# Target Hospitality Corp.: overview

TH · Nasdaq · CIK 1712189 · [Consumer discretionary](/sectors/consumer-discretionary.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/th.md) · [Financials](/companies/th/financials.md) · [Filings](/companies/th/filings.md) · [Insiders](/companies/th/insiders.md)

Latest reported revenue: [$54.7m](/filings/0001104659-26-093264.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 10, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001104659-26-093264).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [65.8](/filings/0001104659-25-107639.md) | [60.2 d](/filings/0001104659-26-026351.md) | [54.9](/filings/0001104659-26-058542.md) | [54.9](/filings/0001104659-26-093264.md) | [91.6](/filings/0001104659-25-107639.md) | [73.5 d](/filings/0001104659-26-026351.md) | [56.2](/filings/0001104659-26-058542.md) | [54.7](/filings/0001104659-26-093264.md) |
| Gross margin | % | [68.7%](/filings/0001104659-25-107639.md) | [61.5% d](/filings/0001104659-26-026351.md) | [32.7%](/filings/0001104659-26-058542.md) | [(0.6%)](/filings/0001104659-26-093264.md) | [19.6%](/filings/0001104659-25-107639.md) | [9.6% d](/filings/0001104659-26-026351.md) | [12.2%](/filings/0001104659-26-058542.md) | [28.9%](/filings/0001104659-26-093264.md) |
| Operating margin | % | [42.5%](/filings/0001104659-25-107639.md) | [34.5% d](/filings/0001104659-26-026351.md) | [(2.0%)](/filings/0001104659-26-058542.md) | [(30.8%)](/filings/0001104659-26-093264.md) | [0.1%](/filings/0001104659-25-107639.md) | [(22.9%) d](/filings/0001104659-26-026351.md) | [(25.5%)](/filings/0001104659-26-058542.md) | [(13.7%)](/filings/0001104659-26-093264.md) |
| Net margin | % | [30.4%](/filings/0001104659-25-107639.md) | [20.8% d](/filings/0001104659-26-026351.md) | [(11.8%)](/filings/0001104659-26-058542.md) | [(27.2%)](/filings/0001104659-26-093264.md) | [(0.9%)](/filings/0001104659-25-107639.md) | [(20.3%) d](/filings/0001104659-26-026351.md) | [(23.0%)](/filings/0001104659-26-058542.md) | [(16.5%)](/filings/0001104659-26-093264.md) |
| Diluted EPS | $ per share | [0.20](/filings/0001104659-25-107639.md) | not reported | [(0.07)](/filings/0001104659-26-058542.md) | [(0.15)](/filings/0001104659-26-093264.md) | [(0.01)](/filings/0001104659-25-107639.md) | not reported | [(0.13)](/filings/0001104659-26-058542.md) | [(0.09)](/filings/0001104659-26-093264.md) |
| Free cash flow | $m | not reported | not reported | [(11.6)](/filings/0001104659-26-058542.md) | not reported | not reported | not reported | not reported | [96.2 d](/filings/0001104659-26-093264.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [214](/filings/0001558370-24-003101.md) | [334](/filings/0001558370-25-003703.md) | [366](/filings/0001104659-26-026351.md) | [266](/filings/0001104659-26-026351.md) | [275](/filings/0001104659-26-026351.md) |
| Gross margin | % | [47.3%](/filings/0001558370-24-003101.md) | [74.1%](/filings/0001558370-25-003703.md) | [85.7%](/filings/0001104659-26-026351.md) | [67.0%](/filings/0001104659-26-026351.md) | [15.5%](/filings/0001104659-26-026351.md) |
| Operating margin | % | [17.3%](/filings/0001558370-24-003101.md) | [52.3%](/filings/0001558370-25-003703.md) | [65.8%](/filings/0001104659-26-026351.md) | [40.9%](/filings/0001104659-26-026351.md) | [(12.6%)](/filings/0001104659-26-026351.md) |
| Net margin | % | [(2.1%)](/filings/0001558370-24-003101.md) | [22.2%](/filings/0001558370-25-003703.md) | [47.5%](/filings/0001104659-26-026351.md) | [26.8%](/filings/0001104659-26-026351.md) | [(13.5%)](/filings/0001104659-26-026351.md) |
| Diluted EPS | $ per share | [(0.05)](/filings/0001558370-24-003101.md) | [0.74](/filings/0001558370-25-003703.md) | [1.56](/filings/0001104659-26-026351.md) | [0.70](/filings/0001104659-26-026351.md) | [(0.37)](/filings/0001104659-26-026351.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/th/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Private Capital Management, LLC](/funds/1588456.md) | 2026-06-30 | $66.4m | 3,261,078 |  | Reduced −1,399,541 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $64.3m | 3,158,745 |  | Added +674,996 |
| [Ophir Asset Management Pty Ltd](/funds/1844640.md) | 2026-06-30 | $54.8m | 2,690,673 |  | New +2,690,673 |
| [Rubric Capital Management LP](/funds/1687509.md) | 2026-06-30 | $52.7m | 2,586,389 |  | Added +396,933 |
| [WESTFIELD CAPITAL MANAGEMENT CO LP](/funds/1177719.md) | 2026-06-30 | $42.8m | 2,103,813 |  | New +2,103,813 |
| [HighTower Advisors, LLC](/funds/1462245.md) | 2026-06-30 | $37.5m | 1,842,267 |  | Added +238,280 |
| [ARROWSTREET CAPITAL, LIMITED PARTNERSHIP](/funds/1164508.md) | 2026-06-30 | $37.5m | 1,841,889 |  | Added +760,808 |
| [Driehaus Capital Management LLC](/funds/938206.md) | 2026-06-30 | $34.2m | 1,679,925 |  | New +1,679,925 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $31.1m | 1,525,878 |  | Added +120,337 |
| [Senator Investment Group LP](/funds/1443689.md) | 2026-06-30 | $28.5m | 1,399,345 |  | New +1,399,345 |

