Vail Resorts on Monday briefed investors on its earnings for fiscal 2025 and pass sales for the 2025-26 season, saying this upcoming ski season may be slower based on the current level of pass sales.

Pass product sales through Sept. 19 decreased approximately 3% in units and increased approximately 1% in sales dollars as compared to the same time period last season. Last season was down 2% in units but up 4% in total sales dollars.

Vail Resorts was on target in its earnings projections issued in June, predicting at that time that its earnings before interest, taxes, depreciation and amortization would be between $831 million and $851 million. On Monday, CEO Rob Katz told investors its resort-reported EBITDA was $844.1 million for fiscal 2025, up from $825.1 million for fiscal 2024.

Katz also issued a projection for this upcoming season, telling investors the company was projecting resort-reported EBITDA for fiscal 2026 to be between $842 million and $898 million.

The company’s fiscal 2025 earnings also included $15.2 million of one-time costs related to the company’s “resource efficiency transformation plan,” along with $8.1 million in one-time costs related to the company’s chief executive officer transition. In June, the company said the CEO transition was expected to cost $9 million.

In addressing the potential for fewer visitors this season, Katz said the company’s Epic Friend Tickets program is designed to boost lift ticket sales and convert those buyers into a pass product for the following season.

The Epic Friend Tickets program gives Epic Pass holders the ability to share 50% off lift tickets with family and friends.

“In addition to celebrating the social side of skiing and riding, we anticipate this benefit will drive lift ticket sales for new guests to join their friends or family at our resorts at an attractive value,” Katz said. “The full value of the ticket can be applied towards a future pass purchase, which we expect to be a powerful tool for future pass conversion.”

Katz also said the company plans to “evolve” its lift ticket pricing strategy with more targeted adjustments by resort and by time period.

“This allows us to balance guest access and value while optimizing demand, particularly in off-peak periods, without compromising the strength of our pass program,” Katz said.

Vail Resorts is coming off a challenging season last year at Park City Mountain Resort, where a ski patrol strike led to most of the resort being closed during its prime holiday period; Katz said this season at Park City will be a much different experience for skiers and snowboarders.

“Of course, there could be some guests who didn’t have a good experience and are concerned about returning,” Katz said. “I feel like this year, we’re going to be going in and the team there has done a great job of preparing for the season. I think we’re in a great spot to deliver a very high level of experience all season long.”