1
Recruit Holdings | FY2026 Q1 Results
Recruit
Holdings
2027年3月期 第1四半期決算説明
August 7, 2026
FY2026 Q1 Consolidated Results
FY2025 is the fiscal year from April 1, 2025 to March 31, 2026. FY2026 is the fiscal year from April 1, 2026 to March 31, 2027.
All comparisons during this conference call are year over year unless otherwise stated.
Unless otherwise specified, numbers shown to the first decimal place are rounded down to the second decimal place, and numbers shown as
integers are rounded down to the first decimal place.
Please refer to the QR code below for the transcript.
書き起こしは下記 QRコードを参照ください
English 日本語
Envalith社のレポートは、当社の依頼に基づき作成されたものです
が、リサーチ会社の独立した視点から、客観的かつ中立的な調査・分
析が行われております。なお、いずれも情報提供が目的であり、当社
株式の取引の推奨を目的とするものではありません。
Please refer to the QR code below for our company
page on Envalith.
Envalith社の当社ページは下記 QRコードを参照ください
English 日本語
2
Recruit Holdings | FY2026 Q1 Results
Recruit Holdings Co., Ltd.
株式会社リクルートホールディングス
Representative Director, President and Chief Executive Officer
代表取締役社長 兼 Chief Executive Officer
Head of HR Technology Business
HRテクノロジー事業担当
Indeed, Inc.
President and CEO
出木場 久征
いで こ ば ひさ ゆき
Hisayuki “Deko” Idekoba
3
Recruit Holdings | FY2026 Q1 Results
Recruit Holdings Co., Ltd.
株式会社リクルートホールディングス
Executive Vice President and Chief Financial Officer
常務執行役員 兼 Chief Financial Officer
Financial Management Division
ファイナンシャル・マネジメント本部
荒井 淳一
あら い じゅん いち
Junichi Arai
4
Recruit Holdings | FY2026 Q1 Results
1. Consolidated FY2026 Q1 Summary Financial Results
2. Consolidated FY2026 Full-year Revised Guidance
3. HR Technology Segment FY2026 Q1 Results and Full-year Outlook
4. Staffing Segment FY2026 Q1 Results and Full-year Outlook
5. Marketing Matching Technologies (“MMT”) Segment FY2026 Q1 Results and
Full-year Outlook
Table of Contents
5
Recruit Holdings | FY2026 Q1 Results
Please see footnotes in the appendix.
EBITDA+S and Margin %
JPY / USD
Revenue Basic EPS
1. Consolidated FY2026 Q1 Summary Financial Results
(in billions of yen)(in billions of yen) (yen)
144.4 147.4 154.0 156.9 159.3
FY2026FY2025 FY2026FY2025 FY2026FY2025
6
Recruit Holdings | FY2026 Q1 Results
Please see footnotes in the appendix.
152.6 150.7 154.0 159.0
EBITDA+S and Margin %
JPY / USD
Revenue Basic EPS
2. Consolidated FY2026 Full-year Revised Guidance
(in trillions of yen)(in billions of yen) (yen)
FY2026 Guidance
05/15/26 08/07/26
FY2026 Guidance
05/15/26 08/07/26
FY2026 Guidance
05/15/26 08/07/26
7
Recruit Holdings | FY2026 Q1 Results
2. Consolidated FY2026 Full-year Revised Guidance
Segment Breakdown - Revenue, EBITDA+S and EBITDA+S Margin %
(in billions of yen)
MMT
181.5
30.0%
Staffing
102.5
5.6% HR
Technology
834.0
45.8%
Pre-corporate EBITDA+S Breakdown and
Segment EBITDA+S Margin %
MMT
605.0 HR
Technology
1,822.0
Staffing
1,831.0
Gross
Profit
Revenue Breakdown
(in billions of yen)
Please see footnotes in the appendix.
8
Recruit Holdings | FY2026 Q1 Results
3. HR Technology Segment
9
Recruit Holdings | FY2026 Q1 Results
3. HR Technology Segment
FY2026 Full-year Revised Segment Outlook
Revenue in Japanese YenRevenue in US dollar
(in millions of dollars)(in billions of yen)
Europe
& Others
Please see footnotes in the appendix. JPY / USD
EBITDA+S and Margin %
(in billions of yen)
Japan
US
Pro Forma Actual
FY2026 Outlook
05/15/26 08/07/26
FY2026 Outlook
05/15/26 08/07/26
152.6 150.7 154.0 159.0
FY2026 Outlook
05/15/26 08/07/26
10
Recruit Holdings | FY2026 Q1 Results
3. HR Technology Segment
FY2026 Full-year Revised Segment Outlook - Revenue Breakdown by Region
Please see footnotes in the appendix.
