[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_103":104},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","vtya8quc8o8gxzhgkwn10fbcv","revision",5,"title","LKQ Corporation 2026年第三季度净亏损2.7亿美元，商誉减值8.8亿美元","originalTitle","LKQ CORP (0001065696) (Filer)","summary","LKQ Corporation 2026年第三季度营收33.19亿美元，同比下降6.6%；净亏损2.7亿美元，而2025年同期盈利1.8亿美元。九个月累计营收102.25亿美元，同比下降2.0%；净亏损1.88亿美元，而2025年同期盈利5.42亿美元。公司计提商誉减值8.8亿美元，主要由于Specialty报告单位的公允价值低于账面价值。","reason","LKQ Corporation 2026年第三季度营收同比下降6.6%，净亏损2.7亿美元，九个月累计净亏损1.88亿美元，商誉减值8.8亿美元，显示其经营面临较大压力。","source",{"_12":94,"_95":96,"_9":97,"_98":42,"_99":100,"_101":102},"links",{"_91":92,"_79":93},"publishedAt","2026-10-29T21:01:11.000Z","discoveredAt","2026-10-29T22:57:54.794Z","timelineAt","category","ai-products","tags",[85,86,87,88,89,90],"stockSymbols",[84],"score",80,"selected",true,"channel","news","story",{"_74":75,"_16":76},"x","readingMode","full","author","language","body",{"_64":78,"_79":-5,"_80":81,"_82":83},"outline",[],"relatedStories",[77],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":73},"hasTranslation","bodyLanguage","zh","factId","fo75fOeXfzg8",{"_74":75,"_16":76},"reportCount",3,"additionalSourceCount",1,"developmentCount",0,"publicId","dd302dd0-5fd3-4834-acb2-e510c631d3cb","LKQ暂停战略审查并公布三季度财报",{"_74":75,"_16":76},"

美国

证券交易委员会

华盛顿特区 20549

________________________________________

表 10-Q

____________________________


☒	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的过渡报告

从至

委员会文件编号：001-42002

____________________________

LKQ 公司

（根据其章程指定的注册人全名）

____________________________

特拉华州

36-4215970

（注册或组织的州或其它司法管辖区）

（I.R.S. 雇主识别号）

5846 Crossings Boulevard

田纳西州安提奥克

37013

（主要执行办公室地址）

（邮政编码）

注册人的电话号码，包括区号：(615) 781-5200

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易代码

每种证券的注册交易所名称

面值为 0.01 美元的普通股

LKQ

纳斯达克全球精选市场

4.125% 2031 年到期票据

LKQ31

纳斯达克全球精选市场

________________________________________

通过勾选方框表明注册人：(1) 在过去 12 个月（或注册人需提交此类报告的较短期间）内已提交所有根据《证券交易法》第 13 条或第 15(d) 条应提交的报告，并且 (2) 在过去 90 天内已遵守此类提交要求。是 ☒ 否 ☐

通过勾选方框表明注册人是否在前 12 个月（或注册人需提交此类文件的较短期间）内提交了根据 S-T 规则 405（本章第 232.405 条）应提交的每个交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易所法》第 12b-2 条中对“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者

☒

加速提交者

☐

新兴成长公司

☐

非加速提交者

☐

较小报告公司

☐

如果为新兴成长公司，请通过勾选方框表明注册人是否已选择不使用根据《交易所法》第 13(a) 条提供的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司（根据《交易所法》第 12b-2 条定义）。是 ☐ 否 ☒

截至 2026 年 10 月 22 日，注册人已发行 252,398,077 股普通股。

*****


项目		页码
第一部分	财务信息
项目 1.	财务报表：
	未经审计的合并损益表（截至 2026 年 9 月 30 日的三个月和九个月）九个月结束九月 30, 2026 和 2025	3
	未经审计的合并全面收益表（截至 2026 年 9 月 30 日的三个月和九个月）九个月结束九月 30, 2026 和 2025	4
	2026年9月30日和2025年12月31日的未审计合并资产负债表 9月 30, 2026和2025年12月31日	5
	截至 2026 年 9 月 30 日和 2025 年的九个月未经审计的合并现金流量表九个月结束九月 30, 2026 和 2025	6
	截至 2026 年 9 月 30 日和 2025 年的三个月和九个月未经审计的合并股东权益表九个月结束九月 30, 2026 和 2025	7
	未经审计的合并财务报表附注	9
项目 2.	管理层讨论与分析财务状况和经营成果	26
项目 3.	关于市场风险的定量和定性披露	43
项目 4.	控制和程序	43
第二部分	其他信息
项目 1.	法律诉讼	44
项目 1A.	风险因素	44
项目 2.	未注册的股权证券销售和资金使用	44
项目 3.	高级证券违约	45
项目 4.	矿山安全披露	45
项目 5.	其他信息	45
项目 6.	附录	46
签名		47

第一部分

财务信息

项目 1. 财务报表

LKQ 公司及其子公司

未经审计的合并损益表

（单位为百万美元，每股数据除外）


	截至 2026 年 9 月 30 日的三个月		截至 2026 年 9 月 30 日的九个月
	2026		2025		2026		2025
收入	$	3,319			$	3,499		$	10,196	$	10,339
商品销售成本	2,083			2,158			6,308		6,329

毛利	1,236			1,341			3,888		4,010
销售、一般及行政费用	959			958			2,943		2,865
重组和交易相关费用	24			14			71		33
商誉减值	88			—			88		—
待售净资产减值	23			—			23		—
折旧和摊销	89			95			268		272

营业利润	53			274			495		840
其他费用（收入）：
利息费用	56			55			164		170

利息收入和其他收入，净额	(8)			(4)			(21)		(25)
其他费用总额，净额	48			51			143		145
税前持续经营的收入	5			223			352		695
所得税拨备	32			45			124		173
联营公司（收益）损失的权益	(2)			—			42		—
持续经营的（损失）收入	(25)			178			186		522
已终止运营的净（损失）收入	(2)			2			2		20
净（损失）收入	(27)			180			188		542
减：归属于持续经营非控制权益的净（损失）收入	(1)			—			(1)		1
归属于 LKQ 股东的净（损失）收入	$	(26)			$	180		$	189	$	541




基本每股收益：
持续经营的（损失）收入	$	(0.09)			$	0.69		$	0.73	$	2.02
终止经营的（损失）净收入	(0.01)			0.01			0.01		0.08
净（损失）收入	(0.10)			0.70			0.74		2.10
减：归属于持续经营的非控制性权益的净（损失）收入	—			—			—		—
归属于LKQ股东的（损失）净收入	$	(0.10)			$	0.70		$	0.74	$	2.10

稀释每股收益：
持续经营的（损失）收入	$	(0.09)			$	0.69		$	0.73	$	2.02
终止经营的（损失）净收入	(0.01)			0.01			0.01		0.08
净（损失）收入	(0.10)			0.70			0.74		2.10
减：归属于持续经营的非控制性权益的净（损失）收入	—			—			—		—
归属于LKQ股东的（损失）净收入	$	(0.10)			$	0.70		$	0.74	$	2.10

附注是未经审计的合并财务报表的组成部分。

LKQ 公司及其子公司

未经审计的合并综合收益表

（以百万计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净（损失）收入	$	(27)			$	180		$	188	$	542
减：归属于持续经营的非控制性权益的净（损失）收入	(1)			—			(1)		1

归属于LKQ股东的（损失）净收入	(26)			180			189		541

其他综合（损失）收入：
外币折算，税后	(28)			(38)			(135)		330
现金流量对冲的未实现损益变动，税后	—			—			1		1
养老金计划的未实现损益变动，税后	—			—			—		1
可供出售债务证券的未实现损益变动，税后	(2)			—			(2)		—
未合并子公司的其他综合收益（损失）	2			5			(1)		1
其他综合（损失）收入	(28)			(33)			(137)		333

综合（损失）收入	(55)			147			51		875
减：归属于持续经营的非控制性权益的综合（损失）收入	(1)			—			(1)		1

归属于LKQ股东的综合（损失）收入	$	(54)			$	147		$	52	$	874

附注是未经审计的合并财务报表的组成部分。

LKQ 公司及其子公司

未经审计的合并资产负债表

（除每股数据外，以百万计）


	2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	319			$	319
应收账款，扣除信用损失准备后的净额	1,354			1,204
存货	3,262			3,426

预付费用和其他流动资产	349			299

流动资产合计	5,284			5,248
固定资产，净额	1,396			1,452
经营租赁资产，净额	1,283			1,332
商誉	5,274			5,414
其他无形资产，净额	1,007			1,072
权益法投资	126			170
其他非流动资产	412			449

资产总计	$	14,782			$	15,137
负债和股东权益
流动负债：
应付账款	$	1,919			$	2,108
应计费用：
应计薪酬相关负债	176			190
退款负债	120			122

其他应计费用	434			344

经营租赁负债的当期部分	256			253
长期义务的当期部分	39			32
其他流动负债	78			88

流动负债合计	3,022			3,137
长期经营租赁负债（不含当期部分）	1,105			1,145
长期义务（不含当期部分）	3,678			3,631
递延所得税负债	322			331
其他非流动负债	337			332

承诺和或有事项

股东权益：
普通股，面值0.01美元，授权1000.0股，截至2026年9月30日已发行324.5股，流通252.4股；截至2025年12月31日已发行324.0股，流通255.0股	3			3
额外 paid-in 资本	1,601			1,581
留存收益	7,916			7,958
其他综合亏损累计	(194)			(57)
库藏股，按成本计算；截至2026年9月30日为72.1股，截至2025年12月31日为69.0股	(3,031)			(2,948)
公司股东权益总额	6,295			6,537
非控制性权益	23			24
股东权益总额	6,318			6,561
总负债和股东权益	$	14,782			$	15,137

附注是未经审计的合并财务报表的组成部分。

LKQ 公司及其子公司

未经审计的合并现金流量表

（以百万美元计）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量 (1)：
净利润	$	188			$	542
调整项目，以将净利润调整为经营活动产生的净现金：
折旧和摊销	305			312

商誉和待售净资产减值	111			—
Mekonomen 权益法投资减值	44			—
基于股票的薪酬费用	27			27


其他	23			(25)
经营性资产和负债的变化，扣除收购和处置的影响：
应收账款	(238)			(212)
存货	99			54
其他资产	(25)			(6)
预付所得税/应交所得税	(27)			81
应付账款	(143)			(44)
其他负债	83			3
经营租赁资产和负债	19			1
经营活动产生的净现金	466			733
投资活动产生的现金流量 (1)(2)：
购置物业、厂房和设备	(130)			(160)

收购，扣除已获现金	(37)			2



其他投资活动，净额	(1)			14
投资活动使用的净现金	(168)			(144)
融资活动产生的现金流量 (1)：


循环信贷设施借款	1,729			1,214
循环信贷设施还款	(1,150)			(1,384)
定期贷款应付款还款	(500)			—
其他债务净还款	(27)			(33)









向 LKQ 股东支付的股息	(230)			(234)
回购库藏股	(83)			(119)
其他融资活动，净额	(23)			(6)
融资活动使用的净现金	(284)			(562)
汇率变动对现金、现金等价物和受限现金的影响	(17)			30


现金、现金等价物和受限现金的净减少（增加）	(3)			57
期初持续经营的现金、现金等价物和受限现金 (3)	332			239
加：期初终止经营的现金和现金等价物	—			—
期初持续经营和终止经营的现金、现金等价物和受限现金 (3)	332			239
期末持续经营和终止经营的现金、现金等价物和受限现金 (3)	329			296
减：期末终止经营的现金和现金等价物	—			—
期末现金、现金等价物和受限现金 (3)	$	329			$	296

(1) 所列金额包含持续经营和终止经营的成果。有关与终止经营成果相关的现金流的更多信息，请参阅第3号注释，“终止经营”。

(2) 截至2025年9月30日的九个月内的非现金投资活动包括与自助服务销售相关的约3.9亿美元应收款。有关更多信息，请参阅第3号注释，“终止经营”。

(3) 有关受限现金的更多信息，请参阅第16号注释，“现金、现金等价物和受限现金”。

附注是未经审计的合并财务报表不可分割的一部分。

LKQ 公司及其子公司

未经审计的合并股东权益表

（单位：百万美元，除非另有说明）


	截至2026年9月30日的三个月
	LKQ 股东
	普通股	库藏股		额外支付的资本	留存收益		累计其他综合损失		非控制性权益		股东权益总额
	股份数量	金额		股份数量	金额
2026年7月1日的余额	324.3		$	3		(70.9)			$	(3,002)		$	1,593	$	8,019		$	(166)		$	24	$	6,471
净损失	—		—		—			—			—		(26)	—		(1)			(27)
其他综合损失	—		—		—			—			—		—	(28)		—			(28)
购买库藏股	—		—		(1.2)			(29)			—		—	—		—			(29)
限制性股票单位行权，扣除用于员工税的股份	0.2		—		—			—			(1)		—	—		—			(1)
股票薪酬费用	—		—		—			—			9		—	—		—			9

向LKQ股东宣布的股息（每股0.30美元）	—		—		—			—			—		(77)	—		—			(77)





2026年9月30日的余额	324.5		$	3		(72.1)			$	(3,031)		$	1,601	$	7,916		$	(194)		$	23	$	6,318


	截至2025年9月30日的三个月
	LKQ 股东
	普通股	库藏股		额外支付的资本	留存收益		累计其他综合损失		非控制性权益		股东权益总额
	股份数量	金额		股份数量	金额
2025年7月1日的余额	323.8		$	3		(66.5)			$	(2,868)		$	1,567	$	7,867		$	(51)		$	25	$	6,543
净收入	—		—		—			—			—		180	—		—			180
其他综合损失	—		—		—			—			—		—	(33)		—			(33)
购买库藏股	—		—		(1.2)			(40)			—		—	—		—			(40)
限制性股票单位行权，扣除用于员工税的股份	0.2		—		—			—			(3)		—	—		—			(3)
股票薪酬费用	—		—		—			—			10		—	—		—			10

