Burlington Northern Santa Fe (BNI) 8-K For the 2004 First Quarter, Burlington Northern Santa Fe Reports

Exhibit 99.1

NEWS

Investor Contact:	Marsha Morgan	FOR IMMEDIATE RELEASE
	(817) 352-6452
Media Contact:	Richard Russack
	(817) 867-6425

For the 2004 First Quarter, Burlington Northern Santa Fe Reports

30 Percent Increase in EPS on Record 11 Percent Revenue Growth

• First-quarter 2004 earnings was $0.52 per share, or 30 percent higher, compared with first-quarter 2003 earnings of $0.40 per share, excluding a $0.10 per share favorable effect of a change in accounting principle.

• Freight revenues increased $246 million, or 11 percent, to $2.45 billion from the 2003 first quarter, primarily driven by an eight-percent increase in units handled.

• Operating income increased $64 million, or 19 percent, to $410 million compared with first-quarter 2003.

FORT WORTH, Texas, April 27, 2004 - Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported first-quarter 2004 earnings of $0.52 per share, a 30-percent increase over first-quarter 2003 earnings of $0.40 per share, before the favorable effect of an accounting change of $0.10 per share.

“We had record revenue growth in the first quarter which enabled BNSF to record its second consecutive quarterly double-digit increase in earnings per share. Increased unit volumes in each major business group of our balanced portfolio contributed to this very strong revenue growth this quarter” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer.

Freight revenues for the first quarter increased $246 million, or 11 percent, to $2.45 billion compared with 2003 first-quarter revenues of $2.20 billion. Consumer Products experienced its best first quarter on record with revenues increasing $79 million, or 9 percent, to $927 million reflecting increased volumes in the international, truckload and perishables sectors

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as well as an overall increase in revenue per unit. Agricultural Products revenues were up $80 million, or 22 percent, to a record $438 million, as a result of strong U.S. corn and wheat harvests coupled with increased export demand for grain. Industrial Products revenues rose $52 million, or 10 percent, to a record $563 million reflecting increased business in the construction products, building products, and petroleum products sectors. Coal revenues for the first quarter increased $35 million, or 7 percent, to $520 million driven primarily by two new long-term coal contracts.

Operating expenses of $2.08 billion were $194 million, or 10 percent, higher than the 2003 first quarter, principally driven by a nine-percent increase in gross ton miles handled and higher depreciation expense due to expired purchase accounting credits and ongoing capital expenditures.

For the first quarter of 2004, operating income rose $64 million, or 19 percent, to $410 million compared with the first quarter of 2003. BNSF’s operating ratio decreased to 83.3 percent compared with 84.3 percent for the same period in the prior year.

Common Stock Repurchases

During the first quarter of 2004, BNSF repurchased approximately 2.6 million shares of its common stock at an average price of $31.41 per share. This brings total repurchases under BNSF’s 150-million share-repurchase program to approximately 126 million shares as of March 31, 2004, at an average price of $26.16 per share since the program was announced in July 1997.

BNSF’s subsidiary, The Burlington Northern and Santa Fe Railway Company, operates one of the largest railroad networks in North America, with about 32,500 route miles covering 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.

Financial information follows

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Burlington Northern Santa Fe Corporation

Consolidated Income Information

(Dollars in millions, except per share data)

	Three Months Ended March 31,
	2004			2003
Operating revenues
Freight revenues	$	2,448		$	2,202
Other revenues		42			30
Total operating revenues		2,490			2,232
Operating expenses
Compensation and benefits		787			718
Purchased services		340			301
Depreciation and amortization		249			226
Equipment rents		187			169
Fuel		275			274
Materials and other		242			198
Total operating expenses		2,080			1,886
Operating income		410			346
Interest expense		102			106
Other (income) expense, net		(3	)		2
Income before income taxes and cumulative effect of accounting change		311			238
Income tax expense		118			90
Income before cumulative effect of accounting change		193			148
Cumulative effect of accounting change, net of tax (a)		—			39
Net income	$	193		$	187
Diluted earnings per share before cumulative effect of accounting change	$	0.52		$	0.40
Diluted earnings per share after cumulative effect of accounting change	$	0.52		$	0.50
Diluted average shares outstanding (in millions)		374.0			373.4
Operating ratio (b)		83.3	%		84.3	%

(a) Reflects the adoption of SFAS No. 143. This standard changed the way the rail industry accounts for asset retirement costs.

(b) Calculated as total operating expenses less other revenues divided by freight revenues.

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Burlington Northern Santa Fe Corporation

Consolidated Balance Sheet Information

(Dollars in millions, except per share amounts)

	March 31, 2004			December 31, 2003
Assets
Current assets:
Cash and cash equivalents	$	73		$	18
Accounts receivable, net		201			129
Materials and supplies		282			266
Current portion of deferred income taxes		312			292
Other current assets		255			157
Total current assets		1,123			862
Property and equipment, net		25,264			25,068
Other assets		1,156			1,009
Total assets	$	27,543		$	26,939
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and other current liabilities	$	1,983		$	2,102
Long-term debt due within one year		303			244
Total current liabilities		2,286			2,346
Long-term debt and commercial paper		6,811			6,440
Deferred income taxes		7,606			7,481
Casualty and environmental liabilities		484			462
Minimum pension liability		359			359
Employee merger and separation costs		137			144
Other liabilities		1,208			1,212
Total liabilities		18,891			18,444
Stockholders’ equity:
Common stock and additional paid-in capital		5,841			5,771
Retained earnings		6,377			6,240
Treasury stock		(3,430	)		(3,340	)
Unearned compensation		(34	)		(36	)
Accumulated other comprehensive loss		(102	)		(140	)
Total stockholders’ equity		8,652			8,495
Total liabilities and stockholders’ equity	$	27,543		$	26,939
Book value per share	$	23.32		$	22.87
Common shares outstanding (in millions)		371.0			371.5
Net debt to total capitalization*		44.9	%		44.0	%

* Net debt is calculated as total debt less cash and cash equivalents, and capitalization is calculated as the sum of net debt and total stockholders’ equity.

