Target Hospitality Corp. — Financial Data
Annual figures from SEC EDGAR XBRL filings (10-K)
These figures are extracted directly from XBRL-tagged financial statements that Target Hospitality Corp. filed with the SEC as part of its annual 10-K reports. XBRL (eXtensible Business Reporting Language) is a structured data format the SEC requires for machine-readable financial disclosures. Values shown are as reported — negative figures indicate a loss and are shown in red.
Revenue
Total revenue from all business activities — the top line of the income statement. Represents all money earned before any expenses are deducted.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $320.64M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $386.27M | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | $563.61M | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | $501.99M | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | $291.34M | Mar 13, 2024 |
| FY2020 | Dec 31, 2020 | $51.61M | May 24, 2021 |
| FY2020 | Sep 30, 2020 | $48.26M | May 24, 2021 |
| FY2020 | Jun 30, 2020 | $53.62M | May 24, 2021 |
| FY2020 | Mar 31, 2020 | $71.66M | May 24, 2021 |
| FY2020 | Dec 31, 2019 | $76.11M | May 24, 2021 |
Revenue
Revenue recognized from contracts with customers under ASC 606, excluding taxes collected on behalf of government authorities. This is the primary revenue concept for many companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $274.83M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $265.91M | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | $365.63M | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | $333.70M | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | $214.43M | Mar 13, 2024 |
| FY2022 | Dec 31, 2020 | $172.20M | Mar 10, 2023 |
| FY2021 | Dec 31, 2019 | $261.27M | Mar 11, 2022 |
| FY2020 | Dec 31, 2018 | $186.87M | May 24, 2021 |
| FY2019 | Dec 31, 2017 | $75.42M | Mar 13, 2020 |
Gross Profit
Revenue minus the cost of goods sold (COGS). Gross profit shows how much revenue remains to cover operating expenses, R&D, and administrative costs before calculating operating income.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $42.66M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $178.18M | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | $313.32M | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | $247.13M | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | $101.35M | Mar 13, 2024 |
| FY2020 | Dec 31, 2020 | $10.09M | May 24, 2021 |
| FY2020 | Sep 30, 2020 | $11.72M | May 24, 2021 |
| FY2020 | Jun 30, 2020 | $8.20M | May 24, 2021 |
| FY2020 | Mar 31, 2020 | $27.15M | May 24, 2021 |
| FY2020 | Dec 31, 2019 | $31.53M | May 24, 2021 |
Net Income
The bottom-line profit — what remains after all operating expenses, interest, taxes, and other costs are deducted. A negative value means the company reported a net loss for the year.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($37.12M) | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $71.27M | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | $173.70M | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | $73.94M | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | ($4.58M) | Mar 13, 2024 |
| FY2020 | Dec 31, 2020 | ($9.32M) | May 24, 2021 |
| FY2020 | Sep 30, 2020 | ($7.60M) | May 24, 2021 |
| FY2020 | Jun 30, 2020 | ($13.67M) | May 24, 2021 |
| FY2020 | Mar 31, 2020 | $5.45M | May 24, 2021 |
| FY2020 | Dec 31, 2019 | $3.11M | May 24, 2021 |
Operating Income
Profit from core business operations before interest expense and income taxes (also known as EBIT). Excludes non-operating items, making it a cleaner measure of operational efficiency than net income.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | ($34.75M) | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $108.78M | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | $240.61M | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | $174.37M | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | $37.10M | Mar 13, 2024 |
| FY2020 | Dec 31, 2020 | ($2.56M) | May 24, 2021 |
| FY2020 | Sep 30, 2020 | ($948.0K) | May 24, 2021 |
| FY2020 | Jun 30, 2020 | ($6.45M) | May 24, 2021 |
| FY2020 | Mar 31, 2020 | $14.06M | May 24, 2021 |
