PR Newswire·Nov 9, 2026, 6:45 AM ET

Target Hospitality Announces Third Quarter 2026 Results Reflecting Execution at Scale and Building Momentum on Continued Strategic Transformation

Target Hospitality reported third-quarter 2026 revenue of $129.1 million, a 30% year-over-year increase.
The company recorded a net loss of $9.2 million for the quarter, or $0.09 per share.
Adjusted EBITDA reached $34.2 million, up 59% year-over-year, with margins expanding 480 basis points to 27%.
Since January 2026, Target secured over $1.7 billion in multi-year contract awards representing more than 10,000 beds.
The Workforce Hospitality Solutions segment now has more than 6,200 utilized beds.
Year-to-date net cash provided by operating activities was $154.2 million, driven by customer advance payments.
Total liquidity stood at approximately $440 million with a net leverage ratio of 1.4x as of September 30, 2026.
Capital expenditures for the quarter were approximately $246 million, primarily funding long-term WHS contracts.
The Workforce Hospitality Solutions segment revenue surged 116% to $79.5 million with a 97% utilization rate.
Full-year 2026 revenue is forecast between $435 million and $445 million.
Full-year 2026 Adjusted EBITDA is projected between $105 million and $115 million.
The company maintains a pipeline of potential opportunities exceeding 25,000 beds across data centers, power generation, & critical infrastructure.
Scope expansions on existing WHS contracts increased total contract value by more than 10% over initial terms.