Target Hospitality Corp. (TH) Income Statement
TH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTH revenue and net income
Where TH's revenue goes
2025Each bar shows an amount and its share of revenue. TH kept −11.6% of revenue as net income.
TH profit margins
TH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −17.0% | −13.9% | +7.3% | — |
| Gross profit | −92.7% | −62.6% | −25.7% | — |
| Operating income | −126.0% | — | — | — |
| Net income | −152.1% | — | — | — |
| EPS (diluted) | −143.4% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TH quarterly EPS vs estimates
Target Hospitality beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.01).
TH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $320.6M | $386.3M | $563.6M | $502.0M | $291.3M | $225.1M | $321.1M | $240.6M | $134.2M | $149.5M |
| Cost of revenue | $307.7M | $208.1M | $250.3M | $254.9M | $190.0M | $168.0M | $174.1M | $150.4M | $81.2M | $52.0M |
| Gross profit | $13.0M | $178.2M | $313.3M | $247.1M | $101.3M | $57.2M | $147.0M | $90.2M | $53.0M | $97.4M |
| Sales, general & admin | $58.5M | $54.3M | $56.1M | $57.9M | $46.5M | $38.1M | $76.5M | $41.3M | $24.3M | $15.8M |
| Total operating expenses | $41.3M | $69.4M | $72.7M | $72.8M | $64.3M | $53.1M | $99.0M | $48.9M | $30.0M | $56.7M |
| Operating income | −$28.3M | $108.8M | $240.6M | $174.4M | $37.1M | $4.1M | $48.0M | $40.9M | $21.5M | $40.3M |
| Interest income | $2.3M | $6.7M | $4.1M | $1.5M | $0 | $0 | $33.4M | $5.6M | $8.0M | — |
| Interest expense | $8.4M | $23.3M | $26.8M | $37.9M | $34.4M | $40.0M | $33.4M | $24.2M | $2.8M | $0 |
| Income before taxes | −$43.2M | $92.8M | $224.8M | $106.3M | −$2.7M | −$33.6M | $19.6M | $16.7M | $26.6M | $44.2M |
| Income taxes | −$6.1M | $21.4M | $51.0M | $32.4M | $1.9M | −$8.5M | $7.6M | $11.8M | $25.6M | $17.3M |
| Net income | −$37.1M | $71.3M | $173.7M | $73.9M | −$4.6M | −$25.1M | $12.0M | $5.0M | $981,000 | $26.9M |
| EBITDA | $38.6M | $182.3M | $332.6M | $211.8M | $102.2M | $68.1M | $108.7M | $80.0M | $59.6M | $81.6M |
| EPS (diluted) | −$0.33 | $0.76 | $1.57 | $0.99 | $0.03 | −$0.24 | $0.52 | $0.09 | $0.02 | — |
| Gross margin | 4.0% | 46.1% | 55.6% | 49.2% | 34.8% | 25.4% | 45.8% | 37.5% | 39.5% | 65.2% |
| Operating margin | −8.8% | 28.2% | 42.7% | 34.7% | 12.7% | 1.8% | 14.9% | 17.0% | 16.0% | 27.0% |
| Net margin | −11.6% | 18.4% | 30.8% | 14.7% | −1.6% | −11.2% | 3.7% | 2.1% | 0.7% | 18.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $85.5M | $72.8M | $89.8M | $99.4M | $61.6M | $69.9M | $83.7M | $95.2M | $100.7M | $106.7M | $126.2M | $145.9M |
| Cost of revenue | $69.7M | $73.3M | $90.1M | $88.9M | $69.4M | $59.3M | $46.7M | $50.0M | $53.9M | $57.6M | $64.0M | $59.2M |
| Gross profit | $15.8M | −$500,999 | −$350,000 | $10.5M | −$7.8M | $10.6M | $37.0M | $45.2M | $46.9M | $49.1M | $62.2M | $86.8M |
| Sales, general & admin | $18.8M | $14.6M | $18.1M | $12.9M | $12.7M | $14.8M | $12.6M | $13.3M | $13.5M | $14.9M | $12.2M | $15.3M |
| Total operating expenses | $23.3M | $11.2M | $14.6M | $9.5M | $9.3M | $11.4M | $16.2M | $17.2M | $17.3M | $18.6M | $16.1M | $19.0M |
