Vail Resorts Reports Second Quarter Fiscal 2026 Results and Provides Updated Fiscal 2026 Guidance
BROOMFIELD, Colo., March 9, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the second quarter of fiscal 2026 ended January 31, 2026 and provided the Company's ski season-to-date metrics through March 1, 2026.
Highlights
Commenting on the Company's fiscal 2026 second quarter results, Rob Katz, Chief Executive Officer said, "This has been the most challenging winter across the Rockies that we have ever experienced with the lowest snowfall levels in more than 30 years for our Colorado and Utah resorts, combined with warmer temperatures, resulting in reduced terrain throughout the quarter and into February. Given that backdrop, we are pleased with the strength and stability shown by our operating model, as we reported only modest declines in lift revenue in what many would consider a worst-case weather scenario. While these conditions and the resulting visitation headwinds negatively impacted our quarterly results, we remained focused on the areas within our control. This includes our advanced commitment strategy, continued investments in our resorts and our employees, and progressing key initiatives to optimize visitation, including enhanced marketing and new products. I especially want to recognize the exceptional execution delivered by our teams over the course of the season, resulting in record high enterprise guest satisfaction scores, including increases over prior year in both Colorado and Utah despite conditions, along with continued progress on our transformation plan. I am confident that with our collective strength and focus, we will continue to elevate the guest experience and deliver sustainable long-term value for shareholders."
Second Quarter Operating Results
Season-to-Date Metrics through March 1, 2026
The Company reported certain ski season metrics for the comparative periods from the beginning of the ski season through March 1, 2026, and for the same prior year period through March 2, 2025. The reported ski season metrics are for the Company's North American destination mountain resorts and regional ski areas, excluding the results of the Australian and European resorts and ski areas in both periods. The data mentioned below is interim period data and is subject to fiscal quarter end review and adjustments.
Fiscal Year 2026 Guidance
Commenting on Fiscal 2026 guidance, Katz said "Due to the persistent, historically challenging weather conditions in the Rockies, which continued to limit terrain availability, the Company is reducing its fiscal 2026 guidance. While we are lowering our estimates for the fiscal year, given the unprecedented weather in the Rockies, the impact from conditions was mitigated by our advance commitment strategy and resource transformation efforts. We are proud of the resilience of the business model and execution of our teams at our resorts that are delivering on the experience for our guests."
The Company now expects fiscal 2026 Net Income and Resort EBITDA guidance as follows:
Given ongoing variable conditions in the Rockies, there may be greater variability of results; current guidance assumes (1) the Company's estimate of conditions between now and the remainder of the season staying consistent in North America; (2) normal weather conditions for the 2026 Australian ski season; (3) continuation of the current economic environment; and (4) foreign currency exchange rates as of March 6, 2026, including an exchange rate of $0.73 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada, an exchange rate of $0.70 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia, and an exchange rate of $1.28 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans Montana in Switzerland, and does not include any potential impacts related to future fluctuations in foreign currency exchange rates, which may be impacted by tariffs, trade disputes, or other factors.
The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2026 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance.
Fiscal 2026 Guidance
(In thousands)
For the Year Ending
July 31, 2026 (6)
Low End
High End
Range
Range
Net income attributable to Vail Resorts, Inc.
$ 144,000
$ 190,000
Net income attributable to noncontrolling interests
24,000
18,000
Net income
168,000
208,000
Provision for income taxes (1)
60,000
74,000
Income before income taxes
228,000
282,000
Depreciation and amortization
302,000
294,000
Interest expense, net
207,000
203,000
Other (2)
10,000
4,000
Total Reported EBITDA
$ 747,000
$ 783,000
Mountain Reported EBITDA (3)
$ 731,000
$ 757,000
Lodging Reported EBITDA (4)
14,000
18,000
Resort Reported EBITDA (5)
745,000
775,000
Real Estate Reported EBITDA
2,000
8,000
Total Reported EBITDA
$ 747,000
$ 783,000
(1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price.
(2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Additionally, our guidance excludes the impact of any future sales or disposals of land or other assets which are contingent upon future approvals or other outcomes.
(3) Mountain Reported EBITDA also includes approximately $25 million of stock-based compensation.
(4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation.
(5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges.
(6) Guidance estimates are predicated on an exchange rate of $0.73 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.70 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.28 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland.
Liquidity and Return of Capital
Despite difficult conditions this year, the Company remains confident in the long-term strong cash flow generation capabilities of our Company and its stable business model.