向LKQ股东宣布的股息（每股0.30美元）	—		—		—			—			—		(78)	—		—			(78)




2025年9月30日的余额	324.0		$	3		(67.7)			$	(2,908)		$	1,574	$	7,969		$	(84)		$	25	$	6,579

附注是未经审计的合并财务报表不可分割的一部分。

LKQ 公司及其子公司

未经审计的合并股东权益表

（单位：百万美元，除非另有说明）


	截至2026年9月30日的九个月
	LKQ 股东
	普通股	库藏股		额外支付的资本	留存收益		累计其他综合损失		非控制性权益		股东权益总额
	股份数量	金额		股份数量	金额
2026年1月1日的余额	324.0		$	3		(69.0)			$	(2,948)		$	1,581	$	7,958		$	(57)		$	24	$	6,561
净收入（损失）	—		—		—			—			—		189	—		(1)			188
其他综合损失	—		—		—			—			—		—	(137)		—			(137)
购买库藏股	—		—		(3.1)			(83)			—		—	—		—			(83)
限制性股票单位的归属（扣除用于员工税款的股票）	0.5		—		—			—			(7)		—	—		—			(7)
基于股票的薪酬费用	—		—		—			—			27		—	—		—			27

向LKQ股东宣布的股息（每股0.90美元）	—		—		—			—			—		(231)	—		—			(231)





截至2026年9月30日的余额	324.5		$	3		(72.1)			$	(3,031)		$	1,601	$	7,916		$	(194)		$	23	$	6,318


	截至2025年9月30日的九个月
	LKQ股东
	普通股	库藏股		额外实收资本	留存收益		累计其他综合损失		非控制性权益		股东权益总额
	股份数量	金额		股份数量	金额
截至2025年1月1日的余额	323.6		$	3		(64.5)			$	(2,787)		$	1,556	$	7,662		$	(417)		$	15	$	6,032
净利润	—		—		—			—			—		541	—		1			542
其他综合收益	—		—		—			—			—		—	333		—			333
回购库藏股	—		—		(3.2)			(121)			—		—	—		—			(121)
限制性股票单位的归属（扣除用于员工税款的股票）	0.4		—		—			—			(9)		—	—		—			(9)
基于股票的薪酬费用	—		—		—			—			27		—	—		—			27
向LKQ股东宣布的股息（每股0.90美元）	—		—		—			—			—		(234)	—		—			(234)




收购包含非控制性权益的子公司	—		—		—			—			—		—	—		9			9

截至2025年9月30日的余额	324.0		$	3		(67.7)			$	(2,908)		$	1,574	$	7,969		$	(84)		$	25	$	6,579

附注是未经审计的合并财务报表的组成部分。

LKQ 公司及其子公司

未经审计的合并财务报表附注

注1. 中期财务报表

LKQ公司是一家特拉华州公司，是一家控股公司，所有业务均由其子公司开展。当本文件中使用“LKQ”、“公司”、“我们”、“我们”或“我们的”这些术语时，这些术语指的是LKQ公司及其合并子公司。

我们已根据美国证券交易委员会（\"SEC\"）适用于中期财务报表的规则和法规编制了上述未经审计的合并财务报表。因此，某些与我们的重要会计政策和附注披露相关的信息，通常在根据美国通用会计原则（\"GAAP\"）编制的财务报表中包含，已进行了压缩或省略。根据管理层的意见，这些未经审计的合并财务报表反映了所有必要的重大调整（仅包括通常的经常性调整），以在所有重大方面公允地表述我们所列期间的财务状况、经营成果和现金流量。

中期期间的业绩不一定能说明后续中期期间或全年可能实现的业绩。应结合我们提交给SEC的2025年年度报告10-K表格（\"2025年10-K表格\"）中包含的经审计的合并财务报表和相关附注阅读这些中期财务报表，该报告于2026年2月19日提交。

近期的会计准则

2024年11月，财务会计准则委员会（\"FASB\"）发布了会计准则更新（\"ASU\"）2024-03，\"收益表-报告全面收益-费用分解披露（子主题220-40）：收益表费用的分解。\" 该ASU要求在相关收益表项目中披露特定费用类别。该ASU中的修正适用于2026年12月15日之后开始的财年，以及2027年12月15日之后开始的财年内的中期期间。该ASU可以前瞻性或回溯性采用，允许提前采用。我们目前正在评估采用该ASU对我们合并财务报表的影响。

2025年9月，FASB发布了ASU 2025-06，\"无形资产-商誉和其他-内部使用软件（子主题350-40）：对内部使用软件会计的针对性改进。\" 该ASU删除了对软件开发项目阶段的引用，以更好地与当前的软件开发方法保持一致。根据该ASU，当管理层授权并承诺资助软件项目，并且很可能完成该项目且软件将用于其预期用途时，实体将开始资本化软件成本。该更新适用于2027年12月15日之后开始的年度期间，包括这些财年内的中期期间，尽管允许提前采用。该ASU可以前瞻性、回溯性或采用修改后的过渡方法进行采用。我们目前正在评估采用该ASU对我们合并财务报表的影响。

2025年11月，FASB发布了ASU 2025-09，\"衍生工具和套期会计（主题815）：套期会计改进\"，该更新对套期会计的某些方面进行了修改，以更紧密地与实体的风险管理活动的经济状况保持一致。修正内容包括对现金流量套期的风险评估、针对选择利率债务工具的预期利息支付的套期、非金融预期交易的现金流量套期、作为套期工具的净卖出期权以及以外币计价债务工具的双重套期。该更新适用于2026年12月15日之后开始的年度期间，包括这些财年内的中期期间，尽管允许提前采用。该ASU要求对所有套期关系进行前瞻性采用，但可以选择对在采用日存在的套期关系采用修正内容。我们预计采用该标准不会对我们的经营成果、财务状况或现金流量产生重大影响。

注释2. 企业合并与出售

在截至2026年9月30日的九个月内，我们在欧洲业务板块完成了对六家企业的收购，在北美业务板块完成对一家企业的收购，在专业业务板块完成对一家企业的收购。这些收购的对价总公允价值为1.16亿美元，主要由6600万美元的原有贷款和其他应收款（在收购时有效结算）以及3700万美元的现金支付（扣除已收购的现金）和700万美元的其他购买价格义务（无息）组成。在截至2026年9月30日的九个月内，我们为这些收购确认了4900万美元的商誉，其中我们预计其中的极小部分可用于所得税抵扣。在收购日期至2026年9月30日之间，这些收购产生了3200万美元的收入和1000万美元的经营亏损。

2026年5月12日，我们收购了供应商RSI North America, Inc.和Rock Solid Industries International (Pty) Ltd.（“RSI”）的所有股权，RSI是一家领先的模块化不锈钢卡车顶棚系统制造商，其生产基地位于美国和南非。收购价格为6600万美元，其中包括LKQ与RSI之间在收购日公允价值的原有贷款和其他应收款，这些款项在收购时已有效结算。我们对RSI的收购所确认的商誉（作为我们专业业务板块的一部分）代表了预期将增强RSI竞争优势并支持未来增长的未来技术和产品开发机会的价值，以及LKQ与RSI原有关系所带来的经济利益。

我们的收购采用购买法进行会计处理，并自收购日起包含在我们的合并财务报表中。购买价格根据收购日的估计公允价值分配至所购得的净资产。截至2026年9月30日的九个月内完成的收购的购买价格分配是初步的，因为我们正在确定以下事项：1）某些应收款项、存货和固定资产的估值金额；2）某些无形资产的估值金额；3）某些承担负债的收购日公允价值；以及4）所收购实体的税务基础。我们已为上述部分项目进行了初步估计，并将在估值最终确定后，对初步金额进行任何调整。在2026年的前九个月中，针对以前期间完成的收购所记录的计量期调整并不重大。

截至2026年9月30日的九个月内完成的收购的购买价格分配如下（单位：百万美元）：


	截至2026年9月30日的九个月
	所有收购
应收款	$	8
存货	16


物业、厂房和设备	27
经营租赁资产	16
商誉	49
其他无形资产 (1)	48
其他非流动资产	1

承担的流动负债	(21)

长期经营租赁负债（不包括当期部分）	(12)
承担的债务	(18)
其他非流动负债承担	(4)


其他购买价格义务	(7)


既存余额结算(2)	(66)


收购中使用的现金，扣除已收购现金	$	37

(1) 我们收购中记录的金额包括1800万美元的已开发技术（加权平均使用寿命6年）、2100万美元的客户关系（加权平均使用寿命8.3年）和900万美元的商标（加权平均使用寿命9.1年）。

(2) 该金额主要与收购日LKQ和RSI之间既存贷款和其他应收款的公允价值有关，这些在收购时已实际结算。

我们无形资产的公允价值基于多项输入值，包括未来现金流预测、假设的特许权使用费率和客户流失率，所有这些均为第三层级输入值。我们固定资产、厂房和设备的公允价值通过市场比较和资产当前重置或复制成本等输入值确定，并考虑物理、功能和经济因素进行调整；这些调整以缺乏或几乎没有市场数据的不可观察输入值为基础，因此这些输入值被视为第三层级输入值。有关公允价值层级的进一步信息，请参见第14号附注“公允价值计量”。

截至2026年9月30日止九个月完成的收购的主要目标是通过增强我们作为替代碰撞和机械维修产品领先供应商的地位，为我们的股东创造经济价值，并拓展其他产品线和业务，这些产品线和业务可能受益于我们的运营优势。

当我们发现潜在收购目标时，我们试图瞄准具有领先市场地位、经验丰富的管理团队和员工、高协同效应和/或能够带来关键能力并具有未来整合和增长机会的公司。对于我们的一些收购，我们已识别出通过将公司与我们的现有业务整合而产生的成本节约和协同效应，这些为合并实体提供了额外价值。在许多情况下，收购具有这些特征的公司将导致包含大量商誉的购买价格。

未经审计的合并财务信息

以下未经审计的合并财务信息展示了截至2026年9月30日的九个月内收购的业务的影响，就好像这些业务自2025年1月1日起就已经被收购。未经审计的合并财务信息基于我们认为合理的会计估计和判断。未经审计的合并财务信息包括购买会计调整的影响，例如将收购的存货调整至公允价值、对收购的厂房和设备的折旧进行调整、对高于或低于市场水平的租赁的租金费用进行调整、对收购的无形资产的摊销进行调整、对利息费用进行调整以及相关的税务影响。这些合并结果不一定反映如果收购在所列期间内已经生效的情况，也不一定反映未来的结果。未经审计的合并财务信息如下（以百万美元为单位）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025




收入	$	3,319			$	3,532		$	10,225	$	10,436








持续经营的（损失）收入	(25)			174			173		510

以下表格总结了与我们收购相关的重大非现金投资和融资活动（以百万美元为单位）：


	截至9月30日的九个月
	2026		2025
清算既存余额 (1)	$	(66)		$	—

(1) 该金额主要与LKQ和RSI之间在收购日的既存贷款和其他应收款的公允价值有关，这些在收购时已实际清算。

出售业务

2026年9月，我们与Elit Kar OOD达成一项最终协议，将其在欧洲业务部门的罗马尼亚业务出售给该公司，Elit Kar OOD是我们持有20%权益的权益法投资对象，交易对价为可收回的购买价格，交易结束时不涉及现金对价。我们预计将在2026年第四季度完成该交易，前提是获得监管批准和通常的交割条件。在达成该协议的同时，我们认为该处置组符合持有待售的标准，并将其资产和负债分类为持有待售。截至2026年9月30日，持有待售的资产和负债并不重大，分别列示在未经审计的合并资产负债表中的预付费用和其他流动资产以及其他流动负债中。在被分类为持有待售时，我们记录了2300万美元的减值费用，将罗马尼亚业务的净资产账面价值减记至公允价值减去出售成本，该费用记录在未经审计的合并损益表中的持有待售净资产减值中。

注3. 终止经营

2025年8月25日，我们与太平洋大道资本合伙公司（Pacific Avenue Capital Partners, LLC）的关联公司达成了具有约束力的协议，出售我们的自助服务业务，交易的企业价值为4.1亿美元，需根据常规的购买价格调整。该交易于2025年9月30日完成。2025年10月1日，我们收到了出售的税前净收益，并用这些收益偿还了约3.9亿美元的循环信用额度借款。因此，与偿还的借款相关的利息费用已包含在所有期间的终止经营中。此外，历史上分配给自助服务业务的普通公司管理费用在所有期间的持续经营中仍然存在。。此外，历史上分配给自助服务业务的普通公司管理费用在所有期间的持续经营中仍然存在。

作为交易的一部分，我们还签订了一份过渡服务协议，以提供某些交割后的支持服务。这些支持服务，其中大部分从交易完成之日起持续九个月或更长时间，根据需要确定，涉及人力资源、税务、财务、信息技术和运营等领域。

下表总结了终止经营的比较财务结果，这些结果在未审计的合并损益表中的“终止经营的净（损失）收入”中列示（以百万美元为单位）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
收入	$	—			$	130		$	—	$	395
销售成本	—			68			—		213
毛利	—			62			—		182
业务处置收益 (1)	—			—			(4)		—
待售净资产减值 (2)	—			12			—		12
销售、一般及行政费用	—			43			—		123
折旧和摊销	—			2			—		9
运营收入	—			5			4		38
其他费用（收入）：
利息费用	—			5			—		15
利息收入和其他收入，净额	—			—			—		(1)
其他费用净额	—			5			—		14
终止经营前的税前收入	—			—			4		24
所得税费用（收益）	2			(2)			2		4
终止经营的净（损失）收入	$	(2)			$	2		$	2	$	20

