Arpine Kocharyan's questions to VAIL RESORTS (MTN) leadership • Q4 2025
Question
Arpine Kocharyan asked for more color on consumer base weakness or resilience, trends in destination versus regional resorts, and specific pass sales trends like the lower renewal rate for less tenured passholders. She also inquired what factors would need to align for the company to achieve the upper end of its EBITDA guidance range.
Answer
CEO Rob Katz noted broad-based results across various guest demographics, geographies, and pass types, suggesting either market maturation or broad marketing approach issues. He referenced NSAA data showing recent declines in pass visits and increases in lift ticket visits. CFO Angela Korch added that there's no change in net migration behavior (trade-up vs. trade-down) among renewing passholders. For hitting the upper end of EBITDA guidance, Korch emphasized that visitation is the biggest driver, impacting all ancillary revenues. Katz added that outperformance in pass or lift ticket visitation, or strategies working sooner than anticipated, could lead to the higher end of the range.