Earnings Conference Call
The Company will conduct a conference call today at 5:00 p.m. Eastern time to discuss the financial results. The call will be webcast and can be accessed at investors.vailresorts.com, or dial (800) 225-9448 (U.S. and Canada) or +1 (203) 518-9708 (international). The conference ID is MTNQ226. A replay of the conference call will be available two hours following the conclusion of the conference call through March 16, 2026, at 11:59 p.m. Eastern time. To access the replay, dial (800) 839-9557 (U.S. and Canada) or +1 (402) 220-6089 (international). The conference call will also be archived at https://investors.vailresorts.com.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 240 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and pass options at www.EpicPass.com.
Forward-Looking Statements
Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding expected fiscal year 2026 and calendar year 2026 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; our expectations related to our pass and lift ticket products and initiatives; capital investment projects; our calendar year 2026 capital plans; our expectations and anticipated benefits of our capital structure; our expectations related to our key initiatives and strategies; and our expectations regarding our Resource Efficiency Transformation plan. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of climate change, natural disasters or other events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe, or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our sustainability practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's most recently filed Annual Report on Form 10-K and quarterly reports on Form 10-Q.
All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.
Statement Concerning Non-GAAP Financial Measures
When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e., Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance.
Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures.
Vail Resorts, Inc.
Consolidated Condensed Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended January 31,
Six Months Ended January 31,
2026
2025
2026
2025
Net revenue:
Mountain and Lodging services and other
$ 918,554
$ 957,091
$ 1,116,607
$ 1,144,141
Mountain and Lodging retail and dining
165,336
179,963
238,232
253,125
Resort net revenue
1,083,890
1,137,054
1,354,839
1,397,266
Real Estate
42
171
122
234
Total net revenue
1,083,932
1,137,225
1,354,961
1,397,500
Segment operating expense:
Mountain and Lodging operating expense
481,277
495,585
754,346
761,849
Mountain and Lodging retail and dining cost of products sold
58,536
68,011
86,770
96,958
General and administrative
121,618
114,540
232,042
221,397
Resort operating expense
661,431
678,136
1,073,158
1,080,204
Real Estate operating expense
1,669
1,758
3,293
3,249
Total segment operating expense
663,100
679,894
1,076,451
1,083,453
Other operating (expense) income:
Depreciation and amortization
(74,350)
(74,352)
(147,467)
(145,896)
(Loss) gain on sale of real property
(1,962)
—
11,058
16,506
Change in estimated fair value of contingent consideration
3,700
(100)
(939)
(2,179)
(Loss) gain on disposal of fixed assets and other, net
(3,172)
293
(5,935)
(1,236)
Income from operations
345,048
383,172
135,227
181,242
Mountain equity investment (loss) income, net
(1,162)
745
(69)
2,896
Investment income and other, net
3,525
3,021
6,548
5,514
Foreign currency gain (loss) on intercompany loans
197
(1,385)
118
(1,649)
Interest expense, net
(49,476)
(42,670)
(100,763)
(85,467)
Income before provision for income taxes
298,132
342,883
41,061
102,536
Provision for income taxes
(72,287)
(85,956)
(11,672)
(27,572)
Net income
225,845
256,927
29,389
74,964
Net income attributable to noncontrolling interests
(15,838)
(12,551)
(6,134)
(3,843)
Net income attributable to Vail Resorts, Inc.
$ 210,007
$ 244,376
$ 23,255
$ 71,121
Per share amounts:
Basic net income per share attributable to Vail Resorts, Inc.
$ 5.87
$ 6.54
$ 0.65
$ 1.90
Diluted net income per share attributable to Vail Resorts, Inc.
$ 5.87
$ 6.53
$ 0.65
$ 1.90
Cash dividends declared per share
$ 2.22
$ 2.22
$ 4.44
$ 4.44
Weighted average shares outstanding:
Basic
35,753
37,382
35,832
37,428
Diluted
35,783
37,425
35,874
37,480
Vail Resorts, Inc.
Consolidated Condensed Statements of Operations - Other Data
(In thousands)
(Unaudited)
Three Months Ended January 31,
Six Months Ended January 31,
2026
2025
2026
2025
Other Data:
Mountain Reported EBITDA
$ 422,171
$ 457,616
$ 279,583
$ 313,554
Lodging Reported EBITDA
(874)
2,047
2,029
6,404
Resort Reported EBITDA
421,297
459,663
281,612
319,958
Real Estate Reported EBITDA
(3,589)
(1,587)
7,887
13,491
Total Reported EBITDA
$ 417,708
$ 458,076
$ 289,499
$ 333,449
Mountain stock-based compensation
$ 6,088
$ 6,555
$ 11,512
$ 12,366
Lodging stock-based compensation
808
901
1,568
1,720
Resort stock-based compensation
6,896
7,456
13,080
14,086
Real Estate stock-based compensation
64
70
122
131
Total stock-based compensation
$ 6,960
$ 7,526
$ 13,202
$ 14,217
Vail Resorts, Inc.
