Park City Mountain’s parent company faced questions from shareholders Sept. 28 after releasing its fourth-quarter earnings.
Vail Resorts says its core operating earnings dropped 12% — almost $100 million — between FY2025 and FY2026.
Fourth-quarter numbers alone were up year-over-year, thanks to Vail’s lodging and dining contract with Grand Teton National Park. So it continues to peg lower overall profits to the dismal North American winter.
As KPCW has reported, lackluster snowfall also hurt preseason pass sales for the upcoming winter. CEO Rob Katz expects to be more profitable in FY2027.
“Our view, as we look backwards, is that: If we have a normal season, actually there's often pent-up demand for people who didn't get a chance to ski last year who will come out,” Katz said on the Sept. 28 shareholder earnings call.
Vail is banking on those skiers buying the more expensive, day-of lift tickets and passes to make up for the lack of preseason sales.
The company sold 12% fewer Epic Passes ahead of this ski season than it did in 2025. Vail executives attribute that decline to guests who already ski and ride less often.
“And these are folks who historically bought lift tickets that we recently converted to a pass,” Katz said. “Not surprising to see a portion of them as we go into next season, again, probably holding off and waiting to make that commitment.”
Katz also said the company can make up that money without selling even as many lift tickets as it did five, 10 or 15 years ago.
Lift ticket prices have grown more expensive industrywide, now topping $300 at Park City Mountain and Alterra Mountain Company’s Deer Valley Resort.
And despite lower sales, Vail says unspecified “third-party data” indicates that the Epic Pass is outperforming its competitors. That includes Alterra’s more expensive Ikon Pass.
Vail is posting slimmer profits at a time of increased pressure from shareholders, including an activist investor seeking to replace members of the board of directors.
Hong Kong-based hedge fund Oasis Management increased its stake in Vail from 7.4% to 9%, according to paperwork it filed with the U.S. Securities and Exchange Commission Sept. 29.
Katz, who also chairs the board of directors, did not mention Oasis by name Sept. 28 but acknowledged efforts to nominate fresh faces.
“The board is evaluating those nominees, and given that this process is ongoing, we will not be answering any questions on this topic today,” he said.
Oasis wasn’t one of the shareholders to ask a question on the earnings call. None asked about the looming proxy fight.
And Vail hasn’t announced a date for the annual meeting where shareholders will vote on the nominees. It typically happens late in the calendar year.
Vail’s main competitor Alterra is privately owned, not publicly traded. Both companies have laid off corporate staff during the past two years.
Vail Resorts’ EpicPromise Employee Foundation is a financial supporter of KPCW.
