Hfs - South was Target Hospitality’s largest segment in fiscal 2025, bringing in $141.69M of $320.64M (44%).
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Government | $360.29M | $403.72M | $224.65M | $70.79M | |||||
| Hfs - South | $132.37M | $148.68M | $149.93M | $141.69M | |||||
| Permian Basin | — | — | — | — | |||||
| Whs | — | — | — | $96.80M | |||||
| Tcpl Keystone | — | — | — | — | |||||
| Bakken Basin | — | — | — | — | |||||
| All Other | $9.32M | $11.21M | $11.69M | $11.35M | |||||
| Other Assets | — | — | — | — | |||||
| Total | $501.99M | $563.61M | $386.27M | $320.64M |
Target Hospitality brought in $320.64M from its four segments in fiscal 2025, the year ended December 31, 2025. Target Hospitality regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $386.27M. Hfs - South was the largest at $141.69M (44.2%), ahead of Whs at $96.80M (30.2%) and Government at $70.79M (22.1%). The remaining segment, All Other, brought in $11.35M.
Compared with fiscal 2024, every segment above 2% of revenue shrank. All Other held up best, down 2.9% to $11.35M, and Government fell the most, down 68.5% to $70.79M.
Target Hospitality began breaking out Whs in fiscal 2025, when it brought in $96.80M.
Target Hospitality (TH) reports its revenue by segment. In fiscal 2025, Hfs - South was its largest segment, bringing in $141.69M (44.2% of the total), followed by Whs at $96.80M (30.2%).
Hfs - South was Target Hospitality's largest segment in fiscal 2025, bringing in $141.69M, or 44.2% of the $320.64M total across its four segments.
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.