Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
November 11, 2026
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for the Six Months Ended September 30, 2026 (IFRS, Unaudited)
Tokyo, November 11, 2026 ― Recruit Holdings Co., Ltd. announced today its consolidated financial results for the six months ended
September 30, 2026 (April 1, 2026 to September 30, 2026)
Consolidated Operating Results  
Six Months Ended September 30,
  % change
(In billions of yen, unless otherwise stated)
2025
2026
Revenue
1,793.5
2,139.9
19.3 %
EBITDA+S
394.5
590.8
49.7 %
Operating income
313.5
513.7
63.9 %
Profit before tax
322.9
528.0
63.5 %
Profit for the period
248.3
411.4
65.7 %
Profit attributable to owners of the parent
248.3
411.6
65.7 %
Total comprehensive income
260.5
376.7
44.6 %
Basic EPS (yen)
173.12
296.01
71.0 %
Diluted EPS (yen)
171.70
293.06
70.7 %
EBITDA+S = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment
expenses ± other operating income/expenses
Consolidated Financial Position
(In billions of yen, unless otherwise stated)
As of March 31, 2026
As of September 30, 2026
Total assets
2,789.0
2,970.6
Total equity
1,594.5
1,841.7
Equity attributable to owners of the parent
1,583.3
1,828.7
Ratio of equity attributable to owners of the parent (%)
56.8
61.6
Dividends
(In yen)
FY2025
FY2026
FY2026(Guidance)
At the end of Q1
-
-
-
At the end of Q2
12.50
13.00
-
At the end of Q3
-
-
-
At the end of Q4
12.50
-
13.00
Total
25.00
-
26.00
Consolidated Financial Guidance for FY2026
(In billions of yen, unless otherwise stated)
FY2026 Full-year
Guidance
Year over year
% change
Revenue
4,230.0
14.4%
Gross Profit
2,595.0
18.6%
EBITDA+S
1,105.0
39.1%
Operating income
945.0
49.9%
Profit attributable to owners of the parent
755.0
51.9%
Basic EPS (yen)
543.00
55.2%
While HR Technology is expected to exceed its full-year outlook announced on August 7, 2026, the Company has maintained its
consolidated financial guidance for FY2026 due to the limited impact on consolidated results. Please refer to page 7, "2. Qualitative
Information on Consolidated Financial Guidance" for more details.
1
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
Changes in Significant Subsidiaries Resulting from Change in Scope of Consolidation
There were no changes in significant subsidiaries resulting from changes in the scope of consolidation.
Changes in Accounting Policies and Changes in Accounting Estimates
There has been no change in: (1) accounting policies required by IFRS, (2) accounting policies other than the foregoing item (1), and (3)
accounting estimates.
Number of Issued Shares - Common Stock
As of March 31, 2026
As of September 30, 2026
Number of issued shares including treasury stock
1,472,504,149
1,472,504,149
Number of treasury stock1
76,290,824
86,326,031
Six Months Ended
September 30, 2025
Six Months Ended
September 30, 2026
Average number of shares during the period
1,434,739,275
1,390,584,756
1 The number of treasury stock 86,326,031 as of September 30, 2026 includes treasury stock held by the Company (44,468,480 shares)
and the Company’s stock held in the trust account of the Board Incentive Plan (“BIP”) trust and the Employee Stock Ownership Plan
(“ESOP”) trust (41,857,551 shares).
Definition of the Abbreviation
Abbreviation
Definition
Recruit Holdings, the Holding Company
Recruit Holdings Co., Ltd. on a standalone basis
the Company, Recruit Group, We, Our
Recruit Holdings Co., Ltd. and its consolidated subsidiaries
Q1
Three-month period from April 1 to June 30
Q2
Three-month period from July 1 to September 30
Q3
Three-month period from October 1 to December 31
Q4
Three-month period from January 1 to March 31
FY2025
Fiscal year from April 1, 2025 to March 31, 2026
FY2026
Fiscal year from April 1, 2026 to March 31, 2027
Supplementary Information
All comparisons in this report are year over year unless otherwise stated.
