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Recent estimates of the number of yellow-eyed penguin (Megadyptes antipodes) throughout its range have led to a revised figure for the total population of this species. The number of breeding pairs on Stewart and Codfish Is together with the Auckland Is remain the least well known. Ground searches in 1984 -1994 on Stewart and Codfish Is suggested fewer birds than expected. The results of 102 ground searches of 61 localities and 118 beach counts (>700 h of observations) support a lowering of earlier estimates to c. 170-320 pairs on Stewart Is and its outliers, and 50-80 breeding pairs on Codfish Is, giving a total of 220-400 pairs for this region. The relatively few breeding pairs found on Stewart Is, based on the length of coastline and hinterland area available, together with the small groupings, suggest that predation of adults and chicks may be a factor in the relatively low numbers of this species on Stewart Is itself.