A month has gone by since the last earnings report for Vail Resorts (MTN Quick QuoteMTN - Free Report) . Shares have added about 2% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Vail Resorts due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Vail Resorts, Inc. before we dive into how investors and analysts have reacted as of late.

Vail Resorts Posts Wider-Than-Expected Q4 Loss, Revenues Miss Estimates

Vail Resorts reported fiscal fourth-quarter 2025 revenues of $271.3 million, up 2.2% year over year from $265.3 million. The figure, however, missed the Zacks Consensus Estimate of $272 million.

The company posted a net loss attributable to shareholders of $185.5 million, or $5.08 per share, compared with a loss of $176.6 million, or $4.70 per share, in the year-ago period. The loss per share was wider than the Zacks Consensus Estimate of $4.75.

For full-year fiscal 2025, revenues came in at $2.96 billion, up 2.7% year over year, while net income rose to $280 million ($7.53 per share) from $231.1 million ($6.09 per share) in fiscal 2024.

Margins and Profitability

Resort Reported EBITDA for the quarter was a loss of $123.6 million compared with a loss of $114.6 million in the prior-year period, reflecting higher costs tied to the CEO transition and the resource efficiency plan. Adjusted full-year Resort Reported EBITDA, excluding one-time charges, was up about 6% year over year, highlighting cost discipline.

For fiscal 2025 overall, Resort Reported EBITDA margin stood at 28.5%, reflecting modest expansion despite a 3% decline in skier visits across North American resorts.

Segment Details

Mountain segment net revenues increased 2.9% year over year to $180.9 million in fourth-quarter fiscal 2025, driven by dining and ski school. Lodging segment net revenues were $90.3 million, up 0.9%. Lodging Reported EBITDA grew 48% to $4.1 million. Real Estate EBITDA remained in the red during the quarter.

Balance Sheet and Share Repurchases

As of July 31, 2025, Vail Resorts held $440 million in cash with total liquidity of approximately $1.4 billion. Net debt stood at $2.75 billion, or 3.2x trailing 12-month EBITDA. Long-term debt totaled $3.19 billion, including $500 million of new senior notes issued in July.

The company returned capital aggressively, repurchasing 1.29 million shares for $200 million in fourth-quarter fiscal 2025 at an average price of $156. For the full year, share repurchases amounted to $270 million, or 4.5% of outstanding shares. A quarterly dividend of $2.22 per share was also declared.

Guidance and Outlook

For fiscal 2026, Vail Resorts expects net income of $201 million to $276 million and Resort Reported EBITDA of $842 million to $898 million, implying a margin of roughly 28.8%. Guidance reflects efficiency savings and normalized Australian weather, partially offset by lower pass unit sales and cost inflation.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

VGM Scores

Currently, Vail Resorts has a poor Growth Score of F, a score with the same score on the momentum front. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Vail Resorts has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.