Here you will find a range of financial information including quarterly filings submitted to the U. Securities and Exchange Commission, weekly carload reports, quarterly performance summaries, and presentations delivered to investors. On Feb. For information about Berkshire Hathaway Inc. The historical statements contained in these archives have not been updated to reflect changes in facts, circumstances or beliefs.
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To the extent any guidance was provided within these historical materials, that guidance was accurate only as of the time it was made.
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Current Weekly Carload Report. Amendment No. Berkshire Hathaway Inc. Berkshire Stock Conversion. BNI Stock Prices Burlington Northern History. Santa Fe History. Financial Information Here you will find a range of financial information including quarterly filings submitted to the U. Surface Transportation Board Reports This R-1 report supplies the government and other interested parties with a standardized, annual recap of all key aspects of our operation, from high-order financial and governance subjects to highly detailed operating facts.
Your Name: This field is required. Your E-mail Address: This field is required. This field is invalid. Your Message:. Form Submitted!Railroads are capital-intensive and tend to carry large financial burdens like employee pensions, generally making them polar opposites to Buffett's earliest investments. But when you're cursed with the blessing of billions of dollars in surplus cash, as Buffet is, base hits are more plentiful than home runs. And though BNSF is unlikely to be a one-decade bagger for Berkshire, it's an investment that is clearly paying off for Berkshire shareholders.
What drives BNSF? If you study BNSF's results over the last 15 years, you'll find the stodgy business hasn't changed all that much. It's simply continued to move stuff across its rails.
As the chart below shows, it's actually doing less today than it did inwhen freight volume reached a pre-crisis peak. Of course, volume isn't everything. Even though BNSF is moving less stuff, it's making way more money. BNSF has slowly benefited from rising revenue on a per-car basis, which grew at an impressive compounded rate of 4.
Some freight is worth more than other types. But BNSF's rising revenue per car can't be explained entirely by the fact it's moving more grain and fewer consumer goods. Boiling it down, BNSF has benefited from across-the-board price increases. Higher rates for each car offset stagnant volume, driving BNSF's earnings higher. Margin expansion is the direct result of revenue growing faster than expenses. Only fuel expense -- part of which is defrayed by fuel surcharges -- have grown at a pace exceeding revenue.
Compensation and benefits, its biggest line-item expense, grew at 4. This is the beautiful thing about pricing power and operating leverage. Over time, revenue that compounds faster than expenses results in exponential growth in profitability.
So while BNSF is moving less freight than it did nearly a decade ago, it's making a whole lot more doing it. Investing Best Accounts. Stock Market Basics. Stock Market. Industries to Invest In. Getting Started.Berkshire Hathaway Inc.
B StockBRK. Historical Prices Feb. Download Reset. Analyst Opinions for Berkshire Hathaway Inc. SOE 8. Revenue or per share e. Source: FactSet. Add Close. Stock Snapshot. The GEICO segments involves in underwriting private passenger automobile insurance mainly by direct response methods.
The Berkshire Hathaway Reinsurance Group segment consists of underwriting excess-of-loss and quota-share and facultative reinsurance worldwide. The Berkshire Hathaway Primary Group segment comprises of underwriting multiple lines of property and casualty insurance policies for primarily commercial accounts.
The Berkshire Hathaway Energy segments deals with regulated electric and gas utility, including power generation and distribution activities, and real estate brokerage activities.
The score provides a forward-looking, one-year measure of credit risk, allowing investors to make better decisions and streamline their work ow. Subfiler 9. Murphy Independent Director Stephen B. Witmer Independent Director Charlotte M.In the third quarter of Granite Falls Energy Llc eps dived by Sales faded by Sales jumped by Description of Company's Segments.
Reports on Competition. List of Competitors. Competitors by Segment. Segment Growth.HOT BNSF Chillicothe Subdivision Train Action
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Debt Coverage TTM. BNSF's Efficiency. Revenue per Employee TTM. Gross Margin. Operating Margin. Net Margin.
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Net Cash Flow Margin. Management Effectiveness. Dividend Yield. Payout Ratio TTM. Per Share. Major Competitors. Help Sitemap Advertise About us.The railroad sector offers retail investors the relative security of being in a historically important industry that is vital to the U. The great benefit of investing in the railroad sector is that the railroads themselves have a lot of market security. The good news is that you can invest in each and every one of them.
