BNSF Railway saw financial improvements across the board as the unit of Berkshire Hathaway (NYSE: BRK-B) saw revenue and profits post sequential gains for the third quarter and nine month period.
Revenues for the quarter were $5.988 billion from $5.881 billion in the corresponding period in 2024, the comapny said in its 10-Q filing. Pre-tax earnings totaled $1.912 billion, up from $1.846 billion. Net earnings were $1.449 billion, up from $1.383 billion. The operating ratio was 64.1%, better by 0.9% y/y.
In the quarter, shipments of consumer products, 2.2%, and agriculture and energy commodities, 0.9%, posted gains. Industrial products, 1.9%, and coal, 2.1%, declined. Volumes were driven by West Coast imports boosting intermodal traffic and gains in automotive vehicle movement.
Average revenue per car/unit increased 0.8% in the third quarter and declined 1.4% in the first nine months of 2025 y/y, on lower fuel surcharge revenue and unfavorable business mix, partially offset by core pricing gains.
For the first nine months of 2025, revenues totaled $17.390 billion, an increase from $17.242 billion a year ago. Pre-tax earnings improved to $5.324 billion from $4.987 billion, while net earnings of $4.129 billion was better than $3.753 billion y/y. The operating ratio of 65.6% was 1.9% lower than in 2024.
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