# Burlington Northern Santa Fe, LLC

> Industrials, railways · United States · US GAAP · Fiscal year ends December
>
> Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 9 November 2026. Snapshot FY2026Q3_729411fd.

Page: https://annalist.io/company/bnsf/

Identifiers: CIK 0000934612

## Latest Figures

| Figure | Value | Exact value | Unit | Change | Period | Period end | Source documents |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue, quarter | $6.9bn | 6887000000 | USD | +14.6% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Operating income, quarter | $2.5bn | 2480000000 | USD | +15.5% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Net income, quarter | $1.7bn | 1729000000 | USD | +19.3% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Operating margin, last 4 quarters | 34.9% | 34.9075 | % | +1.6pp year on year | FY2026 Q3 | 2026-09-30 | 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09 |
| Return on equity, last 4 quarters | 11.6% | 11.5552 | % | +0.9pp year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06 |

- Operating margin: Operating income / revenue.
- Return on equity: Net income attributable to the company / average shareholders' equity attributable to the company.

## Key Findings

Each finding is a sentence written by a fixed rule from the figures; the mark in brackets is how the finding moved against the report before.

- Revenue for the quarter ended 30 September 2026 was US$6.9 billion, 14.6% higher than in the same quarter a year earlier. [Confirmed in Q3 FY2026] Sources: 10-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. [Strengthened in Q3 FY2026] Sources: 10-Q 2026-09.
- The operating margin over the last 4 quarters was 34.9%, 1.6 percentage points higher than a year earlier. [Confirmed in Q3 FY2026] Sources: 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09.
- Return on equity over the last 4 quarters was 11.6%, against 10.6% a year earlier. [Confirmed in Q3 FY2026] Sources: 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2024-09.
- Net debt was US$21.5 billion at 30 September 2026, 1.8 times EBITDA over the last 4 quarters. [Confirmed in Q3 FY2026] Sources: 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06.
- 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. [Confirmed in Q3 FY2026] Sources: 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06.
- 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. [Confirmed in Q3 FY2026] Sources: 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06.
- The Beneish M-score for fiscal 2025 was minus 2.66, below the model threshold of minus 1.78. [Confirmed in FY2025] Sources: 10-K 2025-12, 10-Q 2026-09.
- 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. [Confirmed in FY2025] Sources: 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09.

## Fiscal Years

| Fiscal year | Year end | Item | Value | Exact value | Unit | Source documents |
| --- | --- | --- | --- | --- | --- | --- |
| FY2025 | 2025-12-31 | Revenue | $23.4bn | 23421000000 | USD | 10-K 2025-12 |
| FY2025 | 2025-12-31 | Operating income | $8.1bn | 8055000000 | USD | 10-K 2025-12 |
| FY2025 | 2025-12-31 | Net income attributable to the company | $5.5bn | 5476000000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Revenue | $23.4bn | 23437000000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Operating income | $7.5bn | 7472000000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Net income attributable to the company | $5.0bn | 5031000000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Revenue | $23.9bn | 23876000000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Operating income | $7.4bn | 7399000000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Net income attributable to the company | $5.1bn | 5087000000 | USD | 10-K 2025-12 |
| FY2022 | 2022-12-31 | Revenue | $25.9bn | 25888000000 | USD | 10-K 2024-12 |
| FY2022 | 2022-12-31 | Operating income | $8.6bn | 8600000000 | USD | 10-K 2024-12 |
| FY2022 | 2022-12-31 | Net income attributable to the company | $5.9bn | 5946000000 | USD | 10-K 2024-12 |
| FY2021 | 2021-12-31 | Revenue | $23.3bn | 23282000000 | USD | 10-K 2023-12 |
| FY2021 | 2021-12-31 | Operating income | $8.8bn | 8798000000 | USD | 10-K 2023-12 |
| FY2021 | 2021-12-31 | Net income attributable to the company | $6.0bn | 5990000000 | USD | 10-K 2023-12 |

