株式会社リクルートホールディングス · FY2026
Is Recruit really a job-advertising company?
Recruit is still easy to associate with job advertising and employment information. But in FY2026 its largest business by revenue was Staffing, while the center of EBITDA+S was HR Technology led by Indeed. In Japan, the same group also operates matching and SaaS platforms across beauty, travel, dining and housing. Connect the numbers and Recruit starts to look less like a seller of ad space and more like a company that sits inside decisions and transactions between individuals and businesses.
This is not investment advice or a stock recommendation. We reorder company-published primary-source facts to make the shape of the business easier to see.
Recruit is still easy to associate with job advertising and employment information.
Connecting people looking for work with employers is still central to the group.
But today’s revenue and profit structure is difficult to explain with the phrase “job-advertising company” alone.
First, revenue is ¥3.697 trillion
Is Indeed the largest of those businesses?
Not by revenue.
Staffing is the largest revenue business
Staffing is about 46% of consolidated revenue
FY2026. Site calculation using segment and consolidated revenue.
Profit tells a very different story.
HR Technology produces more than five times Staffing’s EBITDA+S
The largest revenue business is not the earnings center
FY2026 segment revenue and EBITDA+S.
The business with the most revenue and the business creating most of the segment earnings are different.
What is Indeed changing inside that profit engine?
US average revenue per job rose 17% despite stagnant hiring demand
The language Recruit now uses for Indeed goes beyond “job-advertising site.”
Indeed is presented as a “Two-Sided Decision-Making Marketplace”
This is not only an overseas story.
Recruit has been moving its long-established Japanese HR services into the same technology organization.
Japanese placement services moved into HR Technology in April 2025
Recruit’s matching model also extends well beyond jobs.
In Japan it appears across beauty, travel, dining, housing and other markets.
MMT generated ¥564.6 billion of revenue at a 27.4% EBITDA+S margin
The scale of the domestic platform now looks more like transaction infrastructure than a collection of media brands.
It connects 97 million Recruit IDs with more than 970,000 business clients
HOT PEPPER Beauty shows what one of those platforms looks like at transaction scale.
HOT PEPPER Beauty handled ¥1.1 trillion of annual GMV
MMT’s own roadmap makes the direction even clearer.
From monthly advertising fees to actions, then GMV-linked economics
Job advertising remains part of Recruit’s history and current business.
Staffing also remains enormous, accounting for about 46% of consolidated revenue.
But the profit structure and the evolution of Indeed and HOT PEPPER Beauty increasingly put the emphasis on what happens after information is published: whether a match, decision or transaction actually happens.
THE VIEW AFTER THE NUMBERS
What the numbers suggest
Connect the numbers and Recruit looks less like a company that sells job advertisements and more like a company that builds the process through which individuals and businesses reach decisions and transactions.
Staffing is the largest revenue segment at ¥1.703 trillion. HR Technology is smaller at ¥1.458 trillion, yet its ¥549.9 billion of EBITDA+S far exceeds Staffing’s ¥99.7 billion. In the US, Average Revenue per Job rose 17% despite stagnant hiring demand, while Recruit describes Indeed as a “Two-Sided Decision-Making Marketplace” supported by AI.
The same pattern appears in Japan. MMT connects 97 million Recruit IDs with more than 970,000 business clients across beauty, travel, dining, housing and SaaS. From advertising to matching, and from matching toward decisions and transactions — that is a more useful way to see the company Recruit has become.
Primary sources used
Consolidated Financial Results for FY2025
Recruit Holdings Co., Ltd. · 2026-05-15
Open source →FY2025 Full-year Results Presentation
Recruit Holdings Co., Ltd. · 2026-05-15
Open source →Our Business Model
Recruit Holdings Co., Ltd.
Open source →Update on Marketing Matching Technologies
Recruit Holdings Co., Ltd. · 2026-02-09
Open source →