Company case
SEEK: price per ad up, ads down
SEEK's yield per job ad in Australia and New Zealand rose 13% in FY2025, while job ad volumes fell 11%. ANZ revenue still grew 1%. What were hirers paying more for?
The business: SEEK runs online job marketplaces in Australia, New Zealand and six Asian markets. Its head office is in Cremorne, Melbourne. FY2026 sales revenue from continuing operations was A$1,284 million. Sources S1–S5.
This read covers SEEK's FY2024 to FY2026 results. Yield and volume figures are for Australia and New Zealand (ANZ) unless stated. The financial years end on 30 June.
1. How did revenue hold while ads fell?
| ANZ, against the prior year | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Job ad volumes | −20% | −11% | −1% |
| Yield per paid ad | +13% | +13% | +14% |
| Revenue | −8% | +1% | +12% |
Reported: these are SEEK's own figures. ANZ revenue was A$840 million in FY2024 and A$945.4 million in FY2026. S1, PDF page 3; S3, PDF page 3; S4, PDF pages 3 and 6; S5, PDF page 15.
Our reading: price carried revenue through two years of falling volume. In FY2024 it covered part of a 20% fall. In FY2025 it covered all of an 11% fall.
For your pricing: if your volume fell 10% next year, how much price could you add, and on which products?
2. What does "yield" measure?
Reported: SEEK defines paid ad yield as "Revenue from core job ads and ad enhancements divided by the number of paid job ads." It says customer mix "has not been a major driver of yield in recent periods." S5, PDF pages 46–47.
Our reading: yield is an average price per ad. It rises when list prices rise and when hirers buy dearer ad types.
For your pricing: does your average-price report separate list price from product mix?
3. What drove the yield?
Reported: SEEK prices each ad individually, "accounting for factors including the likelihood of a placement, the difficulty of finding a qualified applicant and the average salary and location of the role." S2, PDF page 18. FY2024 yield rose as "dynamic pricing responded to continued growth in wages and applications per job ad". S1, PDF page 3.
Reported: for FY2026, SEEK put depth adoption first, after it launched upgraded ad tiers and the Advanced ad. Basic ads fell from 85% to 73% of ads, and Advanced ads rose from 5% to 17%. S4, PDF page 3; S5, PDF page 15.
Our reading: the price follows the value of a hire, not the cost of the ad. In FY2026 more of the gain came from hirers choosing a better product.
For your pricing: which customers would buy a better version at a higher price? What would they get for it?
4. How far does SEEK expect it to go?
Reported: SEEK's FY2027 guidance has ANZ revenue growth "driven by approximately 10% growth in yield", on a base case of mid single digit volume declines. "Each 1% change in ANZ volumes" moves group revenue by about A$9 million. Its medium-term goal is "Minimum 10% yield growth through the cycle". It puts a SEEK job ad at about 1% of annual salary, against 10–15% for a mid-market recruiter fee. S5, PDF pages 31 and 37.
Our reading: SEEK plans for price to rise faster than volume falls, and it publishes what a volume miss costs. Its case for more headroom compares the ad's price with the hirer's next option.
For your pricing: what does 1% of your volume cost you? What does your customer's next-best option cost them?
5. What belongs in the pricing meeting?
| Question | Evidence to bring | Suggested owner |
|---|---|---|
| How much of revenue growth was price? | Price, volume and mix on separate lines | Finance |
| What does the customer get for paying more? | The outcome each product tier delivers | Product lead |
| What does the alternative cost the customer? | The price of their next-best option | Commercial lead |
| What does a volume miss cost? | Revenue per 1% of volume | Finance |
| Who sets the individual price? | The rules and inputs behind each quote | Decision owner |
Coverage and limits
SEEK's yield mixes list price with product mix, and it publishes no split between them. Its explanations are quoted as its own. This is an outside reading of public filings: it claims no client relationship and gives no score or investment view.
Sources used
Source passages checked 5 November 2026. PDF pages count from the first file page, including covers. All documents are SEEK ASX announcements.
- S1: FY2024 full year results announcement, 13 August 2024, PDF page 3.
- S2: Appendix 4E and FY2024 Annual Report, 13 August 2024, PDF page 18.
- S3: FY2025 full year results announcement, 19 August 2025, PDF page 3.
- S4: FY2026 full year results announcement, 12 August 2026, PDF pages 1–3 and 6.
- S5: FY2026 full year results presentation, 12 August 2026, PDF pages 15–16, 31, 37 and 46–47.
- Send a factual correction with its supporting source.
Check your own pricing practices
The Pricing Health Check takes about ten minutes. Pick the sentence that is true today on each practice, from how list prices are set to who approves a discount.
Responsibility and method
Responsible author: Andrew Wilson. Publisher: onestepright.
Substantive update: . Selected SEEK results from FY2024 to FY2026 keep yield, volume and revenue on SEEK’s own definitions.