Average Exchange Rate during the Period
FY2025
FY2026
(In yen)
Q1
Q2
Q3
Q4
Q1
Q2
US dollar
144.48
147.47
154.07
156.92
159.38
159.19
Euro
163.91
172.38
179.36
183.61
185.27
183.19
Australian dollar
92.57
96.48
101.16
108.96
113.06
112.41
2
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
The Japanese-language originals of the attached consolidated quarterly financial statements have been voluntarily reviewed
by certified public accountants or an audit firm.
Forward-Looking Statements
This document contains forward-looking statements, which reflect the Company's assumptions and outlook for the future and
estimates based on information available to the Company and the Company's plans and expectations as of the date of this document
or other date indicated. There can be no assurance that the relevant forecasts and other forward-looking statements will be achieved.
Please note that significant differences between the forecasts and other forward-looking statements and actual results may arise due
to various factors, many of which are outside the Company’s control, including changes in economic conditions, changes in individual
users’ preferences and business clients' needs, competition, changes in the legal and regulatory environment including changes in
laws and regulations or guidance, interpretation, enforcement or practice relating to laws and regulations, fluctuations in foreign
exchange rates, climate change or other changes in the natural environment, the occurrence of large-scale natural disasters, and other
factors. Accordingly, readers are cautioned against placing undue reliance on any such forward-looking statements. The Company has
no obligation to update or revise any information contained in this document based on any subsequent developments except as
required by applicable law or stock exchange rules and regulations.
Note Regarding Reference Translation
This document has been translated from the Japanese language original for reference purposes only and may not be used or
disclosed for any other purpose without the Company’s prior written consent. In the event of any conflict or discrepancy between this
translated document and the Japanese language original, the Japanese language original shall prevail in all respects. The Company
makes no representations regarding the accuracy or completeness of this translation and assumes no responsibility for any losses or
damages arising from the use of this translation.
Third-Party Information
This document includes information derived from or based on third-party sources, including information about the markets in which the
Company operates. These statements are based on statistics and other information from third-party sources as cited herein, and the
Company has not independently verified and cannot assure the accuracy or completeness of any information derived from or based on
third-party sources.
U.S. Disclaimer – Unsponsored American Depositary Receipt (“ADR“)
The Company does not support or encourage, and has not consented to, the creation of any unsponsored ADR facilities in respect of
its securities and in any event disclaims any liability in connection with an unsponsored ADR. The Company does not represent to any
depositary institution, bank or anyone nor should any such entity rely on a belief that the Web site of the Company includes all
published information in English, currently, and on an ongoing basis, required to claim an exemption under U.S. Exchange Act Rule
12g3-2(b).
A full set of materials regarding FY2026 results announcement is posted on https://recruit-holdings.com/en/ir/financials/
Contact
Investor Relations
+81-3-3511-6383
Recruit_HD_IR@r.recruit.co.jp
3
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
Table of Contents
1.
Management’s Discussion and Analysis
5
Consolidated Results of Operations
5
Results of Operations by Segment
5
Analysis of Consolidated Financial Position
6
Analysis of Consolidated Cash Flows
6
2.
Qualitative Information on Consolidated Financial Guidance
7
3.
Condensed Consolidated Financial Statements and Primary Notes for the Six-Month Period
8
Condensed Consolidated Statements of Financial Position for the Six-Month Period
8
Condensed Consolidated Statements of Profit or Loss for the Six-Month Period
9
Condensed Consolidated Statements of Comprehensive Income for the Six-Month Period
10
Condensed Consolidated Statements of Changes in Equity for the Six-Month Period
11
Condensed Consolidated Statements of Cash Flows for the Six-Month Period
13
Notes to Condensed Consolidated Financial Statements for the Six-Month Period
14
4
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
1. Management’s Discussion and Analysis
Consolidated Results of Operations
Consolidated revenue for the first half of FY2026 increased 19.3% year over year to 2,139.9 billion yen. Consolidated revenue
increased in all three segments: HR Technology, Staffing, and Marketing Matching Technologies.
Operating income increased 63.9% year over year to 513.7 billion yen. Profit before tax increased 63.5% to 528.0 billion yen, profit for
the period increased 65.7% to 411.4 billion yen, profit attributable to owners of the parent increased 65.7% to 411.6 billion yen, and
basic EPS increased 71.0% to 296.01 yen.