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Burlington Northern Santa Fe Corporation

Consolidated Cash Flow Information

(in millions)

	Three Months Ended March 31,
	2004			2003
Operating activities
Net income	$	193		$	187
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		249			226
Deferred income taxes		81			69
Employee merger and separation costs paid		(7	)		(10	)
Cumulative effect of accounting change		—			(39	)
Other, net		(13	)		7
Changes in working capital		(262	)		(113	)
Net cash provided by operating activities		241			327
Investing activities
Capital expenditures		(392	)		(340	)
Other, net		(86	)		(10	)
Net cash used for investing activities		(478	)		(350	)
Financing activities
Net borrowings		373			179
Dividends paid		(56	)		(45	)
Purchase of BNSF common stock		(82	)		(77	)
Proceeds from stock options exercised		56			2
Other financing activities		1			1
Net cash provided by financing activities		292			60
Increase in cash and cash equivalents		55			37
Cash and cash equivalents:
Beginning of period		18			28
End of period	$	73		$	65

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Burlington Northern Santa Fe Corporation

Operating Statistics

	Three Months Ended March 31,
	2004		2003
Cars/units (in thousands)		2,206		2,042
Average revenues per car/unit	$	1,110	$	1,078
Revenue ton miles (in millions)		134,284		120,899
Gross ton miles (in millions)		237,799		217,311
RTM/GTM		0.56		0.56
Freight revenue/thousand RTM	$	18.23	$	18.21
Operating expense/thousand RTM	$	15.49	$	15.60
Freight revenue/thousand GTM	$	10.29	$	10.13
Operating expense/thousand GTM	$	8.75	$	8.68
Compensation and benefits/thousand GTM	$	3.31	$	3.30
Average employees		36,533		35,967
Period end employees		37,005		36,545
Thousand RTM/average employee		3,676		3,361
Thousand GTM/average employee		6,509		6,042
Gallons of fuel used (in millions)		323		292
Average price per gallon of fuel (cents) (a)		85.1		93.8
GTM/gallon of fuel		736		744
Freight train miles (in millions)		38		37
GTM/freight train hours (in thousands)		133		139
Route miles operated		32,445		32,495

(a) Includes handling, taxes and hedge effect.

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Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity

	Three Months Ended March 31,					Percent Change
	2004		2003
Revenues (in millions)
Intermodal	$	779	$	696		11.9	%
Automotive		75		81		(7.4	)
Other Consumer Products		73		71		2.8
Total Consumer Products		927		848		9.3
Industrial Products		563		511		10.2
Coal		520		485		7.2
Agricultural Products		438		358		22.3
Total freight revenue		2,448		2,202		11.2
Other revenue		42		30		40.0
Total revenues	$	2,490	$	2,232		11.6	%
Cars/units (in thousands)
Intermodal		1,000		924		8.2	%
Automotive		39		42		(7.1	)
Other Consumer Products		42		40		5.0
Total Consumer Products		1,081		1,006		7.5
Industrial Products		368		343		7.3
Coal		521		487		7.0
Agricultural Products		236		206		14.6
Total cars/units		2,206		2,042		8.0	%
Average revenue per car/unit
Intermodal	$	779	$	753		3.5	%
Automotive		1,923		1,929		(0.3	)
Other Consumer Products		1,738		1,775		(2.1	)
Total Consumer Products		858		843		1.8
Industrial Products		1,530		1,490		2.7
Coal		998		996		0.2
Agricultural Products		1,856		1,738		6.8
Average revenue per car/unit	$	1,110	$	1,078		3.0	%
Revenue ton miles (in millions)
Intermodal		25,340		23,214		9.2	%
Automotive		1,116		1,253		(10.9	)
Other Consumer Products		2,991		3,067		(2.5	)
Total Consumer Products		29,447		27,534		6.9
Industrial Products		24,733		23,272		6.3
Coal		53,672		47,874		12.1
Agricultural Products		26,432		22,219		19.0
Total revenue ton miles		134,284		120,899		11.1	%
Freight revenue per thousand ton miles
Intermodal	$	30.74	$	29.98		2.5	%
Automotive		67.20		64.64		4.0
Other Consumer Products		24.41		23.15	��	5.4
Total Consumer Products		31.48		30.80		2.2
Industrial Products		22.76		21.96		3.6
Coal		9.69		10.13		(4.3	)
Agricultural Products		16.57		16.11		2.9
Freight revenue per thousand ton miles	$	18.23	$	18.21		0.1	%

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Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance*

	Three Months Ended March 31,
	2004		2003
Capital expenditures (in millions)
Maintenance of way
Rail	$	51	$	47
Ties		68		52
Surfacing		27		25
Other		75		71
Total maintenance of way		221		195
Mechanical		14		23
Information services		11		10
Other		10		18
Total maintenance of business		256		246
New locomotive acquisitions		102		72
Terminal and line expansion		34		22
Total capital expenditures	$	392	$	340
Track maintenance
Track miles of rail laid
Maintenance of business		118		107
Expansion projects		—		4
Total		118		111
Cross ties inserted (thousands)
Maintenance of business		500		351
Expansion projects		8		3
Total		508		354
Track resurfaced (miles)		1,776		1,960

* Certain prior period amounts have been reclassified to conform with the current period presentation.

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