Burlington Northern Santa Fe, LLC
Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 9 November 2026. Snapshot FY2026Q3_729411fd.
Overview
Revenue, quarter
+14.6% year on yearOperating income, quarter
+15.5% year on yearNet income, quarter
+19.3% year on yearDiluted EPS, quarter
n/aOperating margin, last 4 quarters
+1.6pp year on yearReturn on equity, last 4 quarters
+0.9pp year on yearSelect a figure to see the document it came from.
Key Findings
Findings for the latest quarter, with their history over earlier quarters.
Revenue for the quarter ended 30 September 2026 was US$6.9 billion, 14.6% higher than in the same quarter a year earlier.
Confirmedin Q3 FY2026 · stated since Q1 FY202614.6% from 14.5% in Q2 FY2026Rule: Revenue against a year earlier · Sources 10-Q 2026-09History of this finding, 13 records
- Q3 FY2026 ConfirmedRevenue for the quarter ended 30 September 2026 was US$6.9 billion, 14.6% higher than in the same quarter a year earlier.Recorded from FY2026Q3_729411fd · data update
- Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$6.6 billion, 14.5% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2026 NewRevenue for the quarter ended 31 March 2026 was US$6.0 billion, 4.9% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q4 FY2025 NewRevenue for the quarter ended 31 December 2025 was US$6.0 billion, 2.6% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q3 FY2025 StrengthenedRevenue for the quarter ended 30 September 2025 was US$6.0 billion, 1.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 ConfirmedRevenue for the quarter ended 30 June 2025 was US$5.7 billion, 0.1% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 NewRevenue for the quarter ended 31 March 2025 was US$5.7 billion, 0.6% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q4 FY2024 NewRevenue for the quarter ended 31 December 2024 was US$6.1 billion, 0.8% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$5.9 billion, 1.0% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$1.7 billion, 19.3% higher than in the same quarter a year earlier.
Strengthenedin Q3 FY2026 · stated since Q1 FY202519.3% from 6.3% in Q2 FY2026Rule: Net income against a year earlier · Sources 10-Q 2026-09History of this finding, 11 records
- Q3 FY2026 StrengthenedNet income attributable to the company was US$1.7 billion, 19.3% higher than in the same quarter a year earlier.Recorded from FY2026Q3_729411fd · data update
- Q2 FY2026 WeakenedNet income attributable to the company was US$1.6 billion, 6.3% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2026 StrengthenedNet income attributable to the company was US$1.4 billion, 13.4% higher than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 ConfirmedNet income attributable to the company was US$1.3 billion, 5.4% higher than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2025 WeakenedNet income attributable to the company was US$1.4 billion, 4.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 StrengthenedNet income attributable to the company was US$1.5 billion, 19.5% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 NewNet income attributable to the company was US$1.2 billion, 6.2% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q4 FY2024 NewNet income attributable to the company was US$1.3 billion, 5.7% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q3 FY2024 NewNet income attributable to the company was US$1.4 billion, 13.3% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 34.9%, 1.6 percentage points higher than a year earlier.
Confirmedin Q3 FY2026 · stated since Q3 FY2024Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 moreHistory of this finding, 9 records
- Q3 FY2026 ConfirmedThe operating margin over the last 4 quarters was 34.9%, 1.6 percentage points higher than a year earlier.Recorded from FY2026Q3_729411fd · data update
- Q2 FY2026 WeakenedThe operating margin over the last 4 quarters was 34.8%, 1.7 percentage points higher than a year earlier.Reconstructed · data update
- Q1 FY2026 ConfirmedThe operating margin over the last 4 quarters was 34.9%, 2.7 percentage points higher than a year earlier.Reconstructed · data update
- Q4 FY2025 StrengthenedThe operating margin over the last 4 quarters was 34.4%, 2.5 percentage points higher than a year earlier.Reconstructed · data update
- Q3 FY2025 WeakenedThe operating margin over the last 4 quarters was 33.3%, 1.3 percentage points higher than a year earlier.Reconstructed · data update
- Q2 FY2025 StrengthenedThe operating margin over the last 4 quarters was 33.1%, 2.0 percentage points higher than a year earlier.Reconstructed · data update
- Q1 FY2025 StrengthenedThe operating margin over the last 4 quarters was 32.3%, 1.4 percentage points higher than a year earlier.Reconstructed · data update
- Q4 FY2024 ConfirmedThe operating margin over the last 4 quarters was 31.9%, 0.9 percentage points higher than a year earlier.Reconstructed · data update
- Q3 FY2024 NewThe operating margin over the last 4 quarters was 32.0%, 1.0 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 11.6%, against 10.6% a year earlier.