For the first half of FY2026, EBITDA+S margin was 27.6%, and EBITDA+S increased 49.7% year over year to 590.8 billion yen.
Results of Operations by Segment
HR Technology
Revenue for the first half of FY2026 increased 35.6% to 945.5 billion yen, and on a US dollar basis, revenue increased 24.2% to 5.93
billion US dollars.
Revenue in the US increased 45.5% to 551.8 billion yen, and on a US dollar basis, revenue increased 33.4% to 3.46 billion US dollars,
as monetization improvements led to a 37% year over year rise in the US Average Revenue per Job Posting on Indeed, or US ARPJ¹,
despite stagnant hiring demand.
Revenue in Europe and Others increased 40.5% to 202.2 billion yen, and on a US dollar basis, revenue increased 28.8% to 1.26 billion
US dollars.
Revenue in Japan increased 9.8% to 191.4 billion yen, and on a US dollar basis, revenue increased 0.6% to 1.20 billion US dollars.
EBITDA+S margin for the first half of FY2026 was 47.5%, primarily driven by revenue growth and appropriate control of personnel
expenses. EBITDA+S increased 76.7% to 449.2 billion yen.
1 The US Average Revenue per Job Posting on Indeed, or US ARPJ, is calculated by dividing US revenue by the average daily total
number of job postings on Indeed in the US, as measured by the Indeed Hiring Lab, the economic research arm of Indeed.
Staffing
Revenue for the first half of FY2026 increased 10.6% to 917.5 billion yen.
Revenue in Japan increased 3.5% to 437.1 billion yen, and revenue in Europe, US, and Australia increased 18.0% to 480.4 billion yen.
EBITDA+S margin for the first half of FY2026 was 6.0%. EBITDA+S increased 0.9% to 55.1 billion yen.
Marketing Matching Technologies
Revenue for the first half of FY2026 increased 3.6% to 291.4 billion yen, driven by the Lifestyle subsegment1 including Beauty.
Revenue in the Lifestyle subsegment increased 9.8% to 161.5 billion yen. Revenue in the Housing & Real Estate subsegment
decreased 0.1% to 76.0 billion yen, and revenue in the Others subsegment decreased 7.3% to 53.7 billion yen.
EBITDA+S margin for the first half of FY2026 was 31.4%. EBITDA+S increased 1.9% to 91.4 billion yen.
1 Lifestyle subsegment consists of the total of Beauty, Travel, Dining, and SaaS solutions including Air BusinessTools.
5
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
Analysis of Consolidated Financial Position
The total maximum borrowing amount under overdraft agreements was 113.0 billion yen as of September 30, 2026, and the entire
amount remained unused. In addition, the 200.0 billion yen committed credit facility agreement entered into on September 29, 2023,
remained entirely unused as of September 30, 2026. However, as this agreement expired on September 30, 2026, the Company
entered into a new committed credit facility agreement for the same maximum borrowing amount of 200.0 billion yen, with the
commitment period commencing on October 1, 2026.
Furthermore, the Company entered into uncommitted credit facility agreements on June 18 and June 23, 2026, with a total maximum
borrowing amount of 300.0 billion yen, all of which remained unused as of September 30, 2026.
In addition, the Company has a corporate bond shelf registration of up to 200.0 billion yen and a commercial paper (CP) issuance
program of 200.0 billion yen. There were no corporate bonds or commercial paper outstanding as of September 30, 2026.
Analysis of Consolidated Cash Flows
Payments for the purchase of treasury stock in the six-month period of the fiscal year ended March 31, 2027 amounted to 182.0 billion
yen.
6
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
2. Qualitative Information on Consolidated Financial Guidance
Consolidated Guidance
The full-year consolidated financial guidance for FY2026 remains unchanged from that announced on August 7, 2026.
HR Technology
Based on better-than-expected results for the first half of FY2026, and on the assumption that this trend will continue into the second
half, the full-year results for the segment are expected to exceed the outlook announced on August 7, 2026, while the impact on the
full-year consolidated guidance remains limited.
