Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

The companies identified as affiliates of BNSF include Berkshire and its subsidiaries. During the three-months ended March 31, 2026 and 2025, the Company declared and paid cash distributions of $1,000 million and $700 million, respectively, to Berkshire. In both of the three-month periods ended March 31, 2026 and 2025, the Company made no tax payments and received no tax refunds from Berkshire. As of March 31, 2026 and December 31, 2025, the Company had a tax payable to Berkshire of $393 million and a payable to Berkshire of $94 million, respectively.

North American railroads pay TTX Company (TTX) car hire to use TTX’s freight equipment to serve their customers. BNSF owns 17.4 percent of TTX while other North American railroads own the remaining interest. As the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of TTX, BNSF applies the equity method of accounting to its investment. The investment in TTX is recorded in other assets in the Consolidated Balance Sheets, and equity income or losses are recorded in materials and other in the Consolidated Statements of Income. The Company’s investment in TTX was $936 million and $930 million as of March 31, 2026 and December 31, 2025, respectively. The Company incurred car hire expenditures with TTX of $103 million and $106 million for the three-months ended March 31, 2026 and 2025, respectively.