Financial Analysis

"Business Combinations During the year ended December 31, 2025, we completed acquisitions of two businesses within our Europe segment and during the year ended December 31, 2024, we completed acquisitions of eight businesses within our North America segment and two businesses within our Europe segment. These acquisitions were not material to our financial position or results of operations as of and for the years ended December 31, 2025 and 2024. Additionally, in January 2024, we paid $23 million (21 million) to a minority shareholder to settle a put option exercised on redeemable shares issued in conjunction with a previous acquisition. This payment was presented within Other financing activities, net in financing activities in our Consolidated Statements of Cash Flows. On August 1, 2023, we completed the acquisition of all of Uni-Select's issued and outstanding shares for an aggregate consideration paid of approximately Canadian dollar (CAD) 2.8 billion ($2.1 billion) (the ""Uni-Select Acquisition""). In order to reduce the risk related to changes in CAD foreign exchange rates for the CAD purchase price, we entered into foreign exchange contracts. These foreign exchange contracts did not qualify for hedge accounting, and therefore the changes in fair value were reported in Gains on foreign exchange contracts - acquisition related in the Consolidated Statements of Income. We reported Gains on foreign exchange contracts - acquisition related of $49 million for the year ended D …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Long-Term Obligations Long-term obligations consist of the following (in millions): December 31, 2025 December 31, 2024 Maturity Date Interest Rate Amount Interest Rate Amount Senior Unsecured Credit Agreement: Term loan payable January 2027 5.19 % $ 500 5.83 % $ 500 Revolving credit facilities December 2030 3.13 % (1) 1 5.86 % (1) 664 Senior Unsecured Term Loan Agreement: Term loan payable March 2029 3.81 % 510 4.98 % 487 Unsecured Senior Notes: U.S. Notes (2028) June 2028 5.75 % 800 5.75 % 800 U.S. Notes (2033) June 2033 6.25 % 600 6.25 % 600 Euro Notes (2028) April 2028 4.13 % 294 4.13 % 259 Euro Notes (2031) March 2031 4.13 % 881 4.13 % 777 Finance lease obligations 4.81 % (1) 106 4.96 % (1) 97 Other debt Various through December 2030 3.21 % (1) 3 3.30 % (1) 11 Total debt 3,695 4,195 Less: long-term debt issuance costs and unamortized bond discounts (32) (33) Total debt, net of debt issuance costs and unamortized bond discounts 3,663 4,162 Less: current maturities, net of debt issuance costs (32) (38) Long-term debt, net of debt issuance costs and unamortized bond discounts $ 3,631 $ 4,124 (1) Interest rate derived via a weighted average. Cash paid for interest was $230 million, $230 million and $197 million for the years ended December 31, 2025, 2024 and 2023, respectively. The scheduled maturities of long-term obligations outstanding at December 31, 2025 are as follows (in millions): Amount 2026 $ 32 2027 525 2028 1,112 2029 522 2030 9 Thereafter 1,495 Total debt (1) $ …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table sets forth our revenue disaggregated by category and reportable segment (in millions): Year Ended December 31, 2025 2024 2023 North America $ 5,329 $ 5,465 $ 4,974 Europe 6,287 6,386 6,303 Specialty 1,690 1,654 1,665 Parts and services 13,306 13,505 12,942 North America 321 297 307 Europe 24 21 20 Other 345 318 327 Total revenue $ 13,651 $ 13,823 $ 13,269

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Stock-Based Compensation In order to attract and retain employees, non-employee directors, consultants, and other persons associated with the Company, we grant equity-based awards under the LKQ Corporation 1998 Equity Incentive Plan (the Equity Incentive Plan). The total number of shares approved by stockholders for issuance under the Equity Incentive Plan is 70 million shares, subject to anti-dilution and other adjustment provisions. We have granted RSUs, stock options, and restricted stock under the Equity Incentive Plan. Of the shares approved by stockholders for issuance under the Equity Incentive Plan, 6.2 million shares remained available for issuance as of December 31, 2025. We expect to issue new or treasury shares of common stock to cover past and future equity grants. RSUs The RSUs we have issued vest over periods of up to five years, subject to a continued service condition. Currently outstanding RSUs (other than PSUs, which are described below) contain either a time-based vesting condition or a combination of a performance-based vesting condition and a time-based vesting condition, in which case both conditions must be met before any RSUs vest. For all of the RSUs containing a performance-based vesting condition, we must report positive diluted earnings per share, subject to certain adjustments, during any fiscal year period within five years following