The total amount of share-based payment expenses for HR Technology for FY2026 remains unchanged from the outlook announced on
August 7, 2026.
The foreign exchange rate assumption for the second half of FY2026 is 156 yen per US dollar.
FY2026
1H
Actual
FY2026
2H
Outlook
FY2026
Outlook
(as of Nov. 2026)
FY2026
Outlook
(as of Aug.2026)
YoY
YoY
YoY
YoY
Revenue
(in millions of US dollars)
US
3,463
33.4%
3,508
29.1%
6,972
31.2%
6,650
25.1%
Europe and Others
1,269
28.8%
1,270
19.8%
2,539
24.1%
2,520
23.2%
Japan
1,201
0.6%
1,208
8.0%
2,410
4.2%
2,315
0.0%
Total
5,934
24.2%
5,988
22.3%
11,922
23.2%
11,485
18.7%
Revenue
(in billions of yen)
US
551.8
45.5%
547.5
29.6%
1,099.3
37.1%
1,055.0
31.6%
Europe and Others
202.2
40.5%
198.2
20.4%
400.4
29.8%
400.0
29.6%
Japan
191.4
9.8%
188.6
8.5%
380.0
9.1%
367.0
5.4%
Total
945.5
35.6%
934.3
22.8%
1,879.9
28.9%
1,822.0
24.9%
EBITDA+S
(in billions of yen)
449.2
76.7%
425.2
43.8%
874.4
59.0%
834.0
51.6%
EBITDA+S margin
47.5%
-
45.5%
-
46.5%
-
45.8%
-
Staffing
The full-year outlook for FY2026 for Staffing remains unchanged from that announced on August 7, 2026.
Marketing Matching Technologies
The full-year outlook for FY2026 for Marketing Matching Technologies remains unchanged from that announced on August 7, 2026.
7
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
3. Condensed Consolidated Financial Statements and Primary Notes for the Six-Month Period
Condensed Consolidated Statements of Financial Position for the Six-Month Period
(In millions of yen)
As of March 31, 2026
As of September 30, 2026
Assets
Current assets
Cash and cash equivalents
725,578
872,842
Trade and other receivables
639,268
641,558
Other financial assets
75,697
110,442
Other assets
114,627
111,551
Total current assets
1,555,172
1,736,394
Non-current assets
Property and equipment
57,178
53,062
Right-of-use assets
135,188
117,101
Goodwill
553,304
546,364
Intangible assets
163,291
160,609
Investments in associates and
joint ventures
2,372
2,047
Other financial assets
135,323
165,958
Deferred tax assets
173,174
177,588
Other assets
14,011
11,542
Total non-current assets
1,233,845
1,234,274
Total assets
2,789,018
2,970,668
(In millions of yen)
As of March 31, 2026
As of September 30, 2026
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
425,541
398,281
Lease liabilities
44,020
42,285
Other financial liabilities
1,868
5,650
Income tax payables
66,472
70,216
Provisions
20,091
16,204
Other liabilities
317,320
296,490
Total current liabilities
875,314
829,128
Non-current liabilities
Borrowings
645
636
Lease liabilities
141,610
122,145
Other financial liabilities
583
556
Provisions
19,554
17,230
Net liability for retirement benefits
62,716
58,818
Deferred tax liabilities
85,559
88,817
Other liabilities
8,474
11,622
Total non-current liabilities
319,145
299,827
Total liabilities
1,194,459
1,128,955
Equity
Equity attributable to owners of the
parent
Common stock
40,000
40,000
Share premium
-
16,124
Retained earnings
1,371,067
1,765,159
Treasury stock
(414,455)
(567,238)
Other components of equity
586,709
574,727
Total equity attributable to owners of
the parent
1,583,321
1,828,771
Non-controlling interests
11,236
12,941
Total equity
1,594,558
1,841,713
Total liabilities and equity
2,789,018
2,970,668
8
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
Condensed Consolidated Statements of Profit or Loss for the Six-Month Period
Six Months Ended September 30,
(In millions of yen, unless otherwise stated)
2025
2026
Revenue
1,793,584
2,139,998
Cost of sales
729,133
816,161
Gross profit
1,064,450
1,323,836
Selling, general and administrative expenses
739,634
810,676
Other operating income
9,591
6,036
Other operating expenses
20,881
5,457
Operating income
313,525
513,739
Share of profit (loss) of associates and joint
ventures
(3,802)
(2,767)
Finance income
16,462
20,613
Finance costs
3,257
3,567
Profit before tax
322,928
528,017
Income tax expense
74,596
116,586
Profit for the period
248,331
411,431
Profit attributable to:
Owners of the parent
248,380
411,633
Non-controlling interests
(48)
(202)
Profit for the period
248,331
411,431
Earnings per share attributable to owners of
the parent
Basic earnings per share (yen)
173.12
296.01
Diluted earnings per share (yen)
171.70
293.06
9
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
Condensed Consolidated Statements of Comprehensive Income for the Six-Month Period
Six Months Ended September 30,
(In millions of yen)
2025
2026
Profit for the period
248,331
411,431
Other comprehensive income
Items that will not be reclassified to profit or loss:
Net change in equity instruments measured at
fair value through other comprehensive
income
8,335
70
Remeasurements of defined retirement benefit
plans
-
-
Share of other comprehensive income of
associates and joint ventures
35
(136)
Subtotal
8,371
(66)
Items that may be reclassified subsequently to
profit or loss:
Exchange differences on translation of foreign
operations
3,819
(34,391)
Effective portion of changes in fair value of
cash flow hedges
18
0
Net change in debt instruments measured at
fair value through other comprehensive
income
20
(195)
Subtotal
3,857
(34,586)
Other comprehensive income (loss) for the period,
net of tax
12,228
(34,653)
Comprehensive income for the period
260,560
376,778
Comprehensive income attributable to:
Owners of the parent
260,607
376,939
Non-controlling interests
(46)
(160)
Comprehensive income for the period
260,560
376,778
10
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
Condensed Consolidated Statements of Changes in Equity for the Six-Month Period
For the Six Months Ended September 30, 2025
(In millions of yen)
Equity attributable to owners of the parent
Common
stock
Share
premium
Retained
earnings
Treasury
stock
Other components of equity
Share-based
payments
Exchange
differences
on
translation
of foreign
operations
Effective
portion of
changes in
fair value of
cash flow
hedges
Balance as of April 1, 2025
40,000
-
1,606,348
(515,363)
98,619
387,986
-
Profit (loss) for the period
248,380
Other comprehensive
income
3,882
18
Comprehensive income for
the period
-
-
248,380
-
-
3,882
18
Purchase of treasury
stock
(259)
(427,943)
Disposal of treasury stock
13,306
30,102
(43,187)
Dividends
(17,600)
Share-based payments
37,474
Equity transactions with
non-controlling interests
Transfer from other
components of equity to
retained earnings
8,306
Transfer to non-financial
assets
(18)
Transactions with owners -
total
-
13,046
(9,294)
(397,840)
(5,713)
-
(18)
Balance as of September 30,
2025
40,000
13,046
1,845,434
(913,203)
92,906
391,869
-
(In millions of yen)
Equity attributable to owners of the parent
Non-controlli
ng interests
Total equity
Other components of equity
Total
Net change
in debt
instruments
measured at
fair value
through
other
comprehens
ive income
Net change
in equity
instruments
measured
at fair value
through
other
comprehen
sive
income
Remeas
ure-
ments of
defined
retireme
nt
benefit
plans
Total
Balance as of April 1,
2025
(9)
-
-
486,596
1,617,582
9,777
1,627,360
Profit (loss) for the
period
-
248,380
(48)
248,331
Other comprehensive
income
20
8,306
-
12,227
12,227
1
12,228
Comprehensive income
for the period
20
8,306
-
12,227
260,607
(46)
260,560
Purchase of treasury
stock
-
(428,203)
(428,203)
Disposal of treasury
stock
(43,187)
221
221
Dividends
-
(17,600)
(17,600)
Share-based
payments
37,474
37,474
37,474
Equity transactions
with non-controlling
interests
-
-
1,682
1,682
Transfer from other
components of equity
to retained earnings
(8,306)
(8,306)
-
-
Transfer to
non-financial assets
(18)
(18)
(18)
Transactions with owners
- total
-
(8,306)
-
(14,037)
(408,125)
1,682
(406,443)
Balance as of September
30, 2025
10
-
-
484,786
1,470,064
11,413
1,481,477
11
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
For the Six Months Ended September 30, 2026
(In millions of yen)
Equity attributable to owners of the parent
Common
stock
Share
premium
Retained
earnings
Treasury
stock
