Burlington Northern Santa Fe (BNI) investor relations material

Executive summary

• Revenues for the six months ended June 30, 2026, increased 9.7% year-over-year to $12.5 billion, driven by higher unit volumes and increased average revenue per car/unit, with notable growth in consumer, agricultural, and industrial products.

• Net income for the six months was $2.94 billion, up from $2.68 billion in the prior year period.

• Operating income rose to $4.32 billion, reflecting improved business mix and higher fuel surcharge revenues.

Financial highlights

• Total operating revenues for Q2 2026 were $6.58 billion, up from $5.74 billion in Q2 2025.

• Operating expenses increased 8% year-over-year to $8.23 billion for the six-month period, mainly due to higher compensation, fuel, and litigation costs.

• Net cash provided by operating activities was $4.24 billion for the six months, with capital expenditures totaling $1.74 billion.

• Effective tax rate increased to 24.4% from 21.5% due to prior year state tax changes.

Outlook and guidance

• Management highlights ongoing risks from economic conditions, fuel price volatility, regulatory changes, and supply chain disruptions.

• Forward-looking statements caution that actual results may differ materially due to these uncertainties.