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Target Hospitality Corp. cash flow statement

In fiscal 2025, Target Hospitality Corp.'s operations generated $74.1m of cash; it spent $751,000 on capital projects, leaving free cash flow of $73.3m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations4126604710530615715274170
Depreciation and amortisation30395966716884737379
Stock-based pay——2451911788
Capital spending11000213118
Free cash flow4025604610428515415173162
Free cash flow after stock pay——58439926614314466154
Share buybacks——185———33——
Shares issued—325————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Target Hospitality Corp.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Target Hospitality Corp.