Target Hospitality Corp.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $320.6M | $386.3M | $563.6M | $502.0M | $291.3M |
| Gross profit | $42.7M | $178.2M | $313.3M | $247.1M | $101.3M |
| Selling, general & administrative | $58.5M | $54.3M | $56.1M | $57.9M | $46.5M |
| Operating income | -$34.7M | $108.8M | $240.6M | $174.4M | $37.1M |
| Pretax income | -$43.2M | $92.8M | $224.8M | $106.3M | -$2.7M |
| Income tax expense | -$6.1M | $21.4M | $51.0M | $32.4M | $1.9M |
| Net income | -$37.1M | $71.3M | $173.7M | $73.9M | -$4.6M |
| Balance Sheet | |||||
| Cash and equivalents | $8.3M | $190.7M | $103.9M | $181.7M | $23.4M |
| Current assets | $73.3M | $249.3M | $180.5M | $236.4M | $60.5M |
| Total assets | $530.2M | $725.8M | $694.4M | $771.7M | $513.4M |
| Current liabilities | $84.0M | $233.4M | $70.3M | $190.9M | $72.8M |
| Total liabilities | $141.1M | $304.7M | $317.0M | $570.9M | $416.1M |
| Total debt | $3.8M | $183.6M | $181.4M | $334.5M | $340.0M |
| Stockholders' equity | $389.3M | $421.1M | $377.3M | $200.8M | $97.3M |
| Cash Flow Statement | |||||
| Cash from operations | $74.1M | $151.7M | $156.8M | $305.6M | $104.6M |
| Depreciation and amortization | $59.9M | $59.3M | $70.5M | $54.4M | $55.9M |
| Stock-based compensation | $7.6M | $7.3M | $11.2M | $19.2M | $5.1M |
| Capital expenditure | $751,000 | $687,000 | $3.1M | $20.6M | $427,000 |
| Free cash flow | $73.3M | $151.0M | $153.7M | $285.1M | $104.2M |
| Share repurchases | — | $33.5M | — | — | — |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 100.2M
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.