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Vail Resorts reported mixed results for the 2024-25 winter season, with lift ticket revenue rising 3.4% despite a 3.1% decline in skier visits across its 37 North American resorts. The numbers reflect continued strength from pre-committed Epic Pass holders, even as casual, non-passholder visitation fell short of expectations.
CEO Kirsten Lynch attributed the revenue growth to “steady demand from our loyal pass holders” and improved spring skiing conditions in March and April. However, she acknowledged that visits from day-ticket guests were weaker than anticipated, a trend that impacted overall resort EBITDA.
“The results throughout the 2024-25 North American ski season demonstrate the resiliency of our strategic business model and our network of resorts and loyal guests,” said Lynch.
Segment Highlights:
Ski School Revenue: Up 2.7%
Dining Revenue: Up 2.2%
Retail & Rentals: Down 4.0% year-over-year
Vail now expects its fiscal 2025 EBITDA to land in the lower half of its guidance range, citing the softness in spring visitation. The company plans to offset this through ongoing cost controls and efficiency initiatives.
Epic Pass Sales Outlook
Spring sales for the 2025-26 Epic Pass show a mixed picture. While the number of passes sold prior to the April 13 early deadline dipped slightly, total sales dollars increased, driven by higher renewal rates among returning pass holders. Lynch noted that broader economic uncertainty may have influenced buyer behavior.
“The first pass deadline occurred amid significant macroeconomic volatility, and it is currently unknown what, if any, impact that had on early pass decision-making,” she said.
Vail Resorts is expected to provide further financial updates in its Q3 earnings report, due out in June.
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