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Financials · TH

Target Hospitality Corp. (TH) financials

For the twelve months ended Jun 30, 2026, Target Hospitality Corp. reported $347.37M of revenue and -$37.73M of net income.

Revenue, TTM
$347.37M
Revenue growth, YoY
+11.9%
Net income, TTM
-$37.73M
Net margin
-10.9%
EPS, diluted, TTM
-$0.37
Cash
$6.07M
Total debt
$42.12M
P/S
3.26
Market cap
$1.13B
Annual revenue$320.63M
FY2017FY2025
Annual net income-$37.12M
FY2017FY2025

TH revenue and earnings growth

TH revenueQ2 2026$85.45M

Quarter YoY
+38.7%
QoQ
+17.4%
FY YoY
-17.0%
5Y CAGR
+7.3%

TH revenue was $85.45M in fiscal Q2 2026 (ended Jun 30, 2026), up 38.7% from a year earlier and up 17.4% from the prior quarter. For the full fiscal 2025 it was $320.63M, down 17.0% from fiscal 2024. Compound annual growth was +7.3% over 5 years. It rose in 5 of the last 8 fiscal years.

TH net incomeQ2 2026-$9.04M

TH net income was -$9.04M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$14.93M a year earlier. For the full fiscal 2025 it was -$37.12M, compared with $71.27M in fiscal 2024.

TH EPSQ2 2026-$0.09

TH diluted EPS was -$0.09 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.15 a year earlier. For the full fiscal 2025 it was -$0.37, compared with $0.70 in fiscal 2024.

TH free cash flowQ2 2026$96.18M

TH free cash flow was $96.18M in fiscal Q2 2026 (ended Jun 30, 2026).

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Revenue$320.63M$386.27M$563.61M$501.99M$291.34M$225.15M$321.10M$240.60M$134.24M
Gross profit$42.66M$178.18M$313.32M$247.13M$101.35M$57.16M$147.01M$90.23M$53.05M
Selling, general and admin$58.51M$54.26M$56.13M$57.89M$46.46M$38.13M$76.65M$41.34M$24.34M
Operating income-$34.75M$108.78M$240.61M$174.37M$37.10M$4.10M$47.97M$40.91M$21.46M
Pre-tax income-$43.20M$92.84M$224.75M$106.31M-$2.67M-$33.59M$19.58M$16.71M$26.57M
Income tax-$6.13M$21.43M$51.05M$32.37M$1.90M-$8.46M$7.61M$11.76M$25.58M
Net income-$37.12M$71.27M$173.70M$73.94M-$4.58M-$25.13M$11.97M$4.96M$981.0K
EPS, basic-$0.37$0.71$1.71$0.76-$0.05-$0.26$0.13$0.12$0.04
EPS, diluted-$0.37$0.70$1.56$0.74-$0.05-$0.26$0.13$0.12$0.04
Diluted shares99.5M101.4M105.3M100.1M96.6M96.0M94.5M41.3M25.7M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Cash and equivalents$8.35M$190.67M$103.93M$181.67M$23.41M$6.98M$6.84M$12.45M$12.53M
Receivables$56.20M$49.34M$67.09M$42.15M$28.78M$28.18M$48.48M$57.11M-
Inventory$2.10M$1.90M$2.10M$2.00M$1.60M$900.0K$1.10M$900.0K-
Current assets$73.34M$249.34M$180.50M$236.38M$60.54M$43.56M$60.80M$74.99M$0
Goodwill$41.04M$41.04M$41.04M$41.04M$41.04M$41.04M$41.04M$34.18M-
Total assets$530.21M$725.77M$694.35M$771.73M$513.39M$534.24M$534.24M$565.03M$242.1K
Current liabilities$84.04M$233.40M$70.33M$190.90M$72.80M$45.53M$60.92M$65.15M$225.9K
Short-term debt-$180.33M-------
Long-term debt$1.68M$1.45M$179.12M$329.94M$330.91M$374.77M$404.25M$20.56M-
Total debt$1.68M$181.78M$179.12M$329.94M$330.91M$374.77M$404.25M$20.56M-
Total liabilities$141.15M$304.68M$317.05M$570.88M$416.12M$435.35M$480.27M$216.04M$225.9K
Shareholders' equity$389.26M$421.09M$377.31M$200.85M$97.27M$98.89M$120.52M$348.99M$24.90M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Operating cash flow$74.09M$151.68M$156.80M$305.61M$104.60M$46.78M$60.49M$26.20M$40.77M
Investing cash flow-$67.79M-$28.84M-$68.18M-$140.23M-$35.91M-$10.95M-$112.70M-$220.66M-$130.25M
Financing cash flow-$188.64M-$36.06M-$166.37M-$7.10M-$52.27M-$35.68M$46.65M$194.55M$98.06M
Share repurchases-$33.50M---$5.32M$18.24M--
Stock-based compensation$7.55M$7.31M$11.17M$19.24M$5.08M$3.61M$1.75M--
Depreciation and amortization$73.39M$72.81M$83.98M$67.67M$70.52M$65.61M$58.90M$39.13M$30.14M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Revenue growth, YoY-17.0%-31.5%12.3%72.3%29.4%-29.9%33.5%79.2%-
Net income growth, YoY--59.0%134.9%---141.6%405.2%-
EPS growth, YoY--55.1%110.8%------
Gross margin13.3%46.1%55.6%49.2%34.8%25.4%45.8%37.5%39.5%
Operating margin-10.8%28.2%42.7%34.7%12.7%1.8%14.9%17.0%16.0%
Net margin-11.6%18.4%30.8%14.7%-1.6%-11.2%3.7%2.1%0.7%
Return on equity-9.5%16.9%46.0%36.8%-4.7%-25.4%9.9%1.4%3.9%
Return on assets-7.0%9.8%25.0%9.6%-0.9%-4.7%2.2%0.9%405.2%
Current ratio0.871.072.571.240.830.961.001.150.00
Debt to equity0.000.430.471.643.403.793.350.06-

