Target Hospitality (TH) Operating Expenses (2018 - 2026)
Target Hospitality's Operating Expenses was $36.17 million in Q2 2026, up 37.8% from $26.25 million a year earlier and up 20.0% from the prior quarter.
Powered by 
Analysis
Target Hospitality (TH) Operating Expenses (2018 - 2026) Analysis & Trends
On a trailing twelve-month basis, Target Hospitality's Operating Expenses was $127.27 million through Jun 30, 2026, up 17.6% year-over-year; for FY2025, it was $115.69 million, up 3.8% from FY2024.
- Operating Expenses shows a five-year compound annual growth rate of 5.6% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $111.42 million in FY2024 (-10.7%), $124.75 million in FY2023 (+12.7%), $110.73 million in FY2022 (+10.6%) and $100.07 million in FY2021 (+13.6%).
- The Q2 2026 figure marks the highest quarterly Operating Expenses since Q1 2019.
- Compared with a year earlier, Operating Expenses has increased for three straight quarters, with growth averaging 4.9% over the last eight quarters.
- The best year-over-year quarter for Operating Expenses over five years was Q2 2026 (growth of 37.8%); the worst was Q3 2024 (a decline of 16.9%).
- Per Business Quant data, TH's Operating Expenses in the three quarters before Q2 2026 was $30.13 million (Q1 2026), $33.68 million (Q4 2025) and $27.29 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | United Rentals | 65.49 Bn | 64.25 Bn | 1.73 Bn | 1.18 Bn |
| 2 | W.W. Grainger | 62.91 Bn | 60.50 Bn | 1.98 Bn | 1.18 Bn |
| 3 | Fastenal | 59.24 Bn | 58.17 Bn | 1.06 Bn | 561.80 Mn |
| 4 | Ferguson Enterprises | 44.15 Bn | 41.37 Bn | 2.32 Bn | 1.61 Bn |
| 5 | Sunbelt Rentals Holdings | 31.50 Bn | 31.38 Bn | 1.25 Bn | 989.00 Mn |
| 6 | Reliance | 21.26 Bn | 20.29 Bn | 1.30 Bn | 4.19 Bn |
| 7 | Wesco International | 16.69 Bn | 14.01 Bn | 1.46 Bn | 1.02 Bn |
| 8 | Applied Industrial Technologies | 12.37 Bn | 12.24 Bn | 411.22 Mn | 251.91 Mn |
| 9 | Watsco | 11.48 Bn | 9.16 Bn | 578.93 Mn | 348.99 Mn |
| 10 | Target Hospitality | 1.56 Bn | 1.51 Bn | 15.80 Mn | 36.17 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 36.17 Mn |
| Mar 31, 2026 | 30.13 Mn |
| Dec 31, 2025 | 33.68 Mn |
| Sep 30, 2025 | 27.29 Mn |
| Jun 30, 2025 | 26.25 Mn |
| Mar 31, 2025 | 28.48 Mn |
| Dec 31, 2024 | 26.15 Mn |
| Sep 30, 2024 | 27.38 Mn |
| Jun 30, 2024 | 28.26 Mn |
| Mar 31, 2024 | 29.64 Mn |
| Dec 31, 2023 | 27.58 Mn |
| Sep 30, 2023 | 32.93 Mn |
| Jun 30, 2023 | 31.45 Mn |
| Mar 31, 2023 | 32.80 Mn |
| Dec 31, 2022 | 32.19 Mn |
| Sep 30, 2022 | 31.02 Mn |
| Jun 30, 2022 | 22.96 Mn |
| Mar 31, 2022 | 24.56 Mn |
| Dec 31, 2021 | 23.59 Mn |
| Sep 30, 2021 | 27.12 Mn |
API Access
Target Hospitality Operating Expenses 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=operating-expenses&ticker=TH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=TH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();