The use of composite materials for weight reduction of shaft drivelines has positive impacts in different applications. The driveshafts design is mostly dictated by its natural frequencies. In order to maximize the natural frequencies, shafts are built in one, two or more segments. Analysis of such components has complexities in dealing with two-segments, shear deformation, and material coupling effects. This paper presents a theory that includes shear deformation and rotary inertia along with coupling effects to analyze transverse vibration behavior of generally laminated shafts with intermediate joints. Equivalent modulus of elasticity is used instead of traditional stiffness terms to account for material coupling. The equations of motion are solved using generalized differential quadrature. Results were compared with those published in the literature and finite element simulations, and it has been shown that the present method can accurately predict transverse vibration behaviors of generally laminated two-segment shafts with a lumped mass.