LKQ vs Nissan: Revenue, Profit and Business Model
LKQ had $13.7B of annual revenue in FY2025 and $608M of net income. Nissan had ~$80.5B of annual revenue in FY2026 and a net loss of ~$3.6B.
Latest financial snapshot
Financial summary
LKQ
LKQ's revenue has been flat for four years: $13.27B in 2023, $13.82B in 2024 (restated) and $13.65B in 2025. FY2025 operating income was $993 million and net income attributable to stockholders was $607 million, while free cash flow was $847 million, of which $469 million was returned to shareholders. 2026 started weaker. Q1 diluted EPS fell to $0.30 from $0.61, and Q2 revenue fell 3.0% to $3.41 billion with net income of $134 million ($0.52 per share) versus $185 million a year earlier. Adjusted Q2 EPS was $0.67 versus $0.84. Free cash flow for the first half of 2026 was negative $36 million, total debt was $4.0 billion, and the company paid $154 million of dividends in the first half. LKQ Corporation is a massive American global provider of alternative and specialty parts to repair automobiles, commanding a market valuation typically over $12 billion.
Nissan
Revenue peaked at ~$85 billion (¥12.69 trillion) in FY2023 (ended March 2024), with net income of ~$2.86 billion (¥426.6 billion). Then weak U.S. pricing, an ageing lineup and share losses in China hit results. FY2024 revenue was ~$84.6 billion (¥12.63 trillion) with a ~$4.5 billion (¥670.9 billion) net loss, driven by impairments and restructuring charges. FY2025 revenue fell 4.9% to ~$80.4 billion (¥12.0 trillion) and the net loss narrowed to ~$3.57 billion (¥533.1 billion), while operating profit stayed positive at ~$389 million (¥58.0 billion) (0.5% margin). Automotive free cash flow was minus ~$3.22 billion (¥480.8 billion) for the year but turned positive (~$750 million (¥112 billion)) in the second half. Nissan ended FY2025 with ~$7.84 billion (¥1.17 trillion) of automotive net cash and ~$24.1 billion (¥3.6 trillion) of total liquidity, and paid no dividend. In Q1 FY2026 (April to June 2026), revenue rose 9.5% to ~$19.9 billion (¥2.964 trillion) and operating profit was ~$522 million (¥77.9 billion), against a ~$530 million (¥79.1 billion) loss a year earlier. Nissan Motor Co., Ltd. is a colossal Japanese multinational automobile manufacturer and a core member of the Renault–Nissan–Mitsubishi Alliance, commanding a market valuation generally exceeding $15 billion.
Revenue and profit by year
LKQ
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $13.7B | $608M | 4.5% | -1.2% | Source |
| FY2024 | $13.8B | $693M | 5.0% | +4.2% | Source |
| FY2023 | $13.3B | $938M | 7.1% | +3.7% | Source |
| FY2022 | $12.8B | $1.1B | 9.0% | -2.3% | Source |
| FY2021 | $13.1B | $1.1B | 8.3% | +12.6% | Source |
| FY2020 | $11.6B | $638M | 5.5% | -7.0% | Source |
| FY2019 | $12.5B | $541.3M | 4.3% | +5.3% | Source |
| FY2018 | $11.9B | $480.1M | 4.0% | +22.0% | Source |
| FY2017 | $9.7B | $533.7M | 5.5% | +13.4% | Source |
| FY2016 | $8.6B | $464M | 5.4% | — | Source |
Where the revenue comes from
LKQ
- Europe Segment - Aftermarket Parts and Services~46.2%
The Europe segment generated $6.31 billion in FY2025, down 1.5% from $6.41 billion in FY2024. This segment provides alternative vehicle replacement and maintenance products in over 20 European countries, built on four key acquisitions: Euro Car Parts (UK), Sator/Fource (Netherlands/Belgium/France), Rhiag (Italy/Eastern Europe), and Stahlgruber (Germany/Central Europe). Segment EBITDA was $584 million (9.3% margin).
- North America Segment - Collision, Mechanical, and Recycled Parts~41.4%
The North America segment generated $5.65 billion in FY2025, down 2.5% from $5.76 billion in FY2024. This segment provides aftermarket collision replacement products, paint and body repair products, alternative mechanical replacement products, and recycled parts through a network of distribution centers and processing facilities across the U.S. and Canada. Segment EBITDA was $814 million (14.4% margin).
- Specialty Segment - Aftermarket Equipment and Accessories~12.4%
The Specialty segment generated $1.69 billion in FY2025, up 2.1% from $1.66 billion in FY2024. This segment distributes aftermarket equipment and accessories for specialty vehicles including trucks, off-road vehicles, and RVs, built on Keystone Automotive Operations and later Meyer Distributing. Segment EBITDA was $111 million (6.5% margin). The company is exploring a potential sale of this segment.
