secwatch.observer — SEC 8-K summary
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Issuer:     VAIL RESORTS INC (MTN)
CIK:        0000812011
Form:       8-K
Filed at:   2026-09-28T20:06:47+00:00
Accession:  0000812011-26-000048
Event type: earnings
Sentiment:  negative
Materiality: 0.72
Item codes: 2.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/812011/000081201126000048/0000812011-26-000048-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/812011/000081201126000048/mtn-20260928.htm
  HTML page:      https://secwatch.observer/filing/0000812011-26-000048

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