Vail Resorts reported fourth-quarter and end-of-fiscal-2026 earnings yesterday. I’m no financial analyst, but the numbers are what I would call “not good”:
[Epic] Pass product unit sales through September 18, 2026 for the upcoming 2026/2027 North American ski season decreased approximately 12%, days sold decreased approximately 10% and sales dollars, inclusive of sales and admissions taxes, decreased approximately 6%, as compared to the prior year period through September 19, 2025.
Which, whatever - the only Epic Pass numbers that really matter are the ones that Vail Resorts reports in December, after the product goes off sale. Up until two years ago, annual sales ranged from “all right” to “pretty good” to “damn-I-guess-making-a-season-pass-cheaper-than-a-frozen-burrito-moves-passes.” Unit sales - meaning the number of Epic Pass “products” (we include Epic Day) sold - increased every year from the pass’ introduction in 2008-09 until 2024-25. Even then, unit sales only declined by two percent:
Notably, Epic Pass sales dollars (right-hand column above), have never declined year-over-year. That could change this year.
Vail executives seemed oddly fatalistic about declining Epic Pass numbers. CEO Rob Katz noted, during yesterday’s earnings call, that destination guests’ hesitation to buy (mostly, he implied) Epic Day Passes after last year’s crummy winter was an opportunity for Vail to “lean in to be more competitive on lift ticket pricing.”
It’s all very disconcerting: after working for years to diminish the lift ticket as an Idiot Tax product-of-last-resort-that-will-either-force-you-to-buy-an-Epik-Pass-or-give-up-skiing-forever, Vail is betting on discounted lift tickets that sit well above peak rates from a decade ago to prop up financials as pass sales level off to yeah-2-million-passes-is-all-42-ski-areas-can-realistically-handle-anyway-Brah levels. Weird. Wonder what this guy thinks?
McBrosephs I have takes. Just remember that when I go in on the Bros, it’s more self-reflective diary than attack on American culture. Though it’s also that. And when I go in on Vail, it’s acknowledging the good things they’ve done to democratize the season pass even as the company destroyed a perfectly good product that it now wants to summon as a savior.
