BNSF reports net income gains in Q4, full-year 2025

BNSF Railway's fourth-quarter 2025 total revenue declined 3% to $5.98 billion, but net income jumped 5% to $1.3 billion compared with Q4 2024 financial results, the railroad announced yesterday.

The Class I posted Q4 2025 operating income of $2 billion, an 11% increase over the previous year's bottom line. BNSF's operating ratio (OR) for the quarter improved to 65.2% from 69.4% a year ago, according to an online financial performance summary. Volume in the quarter declined 4% to 2.4 million units.

For full-year 2025, BNSF reported total revenue of $23.4 billion, about the same as the previous year, and net income of $5.5 billion, up 9%. Operating income in 2025 climbed 8% to $8 billion from $7.5 billion a year earlier but volume was flat at 9.6 million units. The Class I's 2025 OR improved to 65.5% from 68% in 2024.

BNSF attributed the decrease in Q4 2025 revenue primarily to a 4% decline in unit volume, partially offset by a 2% increase in average revenue per car/unit resulting from higher yield.

Full-year 2025 revenue reflected a 1% decline in average revenue per car/unit resulting from lower fuel surcharge and unfavorable business mix, partially offset by higher yield, BNSF officials said.

Revenue changes also resulted from the following:

• Consumer products volume decreased 6% and increased 1%, respectively, for the quarter and full-year. The volume decrease in Q4 was primarily due to lower intermodal shipments as a result of the global market environment and excess capacity in the trucking market. The increase for the full year was related to higher intermodal shipments resulting from higher West Coast imports and a new intermodal customer, as well as an increase in automotive volume from higher vehicle production;

• Agricultural and energy products volume rose 5% and 2%, respectively, for Q4 and full-year 2025. The Q4 increase was attributed to higher grain exports and domestic shipments and petroleum fuels, partially offset by a lower volume of soybean shipments. The full-year increase was primarily due to higher grain exports and petroleum fuel shipments, offset by lower domestic grain and feed shipments;

• Industrial products volume fell 7% and 5%, respectively, in Q4 and full-year 2025. The volume decreases were primarily due to lower demand for construction products and lower shipments in plastics and petroleum products; and

• Coal volume decreased 6% and increased 1%, respectively, for Q4 and the full-year 2025. The volume decrease in Q4 was attributed to plant retirements and mine production challenges; the full-year increase was due to the competitive effects of higher natural gas prices.