Target Hospitality (TH) financial statements
Target Hospitality reported revenue of $275M in fiscal 2025, up 17.5% a year over 8 years.
Net income was -$37M and the operating margin -12.6%, against 28.5% in 2017.
The diluted share count rose 287% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Target Hospitality's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $75M | $187M | $261M | $172M | $214M | $334M | $366M | $266M | $275M |
| Gross profit | $53M | $90M | $147M | $57M | $101M | $247M | $313M | $178M | $43M |
| Selling, general and admin | $24M | $41M | $77M | $38M | $46M | $58M | $56M | $54M | $59M |
| Operating income | $21M | $41M | $48M | $4M | $37M | $174M | $241M | $109M | -$35M |
| Interest expense | $3M | $2M | $29M | — | — | — | — | — | — |
| Pre-tax income | $27M | $17M | $20M | -$34M | -$3M | $106M | $225M | $93M | -$43M |
| Income tax | $26M | $12M | $8M | -$8M | $2M | $32M | $51M | $21M | -$6M |
| Net income | $981,000 | $5M | $12M | -$25M | -$5M | $74M | $174M | $71M | -$37M |
| EPS (diluted) | $0.04 | $0.12 | $0.13 | -$0.26 | -$0.05 | $0.74 | $1.56 | $0.70 | -$0.37 |
| Diluted shares | 26M | 41M | 95M | 96M | 97M | 100M | 105M | 101M | 100M |
| Gross margin | 70.3% | 48.3% | 56.3% | 33.2% | 47.3% | 74.1% | 85.7% | 67.0% | 15.5% |
| Operating margin | 28.5% | 21.9% | 18.4% | 2.4% | 17.3% | 52.3% | 65.8% | 40.9% | -12.6% |
| Net margin | 1.3% | 2.7% | 4.6% | -14.6% | -2.1% | 22.2% | 47.5% | 26.8% | -13.5% |
Balance sheet
Fiscal years, from Target Hospitality's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $13M | $12M | $7M | $7M | $23M | $182M | $104M | $191M | $8M |
| Receivables | — | $57M | $48M | $28M | $29M | $42M | $67M | $49M | $56M |
| Inventory | — | $900,000 | $1M | $900,000 | $2M | $2M | $2M | $2M | $2M |
| Total current assets | $0 | $75M | $61M | $44M | $61M | $236M | $180M | $249M | $73M |
| Property, plant and equipment | — | $294M | $354M | $311M | $292M | $357M | $349M | $321M | — |
| Goodwill | — | $34M | $41M | $41M | $41M | $41M | $41M | $41M | $41M |
| Total assets | $242,088 | $565M | $534M | $534M | $513M | $772M | $694M | $726M | $530M |
| Total current liabilities | $225,894 | $65M | $61M | $46M | $73M | $191M | $70M | $233M | $84M |
| Long-term debt | — | $21M | $404M | $375M | $331M | $330M | $178M | $1M | $2M |
| Total liabilities | $225,894 | $216M | $480M | $435M | $416M | $571M | $317M | $305M | $141M |
| Shareholders' equity | $25M | $349M | $121M | $99M | $97M | $201M | $377M | $421M | $389M |
| Net debt | -$13M | $8M | $397M | $368M | $308M | $148M | $74M | -$9M | -$7M |
Cash flow
Fiscal years, from Target Hospitality's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $41M | $26M | $60M | $47M | $105M | $306M | $157M | $152M | $74M |
| Stock-based compensation | — | — | $2M | $4M | $5M | $19M | $11M | $7M | $8M |
| Share buybacks (net) | — | — | -$18M | -$5M | — | — | — | -$33M | — |
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Open TH in InvestinglyQuestions
What was Target Hospitality's revenue in 2025?
$275M in fiscal 2025, from its 10-K filing.
From Target Hospitality's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.