BNSF Railway

Afternoon Session - 2024 Meeting

“Given the comments from Warren about the clear strengths of BNSF, what explains the decline in revenue and profit, and in particular the profit margins”

Morning Session - 2023 Meeting

“how GEICO and BNSF appeared to lose ground to their leading competitors, GEICO on telematics and BNSF on precision-scheduled railroading”

Morning Session - 2023 Meeting

“Moving to BNSF, I'll start again by expressing great pride in the BNSF team. We have an exceptional group of led by Katie and her managers”

Morning Session - 2023 Meeting

“has been silent about BNSF's conduct. A federal judge ruled in March that BNSF intentionally and illegally violated an easement agreement”

Morning Session - 2023 Meeting

“we can't own more than 100 percent of the bnsf...our railroad is a very good business but it's not remotely as good as Apple's”

Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023

“they haven't seen me at the bnsf railroad for 10 12 years or something like that”

Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023

“very strong culture around that in BNSF. The quarterly report I get every, ever since we bought it, but continuing under, It begins with safety”

2023 Berkshire Hathaway Shareholder Letter

“BNSF is the largest of six major rail systems that blanket North America. Our railroad carries its 23,759 miles of main track”

2023 Berkshire Hathaway Shareholder Letter

“Berkshire is receiving an acceptable return on its purchase price, though less than it might appear, and also a pittance on the replacement value”

2023 Berkshire Hathaway Shareholder Letter

“the outlays in excess of GAAP depreciation charges since our purchase 14 years ago have totaled a staggering $22 billion or more than $1 1⁄2 billion annually. Ouch!”

2023 Berkshire Hathaway Shareholder Letter

“I erred, however, in my expectations for both BNSF and BHE. Let's take a look at each.”

2023 Berkshire Hathaway Shareholder Letter

“Last year BNSF's earnings declined more than I expected, as revenues fell... I am particularly proud of both BNSF's contribution to the country”

Part 2 - 2021 Meeting

“where BNS has a headquartered. And it's a great place.”

Part 1 - 2021 Meeting

“it is the entity that has the second largest carbon footprint in Berkshire, and when you combine BNSF and BHE, you're talking the material set of emissions”

2021 Berkshire Hathaway Shareholder Letter

“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire.”

2020 Berkshire Hathaway Shareholder Letter

“Berkshire's 100% ownership of BNSF, America's largest railroad measured by freight volume”

2020 Berkshire Hathaway Shareholder Letter

“BNSF has paid substantial dividends to Berkshire – $41.8 billion in total. The railroad pays us, however, only what remains after it both fulfills the needs of its business”

Morning Session - 2019 Meeting

“BNSF moves more ton miles than any other entity. We move 15 percent plus of all the ton miles moved in the United States”

Morning Session - 2019 Meeting

“And BNS is the leader.”

Buffett: We need to help free trade's "roadkill" | March 28, 2019

“nothing rivals the BNSF acquisition. One thing you may find interesting...we compress that deal into a one-week period”

Morning Session - 2018 Meeting

“if we were to sell half, we'll say, of the BNSF railroad, we would receive more than we carry it for”

2018 Berkshire Hathaway Shareholder Letter

“Our two towering redwoods in this grove are BNSF and Berkshire Hathaway Energy (90.9% owned). Combined, they earned $9.3 billion”

Buying Apple, selling IBM, missing Google | May 8, 2017

“I'll hear a while back on the railroad that somebody didn't follow the rules and and, you know, the penalty is huge”

Morning Session - 2017 Meeting

“In BNSF, Berkshire owns a sprawling infrastructure portfolio requiring regular routine maintenance investment”

Morning Session - 2016 Meeting

“Anything that Berkshire Hathaway Energy does, anything that BNSF does takes lots of money.”

Afternoon Session - 2016 Meeting

“We run at the BNSF, we run far more gross and revenue ton miles than any other railroad in North America.”

2016 Berkshire Hathaway Shareholder Letter

“when we purchased BNSF. That, I'm happy to say, was one issuance of stock that made good sense.”

2016 Berkshire Hathaway Shareholder Letter

“BNSF's interest coverage was more than 6:1. (Our definition of coverage is the ratio of earnings before interest and taxes to interest”

Morning Session - 2015 Meeting

“through BNSF and Acme Brick. Two points call that opinion into question now”

2015 Berkshire Hathaway Shareholder Letter

“After a poor performance in 2014, our BNSF railroad dramatically improved its service to customers last year.”

2015 Berkshire Hathaway Shareholder Letter

“Our own BNSF was formed in 1995 by a merger between Burlington Northern and Santa Fe.”

2015 Berkshire Hathaway Shareholder Letter

“BNSF, along with other railroads, is certain to lose significant coal volume over the next decade.”

Morning Session - 2014 Meeting

“at BNSF, we will spend a lot of money to have the best railroad possible, but we're not going to be buying other businesses.”

Morning Session - 2014 Meeting

“following the aquacquisition of BNSF a few years ago, which was partially financed by Berkshire stock”

2014 Berkshire Hathaway Shareholder Letter

“Late in 2009, amidst the gloom of the Great Recession, we agreed to buy BNSF, the largest purchase in Berkshire's history”

2014 Berkshire Hathaway Shareholder Letter

“The story at BNSF, however – as I noted earlier – was not good in 2014, a year in which the railroad disappointed many of its customers.”

Afternoon Session - 2013 Meeting

“the NSF will be carrying more carloads 10 years from now, 20 years from now, that there will be no substitute for the service that they provide”

2013 Berkshire Hathaway Shareholder Letter

“We have two major operations, BNSF and MidAmerican Energy, that share important characteristics distinguishing them from our other businesses.”

Morning Session - 2012 Meeting

“trading away part of Seas Candy or GEICO or ISCAR or BNSF, the idea of leaving you with a lower percentage interest”

2012 Berkshire Hathaway Shareholder Letter

“BNSF carries about 15% of all inter-city freight...we move more ton-miles of goods than anyone else, a fact making BNSF the most important artery in our economy's circulatory system.”

2012 Berkshire Hathaway Shareholder Letter

“In Matt Rose, at BNSF, and Greg Abel, at MidAmerican, we have two outstanding CEOs. They are extraordinary managers”

2011 Berkshire Hathaway Shareholder Letter

“Your railroad is the largest artery. All of this places a huge responsibility on us.”

2011 Berkshire Hathaway Shareholder Letter

“I am proud of what has been accomplished for our society by Matt Rose at BNSF and by Greg Abel at MidAmerican”

Morning Session - 2010 Meeting

“to a BNSF or a utility business where there's tons of capital involved”

2010 Berkshire Hathaway Shareholder Letter

“I am proud of what has been accomplished for our society by Matt Rose at BNSF”

2009 Berkshire Hathaway Shareholder Letter

“Our BNSF operation, it should be noted, has certain important economic characteristics that resemble those of our electric utilities.”

2009 Berkshire Hathaway Shareholder Letter

“$8 billion earmarked for the BNSF acquisition”

2009 Berkshire Hathaway Shareholder Letter

“In the end, Charlie and I decided that the disadvantage of paying 30% of the price through stock was offset by the opportunity the acquisition gave us to deploy $22 billion of cash in a business we un”