Vail Resorts, Inc. (MTN)

Vail Resorts' stock price was impacted by low snowfall and warm temperatures in the 2025/2026 winter, leading to a 25% decline in visitation in the Rockies. This resulted in decreases in skier visits, lift revenues, ski school revenues, dining revenues, and retail/rental revenues. The company lowered its fiscal 2026 Resort Reported EBITDA guidance. Early trends for spring pass sales indicated a moderate decline. The stock declined 5.5% from January 1, 2026, to May 9, 2026, and 18.7% over the past year.

Vail Resorts' business is highly seasonal, with peak operating seasons in North America from mid-December through mid-April. Australian resorts, NPS properties, and golf courses peak from June to early October. The Epic Pass program mitigates weather risk by securing advanced commitments and generating recurring revenue.

Vail Resorts, Inc. (MTN) operates in the Consumer Cyclical sector, focusing on mountain resorts, lodging, retail, and real estate. Its offerings include lift tickets, the Epic Pass program, ski and snowboard schools, dining, retail, and luxury accommodations. The Epic Pass is a key driver for customer loyalty and revenue.

Vail Resorts operates 42 mountain resorts across the United States, Canada, Australia, and Switzerland. In the United States, resorts are located in key ski destinations such as Colorado, Utah, Lake Tahoe, the Pacific Northwest, New Hampshire, Vermont, Pennsylvania, New York, Ohio, Missouri, Indiana, Michigan, Minnesota and Wisconsin. Internationally, the company operates Whistler Blackcomb in British Columbia, Canada, Perisher Ski Resort, Falls Creek, and Hotham Alpine Resort in Australia, and Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland.

Vail Resorts' brand reputation faced challenges due to public criticism regarding Epic Pass price increases and the high cost of skiing. An activist investor campaign highlighted concerns about management and board composition. The company also dealt with negative impacts from weak snowfall and labor strikes. Vail Resorts continues to invest in guest experience through expansions and technology upgrades.

Vail Resorts, Inc. (MTN) is largely owned by institutional investors, holding over 85% of the company's shares. Major institutional shareholders include Bamco Inc /Ny/, Capital International Investors, Vanguard Group Inc., BlackRock, Inc., Baron Capital Management, Oasis Management Co Ltd., Charles Schwab Investment Management Inc, State Street Corp, and First Pacific Advisors, LP. Individual investors also hold a portion of the company's stock.