Vail Resorts reports Q3 EPS $10.54, consensus $10.06

Reports Q3 revenue $1.3B, consensus $1.3B. CEO Rob Katz said, “Results in the quarter reflect the stability provided by our season pass program as Resort net revenue, excluding Crans-Montana, remained consistent with prior year even as visitation declined 7%. In March and April, destination visitation among pre-committed passholder guests improved as expected. However, visitation from uncommitted lift ticket guests was below expectations…The company achieved 3% growth in Resort Reported EBITDA year-to-date despite total skier visits declining 3% across our North American destination mountain resorts and regional ski areas from the beginning of the ski season through April 30, 2025…For the year-to-date period, Resort net revenue increased 3% driven by a 4% increase in season pass revenue and increased ancillary spend per guest across our ski school and dining businesses…Overall, the results demonstrate the strength and resilience of the Company’s business model, supported by its expansive resort network and loyal guest base, even as the Company’s western North American destination resorts experienced a decline in visitation, with outsized impacts from a decline in lift ticket guests…As a result of the investments we continue to make in our teams, the Company achieved record front line return rates and strong employee engagement scores across our mountain resorts during the winter season.”