Subject: Re: RationalWalk on BRK Valuation
Burlington is improving though

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This from Kingsley’s comments,

“BNSF Railway”

“Berkshire’s railroad posted $6.6 billion in pre-tax earnings, a very slight increase over 2023. Unfortunately, after those pesky income taxes, BNSF’s net profitability actually dropped 1.1% year over year.

BNSF achieved a 6.5% boost in volume — fueled by a 16.2% increase in consumer products and 7.4% in agricultural products. Coal, meanwhile, sank 17.9%. BNSF moved more freight in 2024, but average revenue per car fell 6.6%.

The operating ratio of 68.0% was a slight improvement over 2023, but still lags far behind competitor Union Pacific’s 59.9%.”

ciao