SAM Magazine—Broomfield, Colo., Sept. 30, 2025—In his comments about Vail Resorts’ fourth quarter and full year results reported yesterday, CEO Rob Katz acknowledged that the company plans to make some changes to its strategy to combat declines in Epic Pass sales and visitation to its North American resorts. "The results from this past season were below expectations and our season-to-date pass sales growth has been limited,” he said.

Resort reported EBITDA was $844.1 million, up 2.3 percent for fiscal 2025, which ended July 31. Resort net revenue was up 3 percent year-over-year, driven by increases in season pass, dining, and ski school revenues. Total lift revenue increased $60.4 million, or 4.2 percent, compared to the prior year, buoyed by a 9 percent increase in 2024-25 season pass pricing. 

Other year-end results include a 1.7 percent increase in ski school revenue, driven in part by higher lesson prices, and dining revenue was up 5.9 percent, both of which have increased year-over-year since 2023. Retail revenue was down 6.4 percent, and rental revenue dipped 2.2 percent due to decreased skier visits, marking the second straight year of declines for both business units.  

Total visits to its North American ski areas declined 3 percent compared to fiscal 2024, when visits were down 9.5 percent compared to the year prior.  

Season pass sales for 2025-26 as of Sept. 19 were down 3 percent in units sold, and up 1 percent in sales dollars compared to the same period (through Sept. 20) last year, the result of a 7 percent price increase over 2024-25. 

Katz said the company’s approach to engaging with guests “has not kept pace with shifting consumer behaviors,” and the company hasn’t adapted its execution in response. He cited email as a channel that was once very effective but has experienced a significant decline in its effectiveness.

And, in what might be considered a major shift given VR’s prevailing focus on season pass sales, Katz mentioned the importance of lift ticket sales moving forward. “We also believe we need to shift more focus to marketing our lift ticket business, which has not received the same level of focus, creativity, and resources as pass penetration increased,” he said, adding that “we are focused on rebuilding lift ticket visitation, an essential driver of revenue and long-term growth.”

The introduction of Epic Friend Tickets, introduced in August, which give pass holders a certain number of half-off lift tickets to share with non-pass-holder friends, was a step in this direction. 

A less homogenized approach to marketing was another notable shift that Katz discussed in the earnings report. “… we are also aiming to elevate the individual brands of our resorts by tapping into the emotional connection guests have with our unique destinations,” he said. “We believe this is an important differentiator in a competitive landscape.”