Burlington Northern Santa Fe (BNI) 8-K Burlington Northern Santa Fe Reports

EXHIBIT 99.1

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

Burlington Northern Santa Fe Reports

All-Time Record Quarterly EPS and Revenues

For the 2004 Fourth Quarter

Fourth-quarter 2004 earnings were an all-time record of $0.91 per share, or 49 percent higher, than fourth-quarter 2003 earnings of $0.61 per share.

Freight revenues rose 19 percent, year-over-year, to an all-time quarterly record of $2.92 billion with double-digit growth in all four business groups.

All-time record operating income of $668 million increased $191 million, or 40 percent, compared with the same period in 2003.

Quarterly operating ratio decreased three and one-half percentage points to 77.1 percent from 80.6 percent in the prior year.

FORT WORTH, Texas, January 25, 2005 - Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported all-time record quarterly earnings of $0.91 per share, a 49 percent increase over fourth-quarter 2003 earnings of $0.61 per share.

“For the third consecutive quarter, BNSF experienced unprecedented market demand from its customers. As a result, BNSF achieved all-time record volumes and revenues,” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. “This performance coupled with our continuing focus on expense control produced all-time record quarterly earnings. I want to congratulate our employees for successfully handling the historic volumes we moved during 2004.”

Fourth-quarter 2004 freight revenues increased $464 million, or 19 percent, to an all-time quarterly record of $2.92 billion compared with 2003 fourth-quarter revenues of $2.46 billion. Consumer Products revenues increased $212 million, or 22 percent, to an all-time quarterly record of $1.18 billion as a result of double-digit increases in the international intermodal,

- more -

truckload, and perishables sectors. Industrial Products revenues increased $89 million, or 16 percent, to $631 million reflecting strong demand in the building products, petroleum products, and construction products sectors. Coal revenues rose $90 million, or 17 percent, to $615 million resulting from record haulage of 66 million tons for utility customers. Agricultural Products revenues were up $73 million, or 17 percent, to $492 million driven by strong export moves to the Pacific Northwest.

Operating expenses of $2.31 billion were $295 million, or 15 percent, higher than the same period in 2003, primarily driven by a 10-percent increase in gross ton-miles and higher fuel prices.

Fourth-quarter operating income increased $191 million, or 40 percent, year-over-year to $668 million. BNSF’s operating ratio decreased three and one-half percentage points to 77.1 percent from 80.6 percent in 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 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 December 31,						Year Ended December 31,
	2004			2003			2004(a)			2003			2002
Operating revenues
Freight revenues	$	2,919		$	2,455		$	10,742		$	9,285		$	8,873
Other revenues		59			37			204			128			106
Total operating revenues		2,978			2,492			10,946			9,413			8,979
Operating expenses
Compensation and benefits		864			783			3,322			2,963			2,894
Purchased services		376			326			1,424			1,252			1,146
Depreciation and amortization		258			227			1,012			910			931
Equipment rents		196			176			790			705			698
Fuel		397			281			1,335			1,093			848
Materials and other		219			222			1,377			825			806
Total operating expenses		2,310			2,015			9,260			7,748			7,323
Operating income		668			477			1,686			1,665			1,656
Interest expense		104			102			409			420			428
Other expense, net		7			13			4			14			12
Income before income taxes and cumulative effect of accounting change		557			362			1,273			1,231			1,216
Income tax expense		210			136			482			454			456
Income before cumulative effect of accounting change		347			226			791			777			760
Cumulative effect of accounting change, net of tax (b)		—			—			—			39			—
Net income	$	347		$	226		$	791		$	816		$	760
Diluted earnings per share before cumulative effect of accounting change	$	0.91		$	0.61		$	2.10		$	2.09		$	2.00
Diluted earnings per share after cumulative effect of accounting change	$	0.91		$	0.61		$	2.10		$	2.19		$	2.00
Diluted average shares outstanding (in millions)		382.5			371.8			376.6			372.3			380.8
Operating ratio (c)		77.1	%		80.6	%		84.3	%		82.1	%		81.3	%

(a) Includes impact of 2004 charge for a change in estimate of asbestos and environmental liabilities of $465 million ($288 million after-tax or $0.77 per share).

(b) Reflects the adoption of Statement of Financial Accounting Standards (SFAS) No. 143,Accounting for Asset Retirement Obligations. This standard changed the way the rail industry accounts for asset retirement costs.