| FY2020 | Dec 31, 2019 | $11.46M | May 24, 2021 |
SG&A Expense
Selling, general, and administrative expenses — the overhead costs of running the business, including salaries, marketing, legal fees, and corporate office costs. Excludes COGS and R&D.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $58.51M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $54.26M | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | $56.13M | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | $57.89M | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | $46.46M | Mar 13, 2024 |
| FY2022 | Dec 31, 2020 | $38.13M | Mar 10, 2023 |
| FY2020 | Dec 31, 2019 | $9.65M | May 24, 2021 |
| FY2020 | Sep 30, 2019 | $11.14M | May 24, 2021 |
| FY2020 | Jun 30, 2019 | $10.93M | May 24, 2021 |
| FY2020 | Mar 31, 2019 | $44.94M | May 24, 2021 |
Operating Cash Flow
Cash generated from core business operations — a more reliable measure of financial health than net income because it strips out non-cash items like depreciation and one-time charges.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $74.09M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $151.68M | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | $156.80M | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | $305.61M | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | $104.60M | Mar 13, 2024 |
| FY2022 | Dec 31, 2020 | $46.78M | Mar 10, 2023 |
| FY2021 | Dec 31, 2019 | $60.50M | Mar 11, 2022 |
| FY2020 | Dec 31, 2018 | $26.20M | May 24, 2021 |
| FY2018 | Dec 31, 2017 | $0 | Feb 28, 2019 |
Capital Expenditures (Capex)
Cash spent on acquiring or upgrading physical assets — property, equipment, and infrastructure. High capex businesses include manufacturing, telecom, and energy companies.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Jan 31, 2025 | $15.50M | Mar 11, 2026 |
| FY2024 | Apr 30, 2023 | $5.00M | Mar 26, 2025 |
| FY2024 | Jan 31, 2023 | $18.60M | Mar 26, 2025 |
| FY2023 | Sep 30, 2022 | $22.30M | Mar 13, 2024 |
Total Assets
The total value of everything the company owns or controls — cash, investments, receivables, property, equipment, and intangibles. Reported as of fiscal year end.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $530.21M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $725.77M | Mar 11, 2026 |
| FY2024 | Dec 31, 2023 | $694.35M | Mar 26, 2025 |
| FY2023 | Dec 31, 2022 | $771.73M | Mar 13, 2024 |
| FY2022 | Dec 31, 2021 | $513.39M | Mar 10, 2023 |
| FY2021 | Dec 31, 2020 | $534.24M | Mar 11, 2022 |
| FY2020 | Dec 31, 2019 | $600.79M | May 24, 2021 |
| FY2019 | Dec 31, 2018 | $565.03M | Mar 13, 2020 |
| FY2018 | Dec 31, 2017 | $242.1K | Feb 28, 2019 |
Total Liabilities
All financial obligations owed to outside parties — including debt, accounts payable, accrued expenses, and deferred revenue. Subtracting liabilities from total assets gives stockholders' equity.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $141.15M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $304.68M | Mar 11, 2026 |
| FY2024 | Dec 31, 2023 | $317.05M | Mar 26, 2025 |
| FY2023 | Dec 31, 2022 | $570.88M | Mar 13, 2024 |
| FY2022 | Dec 31, 2021 | $416.12M | Mar 10, 2023 |
| FY2021 | Dec 31, 2020 | $435.35M | Mar 11, 2022 |
| FY2020 | Sep 30, 2020 | $444.16M | May 24, 2021 |
| FY2020 | Jun 30, 2020 | $473.18M | May 24, 2021 |
| FY2020 | Mar 31, 2020 | $466.52M | May 24, 2021 |
| FY2020 | Dec 31, 2019 | $480.27M | May 24, 2021 |
Stockholders Equity
The net worth attributable to shareholders: total assets minus total liabilities. Also called book value. Can be negative if liabilities exceed assets, which is common in capital-intensive industries.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $389.26M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $421.08M | Mar 11, 2026 |
| FY2024 | Dec 31, 2023 | $377.31M | Mar 26, 2025 |
| FY2023 | Dec 31, 2022 | $200.85M | Mar 13, 2024 |
| FY2023 | Dec 31, 2021 | $97.27M | Mar 13, 2024 |
| FY2023 | Dec 31, 2020 | $98.89M | Mar 13, 2024 |
| FY2020 | Sep 30, 2020 | $107.33M | May 24, 2021 |
| FY2020 | Jun 30, 2020 | $114.01M | May 24, 2021 |
| FY2020 | Mar 31, 2020 | $126.67M | May 24, 2021 |
| FY2022 | Dec 31, 2019 | $120.52M | Mar 10, 2023 |
Goodwill
