Filing Flows › Target Hospitality (TH) › Q2 2026 › vs Q2 2025
Target Hospitality (TH) Q2 2026 vs Q2 2025 (year over year)
Target Hospitality's revenue rose $23.8M (+39%) from $61.6M in Q2 2025 to $85.5M in Q2 2026. The biggest changes: Other revenues +$24.0M (+358%); HFS - South −$2.9M (-9%); Government +$2.0M (+81%).
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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 112.6% | 17.9% | +94.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| HFS - South | $31.5M | $34.4M | −$2.9M | -9% |
| WHS | $15.7M | $15.0M | $630K | +4% |
| Government | $4.5M | $2.5M | $2.0M | +81% |
| All Other | $3.0M | $2.9M | $82K | +3% |
| Other revenues | $30.8M | $6.7M | $24.0M | +358% |
| Revenue | $85.5M | $61.6M | $23.8M | +39% |
| Net loss | $9.0M | $14.9M | −$5.9M | -40% |
| Costs & expenses | $94.4M | $79.5M | $15.0M | +19% |
| Operating costs | $93.0M | $78.5M | $14.4M | +18% |
| Interest & other, net | $1.0M | $937K | $75K | +8% |
| Income tax | $473K | −$2.9M | $3.4M | — |
| SG&A | $18.8M | $12.7M | $6.1M | +48% |
| Other operating costs | $4.5M | $65.9M | −$61.3M | -93% |
| Operating cash sources | $113M | $26.0M | $87.0M | +335% |
| Depreciation & amortization | $21.5M | $17.7M | $3.9M | +22% |
| Share-based compensation | $2.3M | $2.1M | $226K | +11% |
| Working capital & other | $89.1M | $6.2M | $82.9M | 14× |
| Net loss absorbed | $9.0M | $14.9M | −$5.9M | -40% |
| Operating cash flow | $104M | $11.1M | $92.9M | +840% |
| Free cash flow (OCF − capex) | $96.2M | $11.0M | $85.2M | +772% |
| Capital expenditures | $7.8M | $35K | $7.8M | 223× |
Questions
How much did Target Hospitality's revenue grow year over year in Q2 2026?
Target Hospitality's revenue rose $23.8M (+39%) from $61.6M in Q2 2025 to $85.5M in Q2 2026.
What drove Target Hospitality's revenue change in Q2 2026?
Other revenues +$24.0M (+358%); HFS - South −$2.9M (-9%); Government +$2.0M (+81%).