Mountain Segment Operating Results
(In thousands, except ETP)
(Unaudited)
Three Months Ended January 31,
Percentage
Increase
Six Months Ended January 31,
Percentage
Increase
2026
2025
(Decrease)
2026
2025
(Decrease)
Net Mountain revenue:
Lift
$ 625,927
$ 644,918
(2.9) %
$ 675,570
$ 685,341
(1.4) %
Ski school
120,625
133,009
(9.3) %
128,511
139,848
(8.1) %
Dining
84,625
90,907
(6.9) %
104,412
111,535
(6.4) %
Retail/rental
126,012
135,159
(6.8) %
156,803
164,685
(4.8) %
Other
55,115
59,101
(6.7) %
132,247
134,981
(2.0) %
Total Mountain net revenue
1,012,304
1,063,094
(4.8) %
1,197,543
1,236,390
(3.1) %
Mountain operating expense:
Labor and labor-related benefits
253,685
264,490
(4.1) %
375,764
383,020
(1.9) %
Retail cost of sales
34,175
40,473
(15.6) %
49,107
55,504
(11.5) %
Resort related fees
46,793
47,794
(2.1) %
51,181
51,603
(0.8) %
General and administrative
106,452
98,342
8.2 %
202,943
190,910
6.3 %
Other
147,866
155,124
(4.7) %
238,896
244,695
(2.4) %
Total Mountain operating expense
588,971
606,223
(2.8) %
917,891
925,732
(0.8) %
Mountain equity investment (loss) income, net
(1,162)
745
(256.0) %
(69)
2,896
(102.4) %
Mountain Reported EBITDA
$ 422,171
$ 457,616
7.7 %
$ 279,583
$ 313,554
(10.8) %
Total skier visits
6,782
7,755
(12.5) %
7,521
8,303
(9.4) %
ETP
$ 92.29
$ 83.16
11.0 %
$ 89.82
$ 82.54
8.8 %
Vail Resorts, Inc.
Lodging Operating Results
(In thousands, except Average Daily Rate ("ADR") and Revenue per Available Room ("RevPAR"))
(Unaudited)
Three Months Ended January 31,
Percentage
Increase
Six Months Ended January 31,
Percentage
Increase
2026
2025
(Decrease)
2026
2025
(Decrease)
Lodging net revenue:
Owned hotel rooms
$ 12,741
$ 13,439
(5.2) %
$ 41,188
$ 41,514
(0.8) %
Managed condominium rooms
26,089
27,074
(3.6) %
35,779
38,779
(7.7) %
Dining
13,379
13,754
(2.7) %
32,761
33,706
(2.8) %
Transportation
4,804
5,507
(12.8) %
6,213
7,041
(11.8) %
Golf
—
—
nm
8,054
7,801
3.2 %
Other
10,202
10,415
(2.0) %
25,094
25,131
(0.1) %
67,215
70,189
(4.2) %
149,089
153,972
(3.2) %
Payroll cost reimbursements
4,371
3,771
15.9 %
8,207
6,904
18.9 %
Total Lodging net revenue
71,586
73,960
(3.2) %
157,296
160,876
(2.2) %
Lodging operating expense:
Labor and labor-related benefits
31,051
32,469
(4.4) %
67,730
69,696
(2.8) %
General and administrative
15,166
16,198
(6.4) %
29,099
30,487
(4.6) %
Other
21,872
19,475
12.3 %
50,231
47,385
6.0 %
68,089
68,142
(0.1) %
147,060
147,568
(0.3) %
Reimbursed payroll costs
4,371
3,771
15.9 %
8,207
6,904
18.9 %
Total Lodging operating expense
72,460
71,913
0.8 %
155,267
154,472
0.5 %
Lodging Reported EBITDA
$ (874)
$ 2,047
(142.7) %
$ 2,029
$ 6,404
(68.3) %
Owned hotel statistics:
ADR
$ 300.75
$ 311.52
(3.5) %
$ 317.03
$ 314.44
0.8 %
RevPAR
$ 130.60
$ 140.06
(6.8) %
$ 160.88
$ 163.44
(1.6) %
Managed condominium statistics:
ADR
$ 487.03
$ 504.70
(3.5) %
$ 380.50
$ 390.48
(2.6) %
RevPAR
$ 152.98
$ 159.72
(4.2) %
$ 100.64
$ 106.47
(5.5) %
Owned hotel and managed condominium statistics (combined):
ADR
$ 431.75
$ 447.54
(3.5) %
$ 353.66
$ 358.90
(1.5) %
RevPAR
$ 147.75
$ 155.23
(4.8) %
$ 117.29
$ 121.94
(3.8) %
Key Balance Sheet Data
(In thousands)
(Unaudited)
As of January 31,
2026
2025
Total Vail Resorts, Inc. stockholders' equity
$ 301,816
$ 515,507
Long-term debt, net
$ 2,857,753
$ 2,128,064
Long-term debt due within one year
73,005
587,169
Total debt
2,930,758
2,715,233
Less: cash and cash equivalents
384,737
488,211
Net debt
$ 2,546,021
$ 2,227,022
Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures
Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three and six months ended January 31, 2026 and 2025.
