Recruit Holdings (6098) Q3 2026 earnings summary

Executive summary

• HR Technology revenue in the U.S. exceeded expectations in Q3 and Q4, prompting an upward revision of full-year consolidated guidance for revenue, EBITDA+S, and EPS, all projected to reach record highs.

• Q3 consolidated revenue rose 5.2% year-over-year to ¥943.1 billion, with EBITDA+S up 21.5% to ¥218.2 billion and basic EPS up 29.4% to ¥103.62.

• Revenue for the nine months ended December 31, 2025, increased by 1.5% year-over-year to ¥2,736.8 billion, with operating income up 21.1% to ¥495.7 billion and profit attributable to owners rising 15.6% to ¥394.9 billion.

• Net cash position at ¥648.2 billion as of December 31, 2025.

• MMT (Marketing Matching Technologies) is evolving its business model, introducing a GMV-linked fee in beauty and planning expansion to other verticals.

Financial highlights

• Full-year consolidated revenue outlook raised by JPY 66.1 billion to JPY 3,664.7 billion; EBITDA+S outlook increased by JPY 30.2 billion to JPY 763.8 billion; basic EPS guidance raised by 22 yen to 335 yen.

• Q3 HR Technology U.S. revenue was $1.3 billion, up 10.1% year-over-year; Q4 outlook is $1.33 billion, up 12.4% year-over-year.

• Q3 profit attributable to owners of the parent increased 23.1% year-over-year to ¥146.5 billion.

• EBITDA+S for the nine months was ¥612.8 billion, up 12.1% year-over-year.

• Q3 segment EBITDA margin was 35.4%, EBITDA+S margin was 39.1%.

Outlook and guidance

• Full-year consolidated revenue, EBITDA, EBITDA+S, profit attributable to owners, and basic EPS expected to reach record highs.

• FY2025 full-year revenue guidance raised to ¥3,664.7 billion (+3.0% YoY), operating income expected at ¥590.6 billion (+20.4%), and basic EPS at ¥335.00 (+23.4%).

• U.S. RPJ growth rate expected to remain in the 10% range for the next fiscal year, with quarterly variability.

• MMT full-year revenue expected at JPY 566.8 billion, up 5.1% year-over-year; EBITDA+S margin targeted at 27.1% this year, 30% next year, and 35% by FY2028.

• Q4 FY2025 foreign exchange assumptions: 153 yen/USD, 181 yen/Euro, 103 yen/AUD.