## Source Documents

- 10-Q 2026-09: Form 10-Q, period ended 30 September 2026, 9 Nov 2026 (https://www.sec.gov/Archives/edgar/data/934612/000093461226000017/bni-20260930.htm)
- 10-K 2025-12: Form 10-K, period ended 31 December 2025, 2 Mar 2026 (https://www.sec.gov/Archives/edgar/data/934612/000093461226000004/bni-20251231.htm)
- 10-Q 2025-09: Form 10-Q, period ended 30 September 2025, 3 Nov 2025 (https://www.sec.gov/Archives/edgar/data/934612/000093461225000028/bni-20250930.htm)
- 10-Q 2026-03: Form 10-Q, period ended 31 March 2026, 4 May 2026 (https://www.sec.gov/Archives/edgar/data/934612/000093461226000008/bni-20260331.htm)
- 10-Q 2026-06: Form 10-Q, period ended 30 June 2026, 10 Aug 2026 (https://www.sec.gov/Archives/edgar/data/934612/000093461226000013/bni-20260630.htm)
- 10-Q 2024-09: Form 10-Q, period ended 30 September 2024, 4 Nov 2024 (https://www.sec.gov/Archives/edgar/data/934612/000093461224000015/bni-20240930.htm)
- 10-K 2024-12: Form 10-K, period ended 31 December 2024, 24 Feb 2025 (https://www.sec.gov/Archives/edgar/data/934612/000093461225000003/bni-20241231.htm)
- 10-K 2023-12: Form 10-K, period ended 31 December 2023, 26 Feb 2024 (https://www.sec.gov/Archives/edgar/data/934612/000093461224000005/bni-20231231.htm)

## Reliability

- 268 checks compare these figures with other official figures; 0 failed.
- 4 values are withheld because the filings do not prove them; a withheld value is absent, never estimated.
- Every earlier snapshot stays published: https://annalist.io/api/v1/companies/bnsf/snapshots.json

## Cite

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A figure of a statement has an address of its own, which opens the page at that figure with its source documents: https://annalist.io/company/bnsf/?fig=<statement>/<period>/<item>, for example https://annalist.io/company/bnsf/?fig=pl_quarterly/FY2026%20Q3/revenue

## Full Data

- [Every statement, ratio and document of this snapshot (JSON)](https://annalist.io/api/v1/companies/bnsf/snapshots/FY2026Q3_729411fd/info.json)
- [Latest snapshot, at an address that does not change (JSON)](https://annalist.io/api/v1/companies/bnsf/latest.json)
- [Income statement, quarterly (CSV)](https://annalist.io/api/v1/companies/bnsf/snapshots/FY2026Q3_729411fd/pl_quarterly.csv)
- [Income statement, annual (CSV)](https://annalist.io/api/v1/companies/bnsf/snapshots/FY2026Q3_729411fd/pl_annual.csv)
- [Balance sheet, quarter end (CSV)](https://annalist.io/api/v1/companies/bnsf/snapshots/FY2026Q3_729411fd/balance_sheet.csv)
- [Cash flow, quarterly (CSV)](https://annalist.io/api/v1/companies/bnsf/snapshots/FY2026Q3_729411fd/cf_quarterly.csv)
- [Cash flow, annual (CSV)](https://annalist.io/api/v1/companies/bnsf/snapshots/FY2026Q3_729411fd/cf_annual.csv)
- [Ratios, annual (JSON)](https://annalist.io/api/v1/companies/bnsf/snapshots/FY2026Q3_729411fd/ratios/annual.json)
- [Ratios, quarterly (JSON)](https://annalist.io/api/v1/companies/bnsf/snapshots/FY2026Q3_729411fd/ratios/quarterly.json)
- [Ratios, ttm (JSON)](https://annalist.io/api/v1/companies/bnsf/snapshots/FY2026Q3_729411fd/ratios/ttm.json)
- [Key findings with their history (JSON)](https://annalist.io/api/v1/companies/bnsf/findings.json)
- [New reports and findings (Atom feed)](https://annalist.io/company/bnsf/feed.xml)
- [Excel workbook](https://annalist.io/company/bnsf/bnsf.xlsx)
- [Buyout model on these figures](https://annalist.io/deal-lab/buyout/bnsf/)
- [Lenders, customers, suppliers and owners (brief in Markdown)](https://annalist.io/atlas/bnsf/brief.md)
- [Lenders, customers, suppliers and owners (JSON)](https://annalist.io/api/v1/atlas/bnsf.json)

## Peers

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- [PT Kereta Api Indonesia (Persero)](https://annalist.io/company/kereta-api-indonesia/brief.md)
- [Side by side](https://annalist.io/compare/?c=bnsf,union-pacific,norfolk-southern,kereta-api-indonesia)

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Figures come from official filings and are provided as they are, without warranty of accuracy or completeness. They are not investment advice.