Filing Flows › Vail Resorts (MTN) › Q4 FY26
Vail Resorts (MTN) Q4 FY26 earnings results (fourth quarter fiscal 2026)
10-K filed Sep 28, 2026
Vail Resorts (MTN) reported revenue of $278M for the fourth quarter fiscal 2026 (Q4 FY26), +2% from a year earlier and -77% from the quarter before. Operating margin was -75.1%, net loss $199M (71.5% of revenue).
Vail Resorts, Q4 FY26: revenue $278M (+2% year over year), operating margin -75.1%, net loss $199M, operating cash flow −$103M. The chart follows the revenue to costs, profit and cash.
| Q4 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $278M | -77% | +2% |
| Operating profit | −$209M | -142% | — |
| Net earnings | −$199M | -163% | — |
| Operating cash flow | −$103M | -1612% | — |
What changed
Revenue was $278.1M in Q4 FY26, up 2% year over year and down 77% from the previous quarter.
Operating costs exceeded revenue by $208.8M, an operating margin of -75.1%. Total costs grew 4% against revenue growth of 2%. The quarter ended with a net loss of $198.9M, after a profit of $340.2M the previous quarter. Minority interests bore $8.7M of it: to shareholders the quarter was a loss of $190.2M.
Operating cash flow was −$103.0M. Non-cash charges added back $80.9M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items added $7.4M. Capital expenditures of $50.0M exceeded it, leaving free cash flow of −$153.0M.
Questions
What was Vail Resorts' revenue in the fourth quarter fiscal 2026?
Vail Resorts (MTN) reported revenue of $278M for the fourth quarter fiscal 2026 (Q4 FY26), +2% from a year earlier and -77% from the quarter before.
Was Vail Resorts profitable in the fourth quarter fiscal 2026?
Operating loss was $209M (-75.1% of revenue) and net loss $199M.
Source: Vail Resorts 10-K on SEC EDGAR.