Vail Resorts (MTN) is set to report fiscal Q3 results, with investors focused on Epic Pass sales trends and whether management can support expectations for earnings growth next year, UBS said in a note emailed Monday.

The company is scheduled to report its quarterly results after the market closes today.

The brokerage said "investor expectations have moved lower for Q3 [earnings before interest, taxes, depreciation, and amortization] and sentiment remains negative as investors fear downward revision to '27E consensus expectations."

The company reported pass sales for the 2026-27 season that showed a moderate decline in units through the April sales deadline, according to the note.

"We think Vail needs to show this trend is not getting worse, and even with steady state trends, the looming question is how Vail grows EBITDA next year given 75% of its business is declining in the low single digit % range," UBS said.

The brokerage maintained its neutral rating and $139 price target.

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