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Target Hospitality (TH) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Target Hospitality (TH) Q2 2026 earnings results →
Q2 2026 Revenue up 39% year over year to $85.5M · 11¢ of every $1 of revenue lost · operating margin -8.8%
Target Hospitality made $85.5M in Q2 2026 (+39% Y/Y): HFS - South $31.5M, Other revenues $30.8M, WHS $15.7M. Operating margin -8.8%, net loss $9.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $85.5M in Q2 2026, up 39% year over year and up 17% from the previous quarter. HFS - South was the largest line at 37% of revenue. Government added $2.0M year over year (up 81%), 8% of the total change. HFS - South declined 9%.
Gross margin was 18.5%. Operating costs exceeded revenue by $7.5M, an operating margin of -8.8%. The fastest-growing cost line was SG&A (+48%). The quarter ended with a net loss of $9.0M, narrower than the previous quarter's $13.0M loss.
Operating cash flow was $104.0M (up 840% year over year). Non-cash charges added back $21.5M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $89.1M. Capital expenditures of $7.8M left free cash flow of $96.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $85.5M | +39% | -8.8% | −$9.0M | $104M |
| Q1 2026 | 10-Q | May 11, 2026 | $72.8M | +4% | -19.7% | −$13.0M | $7.0M |
| Q4 2025 | 10-K | Mar 11, 2026 | $89.8M | +7% | -18.7% | −$14.9M | $5.7M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $99.4M | +4% | 0.1% | −$757K | $53.4M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $61.6M | -39% | -27.5% | −$14.9M | $11.1M |
| Q1 2025 | 10-Q | May 19, 2025 | $69.9M | -34% | -1.5% | −$6.5M | $3.9M |
| Q4 2024 | 10-K | Mar 26, 2025 | $83.7M | -34% | 24.9% | $12.5M | $30.6M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Target Hospitality
Unless the context otherwise requires, references to “we”, “us”, “our”, “the Company”, or “Target Hospitality” refer to Target Hospitality Corp. and its consolidated subsidiaries. Our company, Target Hospitality, is one of the largest vertically integrated specialty rental and hospitality services companies in North America. We have an extensive network of geographically relocatable specialty rental accommodation units with 16,991 beds across 29 communities. A large portion of our specialty rental asset base is comprised of modular unit assets that are generally interchangeable across segments and geographies. We also operate 2 communities not owned or leased by the Company. A portion of our revenues is currently generated under contracts that include minimum revenue commitments, and nearly all of our revenues are earned through fully executed customer contracts.
In its own words, from its 10-K, filed Mar 11, 2026.
Target Hospitality against its Hotels, Rooming Houses, Camps & Other Lodging Places peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +39% against the peers' median +13%. Operating margin: -8.8% against the peers' median 6.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TH Target Hospitality | Q2 2026 | $85.5M | +39% | -8.8% |
| HGV Hilton Grand Vacations | Q3 2026 | $2.0B | +51% | 25.1% |
| CVEO Civeo | Q3 2026 | $193M | +13% | 6.9% |
| Pismo Coast Village | Q3 FY26 | $3.1M | +6% | 24.0% |
| MDLK ModuLink | Q2 2026 | $360K | +6% | -24.9% |
Source: Target Hospitality 10-Q on SEC EDGAR · CIK 1712189 · Hotels, Rooming Houses, Camps & Other Lodging Places
13F: who owns TH and who is buying
More on TH
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results