It's been a rough winter for Vail Resorts — and not just because of the snow. The company's stock slid after it reported third-quarter results that missed analyst estimates, with CEO Rob Katz pointing the finger at Mother Nature.

Vail Resorts (MTN) posted earnings of $8.81 per share, falling short of the $9.20 analysts were looking for. Revenue came in at $1.21 billion, a touch below the $1.22 billion consensus and down from $1.23 billion in the same quarter last year.

“Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S.,” Katz said in a statement. That drove “continued pressure on visitation and revenue, particularly at our destination resorts in the Rockies.”

The pain isn't over yet. Pass product sales for the upcoming 2026/2027 North American ski season — measured through May 26 — dropped about 10% compared to the prior year. Days sold fell roughly 8%, and sales dollars declined about 5%.

Investors reacted swiftly. Shares of Vail Resorts fell 4.88% to $130.51 in extended trading on Monday.

For a company that lives and dies by snowfall, this quarter was a stark reminder that even the best-laid plans can get buried by bad weather.