the grant date. Each RSU converts into one share of LKQ common stock on the applicable vesting date. The grant da …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value We use the market and income approaches to estimate the fair value of our financial assets and liabilities, and during the year ended December 31, 2025, there were no significant changes in valuation techniques or inputs related to the financial assets or liabilities that we have historically recorded at fair value. The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs we utilized to determine such fair value as of December 31, 2025 and 2024 (in millions): December 31, 2025 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments - debt securities $ 70 $ $ $ 70 $ 53 $ $ $ 53 Investments - equity securities 19 19 14 14 Total Assets $ 89 $ $ $ 89 $ 67 $ $ $ 67 Liabilities: Interest rate swaps $ $ $ $ $ $ 1 $ $ 1 Contingent consideration liabilities 3 3 3 3 Total Liabilities $ $ $ 3 $ 3 $ $ 1 $ 3 $ 4 Investments in debt and equity securities relate to our captive insurance subsidiary and are included in Other noncurrent assets on the Consolidated Balance Sheets. The balance sheet classification of the interest rate swap agreements is presented in Note 19, ""Derivative Instruments and Hedging Activities."" For contingent consideration liabilities, the entire portion is current at December 31, 2025 and is included in Other current liabiliti …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Income Taxes The provision for income taxes consists of the following components (in millions): Year Ended December 31, 2025 2024 2023 Current: Federal $ 135 $ 123 $ 139 State 35 38 40 Foreign 109 140 117 Total current provision for income taxes $ 279 $ 301 $ 296 Deferred: Federal $ (58) $ (24) $ 6 State (10) (3) 2 Foreign (7) (9) Total deferred (benefit) provision for income taxes $ (75) $ (36) $ 8 Total: Federal $ 77 $ 99 $ 145 State 25 35 42 Foreign 102 131 117 Provision for income taxes $ 204 $ 265 $ 304 Income taxes have been based on the following components of income from continuing operations before provision for income taxes (in millions): Year Ended December 31, 2025 2024 2023 Domestic $ 371 $ 545 $ 783 Foreign 429 381 440 Income from continuing operations before provision for income taxes $ 800 $ 926 $ 1,223 As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows: Year Ended December 31, 2024 2023 U.S. federal statutory rate 21.0 % 21.0 % State income taxes, net of state credits and federal tax impact 2.6 % 2.8 % Impact of rates on international operations 2.3 % 1.2 % Change in valuation allowances 1.2 % 0.9 % Non-deductible expenses 0.6 % 1.2 % Gains on foreign exchange contracts - acquisition related % (0.8) % Other, net 1.0 % (1.5) % Effective tax rate 28.7 % 24.8 % The effective income tax rate for the tax year ended …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") No. 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures."" The ASU requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. We adopted the ASU on a prospective basis beginning in this Annual Report on Form 10-K for the year ended December 31, 2025. The adoption of ASU 2023-09 did not have a material impact on our results of operations, financial position or cash flows but did result in additional disclosures. See Note 23, ""Income Taxes for further information related to these disclosures. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires disclosure of specific expense categories within relevant income statement captions. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The ASU can be adopted prospectively or retrospectively and early adoption is permitted. We are currently evaluating the impact of adopting t …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans Defined Benefit Plans We have funded and unfunded defined benefit plans covering certain employee groups in various European countries and Canada. Local statutory requirements govern many of our European and Canadian plans. The defined benefit plans are mostly closed to new participants and, in some cases, existing participants no longer accrue benefits. Funded Status The table below summarizes the funded status of the defined benefit plans (in millions): December 31, 2025 2024 Change in projected benefit obligation: Projected benefit obligation - beginning of year $ 200 $ 202 Service cost 6 5 Interest cost 7 7 Participant contributions 2 2 Actuarial (gain) / loss (8) 12 Benefits paid (1) (6) (11) Settlement (5) (2) Currency impact 21 (15) Projected benefit obligation - end of year $ 217 $ 200 Change in fair value of plan assets: Fair value - beginning of year $ 116 $ 119 Actual return on plan assets 10 10 Employer contributions 8 7 Participant contributions 2 2 Benefits paid (6) (11) Settlement (5) (2) Currency impact 12 (9) Fair value - end of year $ 137 $ 116 Funded status at end of year (liability) $ (80) $ (84) Accumulated benefit obligation $ 212 $ 194 (1) Includes amounts paid from plan assets as well as amounts paid from Company assets. The net amounts recognized for defined benefit plans on the Consolidated Balance Sheets were as follows (in millions): December 31, 2025 2024 Noncurrent assets $ 6 $ 2 Current liabilities 4 4 Noncurrent liabiliti …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition Disaggregated Revenue We report revenue in two categories: (i) parts and services and (ii) other. Parts revenue is generated from the sale of alternative parts and vehicle products including collision parts, which are typically exterior components used in the collision repair process to restore a vehicle's appearance and safety; hard parts, which are typically internal components that are either mechanical in nature or functional components that are replaced as part of routine maintenance; major mechanical parts; and specialty products and accessories, which are vehicle products that improve the performance, functionality and appearance of vehicles. Services revenue includes additional services that are generally billed concurrently with the related product sales, such as the sale of service-type warranties, and diagnostic and repair services. Other revenue includes sales of scrap and precious metals (platinum, palladium, and rhodium), bulk sales to mechanical manufacturers (including cores) and sales of aluminum ingots and sows from furnace operations; all of which are typically acquired as byproducts of our salvage operations. Revenue from the sale of hulks in our North America segment is recognized based on a price per ton of delivered material when the customer (processor) collects the scrap. The following table sets forth our revenue disaggregated by category and reportable segment (in millions): Year Ended December 31, 2025 2024 2023 North America $ …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment and Geographic Information We have three operating segments: North America; Europe; and Specialty, each of which is presented as a reportable segment. The segments are organized based on a combination of geographic regions served and the types of product lines offered. They are managed separately, as each business serves distinct customer bases and is impacted by different economic conditions. The following tables present our financial performance by reportable segment for the periods indicated (in millions): North America Europe Specialty Eliminations Consolidated Year Ended December 31, 2025 Revenue: Third Party $ 5,650 $ 6,311 $ 1,690 $ $ 13,651 Intersegment 1 3 (4) Total segment revenue $ 5,651 $ 6,311 $ 1,693 $ (4) $ 13,651 Less: (1) Cost of goods sold 3,232 3,884 1,274 Selling, general and administrative expenses 1,622 1,872 319 Other segment items (2) (17) (29) (11) Segment EBITDA $ 814 $ 584 $ 111 $ $ 1,509 Total depreciation and amortization (3) $ 197 $ 180 $ 32 $ $ 409 Year Ended December 31, 2024 Revenue: Third Party $ 5,762 $ 6,407 $ 1,654 $ $ 13,823 Intersegment 1 3 (4) Total segment revenue $ 5,763 $ 6,407 $ 1,657 $ (4) $ 13,823 Less: (1) Cost of goods sold 3,252 3,953 1,238 Selling, general and administrative expenses 1,588 1,855 315 Other segment items (2) (17) (35) (9) Segment EBITDA $ 940 $ 634 $ 113 $ $ 1,687 Total depreciation and amortization (3) $ 198 $ 160 $ 34 $ $ 392 Year Ended December 31, 2023 Revenue: Third Party $ 5,281 $ 6,323 $ 1,665 $ …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (""GAAP"") and the rules and regulations of the U.S. Securities and Exchange Commission. We have reclassified certain prior year amounts in the Consolidated Statements of Income and on the Consolidated Balance Sheets for the presentation of discontinued operations as a result of the sale of our Self Service segment. See Note 4, ""Discontinued Operations and Divestitures"" for additional information. Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of LKQ Corporation and its subsidiaries. All intercompany transactions and accounts have been eliminated. Use of Estimates The preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reported periods. We base our estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"Business Combinations We completed acquisitions of four businesses within our Europe segment, one business within our North America segment and one business within our Specialty segment, during the six months ended June 30, 2026. Total acquisition date fair value of the consideration for these acquisitions was $104 million, composed primarily of $66 million of pre-existing loans and other receivables effectively settled upon acquisition, $30 million of cash paid (net of cash acquired) and $4 million of other purchase price obligations (non-interest bearing). During the six months ended June 30, 2026, we recorded $36 million of goodwill related to these acquisitions, of which we expect an insignificant