BRK-B · 10-Q · 2026Q2 · Full report

BNSF Revenue and Costs

BERKSHIRE HATHAWAY INC · 2026-08-10 · Importance 54 · Surprise 40 · In source text

BNSF railroad operating revenues increased 14.6% to $6.562 billion in the second quarter and 9.8% to $12.521 billion in the first six months of 2026. First-half revenue growth reflected a 4.3% increase in car/unit volume and a 5.3% increase in average revenue per car/unit, with consumer products revenue rising 10.3% to $4.4 billion and agricultural and energy products revenue rising 16.4% to $3.7 billion. Railroad operating expenses increased 8.4% year to date to $8.203 billion, including a 32.2% increase in fuel expense to $1.943 billion, while first-half net earnings increased 9.5% to $2.935 billion.

Key facts

• BNSF fuel expenses increased $475 million (68.1%) in second quarter 2026 and $473 million (32.2%) in first six months 2026 versus 2025 source
• BNSF’s outstanding debt was $23.5 billion as of June 30, 2026, a decrease of $532 million from December 31, 2025. source
• BNSF railroad operating revenues in second quarter 2026: $6,562 million; first six months 2026: $12,521 million source
• BNSF railroad operating expenses in second quarter 2026: $4,292 million; first six months 2026: $8,203 million source
• BNSF railroad operating earnings in second quarter 2026: $2,270 million; first six months 2026: $4,318 million source
• BNSF agricultural and energy products operating revenues: $1.9 billion Q2 2026 and $3.7 billion YTD 2026, increases of 17.9% and 16.4% respectively source
• BNSF pre-tax earnings increased 13.9% in the second quarter and 13.7% in the first six months of 2026 versus 2025 source
• BNSF industrial products operating revenues: $1.4 billion Q2 2026 and $2.6 billion YTD 2026, increases of 9.1% and 5.9% respectively source

Impact estimates