(In thousands)
(Unaudited)
(In thousands)
(Unaudited)
Three Months Ended January 31,
Six Months Ended January 31,
2026
2025
2026
2025
Net income attributable to Vail Resorts, Inc.
$ 210,007
$ 244,376
$ 23,255
$ 71,121
Net income attributable to noncontrolling interests
15,838
12,551
6,134
3,843
Net income
225,845
256,927
29,389
74,964
Provision for income taxes
72,287
85,956
11,672
27,572
Income before provision for income taxes
298,132
342,883
41,061
102,536
Depreciation and amortization
74,350
74,352
147,467
145,896
Loss (gain) on disposal of fixed assets and other, net
3,172
(293)
5,935
1,236
Change in fair value of contingent consideration
(3,700)
100
939
2,179
Investment income and other, net
(3,525)
(3,021)
(6,548)
(5,514)
Foreign currency (gain) loss on intercompany loans
(197)
1,385
(118)
1,649
Interest expense, net
49,476
42,670
100,763
85,467
Total Reported EBITDA
$ 417,708
$ 458,076
$ 289,499
$ 333,449
Mountain Reported EBITDA
$ 422,171
$ 457,616
$ 279,583
$ 313,554
Lodging Reported EBITDA
(874)
2,047
2,029
6,404
Resort Reported EBITDA*
421,297
459,663
281,612
319,958
Real Estate Reported EBITDA
(3,589)
(1,587)
7,887
13,491
Total Reported EBITDA
$ 417,708
$ 458,076
$ 289,499
$ 333,449
* Resort represents the sum of Mountain and Lodging
Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA calculated in accordance with GAAP for the twelve months ended January 31, 2026.
(In thousands)
(Unaudited)
Twelve Months Ended
January 31, 2026
Net income attributable to Vail Resorts, Inc.
$ 232,138
Net income attributable to noncontrolling interests
20,263
Net income
252,401
Provision for income taxes
88,521
Income before provision for income taxes
340,922
Depreciation and amortization
298,008
Gain on disposal of fixed assets and other, net
(2,234)
Change in fair value of contingent consideration
8,139
Investment income and other, net
(11,160)
Foreign currency gain on intercompany loans
(1,787)
Interest expense, net
186,924
Total Reported EBITDA
$ 818,812
Mountain Reported EBITDA
$ 787,370
Lodging Reported EBITDA
18,420
Resort Reported EBITDA*
805,790
Real Estate Reported EBITDA
13,022
Total Reported EBITDA
$ 818,812
* Resort represents the sum of Mountain and Lodging
The following table reconciles long-term debt, net to Net Debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended January 31, 2026.
(In thousands)
(Unaudited)
As of January 31, 2026
Long-term debt, net
$ 2,857,753
Long-term debt due within one year
73,005
Total debt
2,930,758
Less: cash and cash equivalents
384,737
Net debt
$ 2,546,021
Net debt to Total Reported EBITDA
3.1x
The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three and six months ended January 31, 2026 and 2025.
(In thousands)
(Unaudited)
(In thousands)
(Unaudited)
Three Months Ended January 31,
Six Months Ended January 31,
2026
2025
2026
2025
Real Estate Reported EBITDA
$ (3,589)
$ (1,587)
$ 7,887
$ 13,491
Non-cash Real Estate stock-based compensation
64
70
122
131
Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate
2,510
17,652
(10,510)
1,118
Net Real Estate Cash Flow
$ (1,015)
$ 16,135
$ (2,501)
$ 14,740
The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2026 guidance.
(In thousands)
(Unaudited)
Fiscal 2026 Guidance (2)
Resort net revenue (1)
$ 2,878,000
Resort Reported EBITDA (1)
$ 760,000
Resort EBITDA margin (1)
26.4 %
(1) Resort represents the sum of Mountain and Lodging
(2) Represents the mid-point of Guidance
SOURCE Vail Resorts, Inc.