Filing Flows › Target Hospitality (TH) › Q3 2025
Target Hospitality (TH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Target Hospitality (TH) reported revenue of $99.4M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +61% from the quarter before. Operating margin was 0.1%, net loss $757K (0.8% of revenue).
Target Hospitality, Q3 2025: revenue $99.4M (+4% year over year), operating margin 0.1%, net loss $757K, operating cash flow $53.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $99.4M | +61% | +4% |
| Operating profit | $69K | — | — |
| Net earnings | −$757K | — | — |
| Operating cash flow | $53.4M | +382% | +70% |
| Free cash flow | $53.3M | +383% | +70% |
What changed
Revenue was $99.4M in Q3 2025, up 4% year over year and up 61% from the previous quarter. WHS was the largest line at 37% of revenue. Government declined 29%.
Gross margin was 18.1%, down 29.4 points from a year earlier. Operating profit was $69K, a 0.1% margin (down 29.3 points year over year). Operating profit fell $27.9M even though revenue rose $4.2M versus a year earlier, so costs grew faster than sales. Operating expenses grew 4% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+27%). The quarter ended with a net loss of $757K, narrower than the previous quarter's $14.9M loss. Net interest and other expense of $458K was the main reason.
Operating cash flow was $53.4M (up 70% year over year). Non-cash charges added back $18.5M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $33.7M. Capital expenditures of $49K left free cash flow of $53.3M.
Questions
What was Target Hospitality's revenue in the third quarter 2025?
Target Hospitality (TH) reported revenue of $99.4M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +61% from the quarter before.
Was Target Hospitality profitable in the third quarter 2025?
Operating profit was $69K (0.1% of revenue) and net loss $757K.
Source: Target Hospitality 10-Q on SEC EDGAR.