Why does SEEK Limited (ASX:SEK) report a statutory loss per share while its core earnings grew? The short answer is that the FY26 result contained two stories at once. The employment marketplaces business expanded earnings, while valuation declines and non-core items in other parts of the group pushed the statutory result below zero.

What SEEK reported for FY26

SEEK released its full-year results to 30 June 2026 on 12 August 2026. Secondary coverage of the release put sales revenue at A$1,284 million, up 17%, and net revenue at A$1,199 million, up 10%. EBITDA, a measure of earnings before interest, tax, depreciation and amortisation, rose 15% to A$530 million, a margin of 44%. Adjusted profit increased 28% to A$199 million, and free cash flow rose 21% to A$246 million.

The directors declared a final dividend of 25 cents per share, bringing the full-year dividend to a record 52 cents, up 13%.

The statutory picture was different. Coverage of the earnings call reported a reported loss of about A$307 million, which management attributed to non-core items including an impairment relating to Japan and losses at the SEEK Growth Fund. The Growth Fund, which holds minority stakes in human-resources software and related businesses, recorded a net loss of about A$201 million according to one summary, reflecting lower valuations of some software assets. These figures come from secondary summaries of the results, and readers should check them against SEEK's own release and annual report.

How the business makes money

SEEK operates online employment marketplaces, mainly in Australia and New Zealand (ANZ) and across Asia, connecting employers with job seekers. Revenue is driven by two broad levers: the number of job ads placed (volume) and the average revenue earned from each ad (yield). Employers can pay more per ad by choosing higher-priced products, such as those that give a listing greater prominence, and SEEK reported that adoption of its higher-tier "depth" products in ANZ paid ad revenue rose from 28% to 42% within a year.

That pricing strength is the core of the FY26 result. As reported on the call, ANZ volumes fell 1% and Asia volumes fell 12%, yet EBITDA still grew 15%. Management described a sixth consecutive year of double-digit yield growth. In plain terms, SEEK earned more from each ad even though fewer ads were placed.

Guidance and medium-term targets

Guidance is a statement of management's expectations, not a result. For FY27, summaries of the release cited a net revenue range of A$1,210 million to A$1,280 million and an EBITDA range of A$530 million to A$580 million. Management was also reported as expecting mid-single-digit declines in job ad volumes, with cost growth capped at about 5%.

SEEK also lifted its medium-term yield objective to a minimum of 10% annual growth, from high single digits previously, and targeted mid-single-digit cost growth through the cycle. Whether those targets are met depends heavily on employer demand and on how much pricing power persists if hiring stays soft.

The Growth Fund and asset sales

The SEEK Growth Fund is a second thread. Reporting on the results indicated that the fund's portfolio was valued at more than A$1 billion, that SEEK owns about 83% of the fund, and that management expected "near-term" capital returns, although timing was described as uncertain. A sale process for the Employment Hero stake was reported to be under way, with further asset sales described as likely before the end of 2026.

This matters because proceeds could affect debt, capital allocation and how the market values the group. Net leverage was reported at 1.8 times. At the same time, valuation write-downs show that the fund's carrying values can move in either direction, and sale prices are not known until transactions complete.

Sector and competitive position

SEEK is classified under technology services in the data provided, though its revenue is closely tied to the labour market. Its stated aim is to grow placement share in each market, and management highlighted a data advantage built on large volumes of daily user signals, along with AI-assisted products such as Instant Match and Career Feed.

Risks and what to monitor

Several items are worth watching. The first is job ad volumes in ANZ and Asia, because management itself expects mid-single-digit declines in FY27 and yield growth has to offset them. The second is whether yield gains can continue if employers push back on pricing or shift budgets to alternative channels.

Third, the timing and prices of Growth Fund asset sales, including Employment Hero, will indicate how carrying values compare with what buyers will pay. Fourth, further impairments, in Japan or elsewhere, would again separate statutory results from adjusted measures. Finally, the dividend is set by the board each period, so coverage by free cash flow is worth tracking. Treat the secondary figures above as indicative until checked against SEEK's ASX announcements.