amount to be deductible for income tax purposes. In the period between the acquisition dates and June 30, 2026, these acquisitions generated revenue of $14 million and an operating loss of $3 million. On May 12, 2026, we acquired all of the equity interests of a supplier, RSI North America, Inc. and Rock Solid Industries International (Pty) Ltd. (""RSI""), a leading manufacturer of modular stainless steel truck cap systems from facilities in the United States and South Africa. The purchase price was $66 million and consisted of the acquisition-date fair value of pre-existing loans and other receivables between LKQ and RSI that were effectively settled upon acquisition. The goodwill recorded for our acquisition of RSI, which is reported as part of our Specialty segment, represen …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies We are from time to time subject to various claims and lawsuits incidental to our business. Some of these claims may involve complex issues that are subject to substantial uncertainties. However, in the opinion of management, based on currently available information, we do not expect that any currently outstanding claims and lawsuits will, individually or in the aggregate, have a material adverse effect on our financial position, results of operations or cash flows. On April 22, 2026, a purported stockholder of LKQ filed a putative class action (the Securities Action) in the United States District Court for the Middle District of Tennessee against LKQ Corporation and certain of its officers. The complaint generally alleges that LKQ made certain materially false and misleading statements and omitted certain material information regarding LKQs acquisition and integration of Uni-Select Incorporated (""Uni-Select"") and Uni-Selects U.S. operating subsidiary FinishMaster, which artificially inflated the market price of LKQ common stock. The complaint seeks, among other things, unspecified compensatory damages. On June 22, 2026, the court entered an order extending Defendants time to respond to the complaint until after a lead plaintiff has been appointed by the court. An evidentiary hearing on pending motions to appoint a lead plaintiff has been scheduled for August 13, 2026. On May 26, 2026, a derivative action (Derivative Action 1) was filed in the …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Long-Term Obligations Long-term obligations consist of the following (in millions): June 30, 2026 December 31, 2025 Maturity Date Interest Rate Amount Interest Rate Amount Senior Unsecured Credit Agreement: Term loan payable (1) January 2027 5.12 % $ 500 5.19 % $ 500 Revolving credit facilities December 2030 5.14 % (2) 290 3.13 % (2) 1 Senior Unsecured Term Loan Agreement: Term loan payable March 2029 3.83 % 493 3.81 % 510 Unsecured Senior Notes: U.S. Notes (2028) June 2028 5.75 % 800 5.75 % 800 U.S. Notes (2033) June 2033 6.25 % 600 6.25 % 600 Euro Notes (2028) April 2028 4.13 % 286 4.13 % 294 Euro Notes (2031) March 2031 4.13 % 857 4.13 % 881 Finance lease obligations 5.68 % (2) 125 4.81 % (2) 106 Other debt Various through December 2030 78.79 % (2) (3) 10 3.21 % (2) 3 Total debt 3,961 3,695 Less: long-term debt issuance costs and unamortized bond discounts (28) (32) Total debt, net of debt issuance costs and unamortized bond discounts 3,933 3,663 Less: current maturities, net of debt issuance costs (545) (32) Long-term debt, net of debt issuance costs and unamortized bond discounts $ 3,388 $ 3,631 (1) On July 29, 2026, we prepaid the term loan payable under our Senior Unsecured Credit Agreement with borrowings from our revolving credit facilities. (2) Interest rate derived via a weighted average. (3) Increase in interest rate as of June 30, 2026 is due to the annualization effect of a short-term borrowing. Cash paid for interest was $120 million and $137 million for the si …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table sets forth our revenue disaggregated by category and reportable segment (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 North America $ 1,371 $ 1,362 $ 2,712 $ 2,698 Europe 1,447 1,601 3,060 3,116 Specialty 487 464 895 857 Parts and services 3,305 3,427 6,667 6,671 North America 95 80 194 156 Europe 8 6 16 13 Other 103 86 210 169 Total revenue $ 3,408 $ 3,513 $ 6,877 $ 6,840

