Filing Flows › Target Hospitality (TH) › Q4 2025
Target Hospitality (TH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 11, 2026
Target Hospitality (TH) reported revenue of $89.8M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -10% from the quarter before. Operating margin was -18.7%, net loss $14.9M (16.6% of revenue).
Target Hospitality, Q4 2025: revenue $89.8M (+7% year over year), operating margin -18.7%, net loss $14.9M, operating cash flow $5.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $89.8M | -10% | +7% |
| Operating profit | −$16.8M | -24481% | -181% |
| Net earnings | −$14.9M | — | -220% |
| Operating cash flow | $5.7M | -89% | -81% |
| Free cash flow | $5.7M | -89% | -81% |
What changed
Revenue was $89.8M in Q4 2025, up 7% year over year and down 10% from the previous quarter. WHS was the largest line at 40% of revenue.
Gross margin was 7.9%, down 36.4 points from Q4 2024. Operating costs exceeded revenue by $16.8M, an operating margin of -18.7%. Operating expenses grew 47% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+60%). The quarter ended with a net loss of $14.9M, wider than the previous quarter's $757K loss.
Operating cash flow was $5.7M (down 81% year over year). Non-cash charges added back $19.6M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items used $752K. Capital expenditures of $52K left free cash flow of $5.7M.
Questions
What was Target Hospitality's revenue in the fourth quarter 2025?
Target Hospitality (TH) reported revenue of $89.8M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -10% from the quarter before.
Was Target Hospitality profitable in the fourth quarter 2025?
Operating loss was $16.8M (-18.7% of revenue) and net loss $14.9M.
Source: Target Hospitality 10-K on SEC EDGAR.