(1) 在截至2026年9月30日的九个月内，我们因最终确定自助服务业务的营运资本调整而确认了收益。

(2) 在截至2025年9月30日的九个月内，我们因将自助服务业务的账面价值减记至公允价值减去出售成本而确认了减值。

下表总结了与自助服务业务相关的公司终止经营的重大非现金运营活动和资本支出（以百万美元为单位）：


	截至9月30日的九个月
	2026		2025
折旧和摊销	$	—			$	9
业务处置收益	(4)			—
待售净资产减值	—			12
购置物业、厂房和设备	—			5

注释4. 坏账准备

截至2026年9月30日和2025年12月31日，我们的信用损失拨备分别为4900万美元和5300万美元。截至2026年9月30日和2025年9月30日止三个月的信用损失拨备分别为600万美元和700万美元，截至2026年9月30日和2025年9月30日止九个月的信用损失拨备分别为3200万美元和1400万美元。

注5. 无形资产

商誉和无限期无形资产至少每年进行一次减值测试。在2025年第四季度进行的年度商誉和无限期无形资产减值测试中，我们确定了我们专业业务部门的账面价值超过了公允价值估计值，并记录了减值费用。在截至2026年9月30日的三个月内，由于财务表现下降，我们在专业业务部门和欧洲业务部门发现了符合会计准则编码（“ASC”）350的触发事件。触发事件的发生是由于这两个业务部门的表现均未达到我们本年度的预测，并且预计未来部门盈利能力有所下降。专业业务部门由于客户和产品组合的不利变化、更高的燃油和货运成本以及某些市场的意外下降，预计运营盈利能力较低；而欧洲业务部门则由于德国ERP实施带来的运营挑战，预计需求低于预期，并且收入恢复速度比之前预期的要慢。因此，我们于2026年9月30日对专业业务部门和欧洲业务部门进行了中期定量商誉减值测试。

根据中期定量商誉减值测试的结果，我们确定专业业务部门的账面金额超过了其公允价值，并记录了8800万美元的商誉减值费用，该费用记录在未审计的合并损益表中的商誉减值部分。对于欧洲业务部门，估计的公允价值超过了相应的账面价值的20%，因此没有记录商誉减值。

管理层使用收益法和市场法来估计每个业务部门的公允价值。在收益法下，管理层应用了折现现金流方法，反映了折现后的未来（无债务）现金流，这些现金流基于内部预测和其他假设。对预测现金流应用的折现率基于每个业务部门的加权平均资本成本，该成本考虑了市场参与者的假设，可能包括业务部门特定的风险溢价。在市场法下，管理层使用了指导上市公司法，该方法分析了一组可比上市公司的市场乘数（包括收入和/或息税折旧及摊销前利润），并使用该市场法来验证收益法的结果。中期定量商誉减值测试使用了重要的不可观察输入，这些输入被视为第三级输入。

2026年前九个月，我们没有发现任何触发事件或其他减值迹象，因此无需对我们北美报告单元的商誉减值进行进一步的期中测试。

注6. 权益法投资

我们的权益法投资账面价值如下（以百万计）：


	分部	截至2026年9月30日的所有权	2026年9月30日		2025年12月31日
MEKO AB (1)	欧洲	26.6%	$	113			$	157
其他			13			13
合计			$	126			$	170

(1) 我们对MEKO AB（“Mekonomen”）投资的权益亏损和收益报告存在一个季度的滞后，并且不计入分部EBITDA的计算。截至2026年9月30日，我们对Mekonomen投资的Level 1公允价值为 $103 百万，基于Mekonomen普通股的报价市场价格，并使用与账面价值相同的外汇汇率。在截至2026年9月30日的三个月内，Mekonomen的股价跌至我们的账面价值以下，我们评估了该投资是否存在其他非暂时性减值，确定公允价值的下降并非其他非暂时性。然而，股价的持续下跌可能导致我们在未来期间的未审计合并收益表中确认其他非暂时性减值。在截至2026年3月31日的三个月内，我们评估了我们对Mekonomen的投资是否存在减值，并得出结论，该季度发生的事件表明公允价值的下降是其他非暂时性的，具体包括财务状况的变化，包括其杠杆比率的大幅增加以及

股息的取消，结合由于经济环境困难导致的股价持续大幅下跌和运营表现不佳。因此，我们确认了4400万美元的其他非暂时性减值费用，这代表了我们投资Mekonomen的账面价值与公允价值之间的差额。我们对Mekonomen投资的公允价值是使用2026年3月31日的Mekonomen股价69瑞典克朗确定的。减值费用记录在我们未审计合并收益表中的未合并子公司的权益（收益）亏损中。

注7. 收入确认

分项收入

我们将收入报告为两类：（i）零部件和服务，（ii）其他。

零部件收入来自替代零部件和车辆产品的销售，包括碰撞零部件，这些通常是用于碰撞维修过程以恢复车辆外观和安全的零部件；硬零部件，这些通常是内部零部件，要么是机械性质的，要么是作为例行维护的一部分而被更换的功能零部件；主要机械零部件；以及专用产品和配件，这些是能够提升车辆性能、功能和外观的车辆产品。服务收入包括通常与相关产品销售同时计费的其他服务，例如服务型保修的销售，以及诊断和维修服务。

其他收入包括废料和贵金属（铂、钯和铑）的销售、批量销售给机械制造商（包括芯材）以及熔炼业务生产的铝锭和铝母线的销售；所有这些通常作为我们回收业务的副产品获得。北美分部出售废船的收入是根据客户（加工商）收取废料时的每吨交付材料价格确认的。

下表列示了我们按类别和报告分部划分的收入（以百万计）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
北美	$	1,306			$	1,343		$	4,018	$	4,041
欧洲	1,451			1,615			4,511		4,731
特种业务	465			456			1,360		1,313
零部件和服务	3,222			3,414			9,889		10,085
北美	95			80			289		236
欧洲	2			5			18		18

其他	97			85			307		254
总收入	$	3,319			$	3,499		$	10,196	$	10,339

可变对价

未审计简明合并资产负债表中与可变对价相关的金额如下（以百万计）：


	分类	2026年9月30日		2025年12月31日
退货资产	预付费用和其他流动资产	$	65			$	66
退款负债	退款负债	120			122
可变对价准备	应收款项，扣除信用损失准备后的净额	155			148

按地区划分的收入

我们的净销售额根据销售业务的所在地归因于地区。下表列示了我们按地区划分的收入（以百万计）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026	2025
收入
美国	$	1,569		$	1,583	$	4,765	$	4,728
德国	378		474		1,204		1,367
英国	396		432		1,222		1,267
其他国家	976		1,010		3,005		2,977
总收入	$	3,319		$	3,499	$	10,196	$	10,339

附注8. 重构和交易相关费用

战略重构和转型举措

作为执行我们实现盈利增长、推动精益运营模式和最大化投资资本回报战略的一部分，我们将不时开展重构和业务转型举措。这些举措的范围可以从集中和标准化非面向客户的团队以及剥离非战略性资产等广泛变革，到合并利用率不足的设施和关闭业绩不佳的地点等针对性变革。执行这些举措可能需要几个月到几年的时间才能完全实施，具体取决于举措的范围和复杂性。此外，在执行举措过程中获取的信息以及确定额外行动时，举措可能会发生变化或扩大。我们预计，在2026年及2027年初执行与这些举措相关的已批准行动时，将产生约8500万美元的总成本。

下表列示了与我们的战略重构和转型举措相关的已发生费用（以百万计）：


	截至9月30日的三个月		截至9月30日的九个月
费用类型	2026		2025 (1)		2026		2025 (1)
员工相关成本	$	4			$	2		$	28	$	14
设施退出成本	13			3			26		8


其他成本，净额	3			1			6		1
总计	$	20			$	6		$	60	$	23

(1) 包括此前包含在2024年全球计划和1 LKQ欧洲计划中的成本。

截至2026年9月30日的九个月期间产生的费用与关闭业绩不佳的门店以及消除低效的成本结构有关，主要涉及我们的欧洲和北美业务板块。

收购整合计划

完成对业务的收购后，我们可能会产生与将收购业务整合到我们当前业务架构和系统中相关的成本。这些成本通常在收购日期后一年内产生，其规模取决于相关整合活动的规模和复杂程度。截至2026年9月30日，没有重大的收购整合计划。我们在截至2026年9月30日和2025年的三个月期间分别产生了总计 100万美元和300万美元的费用，在截至2026年9月30日和2025年的九个月期间分别产生了总计200万美元和400万美元的费用。

交易相关费用

在截至2026年9月30日和2025年的三个月期间，我们分别产生了总计300万美元和500万美元的费用；在截至2026年9月30日和2025年的九个月期间，我们分别产生了总计900万美元和600万美元的费用，用于与已完成的和潜在交易相关的法律、会计和咨询服务。

附注9. 每股收益

下表列示了每股收益的计算过程（单位：百万美元，每股金额除外）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
持续经营收益（亏损）	$	(25)			$	178		$	186	$	522
基本每股收益的分母——加权平均已发行股份	252.9			257.1			254.3		258.1
稀释性证券的影响：
限制性股票单位（\"RSUs\"）	—			0.2			0.3		0.3


稀释每股收益的分母——调整后的加权平均已发行股份	252.9		257.3		254.6		258.4
持续经营的基本每股收益（亏损）	$	(0.09)			$	0.69		$	0.73	$	2.02
持续经营的稀释每股收益（亏损） (1)	$	(0.09)			$	0.69		$	0.73	$	2.02

(1) 持续经营的稀释每股收益是使用库藏股法计算稀释性证券得出的。

附注10. 累计其他综合收益（亏损）

累计其他综合收益（亏损）的构成如下（单位：百万美元）：


	截至2026年9月30日的三个月
	外币折算		现金流量套期未实现收益（亏损） (1)		养老金计划未实现收益（亏损）		可供出售债务证券未实现收益（亏损）	非合并子公司其他综合收益（亏损）		累计其他综合收益（亏损）
2026年7月1日的余额	$	(171)			$	(6)		$	10		$	—		$	1	$	(166)
税前亏损	(28)			—			—		—		—		(28)

未实现收益的重分类	—			—			(1)		(3)		—		(4)
递延所得税的重分类	—			—			1		1		—		2

非合并子公司其他综合收益	—			—			—		—		2		2
2026年9月30日的余额	$	(199)			$	(6)		$	10		$	(2)		$	3	$	(194)


	截至2025年9月30日的三个月
	外币折算		现金流量套期未实现收益（亏损） (1)				非合并子公司其他综合收益（亏损）	累计其他综合收益（亏损）
2025年7月1日余额	$	(43)			$	(8)			$	—	$	(51)
税前亏损	(38)			—				—		(38)




来自未合并子公司的其他综合收益	—			—				5		5
2025年9月30日余额	$	(81)			$	(8)			$	5	$	(84)


	截至2026年9月30日的九个月
	外币折算		现金流量对冲的未实现损益 (1)		养老金计划的未实现损益		可供出售债务证券的未实现损益	来自未合并子公司的累计其他综合收益（亏损）		累计其他综合收益（亏损）
2026年1月1日余额	$	(64)			$	(7)		$	10		$	—		$	4	$	(57)
税前亏损	(135)			—			—		—		—		(135)

未实现亏损（收益）的重分类	—			1			(1)		(3)		—		(3)
递延所得税的重分类	—			—			1		1		—		2

来自未合并子公司的其他综合亏损	—			—			—		—		(1)		(1)
2026年9月30日余额	$	(199)			$	(6)		$	10		$	(2)		$	3	$	(194)


	截至2025年9月30日的九个月
	外币折算		现金流量对冲的未实现损益 (1)		养老金计划的未实现损益		来自未合并子公司的累计其他综合收益（亏损）	累计其他综合收益（亏损）
2025年1月1日余额	$	(411)			$	(9)		$	(1)	$	4	$	(417)
税前收益	330			1			—		—	331
所得税影响	—			(1)			—		—	(1)
未实现亏损的重分类	—			1			—		—	1
递延所得税的重分类	—			—			1		—	1

来自未合并子公司的其他综合收益	—			—			—		1	1
2025年9月30日余额	$	(81)			$	(8)		$	—	$	5	$	(84)

(1) 余额主要包括为对冲与预计债务发行相关的利率变动风险而进行的远期开始利率互换。这些互换将继续在5.75%高级票据（2028年6月到期）（“美国票据（2028）”）和6.25%高级票据（2033年6月到期）（“美国票据（2033）”，与美国票据（2028）合称为“美国票据（2028/2033）”）的期限内重分类至利息支出。有关更多信息，请参阅我们2023年10-K表中的第20号注释，“衍生工具和对冲活动”。

我们的政策是在相关收益和损失释放至未审计的合并损益表时，将所得税影响从累计其他综合收益（亏损）重分类至所得税费用。

第11号注释：供应链融资

我们利用自愿的供应链融资计划，以支持我们与供应商协商延长付款期限的努力，这是我们改善经营现金流的目标的一部分。截至2026年9月30日和2025年12月31日，我们分别有4.5亿美元和4.81亿美元的应付账款未结清。

第12号注释：长期负债

长期负债包括以下内容（单位：百万美元）：


			2026年9月30日		2025年12月31日
	到期日		利率		金额		利率		金额
高级无担保信贷协议：
定期贷款 (1)	2027年1月		—	%		$	—			5.19	%		$	500
循环信贷额度	2030年12月		5.24	%	(2)	580			3.13	%	(2)	1





高级无担保定期贷款协议：
定期贷款应付款	2029年3月		3.83	%		492			3.81	%		510

无担保高级票据：
美国票据 (2028)	2028年6月		5.75	%		800			5.75	%		800
美国票据 (2033)	2033年6月		6.25	%		600			6.25	%		600
欧元票据 (2028)	2028年4月		4.13	%		283			4.13	%		294
欧元票据 (2031)	2031年3月		4.13	%		850			4.13	%		881