Japan
FY2025 Actual and FY2026 Outlook FY2026 Revised Outlook and % of Total
(in millions of dollars) (in millions of dollars)
FY2025 Actual FY2026 Outlook
05/15/26 08/07/26
US
Europe
&
Others
Japan
$2,315
(20.2%)
US
$6,650
(57.9%)
Europe
& Others
$2,520
(21.9%)
Total: $11,485
11
Recruit Holdings | FY2026 Q1 Results
Please see footnotes in the appendix.
3. HR Technology Segment
FY2026 Q1 Segment Revenues
In US dollar In Japanese Yen
US
Europe
& Others
Japan
YoY
FY2024 Pro Forma FY2024 Pro Forma
FY2025 FY2025
YoY (in billions of yen)
(in millions of dollars)
FY2026 FY2026
12
Recruit Holdings | FY2026 Q1 Results
Please see footnotes in the appendix.
3. HR Technology Segment
FY2026 Q1 Segment EBITDA, EBITDA+S and Margins %
EBITDA and Margin % EBITDA+S and Margin %
FY2024 Pro Forma
YoY
YoY
(in billions of yen) (in billions of yen)
FY2026FY2025 FY2024 Pro Forma FY2026FY2025
13
Recruit Holdings | FY2026 Q1 Results
3. HR Technology Segment
US Average Revenue Per Job Posting (“US ARPJ”) 米国平均単価
Please see footnotes in the appendix.
Total US Revenue:
Total # of US Job Postings:
Total # of free and paid job postings on US Indeed
US ARPJ =
米国平均単価
Indexed Jobs aggregated by
Indeed from employer
websites and other sources
across the internet
Hosted Jobs posted directly
on Indeed by business clients
and
Sponsored Job Revenue Other Revenue
and
14
Recruit Holdings | FY2026 Q1 Results
Please see footnotes in the appendix.
3. HR Technology Segment
US Revenue - Indeed Sponsored Jobs
Dynamic premium pricing
above Standard
Premium
Plus*
Sponsored Jobs (Test)
Dynamic premium pricing
above Premium
*Available for Hosted Jobs only
Premium
Sponsored Jobs
Priced above Standard
Interview on Demand
Advanced Matching
Matched Candidates
AI-Generated Messages AI Candidate Highlights
Job Branding
Invite-to-Apply
Tech & Specialty Network Reach
Urgently Hiring Label
First Page Visibility Boost
Location Targeting
Everything in Standard Plus
ATTRACT
Performance Advertising
ENGAGE
Sourcing & Branding
HIRE
Screening & Automation
Standard Automatic Replies
Boosted Visibility
Free Organic Visibility
Screener Questions
15
Recruit Holdings | FY2026 Q1 Results
3. HR Technology Segment
US Quarterly Revenue, IHL US NSA JPI and US ARPJ Growth Rates
IHL US NSA JPI: Historical (February 2020 - June 2026)
FY2024 FY2025FY2023FY2022FY2021FY2020
(in millions of dollars)
FY2019
(Index to 100
on Feb 1, 2020)
75
100
125
150
Historical IHL US NSA JPI
Please see footnotes in the appendix.
FY2026
US ARPJ Growth Rates
175
16
Recruit Holdings | FY2026 Q1 Results
Please see footnotes in the appendix.
50
75
100
125
150
Outlook
-7% -4%
(Index to 100 on
Feb 1, 2020)
3. HR Technology Segment
US Annual Revenue Outlook
IHL US NSA JPI: Historical (Apr. 2020 - Apr. 2026) and Assumed FY2026
Historical IHL US NSA JPI
RHC assumed FY2026 Index
(in millions of dollars)
US ARPJ Growth Rates
17
Recruit Holdings | FY2026 Q1 Results
3. HR Technology Segment
US Revenue
Quarterly Results
FY2024 FY2025
YoY
Annual Results and Outlook
YoY
YoY
(in millions of dollars) (in millions of dollars)
Please see footnotes in the appendix.
