---
schema_version: "secwatch.filing_event.v1"
accession: "0000812011-26-000048"
form_type: "8-K"
ticker: "MTN"
cik: "0000812011"
company_name: "VAIL RESORTS INC"
filed_at: "2026-09-28T20:06:47+00:00"
generated_at: "2026-10-12T13:35:08.976070+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.72
calibrated_materiality_score: 0.72
confidence: "high"
source: SEC EDGAR
---

# Vail Resorts FY2026 net income falls to $147.5M; FY2027 EBITDA guidance set at $805M-$865M

## Summary
- FY2026 net income attributable to Vail Resorts was $147.5M vs $280.0M a year earlier; Resort Reported EBITDA fell 11.7% to $745.7M, including $11M of one-time transformation costs.
- FY2026 Resort Net Revenue dropped 4.5% ($131.9M) on historically poor Rockies/Tahoe weather; visitation -13.4%, lift revenue -3.5%, pass revenue +3.9%.
- Season pass units through Sept 18, 2026 fell ~12%, days sold ~10% and sales dollars ~6% YoY, with weakness concentrated in Destination frequency products.
- FY2027 outlook: net income of $158M-$233M and Resort Reported EBITDA of $805M-$865M (including ~$14M one-time costs), implying ~26.9% margin at the midpoint.
- Dividend held at $2.22/share, payable Oct 27, 2026 to holders of record Oct 8; net debt 3.9x TTM Total Reported EBITDA and liquidity ~$0.8B.

## SEC filing metadata
- accession: 0000812011-26-000048
- form_type: 8-K
- ticker: MTN
- cik: 0000812011
- company_name: VAIL RESORTS INC
- filed_at: 2026-09-28T20:06:47+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.72
- calibrated_materiality_score: 0.72
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/812011/000081201126000048/0000812011-26-000048-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/812011/000081201126000048/mtn-20260928.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000812011-26-000048
- JSON: https://secwatch.observer/filing/0000812011-26-000048.json
- Plain text: https://secwatch.observer/filing/0000812011-26-000048.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.