Confirmedin Q3 FY2026 · stated since Q2 FY2025Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 moreHistory of this finding, 11 records
- Q3 FY2026 ConfirmedReturn on equity over the last 4 quarters was 11.6%, against 10.6% a year earlier.Recorded from FY2026Q3_729411fd · data update
- Q2 FY2026 ConfirmedReturn on equity over the last 4 quarters was 11.1%, against 10.6% a year earlier.Reconstructed · data update
- Q1 FY2026 ConfirmedReturn on equity over the last 4 quarters was 10.9%, against 10.1% a year earlier.Reconstructed · data update
- Q4 FY2025 ConfirmedReturn on equity over the last 4 quarters was 10.7%, against 10.1% a year earlier.Reconstructed · data update
- Q3 FY2025 ConfirmedReturn on equity over the last 4 quarters was 10.6%, against 10.2% a year earlier.Reconstructed · data update
- Q2 FY2025 NewReturn on equity over the last 4 quarters was 10.6%, against 10.1% a year earlier.Reconstructed · data update
- Q2 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q1 FY2025 NewReturn on equity over the last 4 quarters was 10.1%, against 10.1% a year earlier.Reconstructed · data update
- Q1 FY2025 RetiredThe finding changed to unchanged from a year earlier.Reconstructed · data update
- Q4 FY2024 ConfirmedReturn on equity over the last 4 quarters was 10.1%, against 10.5% a year earlier.Reconstructed · data update
- Q3 FY2024 NewReturn on equity over the last 4 quarters was 10.2%, against 10.7% a year earlier.Reconstructed · initial
Net debt was US$21.5 billion at 30 September 2026, 1.8 times EBITDA over the last 4 quarters.
Confirmedin Q3 FY2026 · stated since Q3 FY2024Rule: Net debt or net cash · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 moreHistory of this finding, 9 records
- Q3 FY2026 ConfirmedNet debt was US$21.5 billion at 30 September 2026, 1.8 times EBITDA over the last 4 quarters.Recorded from FY2026Q3_729411fd · data update
- Q2 FY2026 ConfirmedNet debt was US$21.5 billion at 30 June 2026, 1.9 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q1 FY2026 ConfirmedNet debt was US$21.1 billion at 31 March 2026, 1.9 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q4 FY2025 ConfirmedNet debt was US$21.6 billion at 31 December 2025, 2.0 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q3 FY2025 ConfirmedNet debt was US$21.5 billion at 30 September 2025, 2.0 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q2 FY2025 ConfirmedNet debt was US$21.8 billion at 30 June 2025, 2.1 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q1 FY2025 ConfirmedNet debt was US$21.0 billion at 31 March 2025, 2.1 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q4 FY2024 ConfirmedNet debt was US$21.5 billion at 31 December 2024, 2.1 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q3 FY2024 NewNet debt was US$21.6 billion at 30 September 2024, 2.1 times EBITDA over the last 4 quarters.Reconstructed · initial
Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.
Credit, liquidity, earnings quality and score findings: Analysis.
