v3.26.1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Three months ended June 30
Six months ended June 30
TOTAL SEGMENT REVENUES BY BUSINESS UNIT
2026
2025
2026
2025
Gas Power
$4,427
$3,911
$8,493
$7,516
Nuclear Power
817
649
1,575
1,310
Hydro Power
233
225
382
407
Power
$5,477
$4,785
$10,449
$9,234
Power Transmission
$1,877
$759
$3,256
$1,451
Grid Systems Integration
806
579
1,497
968
Power Conversion & Storage
539
411
1,016
792
Grid Automation & Software
416
412
827
790
Electrification
$3,637
$2,162
$6,597
$4,001
Onshore Wind
$1,721
$2,020
$2,908
$3,665
Offshore Wind
305
225
551
430
Wind
$2,026
$2,245
$3,459
$4,095
Total segment revenues
$11,141
$9,191
$20,504
$17,330
SEGMENT EBITDA
Three months ended June 30, 2026
Power
Electrification
Wind
Total
Equipment revenues
$1,957
$3,109
$1,394
$6,460
Services revenues
3,509
497
631
4,637
Intersegment revenues
12
32
1
44
Segment revenues
5,477
3,637
2,026
11,141
Other revenues and elimination of intersegment revenues
(37)
Total revenues
11,104
Less:(a)
Cost of revenues(b)
3,866
2,512
2,123
Selling, general, and administrative expenses(b)
472
341
137
Research and development expenses(b)
154
112
34
Other segment items(c)
(45)
1
7
Segment EBITDA
$1,031
$671
$(275)
$1,427
Six months ended June 30, 2026
Power
Electrification
Wind
Total
Equipment revenues
$3,834
$5,597
$2,283
$11,714
Services revenues
6,593
948
1,174
8,715
Intersegment revenues
22
52
1
76
Segment revenues
10,449
6,597
3,459
20,504
Other revenues and elimination of intersegment revenues
(62)
Total revenues
20,442
Less:(a)
Cost of revenues(b)
7,504
4,539
3,772
Selling, general, and administrative expenses(b)
918
694
265
Research and development expenses(b)
286
219
70
Other segment items(c)
(100)
(56)
9
Segment EBITDA
$1,842
$1,200
$(657)
$2,384
Three months ended June 30, 2025
Power
Electrification
Wind
Total
Equipment revenues
$1,459
$1,649
$1,786
$4,894
Services revenues
3,281
476
447
4,205
Intersegment revenues
45
36
11
92
Segment revenues
4,785
2,162
2,245
9,191
Other revenues and elimination of intersegment revenues
(80)
Total revenues
9,111
Less:(a)
Cost of revenues(b)
3,450
1,505
2,226
Selling, general, and administrative expenses(b)
462
306
141
Research and development expenses(b)
133
100
40
Other segment items(c)
(46)
(64)
3
Segment EBITDA
$785
$314
$(165)
$934
Six months ended June 30, 2025
Power
Electrification
Wind
Total
Equipment revenues
$2,881
$3,018
$3,192
$9,091
Services revenues
6,232
916
885
8,033
Intersegment revenues
121
67
18
206
Segment revenues
9,234
4,001
4,095
17,330
Other revenues and elimination of intersegment revenues
(187)
Total revenues
17,143
Less:(a)
Cost of revenues(b)
6,818
2,777
4,066
Selling, general, and administrative expenses(b)
930
636
276
Research and development expenses(b)
242
182
73
Other segment items(c)
(59)
(113)
(8)
Segment EBITDA
$1,303
$519
$(312)
$1,510
(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 June 30
Six months ended June 30
2026
2025
2026
2025
Segment EBITDA
$1,427
$934
$2,384
$1,510
Corporate and other(a)
(177)
(164)
(239)
(283)
Restructuring and other charges
(9)
(42)
(102)
(108)
Gains (losses) on purchases and sales of business interests(b)
(48)
—
4,445
19
Separation costs(c)
(38)
(34)
(61)
(80)
Non-operating benefit income
119
110
253
225
Depreciation and amortization(d)
(418)
(202)
(760)
(406)
Interest and other financial income (charges) – net(e)
73
41
100
97
(Provision) benefit for income taxes
(279)
(151)
(623)
(218)
Net income (loss)
$649
$492
$5,398
$756
(a) Includes interest (income) expense of zero and zero and (provision) benefit for income taxes of $(3) million and $2 million for the three
months ended June 30, 2026 and 2025, respectively, as well as interest (income) expense of zero and $(1) million and (provision)
benefit for income taxes of $7 million and $4 million for the six months ended June 30, 2026 and 2025, respectively, related to our
Financial Services business which, because of the nature of its investments, is measured on an after-tax basis.
(b) Includes a pre-tax gain of $3,992 million in the six months ended June 30, 2026 related to the acquisition of the remaining 50% stake in
Prolec GE from Xignux as a result of the remeasurement of our previously held equity interest to fair value and an expense of $35
million and $106 million for the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in the
three and six months ended June 30, 2026, respectively. Includes a pre-tax gain of $330 million related to the sale of our Proficy
business in our Electrification segment in the six months ended June 30, 2026. Also includes realized gains related to the sale of our
remaining 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 19 for further information.
(c) Costs incurred in the separation from GE, including system implementations, advisory fees, one-time stock option grant, and other one-
time costs.
(d) 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.
(e) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business
operations primarily with customers.
Schedule of Reconciliation of Assets from Segment to Consolidated
ASSETS BY SEGMENT
June 30, 2026
December 31, 2025
Power
$28,505
$26,847
Electrification
21,000
9,017
Wind
12,416
11,444
Other(a)
18,880
15,709
Total assets
$80,800
$63,016
(a)We classify deferred tax assets as "Other" for purposes of this disclosure.
PROPERTY, PLANT, AND EQUIPMENT ADDITIONS
Three months ended June 30
Six months ended June 30
2026
2025
2026
2025
Power
$189
$69
$357
$153
Electrification(a)
97
33
1,134
69
Wind
57
45
151
95
Other
35
20
63
35
Total
$377
$167
$1,706
$353
(a)Includes $942 million of Property, plant, and equipment acquired with Prolec GE in the six months ended June 30, 2026.
DEPRECIATION AND AMORTIZATION
Three months ended June 30
Six months ended June 30
2026
2025
2026
2025
Power
$120
$115
$236
$231
Electrification
230
23
380
43
Wind
55
51
114
105
Other
14
16
30
31
Total
$418
$205
$760
$410