Target Hospitality Corp. (TH) Revenue History
Annual and quarterly revenue from 2016 to 2025
Compound Annual Growth Rate (CAGR)
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TH Revenue Growth
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)
As of May 6, 2026, Target Hospitality Corp. (TH) generated trailing twelve-month (TTM) revenue of $320.6 million, reflecting solid growth of +7.3% year-over-year. The most recent quarter (Q4 2025) recorded $89.8 million in revenue, down 9.6% sequentially.
Looking at the longer-term picture, TH's 5-year compound annual growth rate (CAGR) stands at +7.3%, indicating steady revenue expansion. The company achieved its highest annual revenue of $563.6 million in 2023.
Revenue diversification analysis shows TH's business is primarily driven by Service (80%), and Hotel (20%). With over half of revenue concentrated in Service, the company maintains significant focus in this area while developing other growth vectors.
When compared to Industrials sector peers including MGRC (+3.1% YoY), WSC (-4.8% YoY), and CEVA (+5.5% YoY), TH has outperformed the peer group in terms of 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 | $321M | +7.3% | +7.3% | -10.0% | |
 MGRC | $944M | +3.1% | +10.5% | 25.9% | |
 WSC | $2.3B | -4.8% | +12.4% | 21.4% | |
 CEVA | $107M | +5.5% | +4.2% | -7.1% | |
 STWD | $1.9B | -7.4% | +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% | $26.5M | 8.3% | $-32,052,999 | -10.0% |
| 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% |
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Start ComparisonTH — Frequently Asked Questions
Quick answers to the most common questions about buying TH stock.
Is TH's revenue growth accelerating or slowing?
TH maintains +7.3% revenue growth, in line with its 5-year CAGR of +7.3%. TTM revenue stands at $321M. Growth rate remains consistent with historical average.
What is TH's long-term revenue growth rate?
Target Hospitality Corp.'s 5-year revenue CAGR of +7.3% reflects the sustained expansion pattern. Current YoY growth of +7.3% is near this long-term average.
How is TH's revenue distributed by segment?
TH reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2016-2025 are available for download. Segment mix reveals concentration and diversification trends.