Filing Flows › Target Hospitality (TH) › Q2 2026 › vs Q1 2026
Target Hospitality (TH) Q2 2026 vs Q1 2026 (quarter over quarter)
Target Hospitality's revenue rose $12.7M (+17%) from $72.8M in Q1 2026 to $85.5M in Q2 2026. The biggest changes: Other revenues +$14.2M (+86%); WHS −$1.5M (-9%); All Other +$332K (+12%).
Target Hospitality, Q2 2026: revenue $85.5M (+39% year over year), operating margin -8.8%, net loss $9.0M, operating cash flow $104M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 112.6% | 9.4% | +103.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| HFS - South | $31.5M | $31.8M | −$316K | -1% |
| WHS | $15.7M | $17.1M | −$1.5M | -9% |
| Government | $4.5M | $4.6M | −$46K | -1% |
| All Other | $3.0M | $2.7M | $332K | +12% |
| Other revenues | $30.8M | $16.6M | $14.2M | +86% |
| Revenue | $85.5M | $72.8M | $12.7M | +17% |
| Net loss | $9.0M | $13.0M | −$4.0M | -31% |
| Costs & expenses | $94.4M | $88.0M | $6.4M | +7% |
| Operating costs | $93.0M | $87.1M | $5.8M | +7% |
| Interest & other, net | $1.0M | $892K | $120K | +13% |
| Income tax | $473K | −$2.3M | $2.7M | — |
| Cost of revenue | $69.7M | $65.9M | $3.8M | +6% |
| SG&A | $18.8M | $14.6M | $4.2M | +29% |
| Other operating costs | $4.5M | $6.6M | −$2.1M | -32% |
| Operating cash sources | $113M | $20.0M | $93.0M | +465% |
| Depreciation & amortization | $21.5M | $19.6M | $1.9M | +10% |
| Share-based compensation | $2.3M | $1.7M | $658K | +40% |
| Working capital & other | $89.1M | −$1.3M | $90.4M | — |
| Net loss absorbed | $9.0M | $13.0M | −$4.0M | -31% |
| Operating cash flow | $104M | $7.0M | $96.9M | 15× |
| Free cash flow (OCF − capex) | $96.2M | $6.9M | $89.3M | 14× |
| Capital expenditures | $7.8M | $176K | $7.6M | 44× |
Questions
How much did Target Hospitality's revenue grow quarter over quarter in Q2 2026?
Target Hospitality's revenue rose $12.7M (+17%) from $72.8M in Q1 2026 to $85.5M in Q2 2026.
What drove Target Hospitality's revenue change in Q2 2026?
Other revenues +$14.2M (+86%); WHS −$1.5M (-9%); All Other +$332K (+12%).