Filing Flows › Target Hospitality (TH) › How it makes money
How Target Hospitality (TH) makes money
Target Hospitality (TH) made $85.5M of revenue in the second quarter 2026 (Q2 2026), +39% from a year earlier. HFS - South brought in $31.5M (37%); Other revenues brought in $30.8M (36%); WHS brought in $15.7M (18%).
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| HFS - South | $31.5M | 36.9% | -1% | -9% |
| Other revenues | $30.8M | 36.0% | +86% | +358% |
| WHS | $15.7M | 18.3% | -9% | +4% |
| Government | $4.5M | 5.3% | -1% | +81% |
| All Other | $3.0M | 3.5% | +12% | +3% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $85.5M | 100.0% |
| Income tax | $473K | 0.6% |
| Operating cash flow | $104M | 121.7% |
| Free cash flow | $96.2M | 112.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $85.5M | +39% |
| Q1 2026 | $72.8M | +4% |
| Q4 2025 | $89.8M | +7% |
| Q3 2025 | $99.4M | +4% |
| Q2 2025 | $61.6M | -39% |
| Q1 2025 | $69.9M | -34% |
| Q4 2024 | $83.7M | -34% |
From Target Hospitality's 10-Q filed Aug 10, 2026 (on EDGAR).
Questions
How does Target Hospitality make money?
Target Hospitality (TH) made $85.5M of revenue in the second quarter 2026 (Q2 2026), +39% from a year earlier. HFS - South brought in $31.5M (37%); Other revenues brought in $30.8M (36%); WHS brought in $15.7M (18%).
What is Target Hospitality's biggest business?
HFS - South: $31.5M in the second quarter 2026, 37% of revenue, -9% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.