Breckenridge is part of the Vail Resorts portfolio. Image Credit: Taylor Turtle.

Broomfield, Colorado â€” The latest sign of the West’s awful, no good, very bad winter was demonstrated by Vail Resorts’ second-quarter report.

Yesterday, Vail Resorts issued its 2026 second-quarter earnings results. Down metrics for this quarter compared to last year included net income, EBITDA, and resort net revenue. This missed revenue expectations by around 2% and EPS by 5.5%. The warm winter out West also led them to issue updated guidance, with less revenue and EBITDA expected. To appease shareholders, a quarterly cash dividend of $2.22 per share will be issued.

“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,” said Rob Katz, CEO of Vail Resorts. “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.”

Season metrics ending on March 1st were also much below last season’s totals. Skier visitation was down 11.9%, lift revenue was down 3.6%, ski school revenue dropped 8.2%, and dining revenue slipped by 8.6% compared to the same time last year. Comparing that skier visitation was down 20% during their last metrics report, I imagine Vail is taking these new metrics as a win. That was likely helped out by what felt like an actual winter in the East and Midwest, along with storm cycles in California.

While these aren’t as bleak as once feared, the issue is that this news comes amid a stock downturn driven by the crisis in the Middle East. Add in warm weather expected in the Midwest and West over the next ten days, and the stock may continue to slide down the mountain. For reference, Vail Resorts’ stock peaked in November 2021 at 311.27 per share. As of Tuesday afternoon, it’s now selling in the 130s.

Park City Billionaire Reacts To These Results

Over the past year, there’s been this guy who loves to criticize Vail Resorts on Twitter (still not calling it by that stupid new name).

Matthew Prince (CEO of Cloudflare), a billionaire based in Park City, recently bought the plaza around the Town Lift. Since then, he’s expressed his desire to purchase Park City Mountain Resort. While Vail Resorts has indicated that it doesn’t want to sell, Prince has remained steadfast in that push, and his criticisms of the company have continued.

His latest criticism came on Monday, suggesting that the company downsize. I wonder which ski resort he wants Vail to sell!
It should be noted that this investment prediction proved inaccurate. While the stock began the day down at 132.10, that’s slightly above what it was 10 years ago. The stock price has since gone up today.

Park City probably won’t be sold, as it’s essential to Vail’s future success. However, if the stock keeps sliding, nothing is off the table.

Powder Mountain Investing $40M In Public Terrain and Infrastructure Expansion

Image/Video Credits: Taylor Turtle, Wall Street Journal, Matthew Prince, Vail Resorts

Born and raised in New Hampshire, Ian Wood became passionate about the ski industry while learning to ski at Mt. Sunapee. In high school, he became a ski patroller at Proctor Ski Area. He travelled out...