• Resort revenue in Q3 fell 7%, while net revenue declined 7.5% year-on-year to $1.2 billion.
• CFO Angela Korch noted that skier visits from even the company's most loyal customers dropped 17% during the winter.
• The company now expects resort EBITDA of $735 million to $755 million, near the low end of its March guidance.

Vail Resorts (MTN) tumbled over 4% overnight on Monday as the company posted weaker fiscal third-quarter (Q3) results, as poor snow conditions across much of the western United States curtailed skier activity and pressured revenue. 

The mountain resort operator also lowered its full-year financial outlook and released preliminary sales figures for next season's ski passes, reflecting a more cautious demand environment.

Weak Winter Conditions Impact MTN’s Q3 And Outlook

During the company’s Q3 earnings discussion, CFO Angela Korch said weather-related disruptions continued to hurt operations across the portfolio.

“Resort revenue for the quarter declined 7% compared to the prior year, primarily driven by unfavorable weather conditions that impacted visitation and revenue for both local and destination guests, particularly at our resorts in the Rockies and in Tahoe,” Korch said.

Net revenue for Q3 declined 7.5% year-on-year to $1.2 billion, matching the analysts’ consensus estimate, according to Fiscal AI data. Earnings of $8.82 per share missed the Street estimate of $8.93. 

“To expand on the magnitude of the conditions' impact, even our most committed past visitation in North America declined 17% over the winter, while lift ticket visitation declined 10%. The impact was particularly severe in the Rockies, where snowfall for the winter finished down 55% below the 30-year average,” Korch said. 

Because poor weather continued through March and April, the company lowered its expectations for 2026. It now expects net income of $128 million to $162 million and resort EBITDA of $735 million to $755 million, near the lower end of the forecast it gave in March. 

Vail Resort stock traded over 4% lower overnight on Monday. 

What Are MTN’s Retail Traders Saying

On Stocktwits, retail sentiment around the stock remained in ‘neutral’ territory with a 1,550% jump in message volume in 24 hours. 

A user said, “Management cannot confidently predict recovery. One thing that stood out: management kept saying this weather event was so unusual that they don't know exactly how customers will behave next season.”

Another user criticized the CEO, saying, “$MTN is a business in steep decline. Katz isn’t a leader or manager and just gets on earnings calls and spews a word salad of buzzwords and woke bull****. He doesn’t understand or address the myriad issues facing the company.”

MTN stock has gained over 3% year-to-date. 

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