Other components of equity
Share-based
payments
Exchange
differences
on
translation
of foreign
operations
Effective
portion of
changes in
fair value of
cash flow
hedges
Balance as of April 1, 2026
40,000
-
1,371,067
(414,455)
77,854
508,883
-
Profit (loss) for the period
411,633
Other comprehensive
income
(34,410)
0
Comprehensive income for
the period
-
-
411,633
-
-
(34,410)
0
Purchase of treasury
stock
(22)
(182,064)
Disposal of treasury stock
16,146
29,281
(41,165)
Dividends
(17,452)
Share-based payments
63,788
Equity transactions with
non-controlling interests
Changes due to loss of
control of subsidiaries
Transfer from other
components of equity to
retained earnings
(89)
Transfer to non-financial
assets
(1)
Transactions with owners -
total
-
16,124
(17,542)
(152,783)
22,623
-
(1)
Balance as of September 30,
2026
40,000
16,124
1,765,159
(567,238)
100,477
474,473
(0)
(In millions of yen)
Equity attributable to owners of the parent
Non-controlli
ng interests
Total equity
Other components of equity
Total
Net change
in debt
instruments
measured at
fair value
through
other
comprehens
ive income
Net change
in equity
instruments
measured
at fair value
through
other
comprehen
sive
income
Remeas
ure-
ments of
defined
retireme
nt
benefit
plans
Total
Balance as of April 1,
2026
(27)
-
-
586,709
1,583,321
11,236
1,594,558
Profit (loss) for the
period
-
411,633
(202)
411,431
Other comprehensive
income
(195)
(89)
-
(34,694)
(34,694)
41
(34,653)
Comprehensive income
for the period
(195)
(89)
-
(34,694)
376,939
(160)
376,778
Purchase of treasury
stock
-
(182,087)
(182,087)
Disposal of treasury
stock
(41,165)
4,263
4,263
Dividends
-
(17,452)
(17,452)
Share-based
payments
63,788
63,788
63,788
Equity transactions
with non-controlling
interests
-
-
1,969
1,969
Changes due to loss
of control of
subsidiaries
-
-
(104)
(104)
Transfer from other
components of equity
to retained earnings
89
89
-
-
Transfer to
non-financial assets
(1)
(1)
(1)
Transactions with owners
- total
-
89
-
22,711
(131,489)
1,865
(129,623)
Balance as of September
30, 2026
(223)
-
-
574,727
1,828,771
12,941
1,841,713
12
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
Condensed Consolidated Statements of Cash Flows for the Six-Month Period
Six Months Ended September 30,
(In millions of yen)
2025
2026
Cash flows from operating activities
Profit before tax
322,928
528,017
Depreciation and amortization
52,319
52,396
Share-based payment expenses
35,814
42,790
Interest and dividend income
(8,226)
(14,892)
(Increase) decrease in trade and other receivables
(3,350)
(9,061)
Increase (decrease) in trade and other payables
(30,202)
(24,428)
Other
(36,978)
(35,879)
Subtotal
332,305
538,943
Interest and dividends received
8,491
14,208
Interest paid
(3,118)
(2,833)
Income taxes paid
(71,468)
(83,792)
Net cash provided by operating activities
266,210
466,525
Cash flows from investing activities
Payment for purchase of property and equipment
(7,034)
(3,377)
Payment for purchase of intangible assets
(26,848)
(25,299)
Payment for purchase of investments
(55,138)
(101,423)
Proceeds from sale and redemption of investments
20,527
22,458
Other
7,214
4,568
Net cash used in investing activities
(61,278)
(103,073)
Cash flows from financing activities
Repayments of lease liabilities
(23,761)
(21,701)
Payment for purchase of treasury stock
(428,304)
(182,087)
Dividends paid
(17,591)
(17,449)
Proceeds from settlement of derivatives
5,975
11,490
Other
3,179
7,251
Net cash used in financing activities
(460,502)
(202,496)
Effect of exchange rate changes on cash and cash
equivalents
(17,958)
(13,691)
Net increase (decrease) in cash and cash equivalents
(273,529)
147,263
Cash and cash equivalents at the beginning of the period
808,625
725,578
Cash and cash equivalents at the end of the period
535,095
872,842
13
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
Notes to Condensed Consolidated Financial Statements for the Six-Month Period
1. Going Concern Assumption
Not applicable.
