FY2026 Q1 Consolidated Results
2027年3月期 第1四半期決算説 明
August 7, 2026
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.
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English 日本語
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いで こ ば ひさ ゆき
出木場 久征Hisayuki "Deko" Idekoba
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
あら い じゅん いち
荒井 淳一Junichi Arai
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
Table of Contents
Consolidated FY2026 Q1 Summary Financial Results
Consolidated FY2026 Full-year Revised Guidance
HR Technology Segment FY2026 Q1 Results and Full-year Outlook
Staffing Segment FY2026 Q1 Results and Full-year Outlook
Marketing Matching Technologies ("MMT") Segment FY2026 Q1 Results and Full-year Outlook
Revenue
EBITDA+S and Margin %
Basic EPS
(in billions of yen) (in billions of yen) (yen)
FY2025
FY2026
FY2025
FY2026
FY2025
FY2026
JPY / USD 144.4 147.4 154.0 156.9 159.3
Revenue
EBITDA+S and Margin %
Basic EPS
(in trillions of yen) (in billions of yen) (yen)
FY2026 Guidance
FY2026 Guidance
FY2026 Guidance
JPY / USD
05/15/26 08/07/26
152.6 150.7 154.0 159.0
05/15/26 08/07/26
05/15/26 08/07/26
Segment Breakdown - Revenue, EBITDA+S and EBITDA+S Margin %
Revenue Breakdown
Segment EBITDA+S Margin %
(in billions of yen)
MMT 181.5
30.0%
Staffing
102.5
5.6%
HR
Technology 834.0
45.8%
MMT
605.0
HR
Technology 1,822.0
Staffing
1,831.0
Gross Profit
(in billions of yen)
Pre-corporate EBITDA+S Breakdown and
3. HR Technology Segment
3. HR Technology Segment
FY2026 Full-year Revised Segment Outlook
Revenue in US dollar
Revenue in Japanese Yen
EBITDA+S and Margin %
(in millions of dollars) (in billions of yen) (in billions of yen)
Japan
Europe & Others
US
Pro Forma Actual
FY2026 Outlook
05/15/26 08/07/26
FY2026 Outlook
05/15/26 08/07/26
FY2026 Outlook 05/15/26 08/07/26
JPY / USD
Please see footnotes in the appendix.
152.6 150.7 154.0 159.0
Recruit Holdings | FY2026 Q1 Results 9
3. HR Technology Segment
FY2026 Full-year Revised Segment Outlook - Revenue Breakdown by Region
FY2025 Actual and FY2026 Outlook FY2026 Revised Outlook and % of Total
(in millions of dollars) (in millions of dollars)
Total: į11,485
US
Europe
Japan į2,315 (20.2%)
Europe & Others į2,520 (21.9%)
US į6,650 (57.9%)
& Japan
Others
FY2025 Actual FY2026 Outlook 05/15/26 08/07/26
In US dollar In Japanese Yen
(in millions of dollars)
YoY (in billions of yen)
YoY
Japan
Europe & Others
US
FY2024 Pro Forma
FY2025
FY2026
FY2024 Pro Forma
FY2025
FY2026
EBITDA and Margin % EBITDA+S and Margin %
YoY
(in billions of yen)
YoY
(in billions of yen)
FY2024 Pro Forma
FY2025
FY2026
FY2024 Pro Forma
FY2025
FY2026
Total US Revenue:
US ARPJ =
米国平均単 価
and
Other Revenue
Sponsored Job Revenue
Total # of US Job Postings:
Total # of free and paid job postings on US Indeed
Indexed Jobs aggregated by Indeed from employer websites and other sources across the internet
Hosted Jobs posted directly on Indeed by business clients
and
ATTRACT
Performance Advertising
ENGAGE
Sourcing & Branding
HIRE
Screening & Automation
Everything in Standard Plus
Advanced Matching
Interview on Demand
Premium Sponsored Jobs
Priced above Standard
First Page Visibility Boost Job Branding
Location Targeting
Tech & Specialty Network Reach Urgently Hiring Label
AI-Generated Messages AI Candidate Highlights Matched Candidates
Invite-to-Apply
Standard
Boosted Visibility
Automatic Replies
Screener Questions
Free Organic Visibility
US Quarterly Revenue, IHL US NSA JPI and US ARPJ Growth Rates
IHL US NSA JPI: Historical (February 2020 - June 2026)
(in millions of dollars)
Historical IHL US NSA JPI US ARPJ Growth Rates
(Index to 100
on Feb 1, 2020)
175
150
125
100
75
