SAM Magazine—Broomfield, Colo., June 10, 2026—Vail Resorts reported declines in nearly every financial metric for its 2026 fiscal third quarter ending April 30, including 2026-27 season pass sales to date, punctuating what was a historically challenging for its destination resorts in western North America. 

Year-over-year, third quarter net income was down more than 19 percent, resort reported EBITDA declined 9.5 percent, and resort net revenue was off 7 percent. 

Visitation was down 15.5 percent for the quarter compared to the same prior year period, but total lift revenue was only off 5.3 percent, a result Vail Resorts attributed to 2025-26 season pass sales finishing 3 percent up heading into the season. Its North American ski areas clocked a 17 percent drop in season pass holder visitation, and lift ticket visitation decreased 10 percent.

Skier visits for the entire winter were down 12.5 percent to 14,797,000 compared to 2024-25 visitation of 16,912,000. 

Reflecting the bad snow year in the West and the softer demand such winters typically cause, 2026-27 pass product units sold through May 26, 2026, decreased about 10 percent and sales dollars, inclusive of taxes, were down 5 percent compared to the same period through May 27, 2025.

Vail Resorts CEO Rob Katz called the decline in pass sales “disappointing” but also “not surprising given the severity of this past season's conditions.”

“We believe the challenging conditions have delayed purchase decisions, creating the opportunity for improved pass performance in the fall selling season and/or ultimately through lift ticket purchases during next season,” said Katz.

Days sold, a new metric that Katz said VR has used internally and just started reporting publicly, were down about 8 percent for 2026-27. According to VR, “Days sold measures an estimate of how many days of access are sold, calculated by assigning a number of days to each pass unit and assumes a blended estimate of 8 days sold to unlimited passes and actual number of access days purchased for frequency products.”

Pass sales trends across weather-impacted markets such as Colorado, Utah and Lake Tahoe, and among destination guests who typically visit the Rockies, were weaker year-over-year while sales in the East and at Whistler Blackcomb were relatively stronger. 

Ancillary revenue was also down across the board in the third quarter, with ski school and dining taking the biggest hits, declining 11.5 percent and 10.7 percent, respectively. Retail and rental was off 8.3 percent compared to the same period last year. For the season, ski school was down about 10 percent, dining 8.5 percent, and retail/rental more than 6 percent. 

"Looking ahead, we see significant opportunity to further elevate the guest experience across our resorts through continued investments in lifts, snowmaking, terrain, and our talent, while leveraging the scale and strength of our integrated network to implement new technologies and enhance key elements of the guest experience,” said Katz, adding that the company has “key initiatives underway in our gear, ski school and dining businesses.”

Vail Resorts’ Epic Australia Pass sales were a bright spot in the third quarter results. Through May 27, 2026, Epic Australia Pass sales increased about 26 percent in units and roughly 31 percent in sales dollars compared to the prior-year period through May 28, 2025. All three of the company’s Australian resorts—Perisher, Falls Creek, and Hotham—are open for the Southern Hemisphere winter.