The earnings call presented a mixed picture. While there were positive developments such as stable revenue despite visitation decline, growth in season pass revenue, record employee engagement, and a strong liquidity position, these were offset by challenges including declines in uncommitted lift ticket visitation, impacts from foreign exchange rates, and one-time costs affecting EBITDA.

Company Guidance

During the Vail Resorts Fiscal Third Quarter 2025 earnings call, the company updated its fiscal guidance, projecting net income attributable to Vail Resorts to range between $264 million and $298 million and Resort reported EBITDA to be between $831 million and $851 million. The guidance reflects lower-than-expected lift ticket visitation in the spring, partially mitigated by the Resource Efficiency Transformation Plan and strong cost discipline. The guidance now includes an estimated $9 million in one-time costs related to the CEO transition, $15 million in one-time costs from the Resource Efficiency Transformation Plan, and a $1 million expense related to Cromontana's acquisition and integration. The guidance also considers a $7 million impact from foreign exchange rates. At the midpoint, the estimated resort EBITDA margin is expected to be approximately 28.4%, or 29.2% before one-time costs. Despite a 7% decline in visitation, resort net revenue excluding Cromontana remained consistent with the prior year, driven by a 3% increase in resort reported EBITDA year-to-date and strong ancillary spend per guest.

Stable Revenue Despite Visitation Decline

Resort net revenue remained consistent with the prior year despite a 7% decline in visitation. Ancillary spend per destination guest visit was strong across ski school and dining businesses.

Growth in Season Pass Revenue

There was a 4% increase in season pass revenue, demonstrating the strength of the advanced commitment strategy.

Record Frontline Return Rates and Employee Engagement

The company achieved record frontline return rates and strong employee engagement scores across mountain resorts during the winter season.

Resource Efficiency Transformation Plan Progress

The company expects $100 million in annualized cost efficiencies by the end of fiscal 2026, with $35 million expected by the end of fiscal 2025.

Strong Liquidity Position

The company's total liquidity was approximately $1.6 billion as of April 30, 2025, including $467 million of cash on hand.

EPIC Australia Pass Sales Growth

EPIC Australia pass sales increased approximately 20% in units and approximately 8% in sales dollars compared to the prior year.

Vail Resorts (MTN) Earnings, Revenues Date & History

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MTN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 25, 2025	2025 (Q4)	-4.78 / -	-4.67	―	―	―
Jun 05, 2025	2025 (Q3)	10.04 / 10.54	9.54	10.48% (+1.00)	―
Mar 10, 2025	2025 (Q2)	6.43 / 6.56	5.76	13.89% (+0.80)	―
Dec 09, 2024	2025 (Q1)	-5.00 / -4.61	-4.6	-0.22% (-0.01)	―
Sep 26, 2024	2024 (Q4)	-4.23 / -4.67	-3.35	-39.40% (-1.32)	―
Jun 06, 2024	2024 (Q3)	10.00 / 9.54	8.18	16.63% (+1.36)	―
Mar 11, 2024	2024 (Q2)	6.04 / 5.76	5.16	11.63% (+0.60)	―
Dec 07, 2023	2024 (Q1)	-4.59 / -4.60	-3.4	-35.29% (-1.20)	―
Sep 28, 2023	2023 (Q4)	-3.28 / -3.35	-2.7	-24.07% (-0.65)	―
Jun 08, 2023	2023 (Q3)	8.68 / 8.18	9.16	-10.70% (-0.98)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MTN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 05, 2025	$152.73	$148.32	-2.89%
Mar 10, 2025	$149.38	$160.90	+7.71%
Dec 09, 2024	$183.30	$187.89	+2.50%
Sep 26, 2024	$178.38	$171.41	-3.91%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.