Target Hospitality Corp. (TH)

Target Hospitality Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	314.55	386.27	563.61	501.99	291.34	225.15
Revenue Growth (YoY)	-26.65%	-31.46%	12.28%	72.30%	29.40%	-29.88%
Cost of Revenue	186.79	150.93	181.66	202.02	136.38	118.03
Gross Profit	127.76	235.34	381.95	299.96	154.96	107.12
Selling, General & Admin	48.11	49.36	51.25	57.61	45.26	37.15
Other Operating Expenses	1	-0.18	1.1	0.14	0.5	-0.52
Operating Expenses	120.36	121.99	136.33	125.41	116.28	102.25
Operating Income	7.4	113.36	245.62	174.55	38.68	4.88
Interest Expense	-13.85	-23.32	-26.78	-37.87	-38.7	-40.03
Interest & Investment Income	4.18	6.7	4.14	1.55	-	-
Other Non Operating Income (Expenses)	-	0.68	9.06	-31.74	-1.07	2.35
EBT Excluding Unusual Items	-2.27	97.41	232.04	106.49	-1.09	-32.81
Merger & Restructuring Charges	-4.9	-4.9	-4.88	-0.28	-1.2	-0.98
Gain (Loss) on Sale of Assets	0.38	0.32	-0.14	0.1	-0.38	0.21
Other Unusual Items	-2.37	-	-2.28	-	-	-
Pretax Income	-9.16	92.84	224.75	106.31	-2.67	-33.59
Income Tax Expense	0.43	21.43	51.05	32.37	1.9	-8.46
Earnings From Continuing Operations	-9.59	71.41	173.7	73.94	-4.58	-25.13
Minority Interest in Earnings	-0.1	-0.14	-	-	-	-
Net Income	-9.69	71.27	173.7	73.94	-4.58	-25.13
Net Income to Common	-9.69	71.27	173.7	73.94	-4.58	-25.13
Net Income Growth	-	-58.97%	134.92%	-	-	-
Shares Outstanding (Basic)	99	100	101	97	97	96
Shares Outstanding (Diluted)	99	101	105	100	97	96
Shares Change (YoY)	-2.96%	-3.69%	5.26%	3.57%	0.62%	1.60%
EPS (Basic)	-0.10	0.71	1.71	0.76	-0.05	-0.26
EPS (Diluted)	-0.10	0.70	1.56	0.74	-0.05	-0.26
EPS Growth	-	-55.22%	111.25%	-	-	-
Free Cash Flow	51.46	121.43	92.93	164.77	68.68	34.22
Free Cash Flow Per Share	0.52	1.20	0.88	1.65	0.71	0.36
Gross Margin	40.62%	60.93%	67.77%	59.76%	53.19%	47.58%
Operating Margin	2.35%	29.35%	43.58%	34.77%	13.28%	2.17%
Profit Margin	-3.08%	18.45%	30.82%	14.73%	-1.57%	-11.16%
Free Cash Flow Margin	16.36%	31.44%	16.49%	32.82%	23.57%	15.20%
EBITDA	78.77	186.3	329.77	242.38	109	70.1
EBITDA Margin	25.04%	48.23%	58.51%	48.28%	37.41%	31.14%
D&A For EBITDA	71.37	72.95	84.15	67.83	70.32	65.23
EBIT	7.4	113.36	245.62	174.55	38.68	4.88
EBIT Margin	2.35%	29.35%	43.58%	34.77%	13.28%	2.17%
Effective Tax Rate	-	23.08%	22.71%	30.45%	-	-
Revenue as Reported	314.55	386.27	563.61	501.99	291.34	225.15

Updated Nov 6, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q