LKQ vs Suzuki: Revenue, Profit and Business Model
LKQ had $13.7B of annual revenue in FY2025 and $608M of net income. Suzuki had ~$42.2B of annual revenue in FY2026 and ~$2.9B of net income.
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.
Suzuki
Suzuki Motor Corporation (TYO: 7269) reported FY2025 (year ended March 31, 2026) revenue of ~$42.2 billion (¥6,293.0 billion), up 8.0% from ~$39 billion (¥5,825.2 billion), helped by stronger Indian demand after GST cuts. Operating profit fell 3.1% to ~$4.17 billion (¥622.9 billion) (9.9% margin) on yen strength and raw-material costs, while net profit attributable to owners rose to ~$2.94 billion (¥439.3 billion). In Q1 FY2026 (April-June 2026) revenue rose 22% to ~$11.4 billion (¥1,705.8 billion) and operating profit 11% to ~$1.06 billion (¥158.0 billion); Suzuki raised its full-year revenue forecast to ~$46.2 billion (¥6,900 billion) but cut its operating profit forecast to ~$3.62 billion (¥540 billion), citing Middle East instability and higher material costs.
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.
Suzuki
- Passenger Automobile Manufacturing & Sales~88%
Engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
- Motorcycles & ATVs~8%
Producing commuter scooters (Access 125, Burgman) and high-performance sportbikes (Hayabusa, V-Strom, GSX-R series).
- Marine Outboard Engines & Power Equipment~4%
Manufacturing high-horsepower four-stroke outboard motors for commercial fishing and recreational marine vessels.
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%.
Suzuki
How it makes money
Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. Its primary revenue streams comprise: First, Passenger Automobile Manufacturing & Sales (~88% of revenue), engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
Growth strategy
Suzuki Motor Corporation's growth strategy centers on its 'Growth Strategy for FY2030', focused on dominating emerging markets (especially India via Maruti Suzuki), scaling global small-car manufacturing, and executing a pragmatic multi-pathway electrification approach.
Competitive advantage
Suzuki's advantage is its engineering of lightweight, fuel-efficient small cars and its position in India through Maruti Suzuki. It holds roughly 40% of the Indian passenger vehicle market, supported by a sales and service network of more than 4,000 outlets, which builds customer trust and gives it cost advantages in affordable cars.
Questions about LKQ vs Suzuki
Which company has higher revenue — LKQ Corporation or Suzuki Motor Corporation?
LKQ Corporation had $13.7B (FY2025), while Suzuki Motor Corporation had ~$42.2B (FY2026). By latest annual revenue, Suzuki Motor Corporation 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 Suzuki Motor Corporation?
LKQ Corporation's market capitalisation stands at $5.9B, while Suzuki Motor Corporation's is $26.0B. Suzuki Motor Corporation 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 Suzuki Motor Corporation?
LKQ Corporation has $310k / employee in revenue per employee, while Suzuki Motor Corporation has $602k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do LKQ Corporation and Suzuki Motor Corporation make money?
LKQ Corporation and Suzuki Motor Corporation generate revenue in fundamentally different ways. LKQ Corporation: LKQ is a B2B distributor with three reporting segments. Suzuki Motor Corporation: Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model.
Which company is valued higher relative to revenue — LKQ Corporation or Suzuki Motor Corporation?
On a price-to-sales (P/S) basis, LKQ Corporation trades at 0.4x P/S and Suzuki Motor Corporation at 0.6x P/S. Suzuki Motor Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to LKQ Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is LKQ Corporation bigger than Suzuki Motor Corporation?
By last reported revenue, Suzuki Motor Corporation (~$42.2B (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 Suzuki overview