Filing Flows › Target Hospitality (TH) › Q3 2026
Target Hospitality (TH) Q3 2026 earnings results (third quarter 2026)
8-K filed Nov 9, 2026
Target Hospitality (TH) reported revenue of $129M for the third quarter 2026 (Q3 2026), +30% from a year earlier and +51% from the quarter before. Operating margin was 2.3%, net loss $9.2M (7.1% of revenue).
Target Hospitality, Q3 2026: revenue $129M (+30% year over year), operating margin 2.3%, net loss $9.2M, operating cash flow $43.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $129M | +51% | +30% |
| Operating profit | $3.0M | — | 43× |
| Net earnings | −$9.2M | — | — |
| Operating cash flow | $43.2M | -58% | -19% |
| Free cash flow | $42.5M | -56% | -20% |
What changed
Revenue was $129.1M in Q3 2026, up 30% year over year and up 51% from the previous quarter.
Gross margin was 22.9%, up 4.8 points from Q3 2025. Operating profit was $3.0M, a 2.3% margin (up 2.2 points year over year). Of the extra revenue versus Q3 2025, 10% reached operating profit, above the 0% margin then. Operating expenses grew 48% against revenue growth of 30%. The fastest-growing cost line was SG&A (+49%). The quarter ended with a net loss of $9.2M, wider than the previous quarter's $9.0M loss.
Operating cash flow was $43.2M (down 19% year over year). Non-cash charges added back $22.2M of depreciation. Working capital and other items added $30.2M. Capital expenditures of $632K left free cash flow of $42.5M.
Questions
What was Target Hospitality's revenue in the third quarter 2026?
Target Hospitality (TH) reported revenue of $129M for the third quarter 2026 (Q3 2026), +30% from a year earlier and +51% from the quarter before.
Was Target Hospitality profitable in the third quarter 2026?
Operating profit was $3.0M (2.3% of revenue) and net loss $9.2M.
Source: Target Hospitality 8-K on SEC EDGAR.