Burlington Northern Santa Fe (BNI) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 increased 5% year-over-year to $6.0 billion, driven by higher unit volume and improved average revenue per car/unit, with notable gains in consumer products and agricultural/energy products.

• Net income rose 13% year-over-year to $1.38 billion, reflecting strong operational performance and stable expense management.

• Operating income grew 12% to $2.05 billion, with operating expenses up only 1% despite increased volumes.

Financial highlights

• Total revenues: $5.97 billion (Q1 2026) vs. $5.69 billion (Q1 2025).

• Net income: $1.38 billion (Q1 2026) vs. $1.21 billion (Q1 2025).

• Operating income: $2.05 billion (Q1 2026) vs. $1.82 billion (Q1 2025).

• Fuel surcharge revenues increased to $452 million from $434 million year-over-year.

• Cash and cash equivalents at quarter-end: $2.44 billion.

Outlook and guidance

• Management highlights ongoing risks from economic conditions, regulatory changes, fuel price volatility, and supply chain disruptions.

• Forward-looking statements caution that actual results may differ due to these uncertainties.