2. Operating Segments
(1) Overview of Reportable Segments
The Company’s operating segments are components of the Company for which discrete financial information is available and whose
operating results are reviewed regularly by the Board of Directors to decide on the allocation of operating resources and assess
business performance. The Company has three operating segments by type of business, HR Technology, Staffing, and Marketing
Matching Technologies, which are also the reportable segments.
HR Technology consists of three operations, the US, Europe and Others, and Japan. Staffing consists of two operations, Japan and
Europe, US and Australia. Marketing Matching Technologies consists of three operations, Lifestyle, Housing & Real Estate, and
Others.
(2) Information on Reportable Segments
Segment profit (loss) denotes EBITDA+S (operating income + depreciation and amortization (excluding depreciation of right-of-use
assets) + share-based payment expenses ± other operating income/expenses).
Segment profit (loss) in Adjustments includes corporate expenses not allocated to any reportable segments. Corporate expenses
consist primarily of general and administrative expenses that are not allocable to the segments. Intersegment revenue or transfers are
calculated based on a price used in similar transactions with third parties. Segment assets and liabilities are not stated as they are not
subject to review for the purpose of deciding on the allocation of operating resources and assessing business performance.
14
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
For the Six Months Ended September 30, 2025
(In millions of yen)
Reportable Segment
Adjustments
Consolidated
HR
Technology
Staffing
Marketing
Matching
Technologies
Total
Revenue
Revenue from
external customers
695,825
816,959
280,798
1,793,584
-
1,793,584
Intersegment
revenues or transfers
1,691
12,496
450
14,638
(14,638)
-
Total
697,517
829,456
281,249
1,808,223
(14,638)
1,793,584
Segment profit (loss)
254,301
54,644
89,799
398,745
(4,176)
394,569
Depreciation and
amortization (Note)
33,939
Share-based payment
expenses
35,814
Other operating
income
9,591
Other operating
expenses
20,881
Operating income
313,525
Share of profit (loss)
of associates and joint
ventures
(3,802)
Finance income
16,462
Finance costs
3,257
Profit before tax
322,928
Note: Depreciation and amortization exclude depreciation of right-of-use assets.
For the Six Months Ended September 30, 2026
(In millions of yen)
Reportable Segment
Adjustments
Consolidated
HR
Technology
Staffing
Marketing
Matching
Technologies
Total
Revenue
Revenue from
external customers
943,613
905,508
290,875
2,139,998
-
2,139,998
Intersegment
revenues or transfers
1,907
12,016
531
14,455
(14,455)
-
Total
945,521
917,525
291,407
2,154,454
(14,455)
2,139,998
Segment profit (loss)
449,250
55,110
91,471
595,832
(5,030)
590,801
Depreciation and
amortization (Note)
34,851
Share-based payment
expenses
42,790
Other operating
income
6,036
Other operating
expenses
5,457
Operating income
513,739
Share of profit (loss)
of associates and joint
ventures
(2,767)
Finance income
20,613
Finance costs
3,567
Profit before tax
528,017
Note: Depreciation and amortization exclude depreciation of right-of-use assets.
15
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
3. Treasury Stock
Treasury stock recognized in the Condensed Consolidated Statements of Financial Position for the Six-Month Period includes
Recruit Holdings shares held by the BIP trust and the ESOP trust.
