Vail Resorts, Inc. (NYSE: MTN), a leading company in the ski and mountain resort industry, operates a network of premier ski resorts including Vail Mountain, Breckenridge, and Whistler Blackcomb. For its fiscal third quarter ending April 30, 2025, Vail Resorts reported a net income attributable to the company of $392.8 million, a 8.5% increase from $362.0 million in the same quarter of the previous year. Resort Reported EBITDA for this period was $647.7 million, compared to $654.4 million for the same quarter last year, reflecting a decrease of 1.0%.

The company’s fiscal 2025 guidance has been updated to reflect lower-than-expected lift ticket visitation during the spring period, adjusting net income expectations to a range between $264 million and $298 million. Resort Reported EBITDA is now expected to be between $831 million and $851 million. This guidance includes anticipated one-time costs of approximately $9 million related to a CEO transition, $15 million from the resource efficiency transformation plan, and about $1 million for acquisition and integration costs specifically for Crans-Montana.

Total net revenue for the third quarter reached $1.295 billion, a modest increase of 1.0% from $1.283 billion in the prior year. A key factor was a 3% growth in resort net revenue year-to-date, primarily attributed to a 4% increase in season pass revenue and strong ancillary spending per guest, despite a 3% decline in total skier visits across North American resorts.

Operating expenses increased by 3.4% year-over-year, totaling $650.0 million in the third quarter. This increase was driven by elevated costs from new acquisitions and operational expansions, including expenses associated with the resource efficiency transformation plan. Strong cost discipline was noted, leading to 3% growth in Resort Reported EBITDA year-to-date, despite facing expected declines in visitation.

As of April 30, 2025, Vail Resorts holds total liquidity of approximately $1.6 billion, comprising $467 million in cash and over $1.1 billion in available credit facilities. The company’s net debt stands at 2.6 times its trailing twelve months’ total reported EBITDA.

The Board of Directors declared a quarterly cash dividend of $2.22 per share, to be paid on July 9, 2025, to shareholders on record as of June 24, 2025. Furthermore, the company repurchased about 0.2 million shares during the quarter, totaling approximately $30 million, with an increased authorization for share repurchases growing to roughly 2.8 million shares.

While the company has encountered challenges, including a decline in visitation from uncommitted lift ticket guests, its adjustments in fiscal guidance and steady focus on cost efficiencies showcase its strategic commitment to maintain growth. The managing of operational transformations aims to enhance organizational effectiveness and scalability, targeting $100 million in annualized cost efficiencies by the end of fiscal 2026.