融资租赁义务			5.68	%	(2)	132			4.81	%	(2)	106
其他债务	各种至2030年12月		26.39	%	(2) (3)	6			3.21	%	(2)	3
债务总额					3,743					3,695
减：长期债务发行成本和未摊销债券折价	(26)					(32)

债务总额，扣除债务发行成本和未摊销债券折价	3,717					3,663
减：近期到期额，扣除债务发行成本	(39)					(32)
长期债务，扣除债务发行成本和未摊销债券折价	$	3,678					$	3,631

(1) 2026年7月29日，我们利用从循环信贷额度借入的资金，提前偿还了高级无担保信贷协议项下的定期贷款应付款。

(2) 利率通过加权平均计算得出。

(3) 2026年9月30日的利率上升是由于短期借款的年化效应。

支付的现金利息为1.37亿美元和1.63亿美元，分别截至2026年和2025年9月30日的九个月。

附注13. 衍生工具和套期保值活动

我们面临市场风险，包括利率、外汇汇率和商品价格变化的影响。根据现行政策，我们可能使用衍生工具来管理债务的可变利率风险以及某些外币计价交易的汇率变动风险。我们不为交易目的持有或发行衍生工具。

指定为现金流量套期的衍生工具

2023年2月，我们签订了利率互换协议，以减轻高级无担保信贷协议项下借款的可变利率支付相关的利率变动风险。协议包括总额3亿美元的名义金额，于2026年2月到期。利率互换公允价值的变动计入其他综合收益，并在被套期利率支付影响收益时重分类至利息费用。与利率互换相关的活动在我们的未审计简明合并现金流量表中归类为经营活动，因为与正常经常性结算相关的活动旨在匹配利息支付。截至2026年9月30日，没有指定为现金流量套期的衍生工具未结清。

我们所有的利率互换合同都是与我们认为具有信用资质的对手方执行的，并且我们密切监控这些对手方的信用评级。

截至2025年12月31日，指定为现金流量套期的衍生工具的名义金额、资产负债表分类和公允价值如下（单位：百万美元）：


	2025年12月31日
		名义金额		资产负债表标题	公允价值 - 资产 / (负债)

利率互换协议		$	300		Other accrued expenses	$	—

The activity related to our cash flow hedges is included in Note 10, \"Accumulated Other Comprehensive Income (Loss).\" As of September 30, 2026, we estimate that $1 million of derivative losses (net of tax) included in Accumulated other comprehensive loss will be reclassified into our Unaudited Condensed Consolidated Statements of Income within the next 12 months.

Note 14. 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 nine months ended September 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 September 30, 2026 and December 31, 2025 (in millions):


	September 30, 2026		December 31, 2025
	Level 1		Level 2		Level 3		Total	Level 1		Level 2	Level 3		Total
Assets:

Investments - debt securities	$	73			$	—		$	—		$	73			$	70		$	—	$	—	$	70
Investments - equity securities	21			—			—		21		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 September 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 related payments.

Our contingent consideration liabilities are related to our business acquisitions. Under the terms of the contingent consideration agreements, payments may be made at specified future dates depending on the performance of the acquired business subsequent to the acquisition. The liabilities for these payments are classified as Level 3 liabilities because the related fair value measurement, which is determined using an income approach, includes significant inputs not observable in the market.

Financial Assets and Liabilities Not Measured at Fair Value

Our debt is reflected on the Unaudited Condensed Consolidated Balance Sheets at cost. The fair value measurements of the borrowings under the credit agreement are classified as Level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market, including interest rates on recent financing transactions with similar terms and maturities. We estimated the fair value by calculating the upfront cash payment a market participant would require at September 30, 2026 and December 31, 2025 to assume these obligations. The fair values of the U.S. Notes (2028), the U.S. Notes (2033), the 4.13% senior notes due April 2028 (the \"Euro Notes (2028)\") and the 4.13% senior notes due March 2031

(the \"Euro Notes (2031)\") are determined based upon observable market inputs including quoted market prices in markets that are not active, and therefore are classified as Level 2 within the fair value hierarchy.

Based on market conditions as of September 30, 2026 and December 31, 2025, the fair value of the borrowings under the Senior Unsecured Credit Agreement reasonably approximated the carrying values of $580 million and $501 million, respectively. As of September 30, 2026 and December 31, 2025, the fair value of the borrowings under the Senior Unsecured Term Loan Credit Agreement (\"CAD Note\") reasonably approximated the carrying values of $492 million and $510 million, respectively.

The following table provides the carrying and fair value for our other financial instruments as of September 30, 2026 and December 31, 2025 (in millions):


	As of September 30, 2026		As of December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value



U.S. Notes (2028)	$	800			$	801		$	800	$	827
U.S. Notes (2033)	600			592			600		642
Euro Notes (2028)	283			282			294		295
Euro Notes (2031)	850			830			881		902

Note 15. 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 nine months ended September 30, 2026 was 35.2%, compared to 24.8% for the nine months ended September 30, 2025. The increase in the effective tax rate for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 is attributable to a 1.3% unfavorable year over year impact from changes in the Company's geographic distribution of income and a 9.1% increase in the impact of discrete items. The increase in discrete items was primarily driven by the nondeductible portion of the goodwill impairment of the Specialty segment, totaling $84 million, recognized in the third quarter of 2026, which increased the effective tax rate by 6.7%.

Net income taxes paid were $158 million and $146 million for the nine months ended September 30, 2026 and 2025, respectively.

Note 16. Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of Cash and cash equivalents as reported on the Unaudited Condensed Consolidated Balance Sheets to Cash, cash equivalents and restricted cash shown in the Unaudited Condensed Consolidated Statements of Cash Flows (in millions):



	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	319			$	319
Restricted cash included in Other noncurrent assets (1)	10			13
Cash, cash equivalents and restricted cash	$	329			$	332

(1) Represents cash held with our captive insurance subsidiary for payments on self-insured claims.

Note 17. 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 LKQ’s acquisition and integration of Uni-Select Incorporated (\"Uni-Select\") and Uni-Select’s 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. On October 7, 2026, the court appointed Nordea Investment Management AB (\"Nordea\") as the lead plaintiff and approved the selection of lead counsel. On October 27, 2026, the parties proposed a schedule for Nordea to file an amended complaint and for briefing on defendants’ anticipated motion to dismiss.

On May 26, 2026, a derivative action (“Derivative Action 1”) was filed in the United States District Court for the Middle District of Tennessee that largely mirrors the Securities Action but is filed by a purported shareholder on behalf of nominal defendant LKQ Corporation against certain current and former directors and officers, asserting both a federal securities claim and breach of fiduciary duty claims relating to the same alleged misconduct during the same purported class period as the Securities Action. Plaintiff seeks, on behalf of LKQ, unspecified monetary damages, disgorgement, and other relief. On June 10, 2026, Derivative Action 1 was reassigned to the judge who is presiding over the Securities Action. On July 24, 2026, Derivative Action 1 was stayed pending resolution of LKQ’s anticipated motion to dismiss the Securities Action.

On July 29, 2026, a second derivative action (“Derivative Action 2”) that largely mirrors Derivative Action 1 was filed in the United States District Court for the Middle District of Tennessee by another purported shareholder on behalf of nominal defendant LKQ Corporation against certain current and former directors and officers. On August 10, 2026, Derivative Action 2 was reassigned to the judge who is presiding over the Securities Action. On August 11, 2026, the Securities Action court, on its own accord, consolidated Derivative Actions 1 and 2 with the Securities Action. On September 14, 2026, the parties to Derivative Action 2 moved to deconsolidate the derivative actions from the Securities Action and to stay Derivative Action 2 pending resolution of LKQ’s anticipated motion to dismiss the Securities Action. That motion is currently pending.

On August 13, 2026, a third derivative action (“Derivative Action 3”) that largely mirrors Derivative Actions 1 and 2 was filed in the United States District Court for the District of Delaware by another purported shareholder on behalf of nominal defendant LKQ Corporation against certain current and former directors.

On September 11, 2026, a fourth derivative action (“Derivative Action 4”) that largely mirrors Derivative Actions 1-3 was filed in the United States District Court for the Middle District of Tennessee by another purported shareholder on behalf of nominal defendant LKQ Corporation against certain current and former directors and officers. On September 25, 2026, Derivative Action 4 was reassigned to the judge who is presiding over the Securities Action. On September 28, 2026, LKQ moved to stay Derivative Action 4 pending resolution of LKQ’s anticipated motion to dismiss the Securities Action. On September 29, 2026, plaintiffs in Derivative Actions 1, 2 and 4 moved to consolidate those derivative actions.

On October 15, 2026, the court presiding over Derivative Actions 1, 2, and 4, on its own accord, transferred those actions to the United States District Court for the District of Delaware before it could issue a decision on LKQ’s motion to stay Derivative Action 4 or the consolidation motion filed by plaintiffs in Derivative Actions 1, 2 and 4. As such, both motions remain pending. On October 28, 2026, Derivative Actions 1, 2, and 4 were reassigned to the same judge who is presiding over Derivative Action 3.

At this time, the Company is unable to predict the outcome or reasonably estimate a range of loss, if any, that could result from an unfavorable outcome relating to the Securities Action, Derivative Action 1, Derivative Action 2, Derivative Action 3, or Derivative Action 4.

Note 18. 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 September 30, 2026
Revenue:
Third Party	$	1,401			$	1,453		$	465	$	—	$	3,319
Intersegment	1			—			—		(1)	—
Total segment revenue	$	1,402			$	1,453		$	465	$	(1)	$	3,319

Less: (1)
Cost of goods sold	808			921			355
Selling, general and administrative expenses	394			476			89
Other segment items (2)	(3)			(12)			(4)
Segment EBITDA	$	203			$	68		$	25	$	—	$	296
Total depreciation and amortization (3)	$	47			$	45		$	11	$	—	$	103

Three Months Ended September 30, 2025
Revenue:
Third Party	$	1,423			$	1,620		$	456	$	—	$	3,499
Intersegment	—			—			1		(1)	—
Total segment revenue	$	1,423			$	1,620		$	457	$	(1)	$	3,499

Less: (1)
Cost of goods sold	825			991			343
Selling, general and administrative expenses	401			474			83
Other segment items (2)	(2)			(7)			(3)
Segment EBITDA	$	199			$	162		$	34	$	—	$	395
Total depreciation and amortization (3)	$	49			$	48		$	8	$	—	$	105


	North America		Europe		Specialty		Eliminations	Consolidated
Nine Months Ended September 30, 2026
Revenue:
Third Party	$	4,307			$	4,529		$	1,360	$	—	$	10,196
Intersegment	1			—			2		(3)	—
Total segment revenue	$	4,308			$	4,529		$	1,362	$	(3)	$	10,196

Less: (1)
Cost of goods sold	2,480			2,803			1,028
Selling, general and administrative expenses	1,224			1,452			267
Other segment items (2)	(9)			(29)			(9)
Segment EBITDA	$	613			$	303		$	76	$	—	$	992
Total depreciation and amortization (3)	$	138			$	139		$	28	$	—	$	305

Nine Months Ended September 30, 2025
Revenue:
Third Party	$	4,277			$	4,749		$	1,313	$	—	$	10,339
Intersegment	—			—			3		(3)	—
Total segment revenue	$	4,277			$	4,749		$	1,316	$	(3)	$	10,339

Less: (1)
Cost of goods sold	2,433			2,910			989
Selling, general and administrative expenses	1,217			1,407			241
Other segment items (2)	(13)			(22)			(8)
Segment EBITDA	$	640			$	454		$	94	$	—	$	1,188
Total depreciation and amortization (3)	$	148			$	131		$	24	$	—	$	303

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (\"CODM\"). Intersegment expenses are included within the amounts shown.

(2) Amounts primarily represent other non operating income and expenses within each segment, as well as reconciling items to remove depreciation - cost of goods sold and the direct impacts of the Ukraine/Russia conflict, which are excluded from the calculation of Segment EBITDA.

(3) Amounts presented include depreciation and amortization expense recorded within Cost of goods sold and Restructuring and transaction related expenses.

For the nine months ended September 30, 2026 and 2025, the Company's CODM was Justin Jude, Chief Executive Officer. See Note 19, \"Subsequent Event\" regarding changes to the CODM and Chief Executive Officer effective on October 23, 2026.

The key measure of segment profit or loss reviewed by our CODM, our Chief Executive Officer, is Segment EBITDA. The CODM uses Segment EBITDA to compare profitability among the segments and evaluate business strategies. Segment EBITDA includes revenue and expenses that are controllable by the segment. Corporate general and administrative expenses are allocated to the segments based on usage, with shared expenses apportioned based on the segment's percentage of consolidated revenue. We calculate Segment EBITDA as Net Income and Loss excluding net income and loss attributable to noncontrolling interest; income and loss from discontinued operations; depreciation; amortization; interest; gains and losses on debt extinguishment; income tax expense; restructuring and transaction related expenses; change in fair value of contingent consideration liabilities; other gains and losses related to acquisitions, equity method investments, or divestitures; equity in losses and earnings of unconsolidated subsidiaries; equity investment fair value adjustments; impairment charges; and direct impacts of the Ukraine/Russia conflict.

