v3.26.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2026
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, Electrification, and Wind. 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
2026
2025
2026
2025
Gas Power
$5,117
$3,948
$13,610
$11,464
Nuclear Power
719
664
2,294
1,975
Hydro Power
231
251
613
658
Power
$6,067
$4,863
$16,516
$14,097
Power Transmission
$1,868
$811
$5,124
$2,262
Grid Systems Integration
1,002
677
2,499
1,646
Power Conversion & Storage
569
621
1,585
1,413
Grid Automation & Software
424
456
1,251
1,246
Electrification
$3,862
$2,565
$10,459
$6,566
Onshore Wind
$2,468
$2,453
$5,376
$6,118
Offshore Wind
273
195
824
624
Wind
$2,741
$2,647
$6,200
$6,742
Total segment revenues
$12,671
$10,075
$33,175
$27,405
SEGMENT EBITDA
Three months ended September 30, 2026
Power
Electrification
Wind
Total
Equipment revenues
$2,864
$3,355
$2,121
$8,340
Services revenues
3,196
476
619
4,290
Intersegment revenues
8
31
1
41
Segment revenues
6,067
3,862
2,741
12,671
Other revenues and elimination of intersegment revenues
(29)
Total revenues
12,642
Less:(a)
Cost of revenues(b)
4,152
2,634
2,505
Selling, general, and administrative expenses(b)
497
375
134
Research and development expenses(b)
170
119
37
Other segment items(c)
(50)
(5)
(7)
Segment EBITDA
$1,297
$739
$72
$2,109
Nine months ended September 30, 2026
Power
Electrification
Wind
Total
Equipment revenues
$6,697
$8,952
$4,405
$20,054
Services revenues
9,789
1,424
1,793
13,005
Intersegment revenues
30
83
3
116
Segment revenues
16,516
10,459
6,200
33,175
Other revenues and elimination of intersegment revenues
(91)
Total revenues
33,084
Less:(a)
Cost of revenues(b)
11,656
7,173
6,277
Selling, general, and administrative expenses(b)
1,415
1,070
399
Research and development expenses(b)
455
338
106
Other segment items(c)
(150)
(62)
2
Segment EBITDA
$3,139
$1,939
$(585)
$4,493
Three months ended September 30, 2025
Power
Electrification
Wind
Total
Equipment revenues
$1,668
$2,019
$2,194
$5,880
Services revenues
3,113
521
444
4,078
Intersegment revenues
83
25
10
118
Segment revenues
4,863
2,565
2,647
10,075
Other revenues and elimination of intersegment revenues
(107)
Total revenues
9,969
Less:(a)
Cost of revenues(b)
3,663
1,812
2,532
Selling, general, and administrative expenses(b)
449
323
118
Research and development expenses(b)
144
110
43
Other segment items(c)
(45)
(67)
16
Segment EBITDA
$651
$387
$(61)
$977
Nine months ended September 30, 2025
Power
Electrification
Wind
Total
Equipment revenues
$4,549
$5,037
$5,386
$14,971
Services revenues
9,345
1,437
1,329
12,111
Intersegment revenues
203
93
28
324
Segment revenues
14,097
6,566
6,742
27,405
Other revenues and elimination of intersegment revenues
(293)
Total revenues
27,112
Less:(a)
Cost of revenues(b)
10,481
4,589
6,598
Selling, general, and administrative expenses(b)
1,379
960
393
Research and development expenses(b)
386
292
117
Other segment items(c)
(104)
(181)
8
Segment EBITDA
$1,954
$906
$(373)
$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.
RECONCILIATION OF SEGMENT EBITDA TO NET INCOME
(LOSS)
Three months ended September 30
Nine months ended September 30
2026
2025
2026
2025
Segment EBITDA
$2,109
$977
$4,493
$2,487
Corporate and other(a)
(166)
(166)
(405)
(448)
Restructuring and other charges
(6)
(83)
(109)
(192)
Gains (losses) on purchases and sales of business interests(b)
36
113
4,481
131
Separation costs(c)
(31)
(43)
(92)
(122)
Non-operating benefit income
212
115
465
340
Depreciation and amortization(d)
(439)
(212)
(1,199)
(617)
Interest and other financial income (charges) – net(e)
71
44
171
141
(Provision) benefit for income taxes
(496)
(292)
(1,119)
(510)
Net income (loss)
$1,289
$453
$6,687
$1,209
(a) Includes interest (income) expense of zero and zero and (provision) benefit for income taxes of $3 million and zero for the three months
ended September 30, 2026 and 2025, respectively, as well as interest (income) expense of zero and $(1) million and (provision) benefit
for income taxes of $(3) million and $(4) million for the nine months ended September 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 nine months ended September 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
$106 million for the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in the nine months
ended September 30, 2026. Includes a pre-tax gain of $366 million related to the sale of our Proficy business in our Electrification
segment in the nine months ended September 30, 2026. Also includes unrealized and realized gains related to our interest in China XD
Electric Co., Ltd, which we sold the remainder of in 2026 and was 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.
ASSETS BY SEGMENT
September 30, 2026
December 31, 2025
Power
$28,936
$26,847
Electrification
21,664
9,017
Wind
12,331
11,444
Other(a)
23,288
15,709
Total assets
$86,220
$63,016
(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
2026
2025
2026
2025
Power
$324
$107
$681
$260
Electrification(a)
192
41
1,334
110
Wind
81
61
233
157
Other
42
33
106
68
Total
$640
$243
$2,352
$595
(a)Includes $949 million of Property, plant, and equipment acquired with Prolec GE in the nine months ended September 30, 2026.
DEPRECIATION AND AMORTIZATION
Three months ended September 30
Nine months ended September 30
2026
2025
2026
2025
Power
$123
$116
$359
$347
Electrification
228
25
608
68
Wind
73
56
187
161
Other
15
16
45
47
Total
$439
$213
$1,199
$623