News Release

Burlington Northern Santa Fe Reports 60 Percent Higher First-Quarter EPS

FORT WORTH, Texas, April 28, 2005:

• Record first-quarter earnings of $0.83 per diluted share were 60 percent higher than first-quarter 2004 earnings of $0.52 per diluted share.
• Freight revenues increased 18 percent compared with first-quarter 2004 to a first-quarter record of $2.90 billion.
• Record first-quarter operating income of $634 million represents an increase of $224 million, or 55 percent, compared with the same 2004 period.
• Quarterly operating ratio decreased more than five percentage points to 78.1 percent from 83.3 percent in the first quarter of the prior year.

Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported record first-quarter earnings of $0.83 per diluted share, a 60 percent increase over first-quarter 2004 earnings of $0.52 per diluted share.

"For the fifth consecutive quarter, BNSF experienced double-digit freight revenue growth compared with the same periods in the prior year. The Company continues to leverage unprecedented market demand from its customers with operating efficiencies. As a result, over a period of only two years, BNSF doubled its earnings per share this quarter from the same 2003 quarter [before cumulative effect of an accounting change]," said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer.

First-quarter 2005 freight revenues increased $451 million, or 18 percent, to an all-time first-quarter record of $2.90 billion compared with 2004 first-quarter freight revenues of $2.45 billion. For the month of March 2005, BNSF’s monthly revenues exceeded $1 billion for the first time in Company history. Double-digit revenue increases were recorded in all four business groups compared to the first quarter of 2004. Consumer Products revenues increased $203 million, or 22 percent, as a result of higher revenue per unit and double-digit volume increases in international and truckload sectors. Agricultural Products revenues were up $86 million, or 20 percent, to $524 million driven by strong export moves to Pacific Rim countries and higher revenue per unit. Industrial Products revenues increased $84 million, or 15 percent, to $647 million reflecting strong demand in the building products, petroleum products, and construction products sectors, as well as higher revenue per unit. Coal revenues rose $78 million, or 15 percent, to $598 million resulting from higher demand by utility customers and higher revenue per unit.

Operating expenses for the first three months of 2005 of $2.35 billion were $268 million, or 13 percent, higher than the same period in 2004, primarily driven by a 9-percent increase in gross ton-miles and 31-percent higher fuel prices after hedge benefit.

First-quarter operating income increased $224 million, or 55 percent, to $634 million compared with the first quarter of 2004. BNSF’s operating ratio decreased more than five percentage points to 78.1 percent from 83.3 percent in the same quarter of the prior year.

BNSF’s subsidiary, BNSF Railway Company, operates one of the largest railroad networks in North America, with about 32,000 route miles in 28 states and two Canadian provinces. The railway is among the world's top transporters of intermodal traffic, moves more grain than any other American railroad, transports the components of many of the products we depend on daily, and hauls enough coal to generate about ten percent of the electricity produced in the United States. BNSF is an industry leader in Web-enabling a variety of customer transactions at www.bnsf.com.

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BNSF Headquarters
BNSF Railway Company
2650 Lou Menk Dr. 2nd Floor
P.O. Box 961057
Fort Worth, TX 76161-0057
Phone: (817) 352-1000