The table below provides a reconciliation of Net Income (Loss) to Segment EBITDA (in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
2026		2025		2026		2025
Net (loss) income	$	(27)			$	180		$	188	$	542
Less: net (loss) income attributable to continuing noncontrolling interest	(1)			—			(1)		1
Net (loss) income attributable to LKQ stockholders	(26)			180			189		541
Less: net (loss) income from discontinued operations	(2)			2			2		20
Net (loss) income from continuing operations attributable to LKQ stockholders	(24)			178			187		521
Adjustments:

Depreciation and amortization	103			105			305		303



Interest expense, net of interest income	53			53			153		158

Provision for income taxes	32			45			124		173


Equity in (earnings) losses of unconsolidated subsidiaries (1)	(2)			—			42		—

Equity investment fair value adjustments	(1)			—			(1)		(1)


Restructuring and transaction related expenses (2)	20			14			67		33




Impairment of goodwill (3)	88			—			88		—
Impairment of net assets held for sale (4)	23			—			23		—

Direct impacts of Ukraine/Russia conflict (5)	4			—			4		1
Segment EBITDA	$	296			$	395		$	992	$	1,188

(1) See Note 6, \"Equity Method Investments\" for further information.

(2) Excludes amounts related to Restructuring - Depreciation expense. See Note 8, \"Restructuring and Transaction Related Expenses\" for further information on restructuring activities.

(3) See Note 5, \"Intangible Assets\" for further information.

(4) See Note 2, \"Business Combinations and Divestitures\" for further information.

(5) Amounts primarily include inventory write-downs and property, plant, and equipment impairment charges for operations impacted by the Ukraine/Russia conflict.

The following table presents capital expenditures by reportable segment (in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
2026		2025		2026		2025
Capital Expenditures
North America	$	18			$	20		$	54	$	58
Europe	15			26			64		85
Specialty	6			5			12		12
Total capital expenditures	$	39			$	51		$	130	$	155

We report net receivables; inventories; net property, plant and equipment; and net operating lease assets by segment as that information is used by the CODM in assessing segment performance. These assets provide a measure for the operating capital employed in each segment. Unallocated assets include cash and cash equivalents, prepaid expenses and other current and noncurrent assets, goodwill, other intangibles, and equity method investments.

The following table presents assets by reportable segment (in millions):


	September 30, 2026		December 31, 2025
Receivables, net of allowance for credit losses
North America	$	536			$	495
Europe	675			552
Specialty	143			157
Total receivables, net of allowance for credit losses	1,354			1,204
Inventories
North America	1,403			1,479
Europe	1,411			1,496
Specialty	448			451
Total inventories	3,262			3,426
Property, plant and equipment, net
North America	649			651
Europe	624			695
Specialty	123			106
Total property, plant and equipment, net	1,396			1,452
Operating lease assets, net
North America	611			641
Europe	528			544
Specialty	144			147
Total operating lease assets, net	1,283			1,332





Other unallocated assets	7,487			7,723
Total assets	$	14,782			$	15,137

Our largest countries of operation are the U.S., followed by Germany and the United Kingdom (\"U.K.\"). Additional European operations are located in the Netherlands, Italy, Czech Republic, Belgium, Austria, Slovakia, France and other European countries. Our operations in other countries include wholesale operations in Canada, remanufacturing operations in Mexico, an aftermarket parts freight consolidation warehouse in Taiwan, and administrative support functions in India. The following table sets forth our tangible long-lived assets by geographic area (in millions):


	September 30, 2026		December 31, 2025
Long-lived assets
United States	$	1,302			$	1,313
Germany	338			369
United Kingdom	292			321
Other countries	747			781
Total long-lived assets	$	2,679			$	2,784

Note 19. Subsequent Event

On October 23, 2026, Justin Jude departed from his position as President and Chief Executive Officer of the Company and Salvatore A. Abbate was appointed as President and Chief Executive Officer with an effective date of December 15, 2026. Until Mr. Abbate assumes the role of President and Chief Executive Officer, the Company has established an interim Office of the Chief Executive Officer to provide ongoing leadership continuity, consisting of John Mendel, Chairman of the Board, and Sue Gove, Chair of LKQ’s Audit Committee. Rick Galloway, Senior Vice President and Chief Financial Officer, will serve as the Company's Principal Executive Officer and CODM during such time.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Statements and information in this Quarterly Report on Form 10-Q that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the \"safe harbor\" provisions of such Act.

Forward-looking statements include, but are not limited to, statements regarding our outlook, guidance, expectations, beliefs, hopes, intentions and strategies. Words such as \"may,\" \"will,\" \"plan,\" \"should,\" \"expect,\" \"anticipate,\" \"believe,\" \"if,\" \"estimate,\" \"intend,\" \"project\" and similar words or expressions are used to identify these forward-looking statements. These statements are subject to a number of risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual results to differ from the results predicted or implied by our forward-looking statements include factors discussed in our filings with the SEC, including those disclosed under the captions \"Risk Factors\" and \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" in our 2025 Form 10-K and our Quarterly Reports on Form 10-Q (including this Quarterly Report).

Overview

We are a global distributor of vehicle products, including replacement parts, components and systems used in the repair and maintenance of vehicles, and specialty aftermarket products and accessories to improve the performance, functionality and appearance of vehicles.

Buyers of vehicle replacement products have the option to purchase from primarily four sources: new products produced by original equipment manufacturers (\"OEMs\"); new products produced by companies other than the OEMs, which are referred to as aftermarket products; salvaged products taken from total loss vehicles; and reconditioned products that have been refurbished or remanufactured. Collectively, we refer to the three sources that are not new OEM products as alternative parts.

We sell a variety of alternative replacement and maintenance parts including collision parts, which are typically exterior components used in the collision repair process to restore a vehicle's appearance and safety, such as bumper covers, fenders, paint and related body repair products, and lights; hard parts, which are typically internal components that are either mechanical in nature, such as alternators, starters, and clutches, or functional components that are replaced as part of routine maintenance, such as brake pads, discs and sensors, filters and batteries; and major mechanical parts, such as engines and transmissions. We also sell specialty products and accessories, which are vehicle products that improve the performance, functionality and appearance of vehicles.

We are organized into three operating segments: North America; Europe; and Specialty, each of which is presented as a reportable segment.

Our North America segment is a leading provider of alternative vehicle collision replacement products, paint and related body repair products, and alternative vehicle mechanical replacement and maintenance products, with our sales, processing, and distribution facilities reaching most major markets in the U.S. and Canada. Our Europe segment is a leading provider of alternative vehicle replacement and maintenance products in Germany, the U.K., the Benelux region (Belgium, Netherlands, and Luxembourg), Italy, Czech Republic, Austria, Slovakia, France and various other European countries. Our Specialty segment is a leading distributor of specialty vehicle aftermarket products and accessories reaching most major markets in the U.S. and Canada.

Our operating results have fluctuated on a quarterly and annual basis in the past and can be expected to continue to fluctuate in the future as a result of a number of factors, some of which are beyond our control. Please refer to the factors referred to in Forward-Looking Statements above. Due to these factors and others, which may be unknown to us at this time, our operating results in future periods can be expected to fluctuate. Accordingly, our historical results of operations may not be indicative of future performance.

Portfolio Management

We continuously manage and assess the businesses and investments we own and the markets in which we operate. Our acquisition strategy is to target highly accretive tuck-in acquisitions with significant synergies or critical capabilities. Additionally, from time to time, we have sold or divested businesses that do not align with our strategic vision, financial objectives or have limited long-term value potential. In 2025, aligning with our ongoing strategy to simplify our portfolio and concentrate on our core segments, we completed the sale of our Self Service segment. See Note 2, \"Business Combinations and Divestitures\", Note 3, \"Discontinued Operations\" and Note 6, \"Equity Method Investments\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information related to our acquisitions, divestitures and investments.

On October 29, 2026, the Company announced that its Board of Directors has decided to suspend the previously announced strategic review, including the Specialty segment sales process, to provide the new leadership team an opportunity to conduct a comprehensive assessment of the business and evaluate the full range of value‑creation pathways available to the Company.

Sources of Revenue

We report our revenue in two categories: (i) parts and services and (ii) other. Our 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 other metals (including precious metals - platinum, palladium and rhodium - contained in recycled parts such as catalytic converters), bulk sales to mechanical manufacturers (including cores) and sales of aluminum ingots and sows from our furnace operations; all of which are typically acquired as byproducts of our salvage operations. Other revenue will vary from period to period based on fluctuations in commodity prices and the volume of materials sold. See Note 7, \"Revenue Recognition\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information related to our sources of revenue.

Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations are based upon our Unaudited Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make use of certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Our 2025 Form 10-K includes a summary of the critical accounting estimates we believe are the most important to aid in understanding our financial results. There have been no changes to those critical accounting estimates that have had a material impact on our reported amounts of assets, liabilities, revenues or expenses during the nine months ended September 30, 2026.

We continue to monitor our reporting units for events or changes in circumstances that may indicate it is more likely than not that the fair value of a reporting unit is below its carrying amount and, therefore, require us to perform an interim goodwill impairment test. During the three months ended September 30, 2026, we identified a triggering event under ASC 350 for our Specialty and Europe reporting units resulting from declining financial performance. Both reporting units experienced underperformance relative to our current year forecasts and reductions in expected future segment profitability. For the Specialty reporting unit, the underperformance was due to, among other factors, unfavorable customer and product mix shifts, higher fuel and freight costs, and unexpected declines in certain markets. For the Europe reporting unit, the underperformance was due to lower than expected demand and slower than previously anticipated forecasted revenue recovery from the operational challenges resulting from the ERP implementation in Germany.

As a result, we performed interim quantitative goodwill impairment tests for our Specialty and Europe reporting units as of September 30, 2026. Based on the results of the interim quantitative goodwill impairment tests, we determined that the carrying amount of the Specialty reporting unit was in excess of its fair value and recorded a goodwill impairment charge of $88 million, which was recorded in Impairment of goodwill on the Unaudited Condensed Consolidated Statements of Income. The estimated fair value of the Specialty reporting unit is sensitive to changes in the significant assumptions used in the valuation. Holding all other assumptions constant, a 5% decrease in projected cash flows would result in approximately $45 million of additional impairment, a 25 basis point increase in the discount rate would result in approximately $25 million of additional impairment, and a 0.25 decrease in the market multiples assumption would result in approximately $5 million of additional impairment.

Additionally, events that cause declines to Specialty's future cash flows such as underperformance relative to our forecasts, since actual results may differ from our estimates of future performance, or events that have a negative impact on the market value of the business, such as a deterioration in macroeconomic conditions, could result in additional future impairment to the goodwill in our Specialty reporting unit. For our Europe reporting unit, the estimated fair value exceeded the respective carrying value by 20% and, accordingly, no goodwill impairment was recorded. Holding all other assumptions constant, it would take a decrease in projected cash flows in excess of 22%, or an increase in the discount rate of more than 200 basis points to result in an impairment to goodwill.

Management estimated the fair value of each reporting unit using both an income approach and a market approach. Under the income approach, management applied a discounted cash flow method reflecting discounted projected future (debt-free) cash flows, which were based on internal forecasts and other assumptions. Discount rates applied to the projected cash flows were based on the weighted average cost of capital for each reporting unit, which takes market participant assumptions into consideration and may include reporting-unit-specific risk premiums. Under the market approach, management utilized the guideline public company method, which analyzes market multiples (including revenue and/or earnings before interest, taxes, depreciation and amortization) for a group of comparable public companies, and used this market approach to validate the results of the income approach. The interim quantitative goodwill impairment tests utilized significant unobservable inputs, which are considered Level 3 inputs.

For the first nine months of 2026, we did not identify any triggering events or other indicators of impairment that necessitated any further interim test of goodwill impairment for our North America reporting unit.

See Note 5, \"Intangible Assets\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information related the interim impairment tests performed for the Specialty and Europe reporting units as of September 30, 2026.

Strategic Transformation Initiatives

See \"Strategic Restructuring and Transformation Initiatives\" in Note 8, \"Restructuring and Transaction Related Expenses\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information related to our strategic transformation initiatives. In April 2026, in conjunction with our previously announced plan, we continued our phased rollout of a common Enterprise Resource Planning (\"ERP\") system across Europe by completing the implementation in Germany. See Part I, Item 4 of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on July 30, 2026 for information related to the ERP system implementation in Germany.

Recently Issued Accounting Pronouncements

See \"Recent Accounting Pronouncements\" in Note 1, \"Interim Financial Statements\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information related to new accounting standards.

Financial Information by Geographic Area

See Note 7, \"Revenue Recognition\" and Note 18, \"Segment and Geographic Information\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information related to our revenue and long-lived assets by geographic region.

Key Performance Indicators

We believe that organic revenue growth, Segment EBITDA and free cash flow are key performance indicators for our business. Segment EBITDA is our key measure of segment profit or loss reviewed by our CODM. Free cash flow is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles.

•Organic revenue growth - We define organic revenue growth as total revenue growth from continuing operations excluding the effects of acquisitions and divestitures (i.e., revenue generated from the date of acquisition to the first anniversary of that acquisition, net of reduced revenue due to the disposal of businesses) and foreign currency movements (i.e., impact of translating revenue at different exchange rates). Organic revenue growth includes incremental sales from both existing and new (i.e., opened within the last twelve months) locations and is derived from expanding business with existing customers, securing new customers and offering additional products and services. We believe that organic revenue growth is a key performance indicator as this statistic measures our ability to serve and grow our customer base successfully.

•Segment EBITDA - See Note 18, \"Segment and Geographic Information\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a description of the calculation of Segment EBITDA. We believe that Segment EBITDA provides useful information to evaluate our segment profitability by focusing on the indicators of ongoing operational results.

•Free Cash Flow - We calculate free cash flow as net cash provided by (used in) operating activities, less purchases of property, plant and equipment. Free cash flow provides insight into our liquidity and provides useful information to management and investors concerning cash flow available to meet future debt service obligations and working capital requirements, make strategic acquisitions, repurchase stock, and pay dividends.

These three key performance indicators are used as targets in determining incentive compensation at various levels of the organization, including senior management. By using these performance measures, we attempt to motivate a balanced approach to the business that rewards growth, profitability and cash flow generation in a manner that enhances our long-term prospects.