Data
DownloadsExcel workbook · JSON · Brief for AI
Snapshot
FY2026Q3_729411fdCorporate Events
No corporate event found in the filings since 2020.
Earnings, Returns and Balance Sheet
Revenue
By quarter, US dollars
Operating Income
By quarter, US dollars
Net Income Attributable to the Company
By quarter, US dollars
Margins
Last 4 quarters at each quarter end, per cent
Returns
Last 4 quarters, per cent
Net Debt
Total debt less cash and short-term investments, at quarter end, US dollars
Financial Statements
Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.
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Ratios
Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.
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Analysis
Credit update
Q3 FY2026
Form 10-Q, period ended 30 September 2026, filed 9 November 2026. Changes are against the previous report, and each figure shows its period.
1change0thresholds crossed
Changes in This Report 1
- StrengthenedNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$1.7 billion, 19.3% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Net income attributable to the company was US$1.6 billion, 6.3% higher than in the same quarter a year earlier.
Thresholds Crossed 0
No published finding crosses a threshold.
Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.
Credit MetricsDebt to EBITDA 2.02x, FFO to debt 38.3% · Q3 FY2026
Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
Lease-adjusted debt was 2.0 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 38.3% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the intermediate band is number 3 of 6, and a higher number means more debt against earnings.
Confirmedin Q3 FY2026 · stated since Q3 FY20242.02x from 2.08x in Q2 FY2026Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 moreHistory of this finding, 9 records
- Q3 FY2026 ConfirmedLease-adjusted debt was 2.0 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 38.3% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Recorded from FY2026Q3_729411fd · data update
- Q2 FY2026 ConfirmedLease-adjusted debt was 2.1 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 37.9% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
- Q1 FY2026 ConfirmedLease-adjusted debt was 2.1 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 36.6% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025.Reconstructed · data update
- Q4 FY2025 ConfirmedLease-adjusted debt was 2.2 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 34.5% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · data update
- Q3 FY2025 ConfirmedLease-adjusted debt was 2.2 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 35.1% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
- Q2 FY2025 ConfirmedLease-adjusted debt was 2.3 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 33.5% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
- Q1 FY2025 ConfirmedLease-adjusted debt was 2.3 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 33.7% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2024.Reconstructed · data update
- Q4 FY2024 ConfirmedLease-adjusted debt was 2.3 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 33.0% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · data update
- Q3 FY2024 NewLease-adjusted debt was 2.3 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 34.0% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2023.Reconstructed · initial
Position in the S&P Standard Volatility Table, Last 4 Quarters to Q3 FY2026
S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.
Debt equals 2.0 years of adjusted EBITDA; a year of funds from operations equals 38.3% of it.
| Band | Minimal | Modest | Intermediate | Significant | Aggressive | Highly leveraged |
|---|---|---|---|---|---|---|
| Debt to EBITDA | below 1.5x | 1.5x to 2x | 2.02x2x to 3x | 3x to 4x | 4x to 5x | 5x and above |
| FFO to debt | 60% and above | 45% to 60% | 38.3%30% to 45% | 20% to 30% | 12% to 20% | below 12% |
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q3 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities | ||||||
| Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost | est. | |||||
| Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes | est. | |||||
| Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA | intermediate | intermediate | intermediate | intermediate | intermediate | est.intermediate |
| FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt | intermediate | intermediate | intermediate | intermediate | intermediate | est.intermediate |
| Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA | est. | |||||
| Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt | est. | |||||
| Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments) | est. | |||||
| FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest) | est. | |||||
| EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest) | est. | |||||
| EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense | ||||||
| Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt |
Reconciliation of the Credit Figures
| Item | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q3 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Total debt | $23.2bn | $23.5bn | $23.5bn | $23.5bn | $24.1bn | $23.5bn |
| Operating lease liabilities | $1.3bn | $1.0bn | $876m | $1.0bn | $1.1bn | $821m |