They are regulated by the STB and are obliged to file "annual and periodic financial and statistical reports," according to the organization. This is the easy bit. In a nutshell, railroads carry freight across their networks and charge companies for doing so, sometimes on a long-term contractual basis. That's the basic business of the railroads, and it's fair to say that their revenues, by and large, follow the cyclicality of the economy.
That said, it would be a mistake to think about railroads as a boring, sleepy industry with GDP-type growth prospects. Railroads obviously do have cyclical exposure to the economy, but as you will see shortly, they all have their own individual end-market exposures and specific earnings drivers.
Moreover, rail freight both competes and cooperates with trucking and shipping for cargo transportation.
The latter comes through something called intermodal transportation all the railroads break this out as a line item in their results. Simply put, intermodal transportation involves moving a standard container from, say, ship to truck and vice versa -- or in this case truck to rail and ship to rail. Before getting into the details of each individual company, it's worth noting two key trends that could have a significant impact on all of them.
The first is the declining usage of coal as a source of electricity generation in the U. To illustrate the impact of the declining use of coal, here's a look at the fall in its share of railroad revenue over the decade in question. The chart provides a useful primer and reference point for which railroads have more exposure to a commodity seemingly facing a structural decline in demand.
The second structural change is the remarkable reduction in railroad operating ratios a commonly used measure of expenses over revenue, where a lower number is better achieved by the application of precision scheduled railroading PSR. It's a system that emphasizes consistently running trains between two points on a network at a specified time. This is differentiated from the traditional hub-and-spoke model, where railcars tend to enter a hub and are then attached to a train en route to its final destination.
Data source: Company presentations. Figures represent operating ratio in the year before his tenure as CEO compared to last year of tenure. In order to further demonstrate the potential for PSR to lead to an operational improvement in the industry, and to provide a useful point for further discussion, here's a chart of Class I railroad operating ratios in the period. There will be more to say about this chart later, but for now, note how the Canadian railroads gradually improved under PSR, and note how well CSX did after beginning adoption in With this as a backdrop, let's start looking at the 10 largest companies by focusing on the six listed railroads and Warren Buffett's Berkshire Hathaway.
I've also included two rail locomotive manufacturers, Caterpillar and Wabtecin the mix, and a railcar manufacturing and leasing company, Trinity Industries.
More on them later. Makes rail locomotives; part of much larger construction, mining and oil, and gas machinery company. The other western railroad, Kansas City Southern, is around 9 times smaller than its two neighbors. You aren't going to buy Berkshire Hathaway stock just because of BNSF, but a viewpoint on it will be part of the overall decision. Moreover, BNSF is important because it's the largest railroad, and because it's the only Class I railroad that hasn't implemented PSR yet -- note the relatively high operating ratio in Buffett and BNSF's management are believed to be open to the idea.
But its implementation at the railroad could have far-reaching consequences for railroad equipment companies like Caterpillar, Trinity Industries, and Wabtec, because the greater efficiency of PSR is seen as potentially threatening demand for locomotives, railcar manufacturers, and freight car technology suppliers. As you can see in the chart above, Union Pacific's operating ratio did drop in the decade after the recession, but the drop didn't match that of the second-largest listed railroad, CSX.
If it works, investors can look forward to a higher profit margin in the future. That's good news, and it comes from a railroad with a reputation for being one of the best cash generators in the industry.
For one thing, scale matters in this industry.Our Virtual Train Tour has information about our trains, how we operate them, and the variety of railcars we haul. Carl R. BNSF believes it is good business and good citizenship to minimize our impact on the planet.
BNSF is the result of more than railroad lines that merged or were acquired during our year history.
BNSF strives to maintain strong relationships with the communities where our employees live. Learn how easy it is to become a BNSF customer. We will show you how to get a rate, ship, track and manage your account.
Our consistent and cost-effective service takes products of any size to customers where they need them. You can rely on our best in-class services to deliver your goods in the most cost-effective manner.
OLIthe U. This is who we are. Environment BNSF believes it is good business and good citizenship to minimize our impact on the planet. History BNSF is the result of more than railroad lines that merged or were acquired during our year history. Community Support BNSF strives to maintain strong relationships with the communities where our employees live.
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