Will OpenWork Recruiting’s high growth continue through FY2026 Q3?

OpenWork Recruiting generated operating revenue of ¥2,164.710 million from January through June 2026, up 39.3% from ¥1,553.447 million in the same period of the previous year. The service accounted for approximately 72% of consolidated operating revenue of ¥3,000 million, making it the company’s primary growth driver, ahead of OpenWork at ¥652.564 million, the alternative data service at ¥91.056 million, and the recruitment and other services at approximately ¥92 million.

The expansion in cumulative web-resume registrations provides support for this growth, with registrations increasing from approximately 1.51 million at the end of June 2025 to approximately 1.83 million at the end of June 2026. The company attributes the increase in revenue to more active recruitment by existing customers, growth in job postings, and increased activity by both hiring companies and job seekers. Accordingly, in Q3 it will be important to assess not only registration numbers but also whether registered users are converting into actual applications and hires.

Recruiting operating revenue was described as 51.1% of the full-year plan in the first half, while consolidated operating revenue overall was 48.4% of the ¥6,200 million full-year forecast. In Q3, investors should review nine-month cumulative revenue by service and progress against the full-year plan, as well as Q3 standalone operating revenue, to determine whether the first half’s high growth reflects sustainable demand into the second half rather than temporary revenue recognition from individual projects.

The company has not disclosed operating income by service, hires made, the conversion rate from application to joining a company, revenue per customer, or acquisition costs including advertising expenses. Although operating revenue is increasing, the figures do not show whether investment in marketing and higher personnel costs are reducing contribution margins. A key issue for the Q3 results will therefore be whether the company provides additional disclosure on service-level profit, hires made, applications, or growth in the number of contracted companies.

Recruiting operating revenue for the fiscal year ended December 2025 was ¥3,247.887 million, up 34.2% year on year. First-half growth of 39.3% was faster than that rate, so investors should track whether growth in the 30% range can be maintained year on year in Q3, and whether referrals from OpenWork to Recruiting are contributing to both revenue and profit growth.