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

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

3

Burlington Northern Santa Fe Corporation

Consolidated Income Information 2004*

(Dollars in millions, except per share data)

	1st Quarter			2nd Quarter		3rd Quarter(a)		4th Quarter		2004 Full Year
Operating revenues
Freight revenues	$	2,448		2,637		2,738		2,919		10,742
Other revenues		42		48		55		59		204
Total operating revenues		2,490		2,685		2,793		2,978		10,946
Operating expenses
Compensation and benefits		787		818		853		864		3,322
Purchased services		341		350		357		376		1,424
Depreciation and amortization		249		251		254		258		1,012
Equipment rents		187		197		210		196		790
Fuel		280		326		332		397		1,335
Materials and other		237		234		687		219		1,377
Total operating expenses		2,081		2,176		2,693		2,310		9,260
Operating income		409		509		100		668		1,686
Interest expense		102		101		102		104		409
Other (income) expense, net		(3	)	5		(5	)	7		4
Income before income taxes and cumulative effect of accounting change		310		403		3		557		1,273
Income tax expense		118		153		1		210		482
Net income	$	192		250		2		347		791
Diluted earnings per share before cumulative effect of accounting change	$	0.51		0.67		0.01		0.91		2.10
Diluted earnings per share after cumulative effect of accounting change	$	0.51		0.67		0.01		0.91		2.10
Diluted average shares outstanding (in millions)		374.0		373.5		376.5		382.5		376.6
Operating ratio (c)		83.3	%	80.7	%	96.3	%	77.1	%	84.3	%

(a) Includes impact of third quarter 2004 charge for a change in estimate of asbestos and environmental liabilities of $465 million ($288 million after-tax or $0.76 per share).

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

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

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Burlington Northern Santa Fe Corporation

Consolidated Income Information 2003*

(Dollars in millions, except per share data)

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			2003 Full Year
Operating revenues
Freight revenues	$	2,202		$	2,263		$	2,365		$	2,455		$	9,285
Other revenues		30			31			30			37			128
Total operating revenues		2,232			2,294			2,395			2,492			9,413
Operating expenses
Compensation and benefits		718			699			763			783			2,963
Purchased services		301			311			314			326			1,252
Depreciation and amortization		226			225			232			227			910
Equipment rents		169			180			180			176			705
Fuel		279			268			265			281			1,093
Materials and other		193			199			211			222			825
Total operating expenses		1,886			1,882			1,965			2,015			7,748
Operating income		346			412			430			477			1,665
Interest expense		106			106			106			102			420
Other expense (income), net		2			3			(4	)		13			14
Income before income taxes and cumulative effect of accounting change		238			303			328			362			1,231
Income tax expense		90			103			125			136			454
Income before cumulative effect of accounting change		148			200			203			226			777
Cumulative effect of accounting change, net of tax (a)		39			—			—			—			39
Net income	$	187		$	200		$	203		$	226		$	816
Diluted earnings per share before cumulative effect of accounting change	$	0.40		$	0.54		$	0.55		$	0.61		$	2.09
Diluted earnings per share after cumulative effect of accounting change	$	0.50		$	0.54		$	0.55		$	0.61		$	2.19
Diluted average shares outstanding (in millions)		373.4			372.4			371.4			371.8			372.3
Operating ratio (b)		84.3	%		81.8	%		81.8	%		80.6	%		82.1	%

(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.

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

5

Burlington Northern Santa Fe Corporation

Consolidated Balance Sheet Information*

(Dollars in millions, except per share amounts)

	December 31,
	2004			2003
Assets
Current assets:
Cash and cash equivalents	$	322		$	18
Accounts receivable, net		181			137
Materials and supplies		339			266
Current portion of deferred income taxes		308			292
Other current assets		465			157
Total current assets		1,615			870
Property and equipment, net		25,814			25,068
Other assets		1,496			1,009
Total assets	$	28,925		$	26,947
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and other current liabilities	$	2,251		$	2,110
Long-term debt due within one year		465			244
Total current liabilities		2,716			2,354
Long-term debt and commercial paper		6,051			6,440
Deferred income taxes		7,820			7,481
Casualty and environmental liabilities		941			462
Minimum pension liability		353			359
Employee separation costs		124			144
Other liabilities		1,609			1,212
Total liabilities		19,614			18,452
Stockholders’ equity:
Common stock and additional paid-in capital		6,304			5,771
Retained earnings		6,792			6,240
Treasury stock		(3,741	)		(3,340	)
Unearned compensation		(43	)		(36	)
Accumulated other comprehensive loss		(1	)		(140	)
Total stockholders’ equity		9,311			8,495
Total liabilities and stockholders’ equity	$	28,925		$	26,947
Book value per share	$	24.71		$	22.87
Common shares outstanding (in millions)		376.8			371.5
Net debt to total capitalization (a)		39.9	%		44.0	%

(a) 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.

