BNSF earnings rise 19% as freight volumes grow and fuel costs surge

Railroad earnings and revenue increased by double digits

Berkshire Hathaway reported BNSF net earnings of $1.729 billion for the quarter ended September 30, up from $1.449 billion a year earlier. Railroad operating revenue rose to $6.870 billion from $5.988 billion, while operating earnings increased to $2.482 billion from $2.147 billion. FreightWaves and Railway Age independently compared the results and noted that volume growth and operating efficiency helped offset higher costs.

Growth was broad, but coal moved in the opposite direction

Total BNSF car and unit volume increased 3.9%. Consumer-products volume, which includes intermodal and automotive traffic, rose 5.6%; agricultural and energy products increased 8.3%; and industrial products grew 3.9%. Coal volume declined 8.4%. Berkshire attributed intermodal growth partly to higher West Coast imports and tighter truck capacity, while grain, petroleum products, steel, aggregates, minerals and cement supported other categories. Those explanations describe BNSF's network and should not be treated as universal demand readings for every lane.

Revenue grew faster than shipment count

Average revenue per car or unit increased 10.5% in the quarter, reflecting higher fuel-surcharge revenue and yield. That gap between a 14.7% operating-revenue increase and 3.9% volume growth matters for shippers comparing rail and intermodal budgets: more traffic contributed, but pricing and surcharge effects also carried substantial weight. A companywide average does not establish the change on a particular contract, commodity or origin-destination pair.

Fuel remained the largest visible cost pressure

Railroad operating expenses rose 14.2% to $4.388 billion. Fuel expense increased $468 million, or 60.6%, because of higher average prices and more volume, partly offset by improved fuel efficiency. Compensation and benefits rose less than 1% as wage inflation was substantially offset by employee-productivity improvement. Equipment rents, materials and other expenses increased 6%, including effects from higher volume and litigation and casualty expense.

What intermodal and rail customers should watch

RoadHouse perspective: separate base yield, fuel surcharge and accessorial changes when comparing rail and truck alternatives. Ask about ramp capacity, terminal dwell, free time, drayage availability and recovery plans on the actual lane. Strong aggregate volume and earnings can coexist with local service constraints, while a lower coal count does not imply weaker consumer or agricultural demand.

Understanding the update

Berkshire Hathaway's SEC filing and quarterly report provide the primary financial and volume figures. FreightWaves and Railway Age independently calculate and interpret the year-over-year changes. The company attributes improvement to volume and efficiency, but public results cannot isolate every lane, customer's rate or cause of traffic growth.

Questions to consider

• How much of our rail-cost change comes from base rate, fuel surcharge and accessorials?
• Are volume gains affecting ramp capacity or terminal dwell on our lanes?
• Does the truck-versus-intermodal comparison include drayage, free time and service recovery?

Read the original reporting

This page provides an original summary and practical commentary. The linked source contains the full reporting. Older stories reflect information available on their published dates.

Sources used for verification

• Berkshire Hathaway third-quarter earnings release — November 7, 2026 ↗ (opens in a new tab)
• Berkshire Hathaway third-quarter report with BNSF operating detail — November 7, 2026 ↗ (opens in a new tab)
• FreightWaves independent results analysis — November 9, 2026 ↗ (opens in a new tab)
• Railway Age review of revenue, volume and operating ratio — November 9, 2026 ↗ (opens in a new tab)