Recruit Holdings Announces Q2 FY2026
Recruit Holdings Co., Ltd.
1. Consolidated Financial Highlights
Q2 & H1 FY2026 Consolidated Financial Results
- Record highs for revenue, EBITDA+S, and basic EPS.
FY2026 Consolidated Guidance Unchanged
- While the full-year outlook for HR Technology is expected to exceed the outlook updated in August, consolidated guidance remains unchanged due to the limited impact on consolidated financial results.
Consolidated Q2 & H1 FY2026 Results and Full-year Guidance
| (in billions of yen, unless otherwise stated) | Q2 Actual | H1 Actual | FY2025 Full-year | FY2026 Full-year | |||||
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | FY2026 | YoY | FY2025 | FY2026 | YoY | Actual | Guidance | YoY | |
| Exchange rate per US Dollar (yen) | 147.4 | 159.1 | - | 145.9 | 159.2 | - | 150.7 | 159.0 | - |
| Revenue | 914.7 | 1,094.6 | +19.7% | 1,793.5 | 2,139.9 | +19.3% | 3,697.3 | 4,230.0 | +14.4% |
| EBITDA+S | 207.4 | 297.9 | +43.6% | 394.5 | 590.8 | +49.7% | 794.3 | 1,105.0 | +39.1% |
| EBITDA+S margin % | 22.7% | 27.2% | - | 22.0% | 27.6% | - | 21.5% | 26.1% | - |
| EBITDA | 195.2 | 275.6 | +41.2% | 358.7 | 548.0 | +52.8% | 730.5 | 1,025.0 | +40.3% |
| EBITDA margin % | 21.3% | 25.2% | - | 20.0% | 25.6% | - | 19.8% | 24.2% | - |
| Profit attributable to owners of the parent | 127.4 | 209.0 | +64.0% | 248.3 | 411.6 | +65.7% | 496.9 | 755.0 | +51.9% |
| Basic EPS (yen) | 89.16 | 150.54 | +68.8% | 173.12 | 296.01 | +71.0% | 349.78 | 543.00 | +55.2% |
2. Segment Financial Highlights
HR Technology
H1 Results & H2 and Full-year FY2026 Outlook
| (in billions of yen) | H1 Actual | H2 Outlook | Full-year Outlook as of 11/11/26 | Full-year Outlook as of 08/07/26 | ||||
|---|---|---|---|---|---|---|---|---|
| YoY | YoY | YoY | YoY | |||||
| Revenue | 945.5 | +35.6% | 934.3 | +22.8% | 1,879.9 | +28.9% | 1,822.0 | +24.9% |
| Revenue in USD mm | 5,934 | +24.2% | 5,988 | +22.3% | 11,922 | +23.2% | 11,485 | +18.7% |
| EBITDA+S | 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% | - |
Q2 FY2026
- Segment revenue increased 27.5% YoY to $3.07 billion, exceeding the expectation in August as Q1 trends continued.
- - US: Revenue increased 36.6% YoY, reaching a quarterly record high, to $1.82 billion, with US Average Revenue per Job, or US ARPJ, growth of 39% YoY.
- - Europe & Others: Revenue increased 29.1% YoY to $0.65 billion.
- - Japan: Revenue increased 13.2% YoY to ¥95.1 billion.
- Segment EBITDA+S margin reached 47.6%.
H1 FY2026
- Segment revenue increased 24.2% YoY to 5.93 billion dollars, segment EBITDA+S margin increased to 47.5%, driven by revenue growth and flat personnel expenses YoY.
- - US: Revenue increased 33.4% YoY to $3.46 billion, with US ARPJ growth of 37% YoY.
- - Europe & Others: Revenue increased 28.8% YoY to $1.26 billion.
- - Japan: Revenue increased 9.8% YoY to ¥ 191.4 billion.
FY2026 Full-Year Segment Outlook
- Segment revenue of $11.92 billion, up 23.2% YoY, based on H1 results and the latest outlook for H2.
- Exceeding the outlook of $11.48 billion, up 18.7% YoY, revised upward in August.
- US: Revenue to increase 31.2% YoY to $6.97 billion, driven by the increased penetration and adoption of higher-value services, continued evolution in monetization, and acquisition of new business clients, resulting in US ARPJ growth rate of 33% in FY2026.
- Europe & Others: Revenue to increase 24.1% YoY to $2.53 billion with continued monetization development, including further growth of Premium Sponsored Jobs in major countries.
- Japan: Revenue to increase 9.1% YoY to ¥380.0 billion, or 4.2% YoY to $2.41 billion.
- Segment EBITDA+S margin to be 46.5% in FY2026.
Staffing
Q2 FY2026
- Segment revenue increased 9.7% YoY to ¥462.3 billion with segment EBITDA+S margin of 5.8%.
- Japan: Revenue increased 3.5% YoY to ¥216.8 billion.
- Europe, US, and Australia: Revenue increased 15.8% YoY to ¥245.4 billion.
H1 FY2026
- Segment revenue increased 10.6% YoY to ¥917.5 billion with segment EBITDA+S margin of 6.0%
FY2026 Full-Year Segment Outlook
- Unchanged.
Marketing Matching Technologies (“MMT”)
Q2 FY2026
- Segment revenue increased 3.5% YoY to ¥149.5 billion with segment EBITDA+S margin of 27.0%, reflecting the smoothing out of seasonality in advertising and sales promotion expenses.
- Lifestyle: Revenue increased 10.1% YoY to ¥84.7 billion.
- Housing & Real Estate: Revenue decreased 2.9% YoY to ¥37.4 billion (increased 2.0% YoY excluding the impact from the change in the allocation method for revenue recognition associated with the accounting system renewal).
- Others: Revenue decreased 5.4% YoY to ¥27.2 billion.
H1 FY2026
- Segment revenue increased 3.6% YoY to ¥291.4 billion with segment EBITDA+S margin of 31.4%
FY2026 Full-Year Segment Outlook
- Unchanged.
- No change to our target of approximately 35% segment EBITDA+S margin by FY2028.
3. Capital Allocation
- As of September 30, 2026, the ongoing ¥350.0 billion share buyback program has utilized ¥177.6 billion, repurchasing approximately 16.3 million shares. The execution period was extended from the end of November 2026 to the end of March 2027.
- Gross cash was ¥988.2 billion as of September 30, 2026.
- Dividends per share for FY2026 total ¥26.0: H1 ¥13.0 approved and H2 ¥13.0 expected
For further details on the information contained in this document, please refer to the Earnings Release, Presentation Slides, and Transcript.
Forward-Looking Statements
This material contains forward-looking statements, which reflect the Company’s assumptions, estimates and outlook for the future based on information available to the Company and the Company’s plans and expectations as of the date of this material unless the context otherwise indicates. There can be no assurance that the relevant forward-looking statements will be achieved. Please note that significant differences between such 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 material based on any subsequent developments except as required by applicable law or stock exchange rules and regulations.
Third-Party Information
This material 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.
Notes Of This Material
This material has been prepared for the sole purpose of providing general reference information. Neither this material nor any of its contents may be disclosed or used by any third party for any other purpose without the prior written consent of the Company. The Company makes no representation as to the accuracy or completeness of the information contained in this material and shall not be liable for any loss or damage arising from the use of this material.