Broomfield, Colorado — Vail Resorts faced a slippery slope this year.
It started with a ski patrol strike at Park City, which can be assumed to have been a significant factor in the resignation of CEO Kirsten Lynch and the return of Rob Katz. Since then, change has been afoot. With the first-quarter results coming in, how has Rob Katz changed things, and how are investors reacting? So far, it’s looking alright, which is enough for investors to buy in.
On Wednesday, Vail Resorts released its first-quarter earnings report for 2026. Here’s a recap of what Vail Resorts revealed at its earnings report and call.
First Quarter Results
The key metrics were: net loss of $186.8 million (compared to $173.3 million last year); EBIDTA loss of $139.7 million (same as last year); and resort net revenue of $10.7 million (thanks to a strong Australian ski season). While these do not appear to be positive, this quarter is defined as Vail’s slow season. The key metric was that unit sales of passes were down 2%, but revenue was up 3%, thanks to higher pass prices.
For the second quarter, the big question for Vail is whether this Western North America slump will affect the second-quarter results.
“Our first quarter results were in line with our expectations and importantly, we’re seeing encouraging early momentum from our key initiatives to drive visitation during the 2025/2026 ski season, deepen our guest engagement, and create exceptional guest experiences,” said Rob Katz, Chief Executive Officer of Vail Resorts. “We are taking decisive actions to support these priorities, as evidenced by the introduction of our new advanced lift ticket discount for guests who book at least a month in advance at select resorts, in addition to our Epic Friend tickets announced in August. We are encouraged by the initial response to our updated marketing strategy and investments focused on expanding our reach, which drove improved pass product sales results in the final selling period. These efforts are a part of a multi-year strategy that leverages our unique competitive advantages to drive sustained, profitable growth, and we remain confident in our ability to make improvements that reaccelerate growth in fiscal 2027 and beyond.”
Katz used the beginning of the earnings call to discuss some of the changes so far and how they’ve started to produce positive results. Some of the examples included new lift ticket pricing strategies (such as Epic Friend Tickets and one-month-out pricing), discounts on Epic Passes for those who buy the aforementioned tickets, and investing in influencer social media marketing.
Capital Investments
The one part of the earnings report that I found interesting is the diversified capital upgrades for 2026. In prior reports, most of the projects referenced by Vail Resorts were lifts. Earlier this year, Katz noted that they can’t just focus on lift projects, as there’s more that matters to skiers. In this announcement, there’s a mix of lift, dining, and snowmaking projects announced.
The notable projects announced include Whistler Blackcomb replacing the Showcase T-Bar with a fixed-grip quad, and Seven Springs replacing the Blitzen triple with a fixed-grip quad.
Other referenced projects include snowmaking upgrades at Okemo, the addition of remote avalanche control systems at unspecified mountains, the modernization of the Keystone River Run Plaza, refurbishing the rooms at the Lodge at Vail, and the renovation of various lodges.
The other 2026 lift project that was previously announced: the new Cabriolet gondola lift at Park City Mountain Resort. This is on top of the Sunrise Gondola (which recently opened) and the parking garage that’s under construction at the Canyons Village.
Another interesting aspect of the plan is the lack of announcements of new lift projects for Vail and Breckenridge. Both ski resorts received approval from the US Forest Service for new lifts. It seems like they’ll have to wait until at least the 2027 offseason.
Market Response
Overall, investors seemed satisfied with the results and the earnings call. Relatively positive headlines likely contributed to a nice couple of days on Wall Street for Vail, with its stock price up 9.32% on Thursday. Today, it was up 4.61%. Will Vail be able to continue this positive momentum? Time will tell.
Image Credits: Katie Musial, Whistler Blackcomb, Seven Springs, Vail Resorts
