Applicability of the vibration correlation technique (VCT) for nondestructive evaluation of the axial buckling load is considered. Thin-walled cylindrical shells with and without circular cutouts have been produced by adhesive overlap bonding from a sheet of aluminium alloy. Both mid-surface and bond-line imperfections of initial shell geometry have been characterized by a laser scanner. Vibration response of shells under axial compression has been monitored to experimentally determine the variation of the first eigenfrequency as a function of applied load. It is demonstrated that VCT provides reliable estimate of buckling load when structure has been loaded up to at least 60% of the critical load. This applies to uncut structures where global failure mode is governing collapse of the structure. By contrast, a local buckling in the vicinity of a cutout could not be predicted by VCT means. Nevertheless, it has been demonstrated that certain reinforcement around cutout may enable the global failure mode and corresponding reliability of VCT estimation.