BRK-B · 10-Q · 2026Q2 · Full report

BNSF Operating Performance

BERKSHIRE HATHAWAY INC · 2026-08-10 · Importance 48 · Surprise 40 · In source text

BNSF first-half pre-tax earnings increased 13.7% to $3.9 billion and after-tax earnings increased 9.5% to $2.9 billion. Consumer-products revenue increased 10.3% year to date to $4.4 billion, while agricultural and energy-products revenue increased 16.4% to $3.7 billion. Railroad operating expenses increased 8.4% year to date to $8.2 billion, including a 32.2% increase in fuel expense to approximately $1.9 billion. Coal volumes declined 5.1% year to date because of plant retirements and lower demand associated with lower natural-gas prices.

Key facts

• BNSF railroad operating revenues in the second quarter of 2026: $6,562 million and for the first six months of 2026: $12,521 million. source
• BNSF’s outstanding debt was $23.5 billion as of June 30, 2026, a decrease of $532 million from December 31, 2025. source
• After-tax earnings of BNSF increased 6.3% in the second quarter of 2026 compared to 2025. source
• After-tax earnings of BNSF increased 9.5% in the first six months of 2026 compared to 2025. source

Impact estimates