| Operating income | −$7.5M | −$11.7M | −$15.0M | $934,000 | −$17.1M | −$814,000 | $20.8M | $28.0M | $29.6M | $30.4M | $46.2M | $67.7M |
| Interest income | $49,000 | $18,000 | $77,000 | $153,000 | $210,000 | $1.9M | $1.9M | $2.0M | $1.5M | $1.2M | $1.2M | $1.0M |
| Interest expense | $1.0M | $910,000 | $439,000 | $611,000 | $1.1M | $6.2M | $5.9M | $5.6M | $5.8M | $5.8M | $6.1M | $6.0M |
| Income before taxes | −$8.5M | −$15.2M | −$17.2M | −$389,000 | −$17.9M | −$7.8M | $16.9M | $24.2M | $25.3M | $26.5M | $48.4M | $60.2M |
| Income taxes | $473,000 | −$2.3M | −$2.2M | $368,000 | −$2.9M | −$1.3M | $4.3M | $4.1M | $6.9M | $6.1M | $10.5M | $14.6M |
| Net income | −$9.0M | −$12.9M | −$14.9M | −$795,000 | −$14.9M | −$6.5M | $12.5M | $20.0M | $18.4M | $20.4M | $37.8M | $45.6M |
| EBITDA | $14.0M | $5.3M | $2.9M | $18.7M | $958,000 | $16.1M | $39.9M | $47.7M | $49.5M | $50.7M | $73.3M | $87.0M |
| EPS (diluted) | −$0.09 | −$0.10 | −$0.12 | −$0.01 | −$0.15 | −$0.05 | $0.13 | $0.22 | $0.20 | $0.21 | $0.29 | $0.46 |
| Gross margin | 18.5% | −0.7% | −0.4% | 10.5% | −12.6% | 15.2% | 44.2% | 47.5% | 46.5% | 46.0% | 49.3% | 59.4% |
| Operating margin | −8.8% | −16.1% | −16.7% | 0.9% | −27.7% | −1.2% | 24.9% | 29.4% | 29.3% | 28.5% | 36.6% | 46.4% |
| Net margin | −10.6% | −17.8% | −16.6% | −0.8% | −24.2% | −9.2% | 14.9% | 21.0% | 18.3% | 19.1% | 30.0% | 31.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TH's financial statements (latest annual report filed March 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TH financial results
In fiscal year 2025 (ended December 31, 2025), Target Hospitality reported revenue of $320.6 million, down 17.0% from the year before. It had a net loss of $37.1 million, a net profit margin of −11.6%. Diluted earnings per share came to −$0.33. Over five years revenue grew at an average rate of 7.3% a year.
See the TH stock overview for the latest quote and news, or the TH chart for price history and technical indicators.
TH income statement FAQ
What is Target Hospitality's annual revenue?
Target Hospitality reported total revenue of $320.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 17.0% from $386.3 million the previous year.
Is Target Hospitality profitable?
No. Target Hospitality reported a net loss of $37.1 million in fiscal 2025, a net profit margin of −11.6%; its operating margin was −8.8%.
What is Target Hospitality's gross margin?
Target Hospitality's gross margin was 4.0% in fiscal 2025: for every $100 of revenue, Target Hospitality kept $4 after the direct cost of its products and services.
How fast is Target Hospitality growing?
Revenue grew 7.3% a year on average over the last five fiscal years, from $225.1 million to $320.6 million.
What are Target Hospitality's earnings per share?
Target Hospitality earned $-0.33 per diluted share in fiscal 2025, compared with $0.76 a year earlier.
When will Target Hospitality report its next earnings?
Target Hospitality is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Target Hospitality's fiscal year end?
Target Hospitality's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 11, 2026.