Target Hospitality (TH) revenue breakdown
By segment, HFS - South is the largest at 44% of fiscal 2025 revenue, growing 17% a year over 8 years.
By product, Services is the largest at 68% of fiscal 2025 revenue, growing 21% a year over 5 years.
Revenue by segment
Fiscal years, as Target Hospitality reports them in its 10-K filings; fiscal 2025 total $321M.
| Segments | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|
| HFS - South | $41M | $121M | $214M | $112M | $117M | $132M | $149M | $150M | $142M | 44% |
| WHS | — | — | — | — | — | — | — | — | $97M | 30% |
| Government | $67M | $67M | $67M | $63M | $156M | $360M | $404M | $225M | $71M | 22% |
| All Other | $4M | $4M | $3M | $1M | $18M | $9M | $11M | $12M | $11M | 4% |
| TCPL Keystone | — | $23M | $16M | $42M | — | — | — | — | — | — |
| Bakken Basin | $22M | $26M | $21M | $7M | — | — | — | — | — | — |
Revenue by product
Fiscal years, as Target Hospitality reports them in its 10-K filings; fiscal 2025 total $275M.
| Products | 2017 | 2018 | 2019 | 2020 | 2021 | 2025 | Share |
|---|---|---|---|---|---|---|---|
| Services | $73M | $164M | $243M | $132M | $203M | $188M | 68% |
| Construction fee income | — | — | — | — | — | $87M | 32% |
| Construction fee | $2M | $23M | $18M | $40M | $11M | — | — |
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Where does Target Hospitality make its money?
In fiscal 2025, by segment: HFS - South $142M, WHS $97M, Government $71M, All Other $11M.
From Target Hospitality's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.