Police said they had accounted for everyone in the group from Elim Christian College in Auckland.
The group of 10 students, a teacher and their guide were in Mangetepopo Gorge in Tongariro Forest when they were trapped by a rising river Tuesday following a heavy rain. The teacher was among the dead.
The students were traversing the river with a guide from the Sir Edmund Hillary Outdoor Pursuits Center.
One rescued student suffered back injuries, Dave White, the Central Police District operations manager, said. Three other students and the guide were unharmed.
Most of the bodies were recovered Tuesday. The last two were found a mile downstream during a helicopter search.