Vail Resorts’ Ski Pass Sales Tumble, Signaling Another Tough Winter Ahead

This is outrageous! Just because the lift tickets cost enough to send your kid to Harvard and the snow sucks is no reason to back out now.

It's time to shred dagnabbit.

Vail Resorts’ Ski Pass Sales Tumble, Signaling Another Tough Winter Ahead

Preseason pass sales fall 12% after poor snow conditions cut into profit; company is reviewing activist shareholder’s proposal

By Allison Pohle and Katherine Hamilton, WSJ

Updated Sept. 28, 2026

Vail Resorts reported a wider loss of $190.2 million and near-flat revenue of $278.1 million for the fiscal fourth quarter.

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Signs are pointing to another tough winter ahead for Vail Resorts MTN 1.45%increase; up pointing triangle.

The company sold 12% fewer passes through Sept. 18 for the coming North American ski season, compared with the same period last year. Days sold and pass revenues, which include sales and admissions taxes, also decreased from a year earlier.

For the full year, Vail’s resort-reported revenue decreased $131.9 million, or 4.5%, which it attributes primarily to the record-low snowfall out West. Its full-fiscal-year profit, which it reported after Monday’s market close, was nearly halved compared with the prior year.

Vail shares fell 2% in after-hours trading, after closing up 1.5% at $138.09.

Last winter’s lack of snow in the Rockies was punishing for ski resorts, but Vail’s model of selling multi-resort ski passes faces a more existential challenge: It has largely maxed out the pool of dedicated skiers willing to commit to all-access passes preseason. To recruit younger skiers, the company cut the price of the coming season’s Epic Pass by 20% for skiers and snowboarders ages 13 to 30.

Based on current sales trends, the company doesn’t expect to make up for the shortfall in passes by the beginning of the season, Angela Korch, chief financial officer, told investors. Vail does anticipate selling more lift tickets, but executives told analysts they expect fewer visits compared with the 2024-2025 ski season, even with better snowfall.

Executives said that the decline in pass sales was likely driven by less-committed skiers who have delayed their decisions to buy a pass, as opposed to a structural change in demand. The company reported stronger sales from its unlimited pass products.

Vail Chief Executive Rob Katz has said in previous interviews with The Wall Street Journal that the company’s future isn’t solely based on growing season passes, but on a better guest experience, including on-mountain dining, gear rentals and private lessons.

But the ski resort company faces pressure from Oasis Management, an activist firm based in Hong Kong, which earlier this month filed an initial 13D regarding its stake in the company. The hedge fund currently holds about a 7.4% stake.

Oasis also said it intends to nominate four director candidates, including former Disney CEO Bob Chapek and retired Olympic gold medalist skier Picabo Street, to Vail’s board.

Katz said the company is evaluating the proposals and, because the process is ongoing, wouldn’t comment further.