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"Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value We use the market and income approaches to estimate the fair value of our financial assets and liabilities, and during the three and six months ended June 30, 2026, there were no significant changes in valuation techniques or inputs related to the financial assets or liabilities that we have historically recorded at fair value. The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs we utilized to determine such fair value as of June 30, 2026 and December 31, 2025 (in millions): June 30, 2026 December 31, 2025 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments - debt securities $ 71 $ $ $ 71 $ 70 $ $ $ 70 Investments - equity securities 23 23 19 19 Total Assets $ 94 $ $ $ 94 $ 89 $ $ $ 89 Liabilities: Contingent consideration liabilities $ $ $ 1 $ 1 $ $ $ 3 $ 3 Total Liabilities $ $ $ 1 $ 1 $ $ $ 3 $ 3 Investments in debt and equity securities relate to our captive insurance subsidiary and are included in Other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets. For contingent consideration liabilities, at both June 30, 2026 and December 31, 2025, the entire portion was current and was included in Other current liabilities on the Unaudited Condensed Consolidated Balance Sheets based on the expected timing of the re …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes At the end of each interim period, we estimate our annual effective tax rate and apply that rate to our interim earnings. We also record the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and the effects of changes in tax laws or rates, in the interim period in which they occur. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in state and foreign jurisdictions, permanent and temporary differences between book and taxable income, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the tax environment changes. Our effective income tax rate for the six months ended June 30, 2026 was 26.6%, compared to 27.1% for the six months ended June 30, 2025. The decrease in the effective tax rate for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is primarily attributable to a favorable impact from changes in the Company's geographic distribution of income. Net income taxes paid were $125 million and $106 million for the six months ended June 30, 2026 and 2025, respectively.

IncomeTaxDisclosureTextBlock

Revenue Recognition Disaggregated Revenue We report revenue in two categories: (i) parts and services and (ii) other. Parts revenue is generated from the sale of alternative parts and vehicle products including collision parts, which are typically exterior components used in the collision repair process to restore a vehicle's appearance and safety; hard parts, which are typically internal components that are either mechanical in nature or functional components that are replaced as part of routine maintenance; major mechanical parts; and specialty products and accessories, which are vehicle products that improve the performance, functionality and appearance of vehicles. Services revenue includes additional services that are generally billed concurrently with the related product sales, such as the sale of service-type warranties, and diagnostic and repair services. Other revenue includes sales of scrap and precious metals (platinum, palladium, and rhodium), bulk sales to mechanical manufacturers (including cores) and sales of aluminum ingots and sows from furnace operations; all of which are typically acquired as byproducts of our salvage operations. Revenue from the sale of hulks in our North America segment is recognized based on a price per ton of delivered material when the customer (processor) collects the scrap. The following table sets forth our revenue disaggregated by category and reportable segment (in millions): Three Months Ended June 30, Six Months Ended June 30, 2 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment and Geographic Information We have three operating segments: North America; Europe; and Specialty, each of which are presented as a reportable segment. The segments are organized based on a combination of geographic regions served and the types of product lines offered. They are managed separately, as each business serves distinct customer bases and is impacted by different economic conditions. The following tables present our financial performance by reportable segment for the periods indicated (in millions): North America Europe Specialty Eliminations Consolidated Three Months Ended June 30, 2026 Revenue: Third Party $ 1,466 $ 1,455 $ 487 $ $ 3,408 Intersegment 1 (1) Total segment revenue $ 1,466 $ 1,455 $ 488 $ (1) $ 3,408 Less: (1) Cost of goods sold 844 881 363 Selling, general and administrative expenses 420 476 94 Other segment items (2) (5) (11) (2) Segment EBITDA $ 207 $ 109 $ 33 $ $ 349 Total depreciation and amortization (3) $ 46 $ 48 $ 9 $ $ 103 Three Months Ended June 30, 2025 Revenue: Third Party $ 1,442 $ 1,607 $ 464 $ $ 3,513 Intersegment 1 (1) Total segment revenue $ 1,442 $ 1,607 $ 465 $ (1) $ 3,513 Less: (1) Cost of goods sold 823 988 347 Selling, general and administrative expenses 402 474 82 Other segment items (2) (7) (6) (3) Segment EBITDA $ 224 $ 151 $ 39 $ $ 414 Total depreciation and amortization (3) $ 50 $ 44 $ 8 $ $ 102 North America Europe Specialty Eliminations Consolidated Six Months Ended June 30, 2026 Revenue: Third Party $ 2,906 $ 3, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing