Target Hospitality Corp. (TH) Revenue History
Annual and quarterly revenue from 2016 to present
TH Revenue Over Time (2016–2025)
TH Revenue Growth History
5 of 9 years with positive growth- FY2016 revenue growth
- N/A
- FY2017 revenue growth
- -10.2%
- FY2018 revenue growth
- +79.2%
- FY2019 revenue growth
- +33.5%
- FY2020 revenue growth
- -29.9%
- FY2021 revenue growth
- +29.4%
- FY2022 revenue growth
- +72.3%
- FY2023 revenue growth
- +12.3%
- FY2024 revenue growth
- -31.5%
- FY2025 revenue growth
- -17.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $72.8M | +4.1% |
| Q4 2025 | $89.8M | +7.3% |
| Q3 2025 | $99.4M | +4.4% |
| Q2 2025 | $61.6M | -38.8% |
| Q1 2025 | $69.9M | -34.5% |
| Q4 2024 | $83.7M | -33.7% |
| Q3 2024 | $95.2M | -34.8% |
| Q2 2024 | $100.7M | -29.9% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
TH's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
TH Revenue Analysis (2016–2025)
Current Revenue & Growth
As of June 21, 2026, Target Hospitality Corp. (TH) generated trailing twelve-month (TTM) revenue of $323.5 million, reflecting modest growth of +4.1% year-over-year. The most recent quarter (Q1 2026) recorded $72.8 million in revenue, down 18.9% sequentially.
Historical Growth Trajectory
TH's 5-year compound annual growth rate (CAGR) stands at +7.3%, indicating steady revenue expansion. The 3-year CAGR of -13.9% is below the 5-year average, signalling a growth deceleration in recent years. Target Hospitality Corp.'s highest annual revenue of $563.6 million was recorded in 2023.
Revenue by Segment
TH's revenue is primarily driven by Service (80%), and Hotel (20%). With over half of revenue concentrated in Service, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Industrials sector peers — including MGRC (+3.1% YoY), WSC (-4.1% YoY), and CEVA (+3.0% YoY) — TH has outperformed the peer group in revenue growth. Compare TH vs MGRC →
TH Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| THCurrent | $324M | +4.1% | +7.3% | -8.8% | |
 MGRC | $944M | +3.1% | +10.5% | 25.9% | |
 WSC | $2.3B | -4.1% | +12.4% | 21.4% | |
 CEVA | $110M | +3.0% | +1.8% | -10.4% | |
 STWD | $1.9B | +7.6% | +10.6% | 76.2% | |
 URI | $16.1B | +5.0% | +13.5% | 24.7% |
TH Historical Revenue Data (2016–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $320.6M | -17.0% | $13.0M | 4.0% | $-28,272,000 | -8.8% |
| 2024 | $386.3M | -31.5% | $178.2M | 46.1% | $108.8M | 28.2% |
| 2023 | $563.6M | +12.3% | $313.3M | 55.6% | $240.6M | 42.7% |
| 2022 | $502.0M | +72.3% | $247.1M | 49.2% | $174.4M | 34.7% |
| 2021 | $291.3M | +29.4% | $101.3M | 34.8% | $37.1M | 12.7% |
| 2020 | $225.1M | -29.9% | $57.2M | 25.4% | $4.1M | 1.8% |
| 2019 | $321.1M | +33.5% | $147.0M | 45.8% | $48.0M | 14.9% |
| 2018 | $240.6M | +79.2% | $90.2M | 37.5% | $40.9M | 17.0% |
| 2017 | $134.2M | -10.2% | $53.0M | 39.5% | $21.5M | 16.0% |
| 2016 | $149.5M | - | $97.4M | 65.2% | $40.3M | 27.0% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
10+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
TH — Frequently Asked Questions
Quick answers to the most common questions about buying TH stock.
Is TH's revenue growth accelerating or slowing?
TH revenue growth is slowing. TTM revenue is $324M, up +4.1% year-over-year — below the 5-year CAGR of +7.3%. The deceleration suggests maturing end-markets or increased competition.
What is TH's revenue history from 2016 to 2026?
Target Hospitality Corp. (TH) revenue history spans 2016 to 2026. TTM revenue as of 2026 is $324M, growing at +4.1% YoY. The 5-year CAGR is +7.3%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is TH's long-term revenue growth rate (CAGR)?
Target Hospitality Corp.'s 5-year revenue CAGR of +7.3% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of +4.1% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for TH.
Why does TH's quarterly revenue fluctuate?
TH quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Target Hospitality Corp.'s revenue data from 2016 to 2026 shows full historical quarterly detail on this page.
How is TH's revenue distributed by segment?
TH reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does TH's revenue compare to industry peers?
Target Hospitality Corp. (TH) with TTM revenue of $324M and +4.1% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.