Filing Flows › Vail Resorts (MTN) › Q2 FY26
Vail Resorts (MTN) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Mar 9, 2026
Vail Resorts (MTN) reported revenue of $1.1B for the second quarter fiscal 2026 (Q2 FY26), -5% from a year earlier and +300% from the quarter before. Operating margin was 31.8%, net earnings $210M (19.4% of revenue).
Vail Resorts, Q2 FY26: revenue $1.1B (-5% year over year), operating margin 31.8%, net earnings $210M, operating cash flow $260M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | +300% | -5% |
| Operating profit | $345M | — | -10% |
| Net earnings | $210M | — | -14% |
| Operating cash flow | $260M | -18% | -20% |
| Free cash flow | $185M | -24% | -26% |
What changed
Revenue was $1.1B in Q2 FY26, down 5% year over year and up 300% from the previous quarter.
Operating profit was $0.35B, a 31.8% margin (down 1.9 points year over year). Total costs fell 2% while revenue fell 5%. Net earnings were $0.21B, down 14% year over year. The effective tax rate was 24.2%.
Operating cash flow was $0.26B (down 20% year over year), 115% of net income including minority interests. Non-cash charges added back $0.07B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.05B. Capital expenditures of $0.07B left free cash flow of $0.18B.
Questions
What was Vail Resorts' revenue in the second quarter fiscal 2026?
Vail Resorts (MTN) reported revenue of $1.1B for the second quarter fiscal 2026 (Q2 FY26), -5% from a year earlier and +300% from the quarter before.
Was Vail Resorts profitable in the second quarter fiscal 2026?
Operating profit was $345M (31.8% of revenue) and net earnings $210M.
Source: Vail Resorts 10-Q on SEC EDGAR.