Vail Resorts just reported pass product sales for the upcoming 2026-27 North American ski season remain well below last year’s pace, extending a slowdown that began after one of the most difficult Western ski seasons in recent memory.
Through Sept. 18, pass product unit sales were down approximately 12% compared with the same point last year, while estimated ski days sold were down about 10% and pass sales dollars were down roughly 6%, according to the company’s fiscal 2026 fourth-quarter and full-year report released Monday.
The latest figures represent a further decline from Vail Resorts’ spring update, when pass product units were down about 10%, days sold were down 8% and sales dollars were down 5% through May 26.
Vail Resorts said demand across the ski industry continues to be affected by the previous winter’s historically challenging conditions.
Pass sales weakness widened since spring
The company first disclosed the softer 2026-27 pass-sales environment in June, when it said one of the worst snowfall years in Western U.S. history had weighed particularly heavily on Colorado, Utah and Lake Tahoe. At that point, Vail Resorts reported pass product units down approximately 10% from the previous year.
By Sept. 18, the decline in pass units had widened to 12%. Vail Resorts said results following its May spring deadline showed modest improvement among local customers in Colorado and Utah. Weakness remained concentrated among destination frequency products, particularly passes that provide a smaller number of ski days.
Unlimited pass products have performed better relative to lower-frequency offerings, according to the company. Vail Resorts said it believes some of the weakness among destination customers could reflect people delaying purchases rather than abandoning ski trips altogether. The company said those customers could still return later in the pass-selling cycle or purchase lift tickets during the season.
Last winter hit visitation and revenue
The declining pass sales come after a difficult fiscal year for Vail Resorts. Total resort visitation fell 13.4% during fiscal 2026, while resort net revenue declined $131.9 million, or 4.5%, compared with the previous year.
Vail Resorts said unfavorable weather reduced visitation and spending among both local and destination guests, with the biggest effects at its Rocky Mountain and Lake Tahoe resorts. Despite the visitation decline, total lift revenue fell only 3.5%. Vail Resorts attributed some of that resilience to pass revenue, which increased 3.9% for the year.
Resort Reported EBITDA fell 11.7%, from $844.1 million in fiscal 2025 to $745.7 million in fiscal 2026. Net income attributable to Vail Resorts dropped from $280 million to $147.5 million.
The company said cost controls helped offset some of the weather-related pressure, including approximately $45 million in savings from its resource-efficiency program. At the same time, Vail Resorts spent an additional $20 million on marketing aimed at pass sales, lift-ticket initiatives and company branding.
A difficult winter continues to influence 2026-27
The company has repeatedly pointed to last winter’s weather as a major factor behind the pass sales decline. In June, Vail Resorts said demand had been particularly soft among destination guests who typically travel to its Rocky Mountain resorts, while performance was stronger in the East and at Whistler Blackcomb.
The company is now entering the 2026-27 season with fewer pass products sold than it had at the same point last year, but with revenue declining less sharply than unit sales. That difference suggests the mix of products being sold has shifted toward higher value passes. Vail Resorts said its newly introduced pricing and product initiatives have produced encouraging results, with unlimited products performing better than lower-frequency passes.
The final pass sales picture will not be known until later in the selling season, but the Sept. 18 update shows that the weakness first reported during the spring selling period has not disappeared.