Results of Operations—Consolidated

The following table sets forth statements of income data as a percentage of total revenue for the periods indicated:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026	2025
Revenue	100.0	%		100.0	%	100.0	%	100.0	%
Cost of goods sold	62.8	%		61.7	%	61.9	%	61.2	%

Gross margin	37.2	%		38.3	%	38.1	%	38.8	%
Selling, general and administrative expenses	28.9	%		27.4	%	28.9	%	27.7	%
Restructuring and transaction related expenses	0.7	%		0.4	%	0.7	%	0.3	%
Impairment of goodwill	2.6	%		—	%	0.9	%	—	%
Impairment of net assets held for sale	0.7	%		—	%	0.2	%	—	%
Depreciation and amortization	2.7	%		2.7	%	2.6	%	2.6	%
Operating income	1.6	%		7.8	%	4.9	%	8.1	%
Total other expense, net	1.5	%		1.5	%	1.4	%	1.4	%
Income from continuing operations before provision for income taxes	0.1	%		6.4	%	3.5	%	6.7	%
Provision for income taxes	0.9	%		1.3	%	1.2	%	1.7	%
Equity in (earnings) losses of unconsolidated subsidiaries	(0.1)	%		—	%	0.4	%	—	%
(Loss) income from continuing operations	(0.7)	%		5.1	%	1.8	%	5.0	%
Net (loss) income from discontinued operations	(0.1)	%		—	%	—	%	0.2	%
Net (loss) income	(0.8)	%		5.1	%	1.8	%	5.2	%
Less: net (loss) income attributable to continuing noncontrolling interest	—	%		—	%	—	%	—	%
Net (loss) income attributable to LKQ stockholders	(0.8)	%		5.1	%	1.9	%	5.2	%

Note: In the table above, the sum of the individual percentages may not equal the total due to rounding.

Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025

Revenue

The following table summarizes the changes in revenue by category (in millions):


	Three Months Ended September 30,
	2026		2025		Change
Parts & services revenue	$	3,222			$	3,414		$	(192)
Other revenue	97			85			12
Total revenue	$	3,319			$	3,499		$	(180)

The decrease in parts and services revenue of $192 million, or 5.6%, represented decreases in segment revenue of $164 million, or 10.2%, in Europe and $37 million, or 2.6%, in North America, partially offset by an increase of $9 million, or 1.9%, in Specialty. This overall decrease was driven by an organic parts and services revenue decrease of $186 million, or 5.4%, and a $24 million, or 0.7%, decrease due to fluctuations in foreign exchange rates, partially offset by a $19 million, or 0.6%, increase due to the net impact of acquisitions and divestitures. Refer to the discussion of our segment results of operations for factors contributing to the changes in revenue by segment for the three months ended September 30, 2026 compared to the three months ended September 30, 2025.

Cost of Goods Sold

Cost of goods sold decreased by $75 million, or 3.5%, to $2,083 million for the three months ended September 30, 2026. Cost of goods sold includes an $18 million favorable impact from a strengthening U.S. dollar. Cost of goods sold reflects decreases of $70 million from Europe and $17 million from North America, partially offset by an increase of $12 million from Specialty. Cost of goods sold as a percentage of revenue increased to 62.8% for the three months ended September 30, 2026 from 61.7% for the three months ended September 30, 2025. Cost of goods sold as a percentage of revenue primarily reflects an increase of 1.0% from Europe. Refer to the discussion of our segment results of operations for factors contributing to the changes in cost of goods sold by segment for the three months ended September 30, 2026 compared to the three months ended September 30, 2025.

Selling, General and Administrative Expenses

Our Selling, general and administrative (\"SG&A\") expenses increased by $1 million, or 0.1%, to $959 million for the three months ended September 30, 2026. SG&A expenses includes a $6 million favorable impact from a strengthening U.S. dollar. The year over year increase in SG&A expenses primarily reflects increases of $2 million from Europe and $6 million from Specialty, partially offset by a decrease of $7 million from North America. SG&A expenses as a percentage of revenue increased to 28.9% for the three months ended September 30, 2026 from 27.4% for the three months ended September 30, 2025. SG&A expenses as a percentage of revenue primarily reflects increases of 1.6% from Europe and 0.2% from Specialty, partially offset by a decrease of 0.2% attributable to North America and mix. Refer to the discussion of our segment results of operations for factors contributing to the changes in SG&A expenses by segment for the three months ended September 30, 2026 compared to the three months ended September 30, 2025.

Restructuring and Transaction Related Expenses

Restructuring and transaction related expenses increased by $10 million, primarily due to a $14 million increase in restructuring expenses related to our Strategic Restructuring and Transformation Initiatives, partially offset by a $2 million decrease in transaction related expenses and a $2 million decrease in acquisition integration expenses. See Note 8, \"Restructuring and Transaction Related Expenses\" for further information on the restructuring charges.

Impairment of Goodwill

Impairment of goodwill increased by $88 million due to the goodwill impairment charge related to our Specialty reporting unit. See Note 5, \"Intangible Assets\" for further information on the impairment charge.

Impairment of Net Assets Held for Sale

Impairment of net assets held for sale increased by $23 million due to the impairment charge on net assets held for sale related to the expected divestiture of our operations in Romania. See Note 2, \"Business Combinations and Divestitures\" for further information on the impairment charge.

Provision for Income Taxes

Our effective income tax rate for the three months ended September 30, 2026 was 691.7%, compared to 20.0% for the three months ended September 30, 2025. The increase in the effective tax rate for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 is primarily attributable to the nondeductible portion of the goodwill impairment of the Specialty segment, totaling $84 million, recognized in the third quarter of 2026. Because the impairment reduced pretax income without a corresponding tax benefit, the lower pretax income base significantly increased the effective income tax rate.

Foreign Currency Impact

We translate our statements of income at the average exchange rates in effect for the period. Relative to the rates used during the three months ended September 30, 2025, the Canadian dollar, euro, Czech koruna, and pound sterling rates used to translate the three months ended September 30, 2026 statements of income decreased by 1.6%, 1.5%, 0.4%, and 0.3%, respectively. Realized and unrealized currency gains and losses combined with the translation effect of the change in foreign currencies against the U.S. dollar had a net neutral effect on diluted earnings per share from continuing operations relative to the prior year period.

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

Revenue

The following table summarizes the changes in revenue by category (in millions):


	Nine Months Ended September 30,
	2026		2025		Change
Parts & services revenue	$	9,889			$	10,085		$	(196)
Other revenue	307			254			53
Total revenue	$	10,196			$	10,339		$	(143)

The decrease in parts and services revenue of $196 million, or 1.9%, represented decreases in segment revenue of $220 million, or 4.7%, in Europe and $23 million, or 0.6%, in North America, partially offset by an increase of $47 million, or 3.5%, in Specialty. This overall decrease was driven by an organic parts and services revenue decrease of $412 million, or 4.1%, partially offset by a $174 million, or 1.7%, increase due to fluctuations in foreign exchange rates and a $42 million, or 0.4%, increase due to the net impact of acquisitions and divestitures. Refer to the discussion of our segment results of operations for factors contributing to the changes in revenue by segment for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Cost of Goods Sold

Cost of goods sold decreased by $21 million, or 0.3%, to $6,308 million for the nine months ended September 30, 2026. Cost of goods sold includes a $111 million unfavorable impact from a weakening U.S. dollar. Cost of goods sold primarily reflects a decrease of $107 million from Europe, partially offset by increases of $47 million from North America and $39 million from Specialty. Cost of goods sold as a percentage of revenue increased to 61.9% for the nine months ended September 30, 2026 from 61.2% for the nine months ended September 30, 2025. Cost of goods sold as a percentage of revenue primarily reflects increases of 0.3% from North America and 0.3% from Europe. Refer to the discussion of our segment results of operations for factors contributing to the changes in cost of goods sold by segment for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Selling, General and Administrative Expenses

Our SG&A expenses increased by $78 million, or 2.7%, to $2,943 million for the nine months ended September 30, 2026. SG&A expenses includes a $53 million unfavorable impact from a weakening U.S. dollar. The year over year increase in SG&A expenses primarily reflects increases of $45 million from Europe, $26 million from Specialty and $7 million from North America. SG&A expenses as a percentage of revenue increased to 28.9% for the nine months ended September 30, 2026 from 27.7% for the nine months ended September 30, 2025. SG&A expenses as a percentage of revenue primarily reflects increases of 1.1% from Europe and 0.2% from Specialty. Refer to the discussion of our segment results of operations for factors contributing to the changes in SG&A expenses by segment for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Restructuring and Transaction Related Expenses

Restructuring and transaction related expenses increased by $38 million, primarily due to a $37 million increase in restructuring expenses related to our Strategic Restructuring and Transformation Initiatives and a $3 million increase in transaction related expenses, partially offset by a $2 million decrease in acquisition integration expenses. See Note 8, \"Restructuring and Transaction Related Expenses\" for further information on the restructuring charges.

Impairment of Goodwill

Impairment of Net Assets Held for Sale

Provision for Income Taxes

Equity in (earnings) losses of unconsolidated subsidiaries

During the nine months ended September 30, 2026, we recorded a $44 million other-than-temporary impairment related to our equity method investment in Mekonomen. See Note 6, \"Equity Method Investments\" for further information on the impairment charge.

Foreign Currency Impact

We translate our statements of income at the average exchange rates in effect for the period. Relative to the rates used during the nine months ended September 30, 2025, the Czech koruna, euro, pound sterling, and Canadian dollar rates used to translate the nine months ended September 30, 2026 statements of income increased by 6.0%, 3.8%, 2.3% and 0.9%, respectively. Realized and unrealized currency gains and losses combined with the translation effect of the change in foreign currencies against the U.S. dollar had a net positive effect of $0.01 on diluted earnings per share from continuing operations relative to the prior year period.

Net (Loss) Income from Discontinued Operations

Discontinued operations for the nine months ended September 30, 2026 and 2025 reflected the Self Service segment which was sold in September 2025. See Note 3, \"Discontinued Operations\" for further information.

Results of Operations—Segment Reporting

We have three reportable segments: North America; Europe; and Specialty.

The following table presents our financial performance, including third party revenue, total revenue and Segment EBITDA, by reportable segment for the periods indicated (in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		% of Total Segment Revenue		2025		% of Total Segment Revenue		2026		% of Total Segment Revenue		2025		% of Total Segment Revenue
Third Party Revenue
North America	$	1,401					$	1,423					$	4,307				$	4,277
Europe	1,453					1,620					4,529					4,749
Specialty	465					456					1,360					1,313
Total third party revenue	$	3,319					$	3,499					$	10,196				$	10,339
Total Revenue
North America	$	1,402					$	1,423					$	4,308				$	4,277
Europe	1,453					1,620					4,529					4,749
Specialty	465					457					1,362					1,316
Eliminations	(1)					(1)					(3)					(3)
Total revenue	$	3,319					$	3,499					$	10,196				$	10,339
Segment EBITDA
North America	$	203			14.4	%		$	199			14.0	%		$	613		14.2	%	$	640	15.0	%
Europe	68			4.6	%		162			10.0	%		303			6.7	%	454		9.6	%
Specialty	25			5.5	%		34			7.3	%		76			5.6	%	94		7.1	%
Note: In the table above, the percentages of total segment revenue may not recalculate due to rounding.

Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025

North America

The following table provides a reconciliation of Revenue to Segment EBITDA in our North America segment (in millions):


	Three Months Ended September 30,
North America	2026		% of Total Segment Revenue		2025		% of Total Segment Revenue		$ Change
Parts & services revenue	$	1,306					$	1,343					$	(37)		(1)
Other revenue	95					80					15		(2)
Intersegment revenue	1					—					1
Total segment revenue	1,402					1,423					(21)
Cost of goods sold	808					825					(17)
Gross margin	594			42.3	%		598			42.1	%		(4)		(3)
Selling, general and administrative expenses(5)	394			28.1	%		401			28.2	%		(7)		(4)
Less: Other segment items(6)	(3)					(2)					(1)
Segment EBITDA	$	203			14.4	%		$	199			14.0	%		$	4

(1)Parts and services revenue decreased by $37 million, or 2.6%, to $1,306 million for the three months ended September 30, 2026. This decrease was due to an organic revenue decrease of $32 million, or 2.4%, driven primarily by lower volumes in both collision and mechanical parts in our salvage operations and lower volumes in our aftermarket and paint, body and equipment (\"PBE\") business from lower repairable claims, partially offset by pricing initiatives primarily in our salvage operations.

(2)Other revenue increased by $15 million, or 18.1%, to $95 million for the three months ended September 30, 2026. This increase was due to (i) a $10 million increase in revenue from other scrap (e.g., aluminum) and cores due to higher prices, (ii) a $3 million increase in revenue from scrap steel primarily due to higher prices and volumes, and (iii) a $2 million increase in revenue from precious metals (platinum, palladium, and rhodium) primarily due to higher prices.

(3)Gross margin decreased by $4 million, or 1.0%, to $594 million for the three months ended September 30, 2026. The decrease in gross margin dollars was driven primarily by lower volumes, partially offset by higher other revenue as described above.

(4)SG&A expenses decreased by $7 million, or 2.1%, to $394 million for the three months ended September 30, 2026. The decrease in SG&A expense is primarily due to (i) a $7 million decrease in personnel costs driven by productivity and other cost savings initiatives and (ii) a $5 million decrease due to lower self insurance reserves, partially offset by (iii) a $5 million increase in freight, vehicle, and fuel costs.

(5)Amounts include certain shared overhead costs that were historically allocated to the Self Service segment. See Note 3, \"Discontinued Operations\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

(6)Amounts primarily represent other non operating income and expenses, as well as a reconciling item to remove depreciation - cost of goods sold, which is excluded from the calculation of Segment EBITDA.

