SAM Magazine—Broomfield, Colo., March 10, 2026—Vail Resorts CEO Rob Katz pointed to “the most difficult weather environment in the Rockies we have ever seen” as the primary culprit for the company’s financial declines in both the second quarter ended Jan. 31, 2026, and season-to-date metrics. Q2 resort reported EBITDA was down 8.3 percent year-over-year and net income was off 15 percent, while season-to-date skier visits as of March 1 were down nearly 12 percent compared to the same period last year, and 13 percent for the quarter.

Commenting on the near-record low snowfall and snowpack in the Rockies this winter, Katz said during Monday’s Q2 earnings call, “Our second quarter was significantly impacted by these unprecedented weather challenges in the Rockies, which weighed on visitation and overall performance. … The Rockies are the largest driver of resort EBITDA for the company, as such, the poor weather had an outsized negative impact on our results this year.”

VR chief operating officer Angela Korch acknowledged that strong conditions in the East provided “a partial offset.”

Despite the sharp declines in overall visitation, Q2 lift revenue was down just 3 percent, offset by the increase in 2025-26 season pass sales revenue. Also, VR’s Q2 effective ticket price increased 11 percent year-over-year, from $83.16 to $92.29.

Katz said that while season pass unit sales have “declined a couple of points over the past few years,” he pointed out that about 75 percent of VR’s annual visitation comes from pass holders.

Ancillary revenue took a hit from the lower visitation, though. Compared to the prior year, Q2 ski school revenue was down 9.3 percent, dining revenue was off 6.9 percent, and retail and rental revenue for North American resort and ski area store locations was down 6.8 percent.

During the Q2 earnings call, Katz was asked about the reduced pricing for certain products, including the new 2026-27 Epic Pass pricing tiers for 18-30-year-olds. He said that discounting isn’t necessarily the strategy the company planned to take, but after four years of price increases, the Gen Z age group was “showing the most struggles.” The 20 percent price reduction for Gen Z pass purchasers introduced for 2026-27 is “resetting” the pricing structure for younger customers.

Other changes for the 2025-26 season, including the Epic Friends discounted lift tickets that season pass holders could share with non-pass holders, showed promise. Epic Friends was the only ticket type that was up year-over-year, comparing it to the legacy Buddy Tickets. And shortening the window to one month in advance for guests to purchase discounted lift tickets performed well, said Katz, with new customers showing interest. 

During a season like this, he admitted, “the lower price made a difference” in the interest the new discounted programs garnered. “That doesn’t mean we’re gonna go around just discounting,” he said, but the company is shifting from trying to move everyone into a season pass to a more targeted approach with lift ticket products.

In addition, VR reported that total mountain operating expense for Q2 declined nearly 3 percent compared to 2025, and its “resource efficiency transformation” plan is expected to exceed $100 million in annualized savings.