BRK-B · 10-Q · 2026Q3 · Full report
Fuel Cost Inflation
BERKSHIRE HATHAWAY INC · 2026-11-09 · Importance 46 · Surprise 56 · Matches filing data
BNSF’s fuel expenses increased $941 million, or 42.0%, in the first nine months of 2026 compared with 2025, reflecting higher average fuel prices and higher volume. In the third quarter, fuel expenses rose $468 million, or 60.6%. Increased fuel efficiency partially offset the cost increases.
Key facts
- BNSF fuel expenses increased $468 million (60.6%) in the third quarter and $941 million (42.0%) in the first nine months of 2026 compared with 2025, reflecting higher average fuel prices and volume, partly offset by greater fuel efficiency. source
- Pilot first-nine-month 2026 gross margins were negatively affected by net losses on derivative contracts amid increased fuel and commodity prices; physical inventory and commodity-value price effects are deferred until sold. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -1.3% | BNSF fuel expenses increased $468 million (60.6%) in the third quarter and $941 million (42.0%) in the first nine months of 2026 compared… |