pre-committed passholder guests improved as expected. However, visitation from uncommitted lift ticket guests was below expectations,” he said. 

While national skier visits rose 1.7 percent, according to National Ski Areas Association data, Vail Resorts’ North American skier visits fell 3 percent. Retail, lodging, and ski school revenue all felt the impact. 

Retail/rental revenue dropped nearly 8 percent, lodging revenue was down 4 percent, and ski school and dining were mostly flat despite incremental revenue from new European resorts. 

Vail Resorts is on track to achieve its two-year resource efficiency plan, which aims to cut $100 million in annualized costs by the end of FY26. Still, the company lowered its full-year guidance, now projecting resort reported EBITDA between $831 million and $851 million—down from earlier expectations.

That said, Katz reported that guest satisfaction scores across the company’s resorts “were strong and consistent”—excluding Park City Mountain, Utah. 

“The Park City experience was unacceptable,” he said, referring to operational disruptions at the resort during the Christmas holiday period stemming from a patrol union strike after a breakdown in mediated contract negotiations.