LKQ Corporation (Nasdaq: LKQ) stock fell 22.5% to $17.42 at the Oct. 23, 2026, close after the company reported a Europe-driven third-quarter shortfall, replaced its CEO and withdrew its 2026 forecast. That was LKQ's largest one-day percentage drop in data going back to 2008.
Volume was 23.41 million shares, 6.9 times the 3.38 million average. The S&P 500 fell 0.52% the same day.
Why did LKQ stock fall?
At 8:02 a.m. ET on Oct. 23, before the market opened, LKQ released preliminary, unaudited results for the quarter ended Sept. 30. The release says the results "primarily reflect underperformance in the Europe segment," including disruption from rolling out new business software in Germany and lower volumes in the United Kingdom and Benelux.
LKQ's Form 8-K says Justin L. Jude "ceased to serve" as president and CEO effective Oct. 23. Salvatore A. Abbate, a former CEO of Veritiv, takes over on Dec. 15. Andy Hamilton, who ran LKQ Europe, also left. LKQ withdrew the full-year 2026 outlook it last updated on July 30.
Third-quarter revenue: $3.32 billion expected, down 5.1% from $3.50 billion a year earlier.
Under standard accounting rules: a net loss from continuing operations of $16 million to $32 million, or 6 to 12 cents a share, including $111 million of non-cash write-downs, vs. net income of $178 million, or 69 cents, a year earlier.
Adjusted diluted earnings per share of 47 to 53 cents compares with 84 cents.
Europe: parts and services revenue fell 9.8% excluding acquisitions, sales of businesses and currency, and the segment's EBITDA margin, a profit measure, was 4.1% to 5.1%, compared with 10.0% a year earlier. North America performed in line with the company's expectations.
What should LKQ investors watch next?
LKQ reports full third-quarter results on Oct. 29, 2026; the current figures are preliminary and unaudited. Abbate starts as CEO on Dec. 15. The board's review of strategic options, which LKQ said in its July 30 release includes a possible sale of the company, is ongoing.
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Sources: LKQ Corporation, Q2 2026 release, July 30, 2026, and Form 8-K, Oct. 23, 2026, with Exhibit 99.1 (preliminary Q3 results) and Exhibit 99.2 (CEO appointment); Financial Modeling Prep and Nasdaq, daily prices and volume through the Oct. 23, 2026, close. Volume multiple calculated by Silvia News.
Silvia News is for information only and is not investment advice.
