- Vail Resorts reported a resilient Q2 FY2024 EBITDA of $425 million on revenue of about $1.078 billion, despite an extreme weather backdrop that produced ~42% lower snowfall in Western North America and softer visitation in several regions. Management framed the results as evidence of the resilience of the company’s pass-based business model, with pass-driven stability contributing to EBITDA gains even as visitation declined.
- Management issued a cautious but constructive full-year outlook, lowering net income guidance to a range of $270–$325 million and Resort EBITDA guidance to $849–$885 million, implying an FY2024 EBITDA margin around the midpoint of 29.6%. The guidance assumes normal weather conditions for the remainder of the North American and European seasons and includes approximately $4 million of Crans-Montana acquisition-related expenses. The company remains confident in capital return discipline (dividends and buybacks) and in extending its investment program to enhance guest experience and capacity.
- Looking ahead, MTN is pursuing meaningful international expansion (Crans-Montana and Andermatt-Sedrun) and launching My Epic Gear to modernize gear access. The plan emphasizes technology, pass holder loyalty, and capacity expansion (lift upgrades and snowmaking) as core growth vectors. While weather remains the dominant near-term risk, the business model shows leverage from pricing power (pass pricing up 8% for the 2024–25 season) and strong ancillary spend trends despite softer guest counts.