Broomfield, Colorado — Vail Resorts saw massive growth during the 2010s, giving new life to what had become a stagnant ski industry thanks to the introduction of the Epic Pass. Following the ski bump during the COVID years, along with controversies, other companies and season passes are catching up to them. The question for Vail Resorts now is how they will adjust.
In the Fourth Quarter & Year End Earnings Report that was released last week, newly reappointed CEO Rob Katz began to outline where Vail Resorts has gone wrong in recent years and what they’re focusing on to get back on track.
“The results from this past season were below expectations and our season-to-date pass sales growth has been limited,” said Rob Katz, the CEO of Vail Resorts. “We recognize that we are not yet delivering on the full growth potential that we expect from this business, in particular on revenue growth, in both this past season and in our projected guidance for fiscal year 2026. However, we are confident that we are well positioned to return to higher growth in fiscal year 2027 and beyond.”
The report was followed up with an Earnings Call, which revealed some methods that Vail Resorts will try to bounce back. Here are some interesting snippets from the Call and Earnings Report:
The Good News
While skier visits are down, they’ve been able to price their products to the point where they’re still making more revenue than the year prior. This included revenue increases in lift tickets, ski school, dining, and lodging. While these numbers increased year over year, they fell below projected estimates. Overall, despite the gloomy headlines that came from this earnings report, the balance sheet still looks solid for Vail Resorts.
Shift To Selling More Day Passes
While Vail Resorts still sells a large number of Epic Passes, the year-end report also revealed a notable decline in visitors for the company. Compared to the previous year, the number of pass units sold decreased by 3%. Revenue was still up for tickets, but it shows the challenge that Vail faces in attracting new people. As a result, Vail Resorts will be revamping its pass products. Also being considered is dynamic pricing, with potentially cheaper lift tickets being offered on lower-demand dates.
A key driver for future day ticket sales could be their new offering for friends. The My Epic Friends tickets will give nonpassholders 50% off a day ticket when they show crew members that they’re friends with an Epic Passholder. However, Katz noted that it will take time for consumers to discover the benefits of this offering. New strategies to increase lift ticket sales are also being planned. Day ticket sales can lead to Epic Pass sales, which is the main goal for Vail’s subscription model.
For ski resorts owned by Vail in the Midwest and East, I believe there’s good potential to offer midweek lift ticket deals. Lift ticket deals aren’t typically something the major ski industry giants offer, but they could lead to increased visitation. An extensive effort to recruit guests to visit during the later season, which is usually a slower period for the ski industry, is also worth pursuing.
Improved Marketing Tactics: Influencers & TikTok
Another concern that Katz pointed out was the marketing approach at Vail. For years, email marketing has been an effective way to engage with guests. Over the last few years, the effectiveness of this approach has decreased among consumers. As a result, Vail Resorts will explore various avenues. This includes expanding its social media presence on TikTok, which now appears to be sticking around. They’re also looking to grow the individual ski resort brands, rather than just promoting the Epic Pass.
“We are also evolving our guest engagement strategy to better connect with skiers and riders and drive stronger performance,” said Katz. “Our focus is to broaden our reach and modernize how we engage across channels. We plan to increase our exposure within digital and social platforms, and expand our influencer partnerships. This shift will allow us to reach guests where they are, and to fully utilize our guest data to create content that resonates and drives action. In addition, we are also aiming to elevate the individual brands of our resorts by tapping into the emotional connection guests have with our unique destinations. We believe this is an important differentiator in a competitive landscape.”
While the influencer approach initially comes across as a “how do you do, fellow kids” type maneuver, influencers are becoming a key part of promoting passes in the ski industry.
With the Ikon Pass, promotions by pro skier Amie Engerbreston and comedian Matt Lyon (that guy who roasts every type of outdoorsy person) show that it has become a part of the selling season passes. Whether it’s an efficient way to get more people signed up or it can be defined as yet another ad you see on your social media feed is debatable.
The My Epic App also has its share of flaws, as it is currently unable to accept Apple Pay or Google Pay. Updates will be necessary to improve the ability to purchase products on the My Epic app.
Capital Projects
After splurging on new lifts in 2021-23, the number of new lifts installed by Vail Resorts has decreased over the past few years. It seems like they’ll be limited in the years ahead as well, with the only announced lift project so far in 2026 being a new Cabriolet lift at Park City.
Katz noted in the Earnings Call that they can’t solely focus on lift upgrades every year, and that there are other things that skiers care about. He followed this up by referencing new technological experiences on the app that are less capital-intensive. However, Katz stated they will continue to replace lifts as opportunities arise.
While lifts will continue to be a focus for Vail due to the nature of its business, don’t be surprised to see diversification of improvements down the road.
In conclusion, the best course of action for Rob Katz will be to install new lifts at Mount Sunapee and expand into the West Bowl. I can already see the stock price skyrocketing.
Image/Video Credits: Carter B., Amie Engerbreston, Vail Resorts
