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Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt outstanding, excluding finance leases, was as follows (in millions):
 
December 31, 2025 a
December 31, 2024 a
Notes and debentures, due through 2097$23,569 4.9 %$22,919 4.8 %
Equipment obligations, due through 2028309 3.6 332 3.6 
Mortgage bonds, due through 204747 3.1 47 3.1 
Financing obligations, due through 2053251 4.5 268 4.6 
Unamortized fair value adjustment under acquisition method accounting, discount, debt issuance costs, and other, net(172) (141) 
      Total24,004 23,425 
Less current portion of long-term debt(548)6.4 %(1,241)4.3 %
      Long-term debt$23,456  $22,184  
a  Amounts represent debt outstanding and weighted average effective interest rates for 2025 and 2024, respectively. Maturities are as of December 31, 2025.

As of December 31, 2025, certain BNSF Railway properties and other assets were subject to liens securing $47 million of mortgage debt. Certain locomotives and rolling stock of BNSF Railway and its subsidiaries were subject to equipment obligations.

The Registrant is required to maintain certain financial covenants in conjunction with $500 million of certain issued and outstanding junior subordinated notes. As of December 31, 2025, the Registrant was in compliance with these financial covenants.

The fair value of BNSF’s debt is primarily based on market value price models using observable market-based data for the same or similar issues, or on the estimated rates that would be offered to BNSF for debt of the same remaining maturities (Level 2 inputs).

The following table provides principal cash flows and fair value information for the Company’s debt obligations.
 December 31, 2025
 Maturity DateTotalFair Value
 20262027202820292030Thereafter
Debt maturities
(in millions)		$548$752$475$416$287$21,526$24,004$22,083

As of December 31, 2024, the fair value of debt was $21.1 billion.
Notes and Debentures

In May 2025, the Registrant filed a new automatic shelf registration statement with the Securities and Exchange Commission (SEC) that became effective on May 5, 2025, and will remain effective for three years.

In August 2025, the Board of Directors authorized an additional $3.0 billion of debt securities that may be issued pursuant to the debt shelf registration statement filed with the SEC.

In December 2025, the Company issued $950 million of 5.550 percent debentures due March 15, 2056, and in June 2025, the Company issued $900 million of 5.800 percent debentures due March 15, 2056. The net proceeds from the sale of the debentures were used for general corporate purposes, which may include but are not limited to working capital, capital expenditures, repayment of outstanding indebtedness, and distributions.

As of December 31, 2025, $2.80 billion remained authorized by the Board of Directors to be issued through the SEC debt shelf offering process.