Filing Flows › Target Hospitality (TH) › Q1 2026
Target Hospitality (TH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Target Hospitality (TH) reported revenue of $72.8M for the first quarter 2026 (Q1 2026), +4% from a year earlier and -19% from the quarter before. Operating margin was -19.7%, net loss $13.0M (17.8% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $72.8M | -19% | +4% |
| Operating profit | −$14.3M | — | — |
| Net earnings | −$13.0M | — | — |
| Operating cash flow | $7.0M | +23% | +79% |
| Free cash flow | $6.9M | +21% | — |
What changed
Revenue was $72.8M in Q1 2026, up 4% year over year and down 19% from the previous quarter. HFS - South was the largest line at 44% of revenue. WHS added $11.9M year over year (up 230%), 414% of the total change. Government declined 64%.
Gross margin was 9.5%, down 16.2 points from Q1 2025. Operating costs exceeded revenue by $14.3M, an operating margin of -19.7%. Operating expenses grew 11% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+57%). The quarter ended with a net loss of $13.0M, narrower than the previous quarter's $14.9M loss.
Operating cash flow was $7.0M (up 79% year over year). Non-cash charges added back $19.6M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $1.3M. Capital expenditures of $176K left free cash flow of $6.9M.
Questions
What was Target Hospitality's revenue in the first quarter 2026?
Target Hospitality (TH) reported revenue of $72.8M for the first quarter 2026 (Q1 2026), +4% from a year earlier and -19% from the quarter before.
Was Target Hospitality profitable in the first quarter 2026?
Operating loss was $14.3M (-19.7% of revenue) and net loss $13.0M.
Source: Target Hospitality 10-Q on SEC EDGAR.