SAM Magazine—Broomfield, Colo., March 11, 2025—Vail Resorts reported increases in visits, net income, and EBITDA for its fiscal second quarter, ended Jan. 31. However, it also reported season-to-date metrics through March 2, which showed slimmer upticks in revenues and a decline in visits. VR CEO Kirsten Lynch and CFO Angela Korch said that despite what they forecast will be strong spring visitation this year, total visits for the full season will likely remain slightly below last year's totals.

The second quarter numbers:

Net income was $245.5 million, compared to $219.3 million in Q2 2024.

EBITDA was $459.7 million, compared to $425 million in Q2 2024.

Total North American resort visits were 7.75 million, vs. 7.26 million in Q2 2024, up 6.8 percent.

Effective ticket price was $83.16, essentially flat vs. $83.08 in Q2 2024.

Total lift revenue increased 6.9 percent compared to the same period in the prior year, due to increases in both pass revenue and non-pass revenue. Non-pass revenue increased 17.5 percent primarily due to increases at Vail's Midwest, Mid-Atlantic, and Northeastern areas. Lynch said that these day-ticket buyers provide a large pool for future Epic Pass purchases, especially Epic Day Passes. On the analyst call that followed the release of the Q2 report, Lynch said she was optimistic that VR could increase its pass sales for 2025-26.

Ski school revenue increased 5 percent, and dining revenue increased 10.8 percent, driven by increased local skier visitation and increased pricing, partially offset by decreased destination skier visitation.

Retail/rental revenue decreased 0.7 percent, with retail revenues down 2.6 percent, partially offset by a 1.6 percent increase in rental revenues.

Second quarter visitation to North American resorts "was slightly above prior year levels with the benefit of improved conditions, partially offset by the expected continued industry demand normalization and the shift in destination guest visitation to the spring," Lynch said. "Destination guest visitation at our western North American mountain resorts was below prior year levels, which we believe was driven by the continued shift in historical visitation patterns across the ski industry to later in the ski season, which increased after challenging early season conditions in the prior year. Local guest visitation was in line with expectations as conditions across our North American resorts improved from the prior year and returned to more typical conditions."

Ancillary revenue sources reflected "the lower mix of destination visitation," Lynch noted.

"Our results reflect the stability provided by our season pass program, our investments in the guest experience, and the strong execution of our teams across all of our mountain resorts," she added. 

The results for the season to date through March 2 reflected 2024's strong February visitation, with visits this season through March 2 down 2.5 percent in comparison. Nonetheless, lift ticket revenue season-to-date was up 4 percent; ski school and dining were up 3 percent, while retail/rental declined 2.9 percent.