Target Hospitality Corp. income statement

In fiscal 2025, Target Hospitality Corp. reported revenue of $321m, down 17.0% on the year before, operating income of −$34.7m (a -10.8% margin) and net income of −$37.1m, or −$0.37 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Target Hospitality Corp.: income statement, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	134	241	321	225	291	502	564	386	321	347
Gross profit	53	90	147	57	101	247	313	178	43	48
Selling, general and administrative	24	41	77	38	46	58	56	54	59	64
Operating income	21	41	48	4	37	174	241	109	−35	−39
Interest expense	3	2	29	—	—	—	—	—	—	—
Net interest income	5	−24	−33	−40	−39	−36	−23	−17	−6	−3
Income before tax	27	17	20	−34	−3	106	225	93	−43	−41
Income tax	26	12	8	−8	2	32	51	21	−6	−4
Net income	1	5	12	−25	−5	74	174	71	−37	−38
Diluted EPS	$0.04	$0.12	$0.13	−$0.26	−$0.05	$0.74	$1.56	$0.70	−$0.37	−$0.38
Diluted shares (average)	26m	41m	95m	96m	97m	100m	105m	101m	100m	100m
EBITDA	52	80	107	70	108	242	325	182	39	41

US$ millions unless shown otherwise. Fiscal quarters.

Target Hospitality Corp.: income statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Revenue	95	84	70	62	99	90	73	85
Gross profit	45	37	18	−0	18	7	7	16
Selling, general and administrative	13	13	15	13	13	18	15	19
Operating income	28	21	−1	−17	0	−17	−14	−7
Interest expense	5	—	5	1	0	—	1	1
Net interest income	−4	−4	−4	−1	−0	−0	−1	−1
Income before tax	24	17	−8	−18	−0	−17	−15	−9
Income tax	4	4	−1	−3	0	−2	−2	0
Net income	20	13	−6	−15	−1	−15	−13	−9
Diluted EPS	$0.20	$0.12	−$0.07	−$0.15	−$0.01	−$0.15	−$0.13	−$0.09
EBITDA	46	38	17	1	19	3	5	14

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.