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Target Hospitality cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$96.2M in Q2 2026 · $164M over twelve months

Operating cash flow$104M
Capital spending−$7.8M
Free cash flow+$96.2M

Analysis

In Q2 2026, Target Hospitality generated $104M of operating cash flow and spent $7.8M on capital projects, leaving free cash flow of $96.2M. That is $85.2M more than in Q2 2025 ($11.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $170M; the largest uses were other investing ($188M), capital spending ($5.7M), taxes on employees’ shares ($2.3M); besides operations, cash came from net borrowing (+) / repaid (−) ($13.6M); the cash balance fell by $13.2M.

Operating cash flow was $104M against net income of −$9.0M. The largest differences: deferred revenue +$91.7M, depreciation & amortization +$21.5M, receivables −$5.0M.

Free cash flow

Target Hospitality: free cash flow by quarterTarget Hospitality: free cash flow by quarter$31.4MQ3 2024$30.2MQ4 2024−$11.6MQ1 2025$11.0MQ2 2025$53.3MQ3 2025$5.7MQ4 2025$6.9MQ1 2026$96.2MQ2 2026
Operating cash flow less capital spending.
Target Hospitality: operating cash flow against capital spendingTarget Hospitality: operating cash flow against capital spendingOperating cash flowCapital spending$31.4M$63KQ3 2024$30.6M$363KQ4 2024$3.9M$15.5MQ1 2025$11.1M$35KQ2 2025$53.4M$49KQ3 2025$5.7M$52KQ4 2025$7.0M$176KQ1 2026$104M$7.8MQ2 2026
Latest (Q2 2026): Operating cash flow $104M, Capital spending $7.8M.

Capital allocation, year by year

Target Hospitality: where the cash came from (up) and went (down), by fiscal yearTarget Hospitality: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $105MFY2021: Net borrowing −$52.2MFY2021: Capital spending −$427K$105MFY2021FY2022: Operating cash flow $306MFY2022: Net borrowing −$6.5MFY2022: Shares issued $225KFY2022: Capital spending −$20.6M$306MFY2022FY2023: Operating cash flow $157MFY2023: Net borrowing −$154MFY2023: Shares issued $1.4MFY2023: Capital spending −$3.1M$158MFY2023FY2024: Operating cash flow $152MFY2024: Net borrowing −$1.7MFY2024: Shares issued $1.9MFY2024: Asset sales $1.1MFY2024: Capital spending −$687KFY2024: Buybacks −$33.5M$155MFY2024FY2025: Operating cash flow $74.1MFY2025: Net borrowing −$186MFY2025: Capital spending −$751K$74.1MFY2025
Over these 5 years operating cash flow totalled $793M; the largest uses were net borrowing ($401M) and buybacks ($33.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.1M
Debt$44.7M
Net debt$38.6M
Due within a year$2.5M

Target Hospitality funds itself: free cash flow was $164M over the last twelve months, and $6.1M of cash and investments stands against $44.7M of debt ($2.5M due within a year, 2.4× covered by cash).

Where the cash came from and went

Target Hospitality: sources (+) and uses (−) of cash, Q2 2026Target Hospitality: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$104MOther investing−$104MNet borrowing (+) / repaid (−)$9.3MCapital spending−$7.8MOther financing−$1.1MCash drawn (+) / kept (−)−$607KPartners−$63KExchange rates−$10K
Target Hospitality: sources (+) and uses (−) of cash, TTM to Q2 2026Target Hospitality: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$188MOperating cash flow$170MNet borrowing (+) / repaid (−)$13.6MCash drawn (+) / kept (−)$13.2MCapital spending−$5.7MTaxes on employees’ shares−$2.3MOther financing−$559KPartners−$254KExchange rates−$17K

From profit to cash

Target Hospitality: net income to operating cash flow, Q2 2026Target Hospitality: net income to operating cash flow, Q2 2026Net income−$9.0MDepreciation & amortization$21.5MStock-based pay$2.3MDeferred taxes$78KGains on disposals−$213KReceivables−$5.0MPayables$2.5MDeferred revenue$91.7MPrepaid and other assets$138KOperating cash flow$104M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$104M−$7.8M—$9.3M—−$607K$96.2M
Q1 2026$7.0M−$176K—$29.5M—$2.9M$6.9M
Q4 2025$5.7M−$52K—−$537K—$22.0M$5.7M
Q3 2025$53.4M−$49K—−$24.0M—−$11.2M$53.3M
Q2 2025$11.1M−$35K—−$17.6M—$15.2M$11.0M
Q1 2025$3.9M−$15.5M—−$141M—$156M−$11.6M
Q4 2024$30.6M−$363K−$11.6M−$472K—−$12.9M$30.2M
Q3 2024$31.4M−$63K−$1.1M−$399K$464K−$23.5M$31.4M

Target Hospitality: income statement and cash flow

Target Hospitality, Q2 2026: revenue $85.5M (+39% year over year), operating margin -8.8%. The chart follows the revenue to costs, profit and cash.

Target Hospitality: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.