Burlington Northern Santa Fe (BNI) Q2 2025 earnings summary

Executive summary

• Operating revenues for the six months ended June 30, 2025, were $11.4 billion, up less than 1% year-over-year, driven by a 3% increase in unit volume and core pricing gains, partially offset by lower average revenue per car/unit due to reduced fuel surcharges and unfavorable business mix.

• Net income for the six months was $2.68 billion, up from $2.37 billion in the prior year period.

• Operating income rose to $3.83 billion from $3.54 billion year-over-year.

Financial highlights

• Total operating expenses decreased 3% to $7.6 billion, mainly due to lower fuel costs and reduced materials and other expenses.

• Fuel expense dropped to $1.47 billion from $1.68 billion year-over-year, reflecting lower average fuel prices.

• Effective tax rate decreased to 21.5% from 24.5%, with income tax expense falling due to lower deferred state tax expenses.

• Cash provided by operating activities was $3.58 billion for the six months, up from $3.18 billion.

Outlook and guidance

• Management is evaluating the impact of the recently enacted One Big Beautiful Bill Act, which includes 100% bonus depreciation, but does not expect a material impact on financial statements.

• Forward-looking statements caution about risks from economic, regulatory, and operational factors, including commodity demand, fuel prices, and legal developments.