BNSF scores more revenue, income and volume in second quarter

In the second quarter of 2026, BNSF Railway's total revenue climbed 15% to $6.6 billion, operating income rose 13% to $2.3 billion and net income increased 6% to $1.6 billion compared with second-quarter 2025 figures. 

In addition, volume rose 7% to 2.5 million units and average revenue per car/unit increased 8% to $2,587 because of higher fuel surcharge revenue and higher yields, BNSF officials said in the company's latest quarterly financial performance review. 

However, the Class I's operating ratio worsened by 0.6 points and operating expenses shot up 16% to $4.3 billion on a year-over-year basis. 

Compensation and benefits expenses increased 2% in the quarter to $1.4 billion primarily due to wage inflation, which was offset by improved employee productivity, BNSF officials said. Fuel expenses soared 68% to $1.2 billion because of higher average fuel prices and higher volume, which was partially offset by increased fuel efficiency, they said. 

BNSF registered revenue gains in all four of its business units and volume increases in three of the units on a year-over-year basis. 

Consumer products revenue ballooned 21% to $2.4 billion and volume increased 9% to 1.6 million units primarily due to higher intermodal shipments resulting from increased West Coast imports, market share gains and tightening truck capacity, BNSF officials said. 

Meanwhile, higher grain exports, petroleum fuel traffic and oilseeds/meals loads helped drive up agricultural and energy products revenue by 18% to $1.9 billion and volume by 12% to 388,000 units.

In terms of industrial products, revenue rose 9% to $1.9 billion and volume increased 3% to 361,000 units because of higher steel, aggregates and cement shipments, BNSF officials said. 

Coal revenue inched up 1% to $722 million, but volume decreased 8% to 268,000 units due to plant retirements and lower demand attributable to lower natural gas prices, they said.