FY2026
FY2026 Outlook
05/15/26 08/07/26
FY2025FY2024
-7% -4% -4%
+17% +18%
+30%
US ARPJ Growth Rates
Historical IHL US NSA JPI
投影無し
18
Recruit Holdings | FY2026 Q1 Results
3. HR Technology Segment
Europe and Others (Including Canada) Revenue
Quarterly Results
FY2024 FY2025
YoY Annual Results and Outlook
YoY YoY
(in millions of dollars) (in millions of dollars)
Please see footnotes in the appendix.
FY2026
FY2026 Outlook
05/15/26 08/07/26
19
Recruit Holdings | FY2026 Q1 Results
3. HR Technology Segment
Japan Revenue
FY2024 Pro Forma
Quarterly Results YoY Annual Results and Outlook
(in billions of yen) (in billions of yen)
Please see footnotes in the appendix.
YoY YoY
FY2026 Outlook
05/15/26 08/07/26
FY2026FY2025 Pro Forma
20
Recruit Holdings | FY2026 Q1 Results
Job Advertising &
Talent Sourcing
求人広告及び採用ツール
Direct Hire
人材紹介
Retained Search
エグゼクティブサーチ
Total: $302 bn (in billions of USD)
Temporary Staffing
人材派遣
$34 bn
$71 bn
$105 bn
$24 bn
Internal Recruitment
Automation
採用オートメーション
3. HR Technology Segment
Global HR Matching TAM in 2025
Please see footnotes in the appendix.
$68 bn
21
Recruit Holdings | FY2026 Q1 Results
4. Staffing Segment
22
Recruit Holdings | FY2026 Q1 Results
Japan
Europe
US
Australia
4. Staffing Segment
FY2026 Q1 Results
Please see footnotes in the appendix.
YoY
YoY
(in billions of yen) (in billions of yen)
FY2024 FY2026FY2025 FY2024 FY2026FY2025
Revenue EBITDA+S and Margin %
23
Recruit Holdings | FY2026 Q1 Results
4. Staffing Segment
FY2026 Annual Outlook
Please see footnotes in the appendix.
YoY
(in billions of yen) (in billions of yen) YoY
YoYYoY
FY2026 Outlook
05/15/26 08/07/26
FY2026 Outlook
05/15/26 08/07/26
Revenue EBITDA+S and Margin %
Japan
Europe,
US,
Australia
24
Recruit Holdings | FY2026 Q1 Results
5. MMT Segment
25
Recruit Holdings | FY2026 Q1 Results
Business ClientsIndividual Users
Recruit ID
SaaS with
Unique Data
Vertical
Matching Platforms
GMV Increase
with AI
Matching
5. MMT Segment
Vertical Matching Platforms
Unique Data through Fulfillment
AI Enhancement
Loyalty Points
99 million1
980,0002
Please see footnotes in the appendix.
26
Recruit Holdings | FY2026 Q1 Results
5. MMT Segment
FY2025 Full-year Revenue by Subsegment
Beauty
¥126.2 Bn
Housing
& Real Estate
¥156.9 Bn
Others
(Automobile, Bridal,
Education, and Others)
¥113.8 Bn
MMT Total
¥564.6 Bn
Travel,
Dining, and
SaaS solutions
¥167.6 Bn
Lifestyle
¥293.8 Bn
(in billions of yen)
27
Recruit Holdings | FY2026 Q1 Results
5. MMT Segment
Automobile Division
Historical Revenue
(in billions of yen)
Please see footnotes in the appendix.
28
Recruit Holdings | FY2026 Q1 Results
5. MMT Segment
FY2026 Q1 Results
Lifestyle
(Beauty, Dining,
Travel, SaaS)
Housing
& Real Estate
Others
(in billions of yen) (in billions of yen)
Please see footnotes in the appendix.
Revenue EBITDA+S and Margin %
YoY YoY
FY2024 FY2026FY2025 FY2024 FY2026FY2025
29
Recruit Holdings | FY2026 Q1 Results
5. MMT Segment
FY2026 Annual Outlook
(in billions of yen) (in billions of yen)
Please see footnotes in the appendix.
YoYYoY
YoYYoY
FY2026 Outlook
05/15/26 08/07/26
FY2026 Outlook
05/15/26 08/07/26
Revenue EBITDA+S and Margin %
Lifestyle
(Beauty, Dining,
Travel, SaaS)
Housing
& Real Estate
Others
30
Recruit Holdings | FY2026 Q1 Results
Appendices
31
Recruit Holdings | FY2026 Q1 Results
Appendix: Consolidated FY2026 Full-year Revised Guidance
Please see footnotes in the appendix.
