Vail Resorts, Inc. reported its fiscal third quarter 2025 results on June 5, 2025, noting that Resort net revenue, excluding Crans-Montana, remained consistent with the prior year despite a 7% decline in visitation. Destination visitation among pre-committed passholder guests improved as expected, but visitation from uncommitted lift ticket guests was below expectations.
Year-to-date through April 30, 2025, Resort Reported EBITDA increased by 3%, even with a 3% decline in total North American skier visits. This growth was driven by a 4% increase in season pass revenue and increased ancillary spending per guest, alongside strong cost discipline from the resource efficiency transformation plan.
The company updated its fiscal 2025 guidance, now expecting net income attributable to Vail Resorts between $264 million and $298 million, and Resort Reported EBITDA between $831 million and $851 million. This revision reflects lower-than-expected lift ticket visitation, $9 million in one-time costs related to the CEO transition, and a $7 million negative impact from foreign exchange rates.
Early season pass sales for the 2025/26 North American ski season, through May 27, 2025, showed a 1% decrease in units but a 2% increase in sales dollars, benefiting from a 7% price increase. The company also declared a quarterly cash dividend of $2.22 per share and increased its share repurchase authorization by 1.5 million shares to approximately 2.8 million shares.
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