The present report documents the results of Working Group 2: B, D and K decays, of the workshop on Flavor in the Era of the LHC, held at CERN from November 2005 through March 2007. With the advent of the LHC, we will be able to probe New Physics (NP) up to energy scales almost one order of magnitude larger than it has been possible with present accelerator facilities. While direct detection of new particles will be the main avenue to establish the presence of NP at the LHC, indirect searches will provide precious complementary information, since most probably it will not be possible to measure the full spectrum of new particles and their couplings through direct production. In particular, precision measurements and computations in the realm of flavor physics are expected to play a key role in constraining the unknown parameters of the Lagrangian of any NP model emerging from direct searches at the LHC.
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