| Lease-adjusted debt | $24.6bn | $24.5bn | $24.4bn | $24.5bn | $25.2bn | $24.3bn |
| EBIT | $8.8bn | $8.6bn | $7.4bn | $7.5bn | $8.1bn | $8.9bn |
| Depreciation and amortisation | $2.5bn | $2.5bn | $2.6bn | $2.6bn | $2.7bn | $2.8bn |
| Goodwill impairment | $0 | $0 | $0 | $0 | $0 | $0 |
| Share-based compensation | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating lease cost | $428m | $402m | $393m | $425m | $414m | $414m |
| Adjusted EBITDA | $11.7bn | $11.5bn | $10.4bn | $10.5bn | $11.2bn | $12.1bn |
| Cash interest | −$1.0bn | −$1.0bn | −$1.0bn | −$1.1bn | −$1.1bn | −$1.1bn |
| Lease interest | −$54.4m | −$42.3m | −$37.6m | −$42.8m | −$49.5m | −$35.0m |
| Cash taxes | −$1.4bn | −$1.7bn | −$1.4bn | −$1.4bn | −$1.4bn | −$1.6bn |
| Funds from operations | $9.2bn | $8.7bn | $8.0bn | $8.1bn | $8.7bn | $9.3bn |
Method
- Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
- Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
- S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
- Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.
Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.
Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.
Debt Maturities at 31 December 2025
Principal due by fiscal year, US dollars
| FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | After FY2030 | Total |
|---|---|---|---|---|---|---|
| $548m | $752m | $475m | $416m | $287m | $21.5bn | $24.0bn |
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q3 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings | ||||||
| Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule | n/a |
Method
- Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
- Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.
Earnings QualityCash-flow accruals −3.0%, Operating cash flow to EBITDA 0.77x · Q3 FY2026
Accruals and the cash backing of reported earnings.
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.0% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q3 FY2026 · stated since Q3 FY2024−3.0% from −3.1% in Q2 FY2026Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 moreHistory of this finding, 9 records
- Q3 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.0% of average total assets.Recorded from FY2026Q3_729411fd · data update
- Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.1% of average total assets.Reconstructed · data update
- Q1 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.9% of average total assets.Reconstructed · data update
- Q4 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.7% of average total assets.Reconstructed · data update
- Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.7% of average total assets.Reconstructed · data update
- Q2 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.8% of average total assets.Reconstructed · data update
- Q1 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.9% of average total assets.Reconstructed · data update
- Q4 FY2024 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.7% of average total assets.Reconstructed · data update
- Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.7% of average total assets.Reconstructed · initial
Net Income and Operating Cash Flow
Last 4 quarters at each quarter end, US dollars
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q3 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets | ||||||
| Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996) | ||||||
| Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005) | ||||||
| Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation) | ||||||
| Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue |
Method
- Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
- Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.
Forensic and Distress ScoresBeneish −2.66 · Piotroski 7 of 9
Published distress and misstatement models, with their original coefficients and thresholds.
The Beneish M-score for fiscal 2025 was minus 2.66, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2025 · stated since FY2023−2.66 from −2.66 in FY2024Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-09History of this finding, 3 records
- FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.66, below the model threshold of minus 1.78.Reconstructed · data update
- FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 2.66, below the model threshold of minus 1.78.Reconstructed · data update
- FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.54, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY20247.00 from 7.00 in FY2024Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09History of this finding, 4 records
- FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
- FY2024 NewThe Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were return on assets higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
- Q4 FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
- FY2023 NewThe Piotroski F-score for fiscal 2023 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 |
|---|---|---|---|---|---|
| Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78 | below threshold | below threshold | below threshold | below threshold | below threshold |
| Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate | n/a | ||||
| Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000) | n/a |
Beneish M-score
Beneish M-score
fiscal 2025
A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.
