Episode Details

In Q2 FY2026, Vail Resorts proved its Epic Pass is the ultimate weather-proof subscription, absorbing a catastrophic 30-year snow drought without shattering the bottom line.

In ~10 minutes:

• Why 43% less snow only caused a 4.7% revenue drop.

• The aggressive 20% Gen Z pass discount to save the sport.

• How a sneaky 3% tax pass-through subsidizes the youth cuts.

• Freezing the dividend and proactive debt restructuring.

Snowfall hit historic lows across the Rockies, causing physical mountain visitation to plummet by 12%. But because 75% of ski days are pre-sold via non-refundable advance passes, Vail absorbed the climate shock and managed to maintain its pricing power. Now, management is rolling out algorithmic discounting to prevent the next generation from getting priced off the mountain. ⛷️

Vail Resorts, Inc. (MTN) | Q2 FY2026

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