With snowfall at historic lows, Vail is betting Gen Z will show up for a better deal

• Vail Resorts lowered its 2026 outlook, citing the "worst" weather conditions in years.
• CEO Rob Katz says Vail's appeal to price-sensitive Gen Z is crucial for the future of skiing.
• The company reported a nearly 12% decline in visitors this season.

Vail Resorts CEO Rob Katz explained what's behind the ski giant's recently announced effort to attract Gen Z, as the company navigates a historically bad year for snowfall.

Vail, which owns or operates 42 resorts globally, including its flagship property in Colorado, announced its second-quarter earnings on Monday, falling short of Wall Street expectations. The company lowered its outlook for 2026, citing the "worst" weather conditions in years.

Last week, ahead of the earnings report, the company announced it was offering a 20% discount on Epic Passes to teens and young adults ages 13 to 30. Investors seemed especially interested in the appeal to Gen Z, as several analysts asked about the effort on Monday's call.

Katz said the discount would provide "a more accessible pathway for the next generation of skiers who are the future of our sport."

Katz said the discounts would help appeal to a demographic that is more price sensitive, adding that Vail had seen growth in other areas but that they were having the most struggles with this age group.

He said the company had raised prices over the past four years. "That probably hit folks who were earlier in their career, so to speak, harder," he said.

Katz said the effort was also being supported by a new marketing campaign, utilizing social media and influencers, that "leans into the emotional connection skiers and riders, particularly Gen Z, have with the sport."

Last week, Katz also said the focus on Gen Z was about the future of the sport. "We can't only focus on those already skiing and riding, or the older generations, because then we won't grow," he said.

The push for Gen Z comes amid the backdrop of a poor snow season and a yearslong decline in Vail's share price. The stock has dropped by over 60% from its 2021 high.

"This has been the most challenging winter across the Rockies that we have ever experienced with the lowest snowfall levels in more than 30 years for our Colorado and Utah resorts, combined with warmer temperatures, resulting in reduced terrain throughout the quarter and into February," Katz said in a statement Monday.

The company said snowfall in the Rocky Mountains was down 43% year-over-year, and that only 70 to 80% of acres were open through the end of February at its Colorado and Utah resorts. Vail said that as a result, total ski visits for the season were down nearly 12% as of March 1, while visitation by its Epic Pass holders was down even more.

The company said that despite the challenging snow conditions, Vail had record-high system-wide guest satisfaction scores this season.

Katz said the company had expanded its geographic footprint over the past decade in part to help offset the impacts of challenging weather. The company said its properties in the east have strong weather conditions, while conditions in Whistler and Tahoe varied.

The CEO also said the weather conditions emphasized the importance of Vail's business strategy that involves selling its passes early, before the season starts, saying that overall pass sales are up 55% over the past five years.

Katz said passholders account for 75% of Vail's annual visitation, "providing meaningful stability, especially in a year like this."