Source: XBRL data Target Hospitality Corp. files with the SEC, latest filing dated Aug 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

TH peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
TH$347.37M+11.9%-$37.73M-10.9%$1.13B
MAR$27.42B+5.8%$2.65B9.7%$107.24B
HLT$12.69B+8.1%$1.70B13.4%$82.43B
IHG$5.19B+5.4%$758.00M14.6%$26.30B
LVS$13.60B+10.9%$1.61B11.8%$25.53B
H$7.11B+2.8%$188.00M2.6%$17.21B
HTHTCN¥25.31B+5.9%CN¥5.08B20.1%$15.69B
LTH$3.29B+13.0%$418.95M12.7%$10.58B
WYNN$7.27B+2.2%$377.87M5.2%$8.56B

TH FAQ

8 questions
  • What is TH revenue?
    Target Hospitality Corp. (TH) reported $347.37M of revenue for the twelve months ended Jun 30, 2026. That is up 11.9% from the year before. Revenue for fiscal 2025 was $320.63M.
  • Is TH profitable?
    No. Target Hospitality Corp. reported a net loss of $37.73M for the twelve months ended Jun 30, 2026.
  • How much cash and debt does TH have?
    Target Hospitality Corp. reported $6.07M in cash and cash equivalents and $42.12M of debt on its most recent balance sheet in SEC filings.
  • How fast is TH revenue growing?
    Target Hospitality Corp.'s revenue changed -17.0% in fiscal 2025, to $320.63M. Its compound annual growth rate was +7.3% over 5 years.
  • What is TH gross margin?
    Target Hospitality Corp.'s gross profit was $47.70M on $347.37M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 13.7%.
  • What is TH earnings per share?
    Diluted earnings per share were -$0.37 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did TH last report financial results?
    The latest statements here come from Target Hospitality Corp.'s 10-Q filed on Aug 10, 2026, covering the period ended Jun 30, 2026.
  • Where does this TH financial data come from?
    Quantisnow builds these statements from the structured XBRL data Target Hospitality Corp. files with the SEC. It is provided for information only and is not investment advice.