Vail Resorts, Inc. (MTN)

In Q4 2025, Vail Resorts reported an EPS of -$5.08 and revenue of $271.3 million, missing analyst expectations, though the stock rose 1.18% in aftermarket trading. Fiscal 2025 resort EBITDA grew 2% to $844 million, but season pass sales declined 3% in units. In January 2026, Vail Resorts reported a significant 20% decline in season-to-date skier visits through January 4, 2026, compared to the same period in the prior year, primarily due to poor snow conditions, leading to the stock hitting a 52-week low of $129.31 on February 3, 2026. Analyst ratings have also impacted the stock, with UBS maintaining a Neutral rating and Jefferies upgrading Vail Resorts to a Buy rating. There was also a leadership shift with Rob Katz's return as CEO. Despite a 17.34% decrease over the last 12 months, the stock increased by 3.29% in the past month (January-February 2026).

Vail Resorts' business is highly seasonal, with the majority of its earnings generated during the winter ski season. The company typically reports losses in its fiscal first and fourth quarters, while the second and third quarters are key for generating earnings. Resort activity in Australia occurs during the first fiscal quarter due to the Southern Hemisphere's winter. The Epic Pass model helps mitigate the risks of a seasonal business by securing revenue upfront, but poor snowfall or severe winter storms can still negatively impact revenues.

Vail Resorts, Inc. operates in the Consumer Cyclicals sector, focusing on mountain resorts and regional ski areas through its Mountain, Lodging, and Real Estate segments. The company offers the Epic Pass program, ski and snowboard schools, dining, and retail/rental operations. Vail Resorts has expanded into summer mountain activities, real estate development, and luxury lodging under the RockResorts brand, also providing resort ground transportation services.

Vail Resorts operates over 40 destinations across the United States, Canada, Australia, and Switzerland. Notable resorts include Vail, Beaver Creek, Breckenridge, Keystone, and Crested Butte in Colorado; Northstar California, Kirkwood Mountain Resort, and Heavenly Mountain Resort on the California-Nevada border; and Whistler Blackcomb in British Columbia, Canada. The company's expansion into Europe includes resorts like Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland.

Vail Resorts has received positive recognition for its brand reputation, being named one of America's Most Trustworthy Companies by Newsweek for the third consecutive year in April 2025 and one of America's Most Admired Workplaces of 2025 in November 2024. Fast Company also named Vail Resorts one of its Most Innovative Companies of 2024 for launching its "My Epic Gear" ski gear membership program. However, the company has faced guest complaints regarding crowded slopes and service quality, and investor concerns have grown over slowing visitation and lackluster season pass growth. Vail Resorts is reportedly reshaping its marketing strategy by focusing on new media and influencer partnerships and adjusting lift ticket versus season pass pricing to stimulate future demand.

Vail Resorts, Inc. has significant institutional ownership, with 804 institutional owners and shareholders holding a total of 58,516,710 shares. Major institutional owners include Bamco Inc /ny/, Capital International Investors, BlackRock, Inc., Vanguard Group Inc, Capital World Investors, AWSHX - WASHINGTON MUTUAL INVESTORS FUND Class A, BGRFX - BARON GROWTH FUND, AMECX - INCOME FUND OF AMERICA Class A, BPTRX - Baron Partners Fund, and Charles Schwab Investment Management Inc. Other top institutional holders include Capital Research and Management Company (22.61%), Baron Capital Group, Inc. (15.94%), BlackRock, Inc. (9.85%), and The Vanguard Group, Inc. (9.81%). Institutional investors hold nearly 95% of the company's shares, while insider ownership accounts for 2.74% and retail/public float for 2.36%.