VAIL RESORTS, INC.

Red flags

• Fiscal 2026 brought record-low snowfall and historically warm temperatures across the western U.S., reducing skier visitation and prompting earlier resort closures, particularly in the Rockies and Tahoe; the filing does not quantify the resulting revenue or profit decline.
• Mountain operations have significant fixed costs, while lift tickets and pass products represented about 58% of Mountain segment revenue; lower visitation can therefore pressure margins.
• The RET plan depends on realizing projected savings: management identifies potential implementation costs, operational disruption, and weaker service quality from outsourcing and shared-services transitions.