Luca Bennett went missing about 3pm on Christmas Eve off North Avoca Beach on the NSW Central Coast.
The 15-year-old aspiring basketballer was one of three teenagers swept from the rocks into the sea when the group was hit by a wave.
Two of the boys scrambled back onto the rocks before raising the alarm.
A search on Christmas Day involving police, NSW Ambulance, Surf Life Saving NSW, Central Coast Council Lifeguards and a rescue helicopter failed to find Luca.
Police said an operation to recover the body was ongoing on Friday afternoon.
Parents Jason and Michelle Bennett confirmed their "beautiful Luca J" was found by rescue crews on Friday afternoon.
"Dolphins were circling Nth Avoca rocks since 5am this morning," the teenager's mother wrote in a Facebook post.
"The ocean lifted him up onto the rocks."
Luca Bennett disappeared after being swept off a rock shelf at North Avoca Beach. (HANDOUT/MARINE RESCUE NEW SOUTH WALES)
Michelle thanked thanked rescue crews and the community for helping to search for Luca.
"The incredible team from our surf clubs, police and marine rescue, paramedics are retrieving him for us ... we can't ever begin to explain our immense gratitude to them and all of our family, friends and community," she said.
Photos posted online showed friends gathering on Christmas Day to honour the missing teenager beneath a tribute etched onto a rock face.
"Luca Bennett 2009-2024. Forever 15," it read.
Inspector Benjamin Campbell of Brisbane Water Police District described the accident as a "very tragic incident", adding his heart went out to the family.
"It's just a timely reminder of how dangerous the rocks can be around the ocean and how everyone has to be really careful," he told reporters on Wednesday.
A report will be prepared for the coroner.
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