Target Hospitality Corp. revenue by segment TH

Annual Quarterly

Target Hospitality Corp. splits its revenue 2 ways in its filings. By operating segments, the largest line in fiscal 2025, which ended Dec 31, 2025 was Hospitality And Facilities Services South at $135.4 million, 49% of the total. By sales mix, the largest line in fiscal 2025, which ended Dec 31, 2025 was Services at $187.5 million, 68% of the total.

USD in millions. The percent under a figure is the change from the year before.

Line	FY 2026 Jun 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018
Revenue	276	275	266	366	334	214	172	261	241
Operating segments
Hospitality And Facilities Services South	130 -7.3% share 47.1%	135 -5.9% share 49.3%	144 +0.8% share 54.1%	143 +13.1% share 39.0%	126 +16.6% share 37.8%	108 +9.4% share 50.5%	99 -49.7% share 57.4%	197 share 75.2%	—
Workforce Hospitality Solutions	105 share 38.1%	92 share 33.6%	—	—	—	—	—	—	—
Government	30 -52.5% share 10.8%	36 -67.7% share 13.0%	110 -47.9% share 41.5%	212 +6.8% share 57.9%	198 +125.0% share 59.4%	88 +274.4% share 41.1%	24 -6.1% share 13.7%	25 share 9.6%	—
All Other Segments	11 -12.3% share 4.1%	11 -2.9% share 4.1%	12 +4.3% share 4.4%	11 +20.3% share 3.1%	9 -48.6% share 2.8%	18 +1353.8% share 8.5%	1 -61.9% share 0.7%	3 share 1.3%	—
Sales mix
Services	195 -9.8% share 70.8%	188 -29.5% share 68.2%	266 -27.3% share 100.0%	366 +9.6% share 100.0%	334 +64.3% share 100.0%	203 +53.4% share 94.7%	132 -45.5% share 76.9%	243 share 92.9%	—
Construction Fee Income	81 share 29.2%	87 share 31.8%	—	—	—	—	—	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions. Each group is a separate split of total revenue, so the groups are not added together. Share of revenue is that line divided by total revenue. The first column adds the latest year-to-date segment amount to the last fiscal year and subtracts the year-ago year-to-date amount. More on our methodology.

Company profile

Industry: Hotels, Rooming Houses, Camps & Other Lodging Places (SIC 7000)
Listed as: TH (Nasdaq)
Fiscal year ends: December 31
Incorporated in: DE
Headquarters: The Woodlands, TX
SEC filer status: Accelerated filer
SEC CIK: 1712189
Former names: Platinum Eagle Acquisition Corp. (until Mar 15, 2019)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.