## Recent filings

[All 745 filings](/companies/th/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-26 | 16:15 ET | [SCHEDULE 13D/A](/filings/0000950142-26-002852.md) | Ownership report, active investor, amended | 0000950142-26-002852 |
| 2026-10-05 | 17:20 ET | [SCHEDULE 13D/A](/filings/0000950142-26-002684.md) | Ownership report, active investor, amended | 0000950142-26-002684 |
| 2026-09-28 | 16:30 ET | [SCHEDULE 13D/A](/filings/0000950142-26-002613.md) | Ownership report, active investor, amended | 0000950142-26-002613 |
| 2026-09-14 | 16:31 ET | [SCHEDULE 13D/A](/filings/0000950142-26-002544.md) | Ownership report, active investor, amended | 0000950142-26-002544 |
| 2026-09-09 | 16:23 ET | [8-K](/filings/0001104659-26-106345.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-106345 |
| 2026-09-01 | 06:45 ET | [8-K](/filings/0001104659-26-104096.md) | 7.01 Regulation FD disclosure | 0001104659-26-104096 |
| 2026-08-26 | 06:49 ET | [8-K](/filings/0001104659-26-101033.md) | 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-101033 |
| 2026-08-10 | 13:49 ET | [10-Q](/filings/0001104659-26-093264.md) | Quarterly report, period 2026-06-30 | 0001104659-26-093264 |
| 2026-08-10 | 07:02 ET | [8-K](/filings/0001104659-26-093011.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001104659-26-093011 |
| 2026-08-05 | 06:55 ET | [8-K](/filings/0001104659-26-090700.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001104659-26-090700 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001104659-26-026351.md), filed Mar 11, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/6ddabcdd-b071-4de9-ab32-fd6a36140489)

## About the filer

- CIK: 1712189
- Tickers: TH
- Exchange: Nasdaq
- SIC code: 7000 Hotels, Rooming Houses, Camps & Other Lodging Places
- State of incorporation: DE
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 26, 2026, 16:16 ET. No prices; not investment advice.