Q1 Actual FY2025
Full-year FY2026 Full-year Guidance
(in billions of yen, unless otherwise
stated) FY2025 FY2026 YoY Actual 05/15/26 YoY 08/07/26 YoY
Exchange rate per US
Dollar (Yen) 144.4 159.3 - 150.7 154.0 - 159.0 -
Revenue 878.8 1,045.3 +18.9% 3,697.3 4,030.0 +9.0% 4,230.0 +14.4%
EBITDA+S 187.1 292.8 +56.5% 794.3 949.0 +19.5% 1,105.0 +39.1%
EBITDA+S margin %
21.3% 28.0% - 21.5% 23.5% - 26.1% -
EBITDA 163.5 272.3 +66.6% 730.5 869.0 +19.0% 1,025.0 +40.3%
EBITDA margin %
18.6% 26.1% - 19.8% 21.6% - 24.2% -
Profit attributable to
owners of the parent 120.9 202.6 +67.5% 496.9 623.0 +25.4% 755.0 +51.9%
Basic EPS (yen) 83.97 145.48 +73.2% 349.78 447.00 +27.8% 543.00 +55.2%
32
Recruit Holdings | FY2026 Q1 Results
Appendix: Overview of Revised Segment FY2026 Full-year Outlook
Please see footnotes in the appendix.
HRT
MMT
Staffing
HRT
MMT
Staffing
FY2025 Actual
Revenue EBITDA+S and Margin %
(in billions of yen) (in billions of yen)
FY2026 Outlook
FY2025 Actual FY2026 Outlook
33
Recruit Holdings | FY2026 Q1 Results
(in billions of yen) FY2025 Q1 FY2026 Q1 YoY
Operating income 153.7 255.4 +66.1%
- Other operating income / (expenses), Net 6.9 1.0 -
Non-GAAP operating income 146.7 254.3 +73.3%
+ Depreciation and amortization116.7 17.9 -
EBITDA 163.5 272.3 +66.6%
Margin % over Revenue 18.6% 26.1% -
Margin % over Gross profit 31.3% 42.3% -
+ Share-based payment expenses 23.6 20.5
-
EBITDA+S 187.1 292.8 +56.5%
Margin % over Revenue 21.3% 28.0% -
Margin % over Gross profit 35.9% 45.5% -
Appendix: FY2025 Q1 and FY2026 Q1 EBITDA+S
Please see footnotes in the appendix.
34
Recruit Holdings | FY2026 Q1 Results
As of As of As of
(in millions of shares) March 31, 2025 March 31, 2026 June 30, 2026
Number of issued shares 1,563.9 1,472.5 1,472.5
Number of treasury stock
Shares directly held by Recruit Holdings 36.4 28.8 35.5
Shares held by the Board Incentive Plan trust
and the ESOP trust 60.7 47.4 44.8
Total number of treasury stock 97.1 76.2 80.3
Number of issued shares excluding treasury stock 1,466.7 1,396.2 1,392.1
Appendix: The Number of Shares as of June 30, 2026
35
Recruit Holdings | FY2026 Q1 Results
As of As of As of
(in billions of yen) March 31, 2025 March 31, 2026 June 30, 2026
Cash and cash equivalents 808.6 725.5 853.0
+ Investments for available funds on standby for
business operations within other financial assets 15.1 42.3 55.5
Gross cash 823.8 767.9 908.5
Appendix: Gross Cash On A Consolidated Basis
Please see footnotes in the appendix.
36
Recruit Holdings | FY2026 Q1 Results
Appendix: Footnotes
Page 6,7,9,10,16-19,23,29,31,32
The foreign exchange rate assumptions for the FY2026 guidance and outlook as of August 7, 2026 are 159 yen per US dollar, 184 yen per Euro and 112 yen per
Australian dollar.
Page 5,6,7,9,12,22,23,28,29,31,32,33
EBITDA+S = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other
operating income/expenses
EBITDA = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) ± other operating income/expenses
Page 7
The sum of the three segments, including the pie charts, does not correspond with consolidated revenue and EBITDA+S due to adjustments, such as
intra-group transactions.
Page 13,15,16,17
US Average Revenue per Job Posting on Indeed (or US ARPJ) is calculated by dividing HR Technology US revenue in a given period by the average number of daily
US job postings on Indeed during that period, as measured by the Indeed Hiring Lab, the economic research arm of Indeed. US ARPJ growth rate is the year over
year change in US ARPJ.
