v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION. Operating segments include components of an enterprise about which separate financial
information is available that is evaluated regularly by the Company’s Chief Operating Decision Maker (CODM) for the purpose of assessing
performance and allocating resources. The Company’s CODM is its Chief Executive Officer (CEO). Our operating activities are managed
through three segments: Power, Wind, and Electrification. These segments have been identified based on the nature of the products and
services sold and how the Company manages its operations.
The performance of these segments is principally measured based on revenues and segment EBITDA. Segment EBITDA is determined
based on the performance measures used by our CEO to assess the performance of each business in a given period. In connection with
that assessment, the CEO may exclude matters, such as charges for impairments, significant higher-cost restructuring programs,
manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses
from acquisitions or dispositions, and certain other non-operational items.
Consistent accounting policies have been applied by all segments for all reporting periods. See Note 1 for a description of our reportable
segments.
Three months ended September 30
Nine months ended September 30
TOTAL SEGMENT REVENUES BY BUSINESS UNIT
2025
2024
2025
2024
Gas Power
$3,923
$3,466
$11,386
$9,966
Nuclear Power
251
167
640
618
Hydro Power
223
181
581
544
Steam Power
442
393
1,413
1,569
Power
$4,838
$4,206
$14,019
$12,696
Onshore Wind
$2,402
$2,355
$5,947
$4,974
Offshore Wind
195
388
624
1,183
LM Wind Power
51
148
171
436
Wind
$2,647
$2,891
$6,742
$6,592
Grid Solutions
$1,747
$1,270
$4,591
$3,521
Power Conversion & Storage
621
440
1,413
1,202
Electrification Software
234
218
678
646
Electrification
$2,601
$1,928
$6,682
$5,369
Total segment revenues
$10,087
$9,025
$27,443
$24,657
SEGMENT EBITDA
Three months ended September 30, 2025
Power
Wind
Electrification
Total
Equipment revenues
$1,668
$2,194
$2,019
$5,880
Services revenues
3,088
444
545
4,078
Intersegment revenues
83
10
37
130
Segment revenues
4,838
2,647
2,601
10,087
Other revenues and elimination of intersegment revenues
(119)
Total revenues
9,969
Less:(a)
Cost of revenues(b)
3,663
2,532
1,824
Selling, general, and administrative expenses(b)
436
118
336
Research and development expenses(b)
139
43
115
Other segment items(c)
(45)
16
(67)
Segment EBITDA
$645
$(61)
$393
$977
Nine months ended September 30, 2025
Power
Wind
Electrification
Total
Equipment revenues
$4,549
$5,386
$5,037
$14,971
Services revenues
9,267
1,329
1,515
12,111
Intersegment revenues
203
28
130
361
Segment revenues
14,019
6,742
6,682
27,443
Other revenues and elimination of intersegment revenues
(330)
Total revenues
27,112
Less:(a)
Cost of revenues(b)
10,482
6,598
4,626
Selling, general, and administrative expenses(b)
1,339
393
1,000
Research and development expenses(b)
371
117
308
Other segment items(c)
(104)
8
(181)
Segment EBITDA
$1,931
$(373)
$929
$2,487
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
Intersegment expenses are included within the amounts shown.
(b) Excludes depreciation and amortization expenses.
(c) Primarily includes equity method investment income and other interest and investment income.
Three months ended September 30, 2024
Power
Wind
Electrification
Total
Equipment revenues
$1,378
$2,488
$1,419
$5,286
Services revenues
2,773
391
457
3,621
Intersegment revenues
55
12
52
120
Segment revenues
4,206
2,891
1,928
9,025
Other revenues and elimination of intersegment revenues
(112)
Total revenues
8,913
Less:(a)
Cost of revenues(b)
3,186
2,998
1,362
Selling, general, and administrative expenses(b)
479
138
328
Research and development expenses(b)
91
59
84
Other segment items(c)
(50)
13
(47)
Segment EBITDA
$499
$(317)
$201
$383
Nine months ended September 30, 2024
Power
Wind
Electrification
Total
Equipment revenues
$3,847
$5,375
$3,868
$13,090
Services revenues
8,725
1,191
1,335
11,251
Intersegment revenues
125
26
166
317
Segment revenues
12,696
6,592
5,369
24,657
Other revenues and elimination of intersegment revenues
(281)
Total revenues
24,376
Less:(a)
Cost of revenues(b)
9,638
6,583
3,820
Selling, general, and administrative expenses(b)
1,486
430
973
Research and development expenses(b)
257
180
259
Other segment items(c)
(142)
6
(79)
Segment EBITDA
$1,457
$(607)
$396
$1,247
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
Intersegment expenses are included within the amounts shown.
(b) Excludes depreciation and amortization expenses.
(c) Primarily includes equity method investment income and other interest and investment income.
RECONCILIATION OF SEGMENT EBITDA TO NET INCOME (LOSS)
Three months ended September 30
Nine months ended September 30
2025
2024
2025
2024
Segment EBITDA
$977
$383
$2,487
$1,247
Corporate and other(a)
(166)
(140)
(448)
(290)
Restructuring and other charges
(83)
(209)
(192)
(419)
Gains (losses) on purchases and sales of business interests(b)
113
—
131
842
Separation (costs) benefits(c)
(43)
(27)
(122)
64
Arbitration refund(d)
—
—
—
254
Non-operating benefit income
115
130
340
399
Depreciation and amortization(e)
(212)
(289)
(617)
(734)
Interest and other financial charges – net(f)
44
35
141
93
Benefit (provision) for income taxes
(292)
17
(510)
(380)
Net income (loss)
$453
$(99)
$1,209
$1,075
(a) Includes interest expense (income) of zero and $(1) million and benefit (provision) for income taxes of zero and $6 million for the three
months ended September 30, 2025 and 2024, respectively, as well as interest expense (income) of $(1) million and $11 million and
benefit (provision) for income taxes of $(4) million and $70 million for the nine months ended September 30, 2025 and 2024,
respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax
basis.
(b) Includes unrealized (gains) losses related to our interest in China XD Electric Co., Ltd, recorded in Net interest and investment income
(loss) which is part of Other income (expense) - net. See Note 18 for further information.
(c) Costs incurred in the Spin-Off and separation from GE, including system implementations, advisory fees, one-time stock option grant,
and other one-time costs. In addition, 2024 includes $136 million benefit related to deferred intercompany profit that was recognized
upon GE retaining the renewable energy U.S. tax equity investments.
(d) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan and excludes $52 million
related to the interest on such amounts that was recorded in Interest and other financial charges - net in the second quarter of 2024.
(e) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis differences
included in Equity method investment income (loss) which is part of Other income (expense) - net.
(f) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business
operations primarily with customers.
ASSETS BY SEGMENT
September 30, 2025
December 31, 2024
Power
$24,956
$24,161
Wind
10,894
9,970
Electrification
8,426
7,402
Other(a)
10,122
9,952
Total assets
$54,398
$51,485
(a)We classify deferred tax assets as "Other" for purposes of this disclosure.
PROPERTY, PLANT, AND EQUIPMENT ADDITIONS
Three months ended September 30
Nine months ended September 30
2025
2024
2025
2024
Power
$107
$67
$260
$166
Wind
61
45
157
210
Electrification
41
38
110
74
Other
33
8
68
79
Total
$243
$158
$595
$530
DEPRECIATION AND AMORTIZATION
Three months ended September 30
Nine months ended September 30
2025
2024
2025
2024
Power
$116
$133
$347
$372
Wind
56
127
161
259
Electrification
25
22
68
66
Other
16
117
47
206
Total
$213
$399
$623
$903