Filing Flows › Target Hospitality (TH) › Q1 2026 › vs Q1 2025
Target Hospitality (TH) Q1 2026 vs Q1 2025 (year over year)
Target Hospitality's revenue rose $2.9M (+4%) from $69.9M in Q1 2025 to $72.8M in Q1 2026. The biggest changes: WHS +$11.9M (+230%); Government −$8.0M (-64%); HFS - South −$2.4M (-7%).
Target Hospitality, Q1 2026: revenue $72.8M (+4% year over year), operating margin -19.7%, net loss $13.0M, operating cash flow $7.0M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 9.4% | -16.5% | +26.0 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| HFS - South | $31.8M | $34.2M | −$2.4M | -7% |
| WHS | $17.1M | $5.2M | $11.9M | +230% |
| Government | $4.6M | $12.5M | −$8.0M | -64% |
| All Other | $2.7M | $2.9M | −$247K | -8% |
| Other revenues | $16.6M | $15.0M | $1.6M | +11% |
| Revenue | $72.8M | $69.9M | $2.9M | +4% |
| Income tax benefit | $2.3M | $1.3M | $937K | +71% |
| Net loss | $13.0M | $6.5M | $6.5M | +101% |
| Costs & expenses | $88.0M | $77.7M | $10.3M | +13% |
| Operating costs | $87.1M | $71.0M | $16.1M | +23% |
| Interest & other, net | $892K | $6.7M | −$5.8M | -87% |
| Cost of revenue | $65.9M | $51.9M | $14.0M | +27% |
| SG&A | $14.6M | $14.8M | −$248K | -2% |
| Other operating costs | $6.6M | $4.2M | $2.4M | +57% |
| Operating cash sources | $21.3M | $19.4M | $1.9M | +10% |
| Depreciation & amortization | $19.6M | $17.6M | $2.0M | +11% |
| Share-based compensation | $1.7M | $1.7M | −$58K | -3% |
| Net loss absorbed | $13.0M | $6.5M | $6.5M | +101% |
| Working capital & other | $1.3M | $9.0M | −$7.7M | -86% |
| Operating cash flow | $7.0M | $3.9M | $3.1M | +79% |
| Free cash flow (OCF − capex) | $6.9M | −$11.6M | $18.4M | — |
| Capital expenditures | $176K | $15.5M | −$15.3M | -99% |
Questions
How much did Target Hospitality's revenue grow year over year in Q1 2026?
Target Hospitality's revenue rose $2.9M (+4%) from $69.9M in Q1 2025 to $72.8M in Q1 2026.
What drove Target Hospitality's revenue change in Q1 2026?
WHS +$11.9M (+230%); Government −$8.0M (-64%); HFS - South −$2.4M (-7%).