BNSF Railway reported pre-tax earnings increased 11.5% in the second quarter to $2 billion from $1.8 billion,and 8.6% to $3.8 billion from $3.5 billion in the first six months of 2025 compared to 2024.

Operating revenues for the Fort Worth-based subsidiary of holding company Berkshire Hathaway increased slightly in both the second quarter and the first six months, to $5.73 billion from $5.71 billion and $11.4 billion from $11.3 billion y/y as lower operating costs offset weaker revenue per car, to $3.7 billion from $3.9 billion, and $7.5 billion from $7.8 billion.

Net earnings climbed to $1.5 billion from $1.2 billion y/y in the quarter, and to $2.7 billion from $2.4 billion in the first six months of the year.

Freight volumes edge higher by 1.4% and 2.7% in the second quarter and first half, respectively, y/y. Average revenue per car declined 1.4% in the second quarter and 2.6% y/y, on lower fuel surcharge revenue and unfavorable business mix, partially offset by core pricing gains.

Coal volumes improved by 13.7% and 7.3% for the quarter and half, respectively, while consumer products was up by 0.6% and 4.5%. Agricultural and energy carloads were 0.6% better in the quarter but by just 0.1% for the half. Shipments of industrial products fell by 0.6% and 0.1%, respectively.

The company did not comment on the proposed acquisition of Norfolk Southern (NYSE: NSC) by western rival Union Pacific (NYSE: UNP). Berkshire Hathaway earlier denied reports that it was assessing a possible merger with CSX (NASDAQ: CSX).

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