Vail Resorts, Inc: 3Q26 Earnings Preview: Focus on pass sales

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Vail Resorts, Inc: 3Q26 Earnings Preview: Focus on pass sales

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Vail Resorts, Inc

3Q26 Earnings Preview: Focus on pass

sales

Maintain Rating: NEUTRAL | PO: 140.00 USD | Price: 133.88 USD

Pass Sales in focus; Web Traffic +12% Y/Y 04 June 2026

Vail Resorts (ticker: MTN) is scheduled to report earnings on Monday, June 8th. Following Equity

the late-season metrics update in April, investor focus has shifted to early pass sales

trends for next season. Epic Pass web traffic is up +12% Y/Y since launch through 5/25 Shaun C. Kelley Research Analyst

(last day of lowest price). BofAS

+1 646 855 1005

Bottom line: We expect pass units to be down ~mid-single-digits and pass dollars down shaun.kelley@bofa.com

slightly, largely consistent with Vail’s update in April with pass units “down moderately” JulieResearchHooverAnalyst

and dollars down “slightly”. Per our conversations with investors, we think this is BofAS

+1 646 855 0674

consistent with broader expectations. Maintain Neutral. julie.hoover@bofa.com

Expecting season pass units down mid-single-digits% DanyResearchAsadAnalyst

BofAS

When MTN provided an update on pass sales in April, web traffic was trending up +13%, +1 646 855 5238

so since then, trends have been fairly stable. Historically, prior season pass usage is the dany.asad@bofa.com

best indicator of renewals, so last year’s weaker conditions may be weighing on early

sales, which typically skew toward renewals. MTN’s new initiatives including discounted

passes for Young Adults (13-30 year olds) and the Ski with a Friend Initiative (launched Stock Data

Aug-25) could help mitigate some of this pressure at the margin, but also impact mix.

Price 133.88 USD

Price Objective 140.00 USDFY26 Guidance: Expecting a midpoint of ~$745M