GE · Forward model · Eliminations & Other
What has to happen in Eliminations & Other
Model as of
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Eliminations & Other
Basis quarter−$540M
Final quarter−$722M
Final revenue mix-4%
The negative reconciling line between segment revenue and consolidated revenue: intersegment sales, principally engines and parts moving between CES and DPT, plus items GE does not attribute to a segment. It exists so the four verticals sum exactly to GAAP total revenue, and it scales with intersegment volume, so it deepens as the segments grow.
Last four quarters
2026 Q1
−$520M
Estimated
2026 Q2
−$540M
Reported
Intersegment revenue eliminationsOther non-segment items
Sequential growth
+1.8%/qtr
decaying toward +1.2%
Tracks segment volume; eliminations deepened 14% year on year in the basis quarter.
Eliminations & Other
Latest: −$722M (2031Q2E)
| Period | Value |
|---|---|
| 2026Q1 | −$520M |
| 2026Q2 | −$540M |
| 2026Q3E | −$550M |
| 2026Q4E | −$559M |
| 2027Q1E | −$569M |
| 2027Q2E | −$578M |
| 2027Q3E | −$587M |
| 2027Q4E | −$596M |
| 2028Q1E | −$605M |
| 2028Q2E | −$614M |
| 2028Q3E | −$623M |
| 2028Q4E | −$632M |
| 2029Q1E | −$641M |
| 2029Q2E | −$650M |
| 2029Q3E | −$659M |
| 2029Q4E | −$668M |
| 2030Q1E | −$677M |
| 2030Q2E | −$686M |
| 2030Q3E | −$695M |
| 2030Q4E | −$704M |
| 2031Q1E | −$713M |
| 2031Q2E | −$722M |
Assumptions & reasoning
- The 33.0% EBITDA margin is the disclosed ratio of eliminations profit to eliminations revenue: $(178)m over $(540)m in the basis quarter. Both are negative, so the product is a negative EBITDA of $(178)m - exactly the eliminations cost GE reports. It is not an operating margin and should not be read as one.
- 2026 Q1 is the only estimated point in this model. GE prints Eliminations & Other of $(519)m for that quarter, which makes its own segment subtotal foot to $11,615m against the $11,614m adjusted revenue it prints one page later. The model uses $(520)m, the residual of the disclosed $12,392m GAAP total less CES $8,920m, DPT $3,214m and Insurance $778m, so the four lines reconcile exactly. The $1m difference is rounding in GE's table.
- Capex is exactly zero, because a reconciliation buys nothing. Everything the company spends sits in the CES and DPT capex intensities.