An intangible asset representing the premium paid above fair value when acquiring another company. A large goodwill balance signals a history of acquisitions at premium prices.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $41.04M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $41.04M | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | $41.04M | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | $41.04M | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | $41.04M | Mar 13, 2024 |
| FY2022 | Dec 31, 2020 | $41.04M | Mar 10, 2023 |
| FY2021 | Dec 31, 2019 | $41.04M | Mar 11, 2022 |
| FY2019 | Dec 31, 2018 | $34.18M | Mar 13, 2020 |
Retained Earnings
Cumulative net income kept by the company rather than distributed as dividends. A growing retained earnings balance indicates consistent profitability; a deficit indicates cumulative losses.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $295.26M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $332.38M | Mar 11, 2026 |
| FY2024 | Dec 31, 2023 | $261.12M | Mar 26, 2025 |
| FY2023 | Dec 31, 2022 | $87.68M | Mar 13, 2024 |
| FY2022 | Dec 31, 2021 | $13.74M | Mar 10, 2023 |
| FY2021 | Dec 31, 2020 | $18.32M | Mar 11, 2022 |
| FY2020 | Sep 30, 2020 | $27.64M | May 24, 2021 |
| FY2020 | Jun 30, 2020 | $35.24M | May 24, 2021 |
| FY2020 | Mar 31, 2020 | $48.91M | May 24, 2021 |
| FY2020 | Dec 31, 2019 | $43.45M | May 24, 2021 |
Cash & Equivalents
Highly liquid assets the company holds — cash on hand, bank balances, and short-term investments with maturities of three months or less. A key indicator of short-term financial health.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | $8.35M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | $190.67M | Mar 11, 2026 |
| FY2024 | Dec 31, 2023 | $103.93M | Mar 26, 2025 |
| FY2023 | Dec 31, 2022 | $181.67M | Mar 13, 2024 |
| FY2022 | Dec 31, 2021 | $23.41M | Mar 10, 2023 |
| FY2021 | Dec 31, 2020 | $6.98M | Mar 11, 2022 |
| FY2021 | Dec 31, 2019 | $6.79M | Mar 11, 2022 |
| FY2020 | Dec 31, 2018 | $12.19M | May 24, 2021 |
| FY2019 | Dec 31, 2017 | $12.53M | Mar 13, 2020 |
| FY2018 | Jul 11, 2017 | $0 | Feb 28, 2019 |
Long-Term Debt
Debt obligations due more than one year from the balance sheet date — bonds, term loans, and notes payable. High long-term debt relative to equity can signal elevated financial leverage.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2021 | Dec 31, 2021 | $341.43M | Mar 11, 2022 |
| FY2020 | Dec 31, 2020 | $391.84M | May 24, 2021 |
| FY2019 | Dec 31, 2019 | $421.99M | Mar 13, 2020 |
EPS (Basic)
Net income divided by the weighted average shares outstanding. Basic EPS does not account for dilutive securities like options or convertible bonds — use diluted EPS for a more conservative view.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 0 | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | 0 | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | 1 | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | 0 | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | 0 | Mar 13, 2024 |
| FY2022 | Dec 31, 2020 | 0 | Mar 10, 2023 |
| FY2021 | Dec 31, 2019 | 0 | Mar 11, 2022 |
EPS (Diluted)
Net income divided by the fully diluted share count — including all potential shares from options, warrants, and convertible instruments. The more conservative and widely cited EPS figure.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 0 | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | 0 | Mar 11, 2026 |
| FY2025 | Dec 31, 2023 | 1 | Mar 11, 2026 |
| FY2024 | Dec 31, 2022 | 0 | Mar 26, 2025 |
| FY2023 | Dec 31, 2021 | 0 | Mar 13, 2024 |
| FY2022 | Dec 31, 2020 | 0 | Mar 10, 2023 |
| FY2021 | Dec 31, 2019 | 0 | Mar 11, 2022 |
Shares Outstanding
Total common shares issued and held by all shareholders, excluding treasury shares. Combined with market price gives market capitalization.
| Fiscal Year | Period End | Value | Filed |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 99.80M | Mar 11, 2026 |
| FY2025 | Dec 31, 2024 | 98.95M | Mar 11, 2026 |
| FY2024 | Dec 31, 2023 | 101.66M | Mar 26, 2025 |
| FY2023 | Dec 31, 2022 | 100.32M | Mar 13, 2024 |
| FY2022 | Dec 31, 2021 | 101.95M | Mar 10, 2023 |
| FY2021 | Dec 31, 2020 | 101.17M | Mar 11, 2022 |
| FY2020 | Dec 31, 2019 | 100.84M | May 24, 2021 |
| FY2019 | Dec 31, 2018 | 74.79M | Mar 13, 2020 |