Vail Resorts Reports Lower-than-Expected First-Quarter Revenue Amid Seasonal Challenges

Vail Resorts Inc. reported first-quarter revenue of $1.12 billion for the period ended November 30, 2024, marking a 2% decline year-over-year. The figure missed Wall Street expectations of $1.15 billion, driven by weaker-than-anticipated lift ticket sales and lower on-mountain spending, particularly at its North American resort properties. The company's adjusted EBITDA for the quarter came in at $418 million, down from $432 million in the same period last year. The revenue shortfall was largely attributed to inconsistent snowfall across key markets, including the Pacific Northwest and the Rocky Mountains, which affected guest visitation during the early winter season. Despite this, Vail Resorts emphasized that its core business remains resilient, with digital engagement and ancillary spend trends holding steady. The company noted that it has made progress in optimizing staffing and inventory management to mitigate inflationary pressures. Vail Resorts maintained its full-year revenue guidance of $4.9 billion to $5.1 billion and adjusted EBITDA guidance of $1.7 billion to $1.8 billion. Management emphasized that the first quarter is typically the weakest in the ski season and that the outlook remains intact based on strong demand forecasts for the remainder of the winter and early spring periods. The stock opened 3% lower in after-hours trading following the report, reflecting investor caution over near-term performance despite confidence in long-term fundamentals. The company’s portfolio includes 37 resort properties across North America, including Whistler Blackcomb, Park City Mountain Resort, and ski areas in Colorado and California.