- Other Revenue - Scrap Metals and Commodities~2.5%
Other revenue generated $345 million in FY2025, up 8.2% from $318 million in FY2024. This includes scrap and other metals sales, precious metals (platinum, palladium, rhodium) from catalytic converters, bulk sales to mechanical manufacturers, and aluminum ingots from furnace operations. This revenue is commodity-price dependent and varies significantly.
Nissan
- Vehicle Core Manufacturing88
Wholesale deliveries of passenger sedans, crossover SUVs, pickup trucks, and EVs through franchised global dealer networks.
- Sales Financing10
Retail auto purchase loans, consumer vehicle leases, and wholesale dealer inventory floorplan financing yields.
- Aftermarket, Software & Licensing2
Distribution of genuine replacement parts, Nismo performance tuning kits, NissanConnect digital subscriptions, and battery recycling.
Business model and strategy
LKQ
How it makes money
LKQ is a B2B distributor with three reporting segments. North America ($5.65B FY2025 revenue) sells aftermarket collision parts, recycled OEM parts harvested from salvage vehicles, paint and body supplies, and remanufactured engines and transmissions to collision and mechanical repair shops, with much of the demand steered by auto insurers seeking lower claim costs.
Growth strategy
LKQ's current strategy is less about acquisitions and more about productivity: cutting costs in Europe, raising alternative-parts utilization in North America, expanding private-label parts, and selling non-core assets such as Self Service (2025) and potentially Specialty. Capital returns continue, with $207 million returned to shareholders in the first half of 2026.
Competitive advantage
LKQ's advantage is scale in a fragmented market. Its salvage and distribution network gives it the broadest recycled and aftermarket collision inventory in North America, and its estimating-system and insurer relationships mean its parts are often the default alternative on a repair estimate. In Q2 2026 management said alternative-parts utilization in North America reached a record above 40%.
Nissan
How it makes money
Nissan makes money in two segments. The automobile business designs, builds and wholesales Nissan, Infiniti and NISMO vehicles (crossovers such as the Rogue/X-Trail, Kicks and Qashqai, sedans such as the Sentra and Altima, pickups such as the Frontier/Navara, and EVs such as the Leaf, Ariya and Sakura) to franchised dealers, and also sells parts.
Growth strategy
Re:Nissan, announced in May 2025, is a restructuring plan before it is a growth plan. It targets ~$3.35 billion (¥500 billion) in fixed and variable cost savings against FY2024, about 20,000 job reductions, and cutting vehicle plants from 17 to 10 by FY2027. Vehicle production at Oppama will end in FY2027 and move to Nissan Motor Kyushu.
Competitive advantage
Nissan's advantage is a global manufacturing footprint and long experience with electric vehicles. It launched the mass-market Leaf in 2010, which gives it more than a decade of data on how batteries perform in everyday use. Its e-POWER system, in which a petrol engine charges the battery and never drives the wheels, offers an option for markets with few EV chargers.
Questions about LKQ vs Nissan
Which company has higher revenue — LKQ Corporation or Nissan Motor Co., Ltd.?
LKQ Corporation had $13.7B (FY2025), while Nissan Motor Co., Ltd. had ~$80.5B (FY2026). By latest annual revenue, Nissan Motor Co., Ltd. is the larger business, with LKQ Corporation showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of LKQ Corporation vs Nissan Motor Co., Ltd.?
LKQ Corporation's market capitalisation stands at $5.9B, while Nissan Motor Co., Ltd.'s is $7.0B. Nissan Motor Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to LKQ Corporation.
How does revenue per employee compare for LKQ Corporation and Nissan Motor Co., Ltd.?
LKQ Corporation has $310k / employee in revenue per employee, while Nissan Motor Co., Ltd. has $670k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do LKQ Corporation and Nissan Motor Co., Ltd. make money?
LKQ Corporation and Nissan Motor Co., Ltd. generate revenue in fundamentally different ways. LKQ Corporation: LKQ is a B2B distributor with three reporting segments. Nissan Motor Co., Ltd.: Nissan makes money in two segments.
Which company is valued higher relative to revenue — LKQ Corporation or Nissan Motor Co., Ltd.?
On a price-to-sales (P/S) basis, LKQ Corporation trades at 0.4x P/S and Nissan Motor Co., Ltd. at 0.1x P/S. LKQ Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Nissan Motor Co., Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is LKQ Corporation bigger than Nissan Motor Co., Ltd.?
By last reported revenue, Nissan Motor Co., Ltd. (~$80.5B (FY2026)) is the larger company compared to LKQ Corporation ($13.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the LKQ vs Nissan overview