The breakdown of treasury stock is as follows:
As of March 31, 2026
As of September 30, 2026
(In millions of yen, unless otherwise stated)
Number of shares
(shares)
Carrying amount
Number of shares
(shares)
Carrying
amount
Treasury stock directly held by Recruit
Holdings
28,856,988
228,809
44,468,480
400,543
Recruit Holdings shares held by the BIP trust
and the ESOP trust
47,433,836
185,646
41,857,551
166,695
Total
76,290,824
414,455
86,326,031
567,238
4. Contingencies
(1) On-site Inspection by the Japan Fair Trade Commission
On June 2, 2026, Recruit Staffing Co., Ltd. and Staff Service Co., Ltd., which are subsidiaries within the Japan operations of the
Company’s staffing business, were subject to an on-site inspection by the Japan Fair Trade Commission on suspicion of violating
the Antimonopoly Act. The Company is currently fully cooperating with the authorities for the inspection, and it is difficult to
reasonably estimate its outcome or amount of its impact at this time.
(2) Contingent Liability Related to a Funding Commitment to an Associate, etc.
Under an agreement relating to a particular associate, the Holding Company has a commitment to provide funding, etc., only if
certain specified conditions, such as a funding shortfall at the associate, are met. No provision has been recognized as it is not
probable that the commitment will be fulfilled. If funding contributions, etc., were to be provided in fulfillment of the commitment, it is
considered probable that a loss would be incurred. Furthermore, the amount of the funding commitment, etc., would vary depending
on certain factors including the timing of when the specified conditions were met and the associate’s funding position at that time.
The maximum amount of funding commitments, etc., if the commitment were fulfilled as of the end of the current six-month period, is
estimated to be approximately 54,059 million yen.
5. Significant Subsequent Events
Share Repurchase
The Company, by resolution of its Board of Directors on March 31, 2026, implemented the following share repurchase program,
pursuant to Article 156 of the Companies Act as applied by replacing certain terms pursuant to Article 165, Paragraph 3 of the said
Act.
In addition, in light of trends in the stock market, the Company’s Board of Directors resolved on October 14, 2026 to change the
repurchase period as follows.
(1) Details of the resolution by the Board of Directors
(The change is underlined.)
Before the Change
(Resolution by the Board of Directors on
March 31, 2026)
After the Change
(Resolution by the Board of Directors on
October 14, 2026)
(i) Type of shares to be repurchased
Shares of common stock of Recruit
Holdings
Shares of common stock of Recruit
Holdings
(ii) Total number of shares to be 
repurchased
64,000,000 shares (Maximum)
64,000,000 shares (Maximum)
(iii) Total purchase price
350,000 million yen (Maximum)
350,000 million yen (Maximum)
(iv) Acquisition period
From April 1, 2026, to the earlier of the
following:
(1) November 30, 2026
(2) The date on which either the “total
number of shares to be repurchased”
or the “total purchase price” mentioned
above reaches its maximum.
From April 1, 2026, to the earlier of the
following:
(1) March 31, 2027
(2) The date on which either the “total
number of shares to be repurchased”
or the “total purchase price” mentioned
above reaches its maximum.
(v) Method of repurchases
(1) Market purchases on Tokyo Stock
Exchange, Inc. through an appointed
securities dealer with transaction
discretion
(2) Purchases through Off-Auction Own
Share Repurchase Trading System
(ToSTNeT-3)
(1) Market purchases on Tokyo Stock
Exchange, Inc. through an appointed
securities dealer with transaction
discretion
(2) Purchases through Off-Auction Own
Share Repurchase Trading System
(ToSTNeT-3)
16
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2026
(2) Details of common stock repurchased on and after October 1, 2026
(i) Type of shares repurchased
Shares of common stock of Recruit Holdings
(ii) Total number of shares repurchased
28,200 shares
(iii) Total purchase price
465 million yen
(iv) Acquisition period
From October 1, 2026 to October 31, 2026 (delivery date basis)
(3) Cumulative total of common stock repurchased by the above-mentioned resolution by the Board of Directors (as of October 31,
2026)
(i) Type of shares repurchased
Shares of common stock of Recruit Holdings
(ii) Total number of shares repurchased
16,384,200 shares
(iii) Total purchase price
178,135 million yen
17