Target Hospitality (TH) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Target Hospitality published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Q3 2025 Government revenue included a contract close-out payment of approximately $11.8 million on the PCC contract, which did not recur in Q3 2026.
• Income tax expense of $8.0 million on a pretax loss of $1.2 million made the Q3 2026 effective tax rate (681.6)%, so most of the net loss is tax expense.

Source: Target Hospitality Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Target Hospitality splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Target Hospitality's Workforce Hospitality Solutions revenue was $79.5 million in Q3 2026, up 116% from $36.8 million in Q3 2025, 62% of total revenue.
• Target Hospitality's Hospitality & Facilities Services - South revenue was $32.6 million in Q3 2026, down 8% from $35.6 million in Q3 2025, 25% of total revenue.
• Target Hospitality's Government revenue was $13.7 million in Q3 2026, down 43% from $23.9 million in Q3 2025, 11% of total revenue.
• Target Hospitality's All Other revenue was $3.2 million in Q3 2026, up 6% from $3.0 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Target Hospitality reaffirmed its full-year 2026 outlook, which also calls for Adjusted EBITDA between $105 and $115 million. The (1) in the last quote is the release's footnote marking Adjusted EBITDA as a non-GAAP measure.

In its Q3 2026 release, Target Hospitality said:

“Total revenue between $435 and $445 million”

“Total Capital Expenditures between $490 and $510 million, excluding acquisitions”

“Together, these factors position the Company to achieve annualized revenue exceeding $750 million and annualized Adjusted EBITDA (1) above $300 million exiting 2027.”

Source: Target Hospitality Q3 2026 release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TH forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and GAAP diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Target Hospitality's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

Target Hospitality builds and runs modular workforce communities, providing accommodations, catering and other hospitality services for workers at remote industrial projects and for a U.S. government program. Its Workforce Hospitality Solutions (WHS) segment, which serves AI data center, power generation and other large industrial projects, became the largest in Q3 2026 with revenue of $79.5 million, up 116% from $36.8 million. Total revenue was $129.1 million, up 30%. (Target Hospitality Q3 2026 release, Nov 9, 2026; Target Hospitality Form 10-Q, Q3 2026, Nov 9, 2026)

WHS average utilized beds rose to 6,222 from 127 a year earlier, at an average daily rate of $132.04 against $108.15, and utilization of 97%. Target Hospitality said it has secured more than $1.7 billion of multi-year contract awards since January 2026, covering more than 10,000 beds, and that scope expansions have raised total contract value by more than 10% over initial terms. (Target Hospitality Q3 2026 release, Nov 9, 2026)

The older businesses shrank. Hospitality & Facilities Services - South, which serves the Permian Basin in western Texas and southeast New Mexico, had revenue of $32.6 million against $35.6 million as average utilized beds fell to 4,844 from 5,429, partly because Target moved assets to WHS contracts. Government revenue was $13.7 million against $23.9 million, because Q3 2025 included a contract close-out payment of approximately $11.8 million on the PCC contract. The Government segment now centers on the DIPC community in Dilley, Texas. (Target Hospitality Q3 2026 release, Nov 9, 2026; Target Hospitality Form 10-Q, Q3 2026, Nov 9, 2026; Target Hospitality Form 10-K, 2025, Mar 11, 2026)

By type of income, specialty rental income jumped to $64.9 million from $7.8 million, services income rose to $63.3 million from $56.0 million, and construction fee income fell to $923 thousand from $35.6 million. Two customers accounted for 14% and 12% of revenue in the first nine months of 2026. (Target Hospitality Q3 2026 release, Nov 9, 2026; Target Hospitality Form 10-Q, Q3 2026, Nov 9, 2026)

Target Hospitality's net loss attributable to common stockholders was $9.2 million in Q3 2026, or $0.09 per share, against $0.8 million, or $0.01, a year earlier. Operating income was $3.0 million against $69 thousand, but income tax expense of $8.0 million on a pretax loss of $1.2 million turned a small pretax loss into a larger net loss. The 10-Q puts the quarter's effective tax rate at (681.6)%. (Target Hospitality Q3 2026 release, Nov 9, 2026; Target Hospitality Form 10-Q, Q3 2026, Nov 9, 2026)

Target Hospitality reports Adjusted EBITDA, not an adjusted EPS. Adjusted EBITDA was $34.2 million, up 59%, and the margin expanded approximately 480 basis points to 27%, which the company attributed to WHS growth, the end of the ramp-up at its Dilley community and a shift toward higher-margin hospitality services. (Target Hospitality Q3 2026 release, Nov 9, 2026)

The WHS build-out is capital intensive. Target invested approximately $246 million in capital expenditures in Q3 2026, funded in part by customer advance payments, and had approximately $223 million drawn on a new $660 million asset-based revolving credit facility at September 30, 2026. Depreciation of specialty rental assets rose to $21.3 million from $14.4 million. Basic and diluted weighted shares were 99,899,726. (Target Hospitality Q3 2026 release, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Target Hospitality reaffirmed its full-year 2026 outlook: total revenue between $435 and $445 million, Adjusted EBITDA between $105 and $115 million and total capital expenditures between $490 and $510 million, excluding acquisitions. Revenue for the first nine months was $287.3 million, so the revenue range implies Q4 2026 revenue of roughly $147.7 million to $157.7 million. (Target Hospitality Q3 2026 release, Nov 9, 2026)

Target also projects annualized revenue exceeding $750 million and annualized Adjusted EBITDA above $300 million exiting 2027, which it says is based entirely on its existing contract portfolio and assumes nothing from its pipeline of more than 25,000 beds of potential opportunities. (Target Hospitality Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Target Hospitality, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Target Hospitality's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TH is on is TH a buy or a sell?, what analysts expect next is on the TH forecast, and what the company does is on the Target Hospitality (TH) stock page.

Every number on this page can be traced to a document Target Hospitality published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.