Vail Resorts Net Income Falls 67% to $23.3M in First Half of Fiscal 2026

Vail Resorts, Inc. (NYSE: MTN), a mountain resort operator, reported net income of $23.3 million for the six months ending January 31, 2026, down 67% from $71.1 million in the prior-year period. Revenue for the first half of fiscal 2026 fell 3% to $1.35 billion from $1.40 billion. Read more earnings reports.

For the quarter ending January 31, 2026, net income totaled $210.0 million, a 14% decline from $244.4 million in the same quarter last year. Quarterly revenue dropped 5% to $1.08 billion from $1.14 billion.

Operating income for the six-month period fell 25% to $135.2 million from $181.2 million, while quarterly operating income declined 10% to $345.0 million from $383.2 million. The company recorded $147.5 million in depreciation and amortization for the six months, up slightly from $145.9 million.

Interest expense surged 18% to $100.8 million for the first half from $85.5 million in the prior-year period, reflecting higher borrowing costs. Quarterly interest expense rose to $49.5 million from $42.7 million.

The company's cash position declined to $384.7 million as of January 31, 2026, from $488.2 million a year earlier. Cash from operations for the six months totaled $575.9 million, down 5% from $609.2 million, while cash used in financing activities increased to $493.2 million from $303.2 million.

Total debt stood at $2.93 billion as of January 31, 2026, up from $2.71 billion at the same point last year. The company's balance sheet showed total assets of $5.60 billion and stockholders' equity of $301.8 million, down from $515.5 million a year earlier.

Labor and related expenses for the six-month period decreased 2% to $375.8 million from $383.0 million, while cost of goods sold declined to $49.1 million from $55.5 million. Quarterly labor costs fell to $253.7 million from $264.5 million.

The company reported diluted earnings per share of $0.65 for the six months, down from $1.90 in the prior year. Quarterly diluted EPS came in at $5.87, compared to $6.53 a year earlier. The weighted average diluted share count for the six-month period was 35.9 million shares, down from 37.5 million shares.

Total liabilities stood at $4.96 billion as of January 31, 2026, compared to $4.72 billion a year prior. Current assets declined to $822.7 million from $838.5 million, while current liabilities fell to $1.32 billion from $1.78 billion.