Target Hospitality Corp. (TH) Financial Statements
Industry: Hotels, Rooming Houses, Camps & Other Lodging Places
In fiscal 2025, Target Hospitality reported revenue of $320.6M, down 17.0% from $386.3M the year before. Net income was -$37.1M (a -11.6% net margin), or -$0.37 per diluted share. Gross margin was 13.3% and operating margin was -10.8%. Operating activities generated $74.1M of cash, leaving $58.6M of free cash flow. At fiscal year end, Target Hospitality held $530.2M in total assets against $141.1M in total liabilities, including $8.3M of cash and equivalents.
Open the full interactive Target Hospitality financials → Quarterly statements, key ratios, valuation history and price charts.
Target Hospitality Key Stats
| Share Price | $18.72 |
|---|---|
| Market Cap | $1.88B |
| Revenue YoY Growth | -17.0% |
| 52-Week Range | $6.22 – $21.45 |
| Shares Outstanding | 100.2 million (basic, 2026 Q2) |
Target Hospitality Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $225.1M | $291.3M | $502.0M | $563.6M | $386.3M | $320.6M |
| Gross Profit | $57.2M | $101.3M | $247.1M | $313.3M | $178.2M | $42.7M |
| Operating Income | $4.1M | $37.1M | $174.4M | $240.6M | $108.8M | -$34.7M |
| Pre-Tax Income | -$35.9M | -$2.7M | $106.3M | $224.8M | $92.8M | -$43.2M |
| Income Tax | -$8.5M | $1.9M | $32.4M | $51.0M | $21.4M | -$6.1M |
| Net Income | -$27.5M | -$4.6M | $73.9M | $173.7M | $71.3M | -$37.1M |
| Diluted EPS | -$0.29 | -$0.05 | $0.74 | $1.56 | $0.70 | -$0.37 |
Target Hospitality Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $99.4M | $89.8M | $72.8M | $85.5M |
| Net Income | -$795,000 | -$14.9M | -$12.9M | -$9.0M |
| Diluted EPS | -$0.01 | -$0.15 | -$0.13 | -$0.09 |
Target Hospitality Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.0M | $23.4M | $181.7M | $103.9M | $190.7M | $8.3M |
| Current Assets | $43.6M | $60.5M | $236.4M | $180.5M | $249.3M | $73.3M |
| Total Assets | $534.2M | $513.4M | $771.7M | $694.4M | $725.8M | $530.2M |
| Current Liabilities | $45.5M | $72.8M | $190.9M | $70.3M | $233.4M | $84.0M |
| Total Long-Term Debt | $378.3M | $331.6M | $331.1M | $179.5M | $183.6M | $3.8M |
| Total Liabilities | $434.8M | $416.1M | $570.9M | $317.0M | $304.7M | $141.1M |
| Shareholders' Equity | $99.4M | $97.3M | $200.8M | $377.3M | $421.1M | $389.3M |
Target Hospitality Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $46.8M | $104.6M | $305.6M | $156.8M | $151.7M | $74.1M |
| Cash From Investing | -$10.9M | -$35.9M | -$140.2M | -$68.2M | -$28.8M | -$67.8M |
| Cash From Financing | -$35.7M | -$52.3M | -$7.1M | -$166.4M | -$36.1M | -$188.6M |
| Free Cash Flow | — | — | $283.3M | $151.8M | $146.7M | $58.6M |
Figures from Target Hospitality's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Target Hospitality financials page for every line item.
Target Hospitality Company Profile
| Ticker | TH |
|---|---|
| Exchange | Nasdaq |
| Industry | Hotels, Rooming Houses, Camps & Other Lodging Places |
| Headquarters | The Woodlands, Texas |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001712189 |
Frequently Asked Questions
What was Target Hospitality's revenue in fiscal 2025?
Target Hospitality (TH) reported revenue of $320.6M for fiscal 2025.
What is Target Hospitality's annual revenue history?
Target Hospitality's annual revenue by fiscal year: 2020: $225.1M; 2021: $291.3M; 2022: $502.0M; 2023: $563.6M; 2024: $386.3M; 2025: $320.6M.
What was Target Hospitality's net income in fiscal 2025?
Target Hospitality reported net income of -$37.1M for fiscal 2025.
What was Target Hospitality's earnings per share (EPS) in fiscal 2025?
Target Hospitality's diluted EPS was -$0.37 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Target Hospitality generate in fiscal 2025?
Target Hospitality generated $58.6M of free cash flow in fiscal 2025.
What was Target Hospitality's revenue last quarter?
In its most recent reported quarter (2026 Q2), Target Hospitality reported revenue of $85.5M.
How much debt does Target Hospitality have?
Target Hospitality reported $3.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Target Hospitality are outstanding?
Target Hospitality reported a weighted average of 100.2 million basic shares outstanding in 2026 Q2.
What is Target Hospitality's market cap?
Based on its latest closing price, Target Hospitality (TH) has a market capitalization of about $1.88B.
When does Target Hospitality's fiscal year end?
Target Hospitality's fiscal year end, as registered with the SEC, is December 31.
Where is Target Hospitality headquartered?
Target Hospitality lists its business address in The Woodlands, Texas in its SEC filings.
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