The Indeed Job Postings Index (JPI) is a representation of all jobs on US Indeed, excluding those that do not meet certain Hiring Lab quality and relevancy
standards, and is intended to provide a consistent and reliable measure of US job posting trends over time. Data on non-seasonally adjusted Indeed job
postings are an index of the number of job postings on a given day, using a seven-day trailing average. The index is set to 100 on February 1, 2020. Data for
several dates in 2021 and 2022 are missing and were interpolated. We regularly review and update our methodology of JPI for such reasons as the evolution of
labor market and Indeed’s platform, which may apply retrospectively to historical JPI data and US ARPJ growth rate. These figures in this presentation are based
on the latest data as of the date hereof.
Page 20
See our Annual Report for FY2025.
37
Recruit Holdings | FY2026 Q1 Results
Appendix: Footnotes
Page 9,11,12,19
As of April 1, 2025, HR Solutions of Matching & Solutions was transferred to HR Technology, and Matching & Solutions was renamed Marketing Matching
Technologies from FY2025. The pro forma results were calculated assuming that the above transfer had been effective on April 1, 2024, and the consolidated
guidance and quarterly actual results for each segment for FY2025 are shown in comparison with the pro forma results for FY2024. The calculation of pro
forma results reflects adjustments to inter-segment internal revenue and corporate overhead costs in Matching & Solutions. As a result, there are slight
differences between FY2024 actual results and the pro forma results other than HR Technology Japan and Marketing Matching Technologies.
Page 14
All listed features’ terms, conditions, quality standards, and usage limits apply. Feature availability may vary by job and by market, and is subject to change at
Indeed's discretion. Interview on Demand is currently in beta and available exclusively in the U.S. as a feature of Hosted Premium Sponsored Jobs. Final product
packaging and commercialization strategy are under review and may be subject to change.
Page 25
1 The total number of RECRUIT IDs (as of March 2026)
2 The cumulative number of listed stores and business locations as of March, 2026, in Beauty, Travel, Dining, Housing & Real Estate, Automobile, Bridal, and
Education verticals, combined with the total number of stores and business locations using SaaS solutions (if a single store uses multiple services, it is
counted for each service).
Page 27
The images and vehicles shown are examples and may differ from actual listings.
Page 33
1 Excluding depreciation of right-of-use assets.
Page 35
Gross cash = cash and cash equivalents + Investments for available funds on standby for business operations within other financial assets
38
Recruit Holdings | FY2026 Q1 Results
免責条項
将来見通しに関する注意事項
本資料には、将来の見通しに関する記述が含まれています。将来の見通しに関する記述には、別段の記載がない限り本資料の発表日現在における当
社が入手可能な情報並びに当社の計画及び見込みに基づいた当社の想定、将来の見通し及び推測が含まれますが、これらが達成される保証はありま
せん。経済状況の変化、個人ユーザーの嗜好及び企業クライアントのニーズの変化、他社との競合、法令、ソフトロー又は実務慣行の変化を含む法規
制の変化、為替レートの変動、気候変動を含む地球環境の変化、大規模自然災害の発生その他の様々な要因により、将来の予測・見通しに関する記
述は実際の業績と大幅に異なる場合があります。したがって、将来見通しに関する記述に過度に依拠することのないようお願いします。当社は、適用さ
れる法令又は証券取引所の規則により要求される場合を除き、本資料に含まれるいかなる情報についても、今後生じる事象に基づき更新又は改訂す
る義務を負うものではありません。
外部資料に関する注意事項
本資料には、当社が事業を行っている市場に関する情報を含む、外部の情報源に由来し又はそれに基づく情報が記述されています。これらの記述は、
本資料に引用されている外部の情報源から得られた統計その他の情報に基づいており、それらの情報については当社は独自に検証を行っておらず、
その正確性又は完全性を保証することはできません。
本資料の利用に関する注意事項
本資料は、一般的な参考情報の提供のみを目的に作成されたものです。本資料及びその記載内容について、第三者が、当社の書面による事前の同意
なしに、その他の目的で公開し又は利用することはできません。当社は、本資料に含まれる情報の正確性又は完全性について表明するものではなく、
本資料の使用から生じるいかなる損失又は損害についても責任を負いません。
39
Recruit Holdings | FY2026 Q1 Results
Disclaimer
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.
