Filing Flows › Target Hospitality (TH) › Q1 2026 › vs Q4 2025
Target Hospitality (TH) Q1 2026 vs Q4 2025 (quarter over quarter)
Target Hospitality's revenue fell $17.0M (-19%) from $89.8M in Q4 2025 to $72.8M in Q1 2026. The biggest changes: WHS −$18.7M (-52%); Government +$2.1M (+82%); HFS - South −$735K (-2%).
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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 9.4% | 6.3% | +3.1 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| HFS - South | $31.8M | $32.6M | −$735K | -2% |
| WHS | $17.1M | $35.9M | −$18.7M | -52% |
| Government | $4.6M | $2.5M | $2.1M | +82% |
| All Other | $2.7M | $2.5M | $155K | +6% |
| Other revenues | $16.6M | $16.3M | $265K | +2% |
| Revenue | $72.8M | $89.8M | −$17.0M | -19% |
| Income tax benefit | $2.3M | $2.2M | $11K | +0.5% |
| Net loss | $13.0M | $14.9M | −$2.0M | -13% |
| Costs & expenses | $88.0M | $107M | −$19.0M | -18% |
| Operating costs | $87.1M | $107M | −$19.5M | -18% |
| Interest & other, net | $892K | $362K | $530K | +146% |
| Cost of revenue | $65.9M | $82.7M | −$16.8M | -20% |
| SG&A | $14.6M | $18.1M | −$3.6M | -20% |
| Other operating costs | $6.6M | $5.8M | $869K | +15% |
| Operating cash sources | $21.3M | $21.4M | −$176K | -0.8% |
| Depreciation & amortization | $19.6M | $19.6M | −$15K | -0.1% |
| Share-based compensation | $1.7M | $1.8M | −$161K | -9% |
| Net loss absorbed | $13.0M | $14.9M | −$2.0M | -13% |
| Working capital & other | $1.3M | $752K | $500K | +66% |
| Operating cash flow | $7.0M | $5.7M | $1.3M | +23% |
| Free cash flow (OCF − capex) | $6.9M | $5.7M | $1.2M | +21% |
| Capital expenditures | $176K | $52K | $124K | +238% |
Questions
How much did Target Hospitality's revenue grow quarter over quarter in Q1 2026?
Target Hospitality's revenue fell $17.0M (-19%) from $89.8M in Q4 2025 to $72.8M in Q1 2026.
What drove Target Hospitality's revenue change in Q1 2026?
WHS −$18.7M (-52%); Government +$2.1M (+82%); HFS - South −$735K (-2%).