MTN US Russell 1000 Earnings call
Vail Resorts (MTN) · Q1 2026 results and valuation
Share price: $154.43 · 2026-11-11
Results Q1 2026 vs Q4 2025 · previous quarter · fiscal Q3 2026 · published 8 Jun 2026 and 9 Mar 2026
Net income up 49.7% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+49.7%
Net income vs Q4 2025
Outlook given
Net income 314.4M vs 210.0M
Revenue +11.2%
Against the same quarter last year (Q1 2025) it is −19.3%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Restrained
Less upbeat than 79% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out Nothing unusual flagged this period.
Valuation
Is Vail Resorts undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2026-07-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −0.6% growth a year (3-year revenue growth), the model's fair value is $45.29 a share — the stock trades 241% above it. Today's price assumes 16.2% growth a year.
Current price
$154.43
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+16.2% for 10 yrs
Fair value / share
$45.29
Buy below
$33.97
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
Vail Resorts introduced super advanced lift tickets offered a 30% discount for purchases made a month in advance which drove…
Source quote
“In addition, we introduced super advanced lift tickets offered a 30% discount for purchases made a month in advance which drove... We expanded our pass holder benefit program with Epic Friend tickets, at a 50% discount and saw visitation from benefit tickets increase 10% despite a decline in overall lift ticket visitation of 10%. And we did not see evidence of material cannibalization of other advanced ticket products.”
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Guidance
MTN updated its guidance to expect net income attributable to Vail Resorts in the range of $128 million to $162 million and resort reported EBITDA in the range of $735 million.
Source quote
“We now expect net income attributable to Vail Resorts in the range of $128 million to $162 million and resort reported EBITDA in the range of $735 million...”
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Figure
To give context on the magnitude of the impact of conditions on visitation this past season industry wide visitation in the Rockies...
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Fading
Difficult weather in the Rockies during the second quarter impacted visitation and overall performance compared to the current quarter's outlook.
Source quote
“This quarter and our full year outlook reflect the challenges we faced this season, including the most difficult weather environment... Our second quarter was significantly impacted by these unprecedented weather challenges in the Rockies, which weighed on visitation and overall...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Well, first of all, we will go into next, you know, into FY 2027 with an opportunity to really see, right, the kind of run rate improvement in our resource...”
“With the reduction in earnings, we now expect our cash taxes to be in the range of $75 million to $85 million We remain on track to exceed our initial...”
“And so we do think we have every opportunity to see strong growth in lift ticket visitation if the path business comes down.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-04-30)
| Metric | Q1 2026period end 2026-04-30 | Q4 2025period end 2026-01-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.21B | 1.08B | +11.2% | 1.30B | −7.0% |
| Operating income | 494.1M | 345.0M | +43.2% | 577.8M | −14.5% |
| Net income | 314.4M | 210.0M | +49.7% | 389.7M | −19.3% |
| EPS | 8.81 | 5.87 | +50.1% | 10.46 | −15.8% |
| P/E today 33.8 | 27.4 | 21.2 | +6.2 | 18.0 | +9.4 |
Topics
Most discussed now
- Vail Resorts' commitment to leveraging those strengths to deepen guest engagement and loyalty, and drive stronger revenue growth.
- Starting with the third quarter results, Weather conditions remained extremely unfavorable in the quarter, which put continued pressure on…
- Lyft revenue declined 5% despite visitation being down 15% primarily as a result of North American pass sales increasing 3%...
- Vail Resorts does think it has every opportunity to see strong growth in lift ticket visitation if the path business comes...
Faded since Q4 2025
- Fading The Rockies are the largest driver of resort EBITDA for the company, and as such, the poor weather had an...
- Fading Turning to season-to-date metrics through March 1, skier visitation declined approximately 12%, consistent with the ongoing weather impacts…
- Fading People Vail Resorts saw that grow quite a bit again when a lot of other all of its other advanced ticket...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K