Berkshire Hathaway-owned BNSF posted total revenue and volume that for 2025 were relatively unchanged from 2024 and that for fourth-quarter 2025 saw declines. In a letter to shareholders, Berkshire CEO Greg Abel, who succeeded Warren Buffett at the end of last year, noted “more progress is needed to translate operational improvements into stronger financial results”; he also addressed the potential Union Pacific-Norfolk Southern merger.
