Vail Resorts on Monday reduced its full-year net income forecast for the second time, citing persistent unfavorable weather across the western United States that led to a sharp decline in skier visits.
The ski-resort operator now expects net income of $128 million to $162 million for its current fiscal year, down from a prior forecast of $144 million to $190 million. Analysts surveyed by FactSet had expected $165.8 million.
Shares fell 4.7% to $130.80 in post-market trading after the revised outlook was released.
Chief Executive Rob Katz said in a statement that weather conditions remained extremely unfavorable during the three months ended April 30, weighing on visits and revenue, particularly at Vail’s resorts in the Rockies. The company operates more than 40 mountain resorts across North America, including Vail, Breckenridge, Park City, and Whistler Blackcomb.
For the fiscal third quarter, total skier visits fell nearly 16% compared with the same period a year earlier. Total net revenue dropped 7% to $1.21 billion, missing the $1.2 billion analysts had expected. The revenue decline was driven by lower lift-ticket and ski-school sales, as well as decreases across dining and other on-mountain revenue categories.
Vail posted net income of $314.4 million for the quarter, down from $389.7 million in the year-ago period. Earnings per share of $8.81 fell short of Wall Street’s estimate of $8.95.
Katz noted that Vail’s advance-commitment model, which offers lower prices to encourage customers to buy its flagship season pass before the ski season begins, helped offset some of the weather effects. “Despite the weather challenges of the past year, our strategic focus remains unchanged, and we are pleased with the progress we made this year,” he said.
The company said it will continue investing in talent, technology, and operations to improve the guest experience. “We have key initiatives under way in our gear, ski school and dining businesses, as well as every facet of guest engagement and communication,” Katz said.
The second consecutive guidance reduction comes after an unusually warm and dry winter across much of the western U.S., which shortened ski seasons and reduced snowfall at many resorts. The National Oceanic and Atmospheric Administration reported that the 2025–2026 winter season saw below-average snowpack in several key mountain ranges, including the Sierra Nevada and the Colorado Rockies.
Vail’s revised outlook follows a pattern of weather-related disruptions affecting outdoor recreation and travel businesses. The Dow Jones Industrial Average closed at 50,866.78 on June 8, reflecting broader market conditions that have seen mixed consumer spending signals.
Vail Resorts operates under its current fiscal year ending July 31. The company’s next quarterly report will cover the typically slower summer season, when many mountain resorts shift to hiking, biking, and other warm-weather activities.