Target Hospitality (TH) Cost of Revenue (2018 - 2026)
Target Hospitality (TH) recorded Cost of Revenue of $52.64 million in Q2 2026, down 11.3% from $59.35 million a year earlier but up 12.6% from the prior quarter.
Powered by 
Analysis
Target Hospitality (TH) Cost of Revenue (2018 - 2026) Analysis & Trends
On a TTM basis, Target Hospitality's Cost of Revenue came in at $230.39 million as of Jun 30, 2026, up 35.2% year-over-year; for FY2025, it came in at $209.35 million, up 38.7% from FY2024.
- Annual Cost of Revenue has a five-year compound annual growth rate of 12.1% (FY2020 to FY2025).
- Across earlier years, Cost of Revenue came in at $150.93 million in FY2024 (-16.9%), $181.66 million in FY2023 (-10.1%), $202.02 million in FY2022 (+48.1%) and $136.38 million in FY2021 (+15.5%).
- Quarterly Cost of Revenue has ranged from $33.14 million in Q4 2024 to $67.04 million in Q3 2025 over the past five years.
- On a year-over-year basis, Cost of Revenue rose in four of the last eight quarters, with growth averaging 23.1%.
- Peak year-over-year performance for Cost of Revenue in the last five years was growth of 93.0% in Q4 2025, against a decline of 36.0% in Q3 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at $46.74 million (Q1 2026), $63.97 million (Q4 2025) and $67.04 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | United Rentals | 67.37 Bn | 66.13 Bn | 1.73 Bn | 2.68 Bn |
| 2 | W.W. Grainger | 60.32 Bn | 58.30 Bn | 1.98 Bn | 3.04 Bn |
| 3 | Fastenal | 58.24 Bn | 57.16 Bn | 1.06 Bn | 1.32 Bn |
| 4 | Ferguson Enterprises | 43.34 Bn | 40.56 Bn | 2.32 Bn | 5.15 Bn |
| 5 | Sunbelt Rentals Holdings | 31.62 Bn | 31.50 Bn | 1.25 Bn | 1.87 Bn |
| 6 | Reliance | 20.43 Bn | 19.48 Bn | 1.30 Bn | 3.33 Bn |
| 7 | Wesco International | 18.60 Bn | 15.91 Bn | 1.46 Bn | 5.21 Bn |
| 8 | Applied Industrial Technologies | 12.64 Bn | 12.52 Bn | 411.22 Mn | 941.47 Mn |
| 9 | Watsco | 10.59 Bn | 8.75 Bn | 578.93 Mn | 1.53 Bn |
| 10 | Target Hospitality | 1.89 Bn | 1.84 Bn | 15.80 Mn | 52.64 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 52.64 Mn |
| Mar 31, 2026 | 46.74 Mn |
| Dec 31, 2025 | 63.97 Mn |
| Sep 30, 2025 | 67.04 Mn |
| Jun 30, 2025 | 59.35 Mn |
| Mar 31, 2025 | 41.96 Mn |
| Dec 31, 2024 | 33.14 Mn |
| Sep 30, 2024 | 35.92 Mn |
| Jun 30, 2024 | 39.05 Mn |
| Mar 31, 2024 | 42.82 Mn |
| Dec 31, 2023 | 48.60 Mn |
| Sep 30, 2023 | 41.53 Mn |
| Jun 30, 2023 | 43.27 Mn |
| Mar 31, 2023 | 48.26 Mn |
| Dec 31, 2022 | 52.23 Mn |
| Sep 30, 2022 | 64.93 Mn |
| Jun 30, 2022 | 45.24 Mn |
| Mar 31, 2022 | 39.62 Mn |
| Dec 31, 2021 | 39.51 Mn |
| Sep 30, 2021 | 41.27 Mn |
API Access
Target Hospitality Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=TH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "TH", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=TH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();