Vail Resorts Q3: Record-low snowfall drives 12.5% visitation drop, 10% pass sales decline

Filed June 8, 2026 · Period ending April 30, 2026 · Compared to 10-Q Jun 5, 2025 · ~2 min read

Key Changes

• high

  Total skier visits fell 12.5% to 14.8M (vs. flat prior year) as record-low snowfall and warm temps forced early closures at Rockies and Tahoe resorts; Mountain EBITDA down $89.8M (-9.5%) vs. +$29.6M (+3.2%) growth last year.

  MD&A: Weather Impact & EBITDA verify on EDGAR →
• high

  Pass sales for 2026/27 season down 10% in units and 5% in dollars through May 26 (vs. 1% unit decline, 2% dollar growth prior year), signaling weaker advance bookings following the challenging winter.

  MD&A: Pass Product Sales verify on EDGAR →
• high

  Net Debt rose $500M to $2.7B, driven by $525M convertible note repayment (funded via term loan draw and cash) and $245M trailing-twelve-month share buybacks; company refinanced credit facility, extending maturities to 2031 and reducing rates.

  MD&A: Debt & Refinancing verify on EDGAR →