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024 FY2025
FY2026
3. HR Technology Segment
US Annual Revenue Outlook
IHL US NSA JPI: Historical (Apr. 2020 - Apr. 2026) and Assumed FY2026
(in millions of dollars)
Historical IHL US NSA JPI RHC assumed FY2026 Index US ARPJ Growth Rates
(Index to 100 on Feb 1, 2020)
150
125
100
-7% -4%
75
50
Outlook
Quarterly Results
Annual Results and Outlook
+30%
(in millions of dollars) (in millions of dollars)
+18%
YoY
Historical IHL US NSA JPI US ARPJ Growth Rates
YoY
+17%
YoY
-7% -4% -4%
FY2024
FY2024 FY2025
FY2026
FY2025
FY2026 Outlook 05/15/26 08/07/26
Quarterly Results
Annual Results and Outlook
YoY
YoY
(in millions of dollars) (in millions of dollars)
YoY
FY2024 FY2025
FY2026
FY2026 Outlook 05/15/26 08/07/26
Quarterly Results YoY Annual Results and Outlook
FY2026 Outlook 05/15/26 08/07/26
(in billions of yen) (in billions of yen)
YoY YoY
FY2024 Pro Forma
FY2025
FY2026
Pro Forma
Total: į302 bn (in billions of USD)
į34 bn
Job Advertising & Talent Sourcing
求人広告及び採 用ツール
Temporary Staffing
人材派遣
Internal Recruitment
Automation
採用オートメーシ ョン
Please see footnotes in the appendix.
į105 bn
į68 bn
į71 bn
į24 bn
Direct Hire
人材紹介
Retained Search
エグゼクティブサ ーチ
Recruit Holdings | FY2026 Q1 Results 20
Staffing Segment
(in billions of yen)
YoY
FY2024
FY2025
FY2026
EBITDA+S and Margin %
FY2024
FY2025
FY2026
Revenue
(in billions of yen)
YoY
Europe
US
Australia
Japan
(in billions of yen)
YoY
YoY
Europe,
US,
Australia
Japan
FY2026 Outlook
05/15/26 08/07/26
Revenue
EBITDA+S and Margin %
(in billions of yen)
YoY
YoY
FY2026 Outlook
05/15/26 08/07/26
MMT Segment
Vertical Matching Platforms
Vertical
Individual Users
Recruit ID 99 million1
Loyalty Points
Matching Platforms
GMV Increase with AI
AI Enhancement
Matching
Unique Data through Fulfillment
Business Clients
980,0002
SaaS with Unique Data
FY2025 Full-year Revenue by Subsegment
(in billions of yen)
MMT Total
¥564.6 Bn
Others
(Automobile, Bridal, Education, and Others)
¥113.8 Bn
Housing
& Real Estate
¥156.9 Bn
Beauty
¥126.2 Bn
Travel, Dining, and
SaaS solutions
¥167.6 Bn
Lifestyle
¥293.8 Bn
Automobile Division
Historical Revenue
(in billions of yen)
FY2026 Q1 Results
Revenue
(in billions of yen)
YoY
Others
Housing
& Real Estate
Lifestyle (Beauty, Dining, Travel, SaaS)
FY2024
FY2025
FY2026
EBITDA+S and Margin %
(in billions of yen)
YoY
FY2024
FY2025
FY2026
EBITDA+S and Margin %
(in billions of yen)
YoY
YoY
05/15/26
08/07/26
FY2026 Outlook
FY2026 Annual Outlook
Revenue
YoY
YoY
(in billions of yen)
Others
Housing
& Real Estate
Lifestyle (Beauty, Dining, Travel, SaaS)
05/15/26
08/07/26
FY2026 Outlook
Appendices
Appendix: Consolidated FY2026 Full-year Revised Guidance
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% |
Appendix: Overview of Revised Segment FY2026 Full-year Outlook
Revenue EBITDA+S and Margin %
(in billions of yen) (in billions of yen)
Staffing
HRT
HRT
MMT
FY2025 Actual FY2026 Outlook
MMT
Staffing
FY2026 Outlook
FY2025 Actual
(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 amortization1 | 16.7 | 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% | - |
(in millions of shares) | As of March 31, 2025 | As of March 31, 2026 | As of 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 |
(in billions of yen) | As of March 31, 2025 | As of March 31, 2026 | As of 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
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.
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
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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.
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Recruit Holdings | FY2026 Q1 Results