Hfs - South was Target Hospitality’s largest segment in fiscal 2025, bringing in $270.71M of $539.34M (50%).
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Hfs - South | $252.27M | $285.33M | $270.71M | |||||
| Hospitality & Facilities Services South | — | — | — | |||||
| Government | $396.50M | $423.51M | $71.34M | |||||
| Whs | — | — | $174.59M | |||||
| Permian Basin | — | — | — | |||||
| Tcpl Keystone | — | — | — | |||||
| Bakken Basin | — | — | — | |||||
| Hospitality & Facilities Services Midwest | — | — | — | |||||
| All Other | $18.64M | $22.42M | $22.69M | |||||
| Other Assets | — | — | — | |||||
| Total | $667.40M | $731.25M | $539.34M |
Target Hospitality brought in $539.34M from its four segments in fiscal 2025, the year ended December 31, 2025. That is less than the $619.90M it reports by product and service, so these segments do not cover all of its revenue. Hfs - South was the largest at $270.71M (50.2%), ahead of Whs at $174.59M (32.4%) and Government at $71.34M (13.2%). The remaining segment, All Other, brought in $22.69M.
Compared with fiscal 2023, the previous year with figures, All Other grew fastest, up 1.2% to $22.69M, while Government fell the most, down 83.2% to $71.34M. Some of that change comes from Target Hospitality regrouping its segments.
Target Hospitality began breaking out Whs in fiscal 2025, when it brought in $174.59M.
Services was Target Hospitality’s largest product and service line in fiscal 2025, bringing in $270.71M of $619.90M (44%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Services | $423.51M | $752.57M | $270.71M | ||||
| Construction Fee Income | — | — | $174.59M | ||||
| Construction Fee | — | — | $174.59M | ||||
| Total | $423.51M | $752.57M | $619.90M |
Target Hospitality brought in $619.90M from its three product and service lines in fiscal 2025, the year ended December 31, 2025. Target Hospitality regrouped these lines after fiscal 2024, so the total does not compare directly with that year's $752.57M. Services was the largest at $270.71M (43.7%), ahead of Construction Fee Income at $174.59M (28.2%) and Construction Fee at $174.59M (28.2%).
Target Hospitality began breaking out Construction Fee Income in fiscal 2025, when it brought in $174.59M.
Target Hospitality (TH) reports its revenue by segment and by product and service. In fiscal 2025, Hfs - South was its largest segment, bringing in $270.71M (50.2% of the total), followed by Whs at $174.59M (32.4%).
Hfs - South was Target Hospitality's largest segment in fiscal 2025, bringing in $270.71M, or 50.2% of the $539.34M total across its four segments.
Services was Target Hospitality's largest product and service line in fiscal 2025, bringing in $270.71M, or 43.7% of the $619.90M total across its three product and service lines.
Every figure comes from Target Hospitality's annual financial filings, as reported. Each line keeps the name Target Hospitality gives it, and years follow its fiscal calendar.
Target Hospitality's revenue by segment goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.