Recruit Holdings' operating profit rose 63.9% to ¥513.7bn in the six months to September 2026, on revenue up 19.3% to ¥2.14tn. Profit attributable to owners of the parent rose 65.7% to ¥411.6bn. The company ties its US growth at Indeed to what it earns per job posting, and describes US hiring demand over the period as stagnant.
What the 37% measures
HR Technology revenue rose 35.6% to ¥945.5bn, or 24.2% in dollars to $5.93bn. US revenue rose 45.5% in yen to ¥551.8bn and 33.4% in dollars to $3.46bn. Recruit says that came "while hiring demand stagnated", as US average revenue per job posting (US ARPJ) grew 37%.
Recruit defines the measure as US HR Technology revenue divided by the average daily number of US job postings on Indeed, as counted by Indeed Hiring Lab. It is a ratio, so it rises when revenue grows faster than postings. The earnings summary gives no posting count. Quarterly figures stand apart from the half-year: in the second quarter alone, US revenue rose 36.6% to a quarterly record of $1.82bn and ARPJ growth was 39%.
The currency basis matters too. The average rate was ¥159.2 per dollar in the half against ¥145.9 a year earlier, so yen growth rates run ahead of dollar growth.
| Region | Revenue (yen) | Growth (yen) | Revenue (dollars) | Growth (dollars) |
|---|---|---|---|---|
| US | ¥551.8bn | +45.5% | $3.46bn | +33.4% |
| Europe and others | ¥202.2bn | +40.5% | $1.26bn | +28.8% |
| Japan | ¥191.4bn | +9.8% | $1.20bn | +0.6% |
From revenue to operating profit
HR Technology's EBITDA+S margin was 47.5%, which Recruit attributes to revenue growth and tight control of personnel costs; segment EBITDA+S rose 76.7% to ¥449.2bn. Group EBITDA+S, which adds back depreciation and share-based pay and strips out other operating items, rose 49.7% to ¥590.8bn, slower than operating profit. Other operating expenses fell to ¥5.5bn from ¥20.9bn a year earlier.
The other two segments grew far more slowly. Staffing revenue rose 10.6% to ¥917.5bn, with EBITDA+S up 0.9% to ¥55.1bn. Marketing Matching Technologies revenue rose 3.6% to ¥291.4bn.
Guidance and open items
Recruit left group full-year guidance unchanged, with operating profit of ¥945bn. It expects HR Technology to beat its August outlook: revenue of $11.92bn, up 23.2%, against $11.485bn, with full-year US ARPJ growth of 33%. The company says the effect on the consolidated forecast is limited.
Two items sit outside the growth story. On 2 June 2026, two subsidiaries in Recruit's Japan staffing business received a Japan Fair Trade Commission on-site inspection over a suspected antimonopoly violation; the company says it cannot reasonably estimate the result or financial impact. Separately, Recruit bought back about ¥177.6bn of its shares in the half and extended the execution period of its ¥350bn programme to the end of March 2027 from the end of November 2026.