Episode Details

Vail Resorts navigated the worst Rockies snowfall in four decades during Q3 2026, relying on its aggressive season pass model to prevent a bottom-line avalanche.

In ~10 minutes:

• Why an industry-wide 24% visitation drop didn't crash quarterly revenues.

• Unpacking the new "Days Sold" metric masking absolute pass unit declines.

• Rolling back Young Adult pass prices to successfully recapture Gen Z.

• How 30% advanced ticket discounts avoided cannibalizing expensive full pass upgrades.

• Details behind the unannounced restatement of prior year capital depreciation.

While peak season revenue hit $1.2B, the persistent weather drag forced management to slash full-year EBITDA guidance down to $735M–$755M, sparking an immediate after-hours stock sell-off. As Vail prepares for the 2026/2027 season, the question is whether weak spring pass renewals (-10%) represent a permanent subscription fatigue or just delayed purchasing from traumatized skiers.

Vail Resorts, Inc. (MTN) | Q3 FY2026

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