Target Hospitality Corp. (TH)

Target Hospitality Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-43.58	-37.08	71.41	173.7	73.94	-4.58
Depreciation & Amortization	75.34	73.39	72.81	83.98	67.67	70.52
Stock-Based Compensation	7.49	7.55	7.31	11.17	19.24	5.08
Other Adjustments	2.99	6.51	9.28	53.41	78.43	8.73
Change in Receivables	10.63	-7.51	17.6	-25.8	-13.69	-2.23
Changes in Accounts Payable	5.81	23.15	-13.57	-10.39	6.37	9.93
Changes in Unearned Revenue	28.21	17.34	-4.24	-120.05	91.11	16.04
Changes in Other Operating Activities	-9.75	-9.25	-8.92	-9.21	-17.29	1.51
Operating Cash Flow	77.19	74.09	151.68	156.8	305.81	104.6
Operating Cash Flow Growth	-26.50%	-51.15%	-3.27%	-48.73%	192.37%	123.59%
Capital Expenditures	-83.36	-67.79	-30.24	-63.87	-140.84	-35.92
Sale of Property, Plant & Equipment	0.28	-	1.4	0.24	0.62	-
Purchases of Intangible Assets	-	-	-	-4.55	-	-
Investing Cash Flow	-89.94	-67.79	-28.84	-68.18	-140.23	-35.92
Short-Term Debt Issued	48.6	75	-	-	70	28
Short-Term Debt Repaid	-59.5	-75	-	-	-70	-76
Net Short-Term Debt Issued (Repaid)	-10.9	0	-	-	0	-48
Long-Term Debt Repaid	-2.35	-183.79	-1.7	-154.46	-6.51	-4.17
Net Long-Term Debt Issued (Repaid)	-2.35	-183.79	-1.7	-154.46	-6.51	-4.17
Issuance of Common Stock	-	-	1.85	1.61	0.31	-
Repurchase of Common Stock	-	-	-33.5	-	-	-
Net Common Stock Issued (Repurchased)	-	-	-31.64	1.61	0.31	-
Other Financing Activities	-2	-4.85	-2.73	-13.52	-0.9	-0.1
Financing Cash Flow	-16.27	-188.64	-36.06	-166.37	-7.1	-52.27
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0.01	0.02	-0.03	0	-0.02	0.01
Net Cash Flow	-29.01	-182.32	86.74	-77.74	158.27	16.43
Free Cash Flow	-6.16	6.3	121.43	92.93	164.97	68.68
Free Cash Flow Growth	-	-94.81%	30.67%	-43.67%	140.19%	100.70%
FCF Margin	-1.90%	1.97%	31.44%	16.49%	32.86%	23.58%
Free Cash Flow Per Share	-0.06	0.06	1.20	0.88	1.65	0.71
Levered Free Cash Flow	-40.58	-184.08	85.41	-100.31	74.44	5.33
Unlevered Free Cash Flow	-25.05	7.01	99.51	66.4	128.28	125.62

Updated May 11, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q