Filing Flows › Target Hospitality (TH) › Q2 2026
Target Hospitality (TH) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
Target Hospitality (TH) reported revenue of $85.5M for the second quarter 2026 (Q2 2026), +39% from a year earlier and +17% from the quarter before. Operating margin was -8.8%, net loss $9.0M (10.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $85.5M | +17% | +39% |
| Operating profit | −$7.5M | — | — |
| Net earnings | −$9.0M | — | — |
| Operating cash flow | $104M | 15× | +840% |
| Free cash flow | $96.2M | 14× | +772% |
What changed
Revenue was $85.5M in Q2 2026, up 39% year over year and up 17% from the previous quarter. HFS - South was the largest line at 37% of revenue. Government added $2.0M year over year (up 81%), 8% of the total change. HFS - South declined 9%.
Gross margin was 18.5%. Operating costs exceeded revenue by $7.5M, an operating margin of -8.8%. The fastest-growing cost line was SG&A (+48%). The quarter ended with a net loss of $9.0M, narrower than the previous quarter's $13.0M loss.
Operating cash flow was $104.0M (up 840% year over year). Non-cash charges added back $21.5M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $89.1M. Capital expenditures of $7.8M left free cash flow of $96.2M.
Questions
What was Target Hospitality's revenue in the second quarter 2026?
Target Hospitality (TH) reported revenue of $85.5M for the second quarter 2026 (Q2 2026), +39% from a year earlier and +17% from the quarter before.
Was Target Hospitality profitable in the second quarter 2026?
Operating loss was $7.5M (-8.8% of revenue) and net loss $9.0M.
Source: Target Hospitality 10-Q on SEC EDGAR.