Europe

The following table provides a reconciliation of Revenue to Segment EBITDA in our Europe segment (in millions):


	Three Months Ended September 30,
Europe	2026		% of Total Segment Revenue		2025		% of Total Segment Revenue		$ Change
Parts & services revenue	$	1,451					$	1,615					$	(164)		(1)
Other revenue	2					5					(3)

Total segment revenue	1,453					1,620					(167)
Cost of goods sold	921					991					(70)
Gross margin	532			36.6	%		629			38.8	%		(97)		(2)
Selling, general and administrative expenses	476			32.8	%		474			29.3	%		2		(3)
Less: Other segment items(4)	(12)					(7)					(5)
Segment EBITDA	$	68			4.6	%		$	162			10.0	%		$	(94)

(1)Parts and services revenue decreased by $164 million, or 10.2%, to $1,451 million for the three months ended September 30, 2026. This decrease was due to an organic revenue decrease of $158 million, or 9.8%, primarily driven by lower volumes due to operational challenges resulting from an ERP implementation in Germany in the second quarter, and to a lesser extent, volume declines in the United Kingdom and Benelux and the effect of an exchange rate decrease of $19 million, or 1.2%, primarily due to the weakening of the euro against the U.S. dollar. These decreases were partially offset by an increase in acquisition and divestiture revenue of $13 million, or 0.8%, primarily due to our acquisition of seven wholesale businesses from the beginning of the third quarter of 2025 through the one-year anniversary of their respective acquisition dates.

(2)Gross margin decreased by $97 million, or 15.4%, to $532 million for the three months ended September 30, 2026. The decrease in gross margin dollars was driven by lower organic revenue and an exchange rate decrease of $8 million. Gross margin percentage decreased by 2.2% driven by the leverage effect of lower revenue on fixed central distribution costs, lower vendor rebates and inflationary pressures that were not fully offset by pricing initiatives.

(3)SG&A expenses increased by $2 million, or 0.6%, to $476 million for the three months ended September 30, 2026. The increase in SG&A expense includes unfavorable impacts of (i) $6 million due to increased professional fees related to several strategic central and regional information technology initiatives, (ii) $6 million primarily related to increased freight, vehicle and fuel costs, and (iii) other individually immaterial factors representing a $1 million unfavorable impact in the aggregate, partially offset by (iv) a $6 million favorable impact primarily related to decreased personnel costs driven by restructuring and other cost savings initiatives which more than offset inflationary pressures and (v) a $5 million favorable foreign exchange impact from a strengthening U.S. dollar.

(4)Amounts primarily represent other non operating income and expenses, as well as reconciling items to remove depreciation - cost of goods sold and the direct impacts of the Ukraine/Russia conflict, which are excluded from the calculation of Segment EBITDA.

Specialty

The following table provides a reconciliation of Revenue to Segment EBITDA in our Specialty segment (in millions):


	Three Months Ended September 30,
Specialty	2026		% of Total Segment Revenue		2025		% of Total Segment Revenue		$ Change
Parts & services revenue	$	465					$	456					$	9		(1)

Intersegment revenue	—					1					(1)
Total segment revenue	465					457					8
Cost of goods sold	355					343					12
Gross margin	110			23.8	%		114			24.8	%		(4)		(2)
Selling, general and administrative expenses	89			19.2	%		83			18.1	%		6		(3)
Less: Other segment items(4)	(4)					(3)					(1)
Segment EBITDA	$	25			5.5	%		$	34			7.3	%		$	(9)

(1)Parts and services revenue increased by $9 million, or 1.9%, to $465 million for the three months ended September 30, 2026. This was primarily due to an organic revenue increases of $4 million, or 0.9%, primarily driven by volume growth in our recreational vehicle (\"RV\") and marine product lines, partially offset by volume declines in our automotive product lines, and $5 million, or 1.2%, primarily due to our acquisition of one wholesale business from the beginning of the third quarter of 2025 through the one-year anniversary of its acquisition date.

(2)Gross margin decreased by $4 million, or 2.4%, to $110 million for the three months ended September 30, 2026. This decrease was primarily due to the acquisition of a lower margin business in the second quarter of 2026.

(3)SG&A expenses increased by $6 million, or 8.0%, to $89 million for the three months ended September 30, 2026. This increase was primarily driven by a $3 million increase in freight, vehicle and fuel costs, and increased costs from an acquisition made in the second quarter of 2026.

(4)Amounts primarily represent other non operating income and expenses, as well as a reconciling item to remove depreciation - cost of goods sold, which is excluded from the calculation of Segment EBITDA.

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

North America

The following table provides a reconciliation of Revenue to Segment EBITDA in our North America segment (in millions):


	Nine Months Ended September 30,
North America	2026		% of Total Segment Revenue		2025		% of Total Segment Revenue		$ Change
Parts & services revenue	$	4,018					$	4,041					$	(23)		(1)
Other revenue	289					236					53		(2)
Intersegment revenue	1					—					1
Total segment revenue	4,308					4,277					31
Cost of goods sold	2,480					2,433					47
Gross margin	1,828			42.4	%		1,844			43.1	%		(16)		(3)
Selling, general and administrative expenses(5)	1,224			28.4	%		1,217			28.5	%		7		(4)
Less: Other segment items(6)	(9)					(13)					4
Segment EBITDA	$	613			14.2	%		$	640			15.0	%		$	(27)

(1)Parts and services revenue decreased by $23 million, or 0.6%, to $4,018 million for the nine months ended September 30, 2026. This decrease was primarily due to an organic revenue decrease of $30 million, or 0.7%, driven primarily by lower volumes in both collision and mechanical parts in our salvage operations and lower volumes in our PBE business from increased competition and lower repairable claims, partially offset by pricing initiatives and a positive exchange rate effect of $6 million, or 0.2%, primarily due to the stronger Canadian dollar against the U.S. dollar.

(2)Other revenue increased by $53 million, or 22.8%, to $289 million for the nine months ended September 30, 2026. This increase was due to (i) a $24 million increase in revenue from other scrap (e.g., aluminum) and cores due to higher prices, and to a lesser extent, volumes, (ii) a $20 million increase in revenue from precious metals (platinum, palladium, and rhodium) primarily due to higher prices, and (iii) a $9 million increase in revenue from scrap steel primarily due to higher volumes and prices.

(3)Gross margin decreased by $16 million, or 0.9%, to $1,828 million for the nine months ended September 30, 2026. The decrease in gross margin dollars was driven by cost increases from inflationary pressures, lower volumes, and unfavorable customer mix, partially offset by pricing initiatives and higher other revenue as described above. Gross margin percentage decreased by 0.7% which was driven by the dilutive effect of increasing prices to recoup tariff costs, lower vendor rebates and unfavorable customer mix.

(4)SG&A expenses increased by $7 million, or 0.5%, to $1,224 million for the nine months ended September 30, 2026. The increase in SG&A expense is primarily due to an $11 million increase in freight, vehicle, and fuel costs, partially offset by other individually immaterial factors representing a $4 million favorable impact in the aggregate primarily as a result of cost savings initiatives.

(5)Amounts include certain overhead costs that were historically allocated to the Self Service segment. See Note 3, \"Discontinued Operations\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Europe

The following table provides a reconciliation of Revenue to Segment EBITDA in our Europe segment (in millions):


	Nine Months Ended September 30,
Europe	2026		% of Total Segment Revenue		2025		% of Total Segment Revenue		$ Change
Parts & services revenue	$	4,511					$	4,731					$	(220)		(1)
Other revenue	18					18					—

Total segment revenue	4,529					4,749					(220)
Cost of goods sold	2,803					2,910					(107)
Gross margin	1,726			38.1	%		1,839			38.7	%		(113)		(2)
Selling, general and administrative expenses	1,452			32.1	%		1,407			29.6	%		45		(3)
Less: Other segment items(4)	(29)					(22)					(7)
Segment EBITDA	$	303			6.7	%		$	454			9.6	%		$	(151)

(1)Parts and services revenue decreased by $220 million, or 4.7%, to $4,511 million for the nine months ended September 30, 2026. This decrease was primarily due to an organic revenue decrease of $420 million, or 8.9%, primarily driven by lower volumes due to operational challenges resulting from an ERP implementation in Germany in the second quarter, and heightened competition in certain markets and difficult economic conditions. The organic revenue decrease was partially offset by the effect of an exchange rate increase of $167 million, or 3.5%, primarily due to the strengthening of the euro, and to a lesser extent, the pound sterling and Czech koruna against the U.S. dollar and an increase in acquisition and divestiture revenue of $34 million, or 0.7%, primarily due to our acquisition of eight wholesale businesses from the beginning of 2025 through the one-year anniversary of their respective acquisition dates.

(2)Gross margin decreased by $113 million, or 6.1%, to $1,726 million for the nine months ended September 30, 2026. The decrease in gross margin dollars was driven by lower organic revenue, partially offset by an exchange rate increase of $63 million. Gross margin percentage decreased by 0.6% driven by inflationary pressures that were not fully offset by pricing initiatives and lower vendor rebates, partially offset by product mix.

(3)SG&A expenses increased by $45 million, or 3.3%, to $1,452 million for the nine months ended September 30, 2026. The increase in SG&A expense includes (i) a $51 million unfavorable foreign exchange impact from a weakening U.S. dollar, (ii) a $9 million unfavorable impact related to increased freight, vehicle and fuel costs, and (iii) a $6 million unfavorable impact due to increased professional fees related to several strategic central and regional information technology initiatives, and (iv) other individually immaterial factors representing a $3 million unfavorable impact in the aggregate, partially offset by (v) a $24 million favorable impact primarily related to decreased personnel costs driven by productivity, restructuring and other cost savings initiatives which more than offset inflationary pressures, and lower incentive compensation compared to the prior year.

Specialty

The following table provides a reconciliation of Revenue to Segment EBITDA in our Specialty segment (in millions):


	Nine Months Ended September 30,
Specialty	2026		% of Total Segment Revenue		2025		% of Total Segment Revenue		$ Change
Parts & services revenue	$	1,360					$	1,313					$	47		(1)

Intersegment revenue	2					3					(1)
Total segment revenue	1,362					1,316					46
Cost of goods sold	1,028					989					39
Gross margin	334			24.6	%		327			24.8	%		7		(2)
Selling, general and administrative expenses	267			19.6	%		241			18.3	%		26		(3)
Less: Other segment items(4)	(9)					(8)					(1)
Segment EBITDA	$	76			5.6	%		$	94			7.1	%		$	(18)

(1)Parts and services revenue increased by $47 million, or 3.5%, to $1,360 million for the nine months ended September 30, 2026. This was primarily due to an organic revenue increase of $38 million, or 2.9%, primarily driven by volume growth in our marine and RV product lines.

(2)Gross margin increased by $7 million, or 2.4%, to $334 million for the nine months ended September 30, 2026. This increase was primarily driven by an increase in parts and services revenue as described above and a favorable impact related to tariff refunds, partially offset by an unfavorable impact due to the acquisition of a lower margin business in the second quarter of 2026.

(3)SG&A expenses increased by $26 million, or 11.0%, to $267 million for the nine months ended September 30, 2026. This increase was primarily driven by (i) a $14 million increase in credit losses, (ii) a $7 million increase in freight, vehicle and fuel costs, and (iii) other individually immaterial factors representing a $5 million unfavorable impact in the aggregate.

Liquidity and Capital Resources

We assess our liquidity and capital resources in terms of our ability to fund our operations and provide for expansion through both internal development and acquisitions. Our primary sources of liquidity are cash flows from operations and our revolving credit facilities. We utilize our cash flows from operations to fund working capital and capital expenditures, with the excess amounts going towards paying dividends, repurchasing our common stock, paying down outstanding debt, or funding acquisitions. As we have pursued acquisitions as part of our historical growth strategy, our cash flows from operations have not always been sufficient to cover our investing activities. To fund our acquisitions, we have accessed various forms of debt financing, including revolving credit facilities, term loans, and senior notes. We currently believe we have sufficient access to capital markets to support our future growth objectives.

The following table summarizes liquidity data as of the dates indicated (in millions):


	September 30, 2026		December 31, 2025
Capacity under revolving credit facilities	$	2,000			$	2,000
Less: Revolving credit facilities borrowings	580			1
Less: Letters of credit	81			114
Availability under credit revolving facilities	1,339			1,885
Add: Cash and cash equivalents	319			319
Total liquidity	$	1,658			$	2,204

We had $1,339 million available under our revolving credit facilities as of September 30, 2026. Combined with $319 million of cash and cash equivalents at September 30, 2026, we had $1,658 million in available liquidity, a decrease of $546 million from our available liquidity as of December 31, 2025, primarily as a result of increasing our revolving credit facilities borrowings by $579 million mostly due to the prepayment of the $500 million term loan under our Senior Unsecured Credit Agreement with borrowings from our revolving credit facilities.

See Note 12, \"Long-Term Obligations\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information regarding total debt outstanding.

We believe that our current liquidity, cash expected to be generated by operating activities in future periods and access to capital markets will be sufficient to meet our current operating and capital requirements. Our capital allocation strategy includes spending to support growth driven capital projects, return stockholder value through the payment of dividends and repurchasing shares of our common stock, completing highly synergistic tuck-in acquisitions and debt repayment.

A summary of the dividend activity for our common stock for the nine months ended September 30, 2026 is as follows:

Dividend Amount

Declaration Date

Record Date

Payment Date

$0.30

February 17, 2026

March 12, 2026

March 26, 2026

$0.30

April 28, 2026

May 21, 2026

June 4, 2026

$0.30

July 28, 2026

August 20, 2026

September 3, 2026

On October 27, 2026, our Board declared a quarterly cash dividend of $0.30 per share of common stock, payable on December 3, 2026, to stockholders of record at the close of business on November 19, 2026.

We believe that our future cash flow generation will permit us to continue paying dividends in future periods; however, the timing, amount and frequency of such future dividends will be subject to approval by our Board, and based on considerations of capital availability, and various other factors, many of which are outside of our control.