| −2.66Below the threshold, −1.78 and below | Above the threshold, above −1.78 |
The score of minus 2.66 is below the model threshold of minus 1.78.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −4.840 | ||
| Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay. | 0.952 | 0.920 | 0.876 |
| Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor. | 1.000 | 0.528 | 0.528 |
| Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets. | 0.991 | 0.404 | 0.400 |
| Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor. | 0.999 | 0.892 | 0.891 |
| Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit. | 0.979 | 0.115 | 0.113 |
| Selling, general and administrative expenses indexOverheads against sales, against a year earlier. | 1.000 | −0.172 | −0.172 |
| Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model. | −0.027 | 4.679 | −0.127 |
| Leverage indexDebt against total assets, against a year earlier. | 1.000 | −0.327 | −0.327 |
| Score | −2.657 |
Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.
Dechow F-score
Dechow F-score
fiscal 2025
The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.
A score of 0.45 means a probability of a misstatement 0.45 times the average rate in the Dechow sample: 0.17% against 0.37%.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −7.893 | ||
| Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets. | 0.006 | 0.790 | 0.004 |
| Change in receivables / average total assetsThe growth of receivables against average assets. | −0.001 | 2.518 | −0.002 |
| Change in inventories / average total assetsThe growth of stock against average assets. | 0.000 | 1.191 | 0.000 |
| Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement. | 0.236 | 1.979 | 0.466 |
| Change in cash salesThe growth of sales collected in cash. | −0.003 | 0.171 | −0.000 |
| Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score. | 0.004 | −0.932 | −0.003 |
| Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year. | 1.000 | 1.029 | 1.029 |
| Predicted value | −6.399 | ||
| Probability of a misstatement | 0.17% |
Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.
Piotroski F-score
Piotroski F-score
fiscal 2025
A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.
7 of the 9 tests are met, in the high group of 7 to 9.
| Signal | FY2025 | FY2024 |
|---|---|---|
| Return on assets above zero | Met | Met |
| Operating cash flow above zero | Met | Met |
| Return on assets higher than a year earlier | Met | Not met |
| Operating cash flow above net income | Met | Met |
| Long-term debt to assets lower than a year earlier | Not met | Met |
| Current ratio higher than a year earlier | Met | Met |
| No common equity issued | Met | Met |
| Margin higher than a year earlier | Met | Met |
| Asset turnover higher than a year earlier | Not met | Not met |
Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.
Source Documents
Documents of this snapshot, latest first.
Checks
268264 of 268 checks passed, 4 warnings
Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.
Quarters and fiscal year96 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level.
Withheld values4 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.
Shareholders' equity attributable to the company, Q1 FY2020: withheld, the document of the date gives it on a line of another scope
Total equity, Q1 FY2020: withheld, the document of the date gives it on a line of another scope
Shareholders' equity attributable to the company, Q2 FY2020: withheld, the document of the date gives it on a line of another scope
Total equity, Q2 FY2020: withheld, the document of the date gives it on a line of another scope
Filer identity1 passedThe documents are those of the company of this page. Checked at error level.
Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.
Balance sheet structure25 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.
Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.
Debt maturities6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.
Quarters and 9 months21 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.
Interest and debt6 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.
Primary statements6 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.
Data Quality
How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.
| Values published | 1,068 |
| Confirmed by other figures | 55.5%, 593 values |
| Confirmed by a second document | 0.0%, 0 values |
| Derived from reported figures | 20.6%, 220 values |
| Values withheld | 4 |
| Restated figures tracked | 3 |
| Changes compared on one basis | 0 |
| Company lines mapped | 1 of 2 reviewed |
Citation
Annalist, Burlington Northern Santa Fe, LLC, snapshot bnsf/FY2026Q3_729411fd (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)
Snapshot FY2026Q3_729411fd · dataset SHA-256 729411fdf0738a786bd7a892f677b6f6964d73e5eee540b0c0e6012365eb56a6 · findings rules 0.5
Data: info.json · dataset.json · validation.json · documents.json