With $1,658 million of total liquidity as of September 30, 2026 and $39 million of current maturities, we have access to funds to meet our near term commitments. We have a surplus of current assets over current liabilities, which further reduces the risk of short-term cash shortfalls.

Our Senior Unsecured Credit Agreement and our CAD Note both include two financial maintenance covenants: a maximum total leverage ratio and minimum interest coverage ratio. The terms maximum total leverage ratio and minimum interest coverage ratio are specifically calculated per both the Senior Unsecured Credit Agreement and CAD Note, and differ in specified ways from comparable GAAP or common usage terms. We were in compliance with all applicable covenants under both our Senior Unsecured Credit Agreement and CAD Note as of September 30, 2026. The required debt covenants per both the Senior Unsecured Credit Agreement and CAD Note and our actual ratios with respect to those covenants are as follows as of September 30, 2026:


	Covenant Level	Ratio Achieved as of September 30, 2026
Maximum total leverage ratio	4.00 : 1.00	2.8
Minimum interest coverage ratio	3.00 : 1.00	6.7

The indentures relating to our U.S. Notes and Euro Notes do not include financial maintenance covenants, and the indentures will not restrict our ability to draw funds under the Senior Unsecured Credit Agreement. The indentures do not prohibit amendments to the financial covenants under the Senior Unsecured Credit Agreement and CAD Note as needed.

While we believe that we have adequate capacity under our existing revolving credit facilities to finance our current operations, from time to time we may need to raise additional funds through public or private financing, strategic relationships or modification of our existing Senior Unsecured Credit Agreement to finance additional investments or to refinance existing debt obligations. There can be no assurance that additional funding, or refinancing of our Senior Unsecured Credit Agreement, if needed, will be available on terms attractive to us, or at all. Furthermore, any additional equity financing may be dilutive to stockholders, and debt financing, if available, may involve restrictive covenants or higher interest costs. Our failure to raise capital if and when needed could have a material adverse impact on our business, operating results, and financial condition.

The weighted average interest rate on borrowings outstanding under our Senior Unsecured Credit Agreement was 5.2% at September 30, 2026. Including our senior notes and CAD Note, our overall weighted average interest rate on borrowings was 5.0% at September 30, 2026. Under the Senior Unsecured Credit Agreement, our borrowings bear interest at the Secured Overnight Financing Rate plus the applicable spread or other risk-free interest rates that are applicable for the specified currency plus a spread. Under the CAD Note, the interest rate may be (i) a forward-looking term rate based on the Canadian Overnight Repo Rate Average for an interest period chosen by the Company of one or three months or (ii) the Canadian Prime Rate (as defined in the CAD Note), plus in each case a spread. See Note 12, \"Long-Term Obligations\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information related to our borrowings and related interest.

We had outstanding borrowings under our revolving credit facilities and term loans payable of $1,072 million and $1,011 million at September 30, 2026 and December 31, 2025, respectively. Of these amounts, there were no current maturities at September 30, 2026 or December 31, 2025, as on July 29, 2026, we prepaid the term loan payable under our Senior Unsecured Credit Agreement with borrowings from our revolving credit facilities.

The scheduled maturities of long-term obligations outstanding at September 30, 2026 are as follows (in millions):


	Amount
Three months ending December 31, 2026	$	11
Years ending December 31:
2027	37
2028	1,113
2029	514
2030 (1)	596
Thereafter	1,472
Total debt (2)	$	3,743

(1)Includes $500 million of borrowings from our revolving credit facilities which were used to prepay the term loan payable under our Senior Unsecured Credit Agreement due January 2027.

(2)The total debt amounts presented above reflect the gross values to be repaid (excluding debt issuance costs and unamortized bond discounts of $26 million as of September 30, 2026).

As of September 30, 2026, the Company had cash and cash equivalents of $319 million, of which $287 million was held by foreign subsidiaries. In general, it is our practice and intention to permanently reinvest the undistributed earnings of our foreign subsidiaries. We believe that we have sufficient cash flow and liquidity to meet our financial obligations in the U.S. without repatriating our foreign earnings. We may, from time to time, choose to selectively repatriate foreign earnings if doing so supports our financing or liquidity objectives. Distributions of dividends from our foreign subsidiaries, if any, would be generally exempt from further U.S. taxation, either as a result of the 100% participation exemption under the Tax Cuts and Jobs Act enacted in 2017, or due to the previous taxation of foreign earnings under the transition tax and the Global Intangible Low-Taxed Income regime.

The procurement of inventory is the largest operating use of our funds. We normally pay for aftermarket product purchases on standard payment terms or at the time of shipment, depending on the manufacturer and the negotiated payment terms. We normally pay for salvage vehicles acquired at salvage auctions and under direct procurement arrangements at the time that we take possession of the vehicles.

As part of our effort to improve our operating cash flows, we may negotiate payment term extensions with suppliers. These efforts are supported by our supply chain finance programs. See Note 11, \"Supply Chain Financing\" to the Unaudited Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for information related to our supply chain financing arrangements.

For the nine months ended September 30, 2026, net cash provided by operating activities totaled $466 million compared to $733 million for the same period of 2025. Cash flows related to our primary working capital accounts can be volatile as the purchases, payments and collections can be timed differently from period to period. Receivables represented $26 million in higher cash outflows for the nine months ended September 30, 2026 compared to the same period of 2025. Inventories represented $45 million in higher cash inflows for the nine months ended September 30, 2026 compared to the same period of 2025. Accounts payable produced $99 million in higher cash outflows for the nine months ended September 30, 2026 compared

to the same period of 2025. Other operating activities primarily reflects the net effect of lower cash earnings and movements in various accruals during the nine months ended September 30, 2026 compared to the same period of 2025.

For the nine months ended September 30, 2026, net cash used in investing activities totaled $168 million compared to $144 million for the same period of 2025. Property, plant and equipment purchases were $130 million in the nine months ended September 30, 2026 compared to $160 million in the prior year period. We invested $37 million of cash in business acquisitions during the nine months ended September 30, 2026. There were no significant business acquisitions during the nine months ended September 30, 2025.

The following table reconciles Net Cash Provided by Operating Activities to Free Cash Flow (in millions):


	Nine Months Ended September 30,
		2026		2025
Net cash provided by operating activities		$	466			$	733
Less: purchases of property, plant and equipment		130			160
Free cash flow (1)		$	336			$	573

(1)For the nine months ended September 30, 2025, Self Service contributed approximately $50 million of free cash flow.

For the nine months ended September 30, 2026, net cash used in financing activities totaled $284 million compared to $562 million for the same period in 2025. Cash outflows for dividends paid were $230 million and share repurchases were $83 million for the nine months ended September 30, 2026 compared to $234 million for dividends paid and $119 million for share repurchases for the same period of 2025. Net debt borrowings were $52 million for the nine months ended September 30, 2026 compared to net debt payments of $203 million for the same period of 2025.

We intend to continue to evaluate markets for potential growth through the internal development of distribution centers, processing and sales facilities, and warehouses, through further integration of our facilities, and through selected business acquisitions. Our future liquidity and capital requirements will depend upon numerous factors, including the costs and timing of our internal development efforts and the success of those efforts.

Summarized Guarantor Financial Information

Our U.S. Notes (2028/2033) and Euro Notes (2031) are guaranteed on a senior, unsecured basis by certain of our subsidiaries (each, a \"subsidiary guarantor\" and, together with LKQ, the \"Obligor Group\"), which are listed in Exhibit 22.1 in Part II, Item 6 of this Quarterly Report on Form 10-Q. The guarantees are full and unconditional, joint and several, and subject to certain conditions for release. See Note 18, \"Long-Term Obligations\" in Item 8 of Part II of our 2025 Form 10-K for information related to the Euro Notes (2031) and U.S. Notes (2028/2033).

Holders of the notes have a direct claim only against the Obligor Group. The following summarized financial information is presented for the Obligor Group on a combined basis after elimination of intercompany transactions and balances within the Obligor Group and equity in the earnings from and investments in any non-guarantor subsidiary.

Summarized Statements of Income (in millions)


	Nine Months Ended September 30, 2026		Fiscal Year Ended December 31, 2025
Revenue	$	4,860			$	6,349
Cost of goods sold	2,995			3,904
Gross margin (1)	1,865			2,445
Income from continuing operations	148			265
Net income	$	148			$	265

(1)Guarantor subsidiaries recorded $33 million and $51 million of net sales to and $139 million and $259 million of purchases from non-guarantor subsidiaries for the nine months ended September 30, 2026 and fiscal year ended December 31, 2025, respectively.

Summarized Balance Sheets (in millions)


	September 30, 2026		December 31, 2025
Current assets	$	2,263			$	2,349

Noncurrent assets (1)	4,718			4,797
Current liabilities (2)	1,494			1,616
Noncurrent liabilities	3,354			3,294

(1)Noncurrent assets for guarantor subsidiaries included $511 million and $510 million of long-term notes receivable from non-guarantor subsidiaries as of September 30, 2026 and December 31, 2025, respectively.

(2)Current liabilities for guarantor subsidiaries included $558 million and $621 million of short-term notes payable to non-guarantor subsidiaries as of September 30, 2026 and December 31, 2025, respectively.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks arising from adverse changes in foreign exchange rates, interest rates, commodity prices and inflation. There have been no material changes to our market risks from what was disclosed in Item 7A of Part II of our 2025 Form 10-K.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2026, the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of management, including our Chief Executive Officer and our Chief Financial Officer, of our \"disclosure controls and procedures\" (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective in providing reasonable assurance that information we are required to disclose in this Quarterly Report on Form 10-Q has been recorded, processed, summarized and reported as of the end of the period covered by this Quarterly Report on Form 10-Q. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file under the Securities Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in the Company’s internal control over financial reporting that occurred during the Company’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

Refer to Note 17, \"Commitments and Contingencies\" in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information regarding legal proceedings.

Item 1A. Risk Factors

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition and results of operations, and the trading price of our common stock. Please refer to our 2025 Form 10-K for information concerning risks and uncertainties that could negatively impact us. The following item is an update to the risks and uncertainties previously disclosed in such report.

If we determine that our goodwill or other intangible assets have become impaired, we may incur significant charges to our pretax income.

As of September 30, 2026, we had $5,274 million of goodwill and $1,007 million of other intangible assets, net. Goodwill represents the excess of the purchase price over the fair market value of the net assets acquired in a business combination. Our other intangible assets include both definite- and indefinite-lived intangible assets in connection with trade names, software and other technology related assets, customer relationships, and contractual arrangements. In the future, our goodwill and intangible assets may increase as a result of acquisitions. We test goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter or more frequently when events or changes in circumstances indicate that any portion of an asset’s carrying amount may not be recoverable.

The impairment tests require us to make an estimate of the fair value of our reporting units and other intangible assets. We have previously recorded non-cash impairment charges, including during the year ended December 31, 2025 and the quarter ended September 30, 2026, and could do so again in the future if assumptions, estimates or circumstances change, some of which are beyond our control. Factors which could result in an impairment include, among other things, deterioration in the performance of acquired businesses; deterioration of expected future cash flows or performance; increases in our cost of capital; a sustained decline in our stock price and market capitalization; changes in our discount rate, risk-free rate or other general interest rate; adverse market conditions; and adverse changes in applicable laws or regulations, including modifications that restrict the activities of the acquired business. We cannot accurately predict the amount or timing of any future impairment. Should the value of goodwill or other intangible assets become impaired, our financial condition and results of operations may be adversely affected.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Our Board of Directors has authorized a stock repurchase program under which we are able to purchase our common stock from time to time. On October 25, 2026, our Board of Directors authorized an extension of the duration of our existing stock repurchase program through October 25, 2028. Repurchases under the program may be made in the open market or in privately negotiated transactions, with the amount and timing of repurchases depending on market conditions and corporate needs. The repurchase program does not obligate us to acquire any specific number of shares and may be suspended or discontinued at any time.

The following table summarizes our stock repurchases for the three months ended September 30, 2026 (in millions, except per share data):


Period	Total Number of Shares Purchased	Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Program		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
July 1, 2026 - July 31, 2026	0.7		$	25.36			0.7	$	1,485
August 1, 2026 - August 31, 2026	0.5		$	24.68			0.5	$	1,474
September 1, 2026 - September 30, 2026	—		$	—			—	$	1,474
Total	1.2				1.2

(1)Average price paid per share excludes the 1% excise tax accrued on our share repurchases as a result of the Inflation Reduction Act of 2022.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Securities Trading Plans of Directors and Executive Officers

During the fiscal quarter ended September 30, 2026, none of the Company’s directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any \"non-Rule 10b5-1 trading arrangement.\"

Item 6. Exhibits


Exhibit		Description








10.1		Offer Letter to Salvatore A. Abbate dated October 21, 2026.
22.1		Subsidiary Guarantors of Guaranteed Securities.
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on October 29, 2026.


	LKQ CORPORATION

	/s/ Rick Galloway
	Rick Galloway
	Senior Vice President and Chief Financial Officer
	(As duly authorized officer and Principal Financial Officer)

	/s/ Todd G. Cunningham
	Todd G. Cunningham
	Vice President - Finance and Controller
	(As duly authorized officer and Principal Accounting Officer)

","original","zhKind","translation","complete",false,"LKQ","公司与财报","宏观与美联储","行业与主题","政策与监管","观点与解读","其他","aihot","/items/vtya8quc8o8gxzhgkwn10fbcv","https://www.sec.gov/Archives/edgar/data/1065696/000106569626000056/0001065696-26-000056-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1793750400&sig=138b5c7cf00c8b37","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1793750400&sig=d2d7d73f04f69561 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1793750400&sig=d8a31d745d138526 96w","changelogVersion","2026-10-01T08:00"]