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

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Burlington Northern Santa Fe Corporation

Consolidated Cash Flow Information

(in millions)

	Three Months Ended December 31,						Year Ended December 31,
	2004			2003			2004			2003			2002
Operating activities
Net income	$	347		$	226		$	791		$	816		$	760
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		258			227			1,012			910			931
Deferred income taxes		87			168			237			460			432
Employee separation costs paid		(4	)		(6	)		(33	)		(43	)		(55	)
Cumulative effect of accounting change		—			—			—			(39	)		—
Other, net		(29	)		84			393			48			(9	)
Changes in working capital		35			51			(23	)		133			47
Net cash provided by operating activities		694			750			2,377			2,285			2,106
Investing activities
Capital expenditures		(363	)		(413	)		(1,527	)		(1,726	)		(1,358	)
Other, net		135			(19	)		(68	)		(80	)		(159	)
Net cash used for investing activities		(228	)		(432	)		(1,595	)		(1,806	)		(1,517	)
Financing activities
Net debt repayments		(165	)		(284	)		(292	)		(151	)		(90	)
Dividends paid		(63	)		(56	)		(231	)		(191	)		(183	)
Purchase of BNSF common stock		(118	)		(39	)		(376	)		(217	)		(353	)
Proceeds from stock options exercised		146			45			420			68			40
Other financing activities		(2	)		4			1			2			(1	)
Net cash used for financing activities		(202	)		(330	)		(478	)		(489	)		(587	)
Increase (decrease) in cash and cash equivalents		264			(12	)		304			(10	)		2
Cash and cash equivalents:
Beginning of period		58			30			18			28			26
End of period	$	322		$	18		$	322		$	18		$	28

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Burlington Northern Santa Fe Corporation

Consolidated Cash Flow Information

(in millions)

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			2004 Full Year
Operating activities
Net income	$	193		$	249		$	2		$	347		$	791
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		249			251			254			258			1,012
Deferred income taxes		82			101			(33	)		87			237
Employee separation costs paid		(8	)		(7	)		(14	)		(4	)		(33	)
Other, net		(13	)		10			425			(29	)		393
Changes in working capital		(262	)		69			135			35			(23	)
Net cash provided by operating activities		241			673			769			694			2,377
Investing activities
Capital expenditures		(306	)		(386	)		(472	)		(363	)		(1,527	)
Other, net		(172	)		(97	)		66			135			(68	)
Net cash used for investing activities		(478	)		(483	)		(406	)		(228	)		(1,595	)
Financing activities
Net debt borrowings (repayments)		373			(140	)		(360	)		(165	)		(292	)
Dividends paid		(56	)		(55	)		(57	)		(63	)		(231	)
Purchase of BNSF common stock		(82	)		(90	)		(86	)		(118	)		(376	)
Proceeds from stock options exercised		56			85			133			146			420
Other financing activities		1			1			1			(2	)		1
Net cash provided by (used for) financing activities		292			(199	)		(369	)		(202	)		(478	)
Increase (decrease) in cash and cash equivalents		55			(9	)		(6	)		264			304
Cash and cash equivalents:
Beginning of period		18			73			64			58			18
End of period	$	73		$	64		$	58		$	322		$	322

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Burlington Northern Santa Fe Corporation

Consolidated Statement of Changes in Stockholders’ Equity

(Shares in thousands, dollars in millions, except per share data)

	Common Shares	Treasury Shares		Common Stock and Paid-in Capital		Retained Earnings			Treasury Stock			Unearned Compensation			Accumulated Other Comprehensive Income (Loss)			Total Stockholders’ Equity
Balance at December 31, 2003	500,685	(129,225	)	$	5,771	$	6,240		$	(3,340	)	$	(36	)	$	(140	)	$	8,495
Common stock dividends, $0.64 per share	—	—			—		(239	)		—			—			—			(239	)
Adjustments associated with unearned compensation, restricted stock	1,135	(49	)		44		—			—			(7	)		—			37
Exercise of stock options and related tax benefit of $53	15,455	(746	)		489		—			(25	)		—			—			464
Purchase of BNSF common stock	—	(10,443	)		—		—			(376	)		—			—			(376	)
Comprehensive income:
Net income					—		791			—			—			—			791
Minimum pension liability adjustment, net of tax expense of $3																3			3
Fuel/interest hedge mark-to-market, net of tax expense of $83					—		—			—			—			136			136
Total comprehensive income																			930
Balance at December 31, 2004	517,275	(140,463	)	$	6,304	$	6,792		$	(3,741	)	$	(43	)	$	(1	)	$	9,311

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Burlington Northern Santa Fe Corporation

Operating Statistics*

	Three Months Ended December 31,				Year Ended December 31,
	2004		2003		2004		2003		2002
Cars/units (in thousands)		2,501		2,262		9,536		8,646		8,186
Average revenues per car/unit	$	1,167	$	1,085	$	1,126	$	1,074	$	1,084
Revenue ton miles (in millions)		149,544		134,287		570,688		508,200		490,234
Gross ton miles (in millions)		264,844		240,462		1,011,806		911,525		873,335
RTM/GTM		0.56		0.56		0.56		0.56		0.56
Freight revenue/thousand RTM	$	19.52	$	18.28	$	18.82	$	18.27	$	18.10
Operating expense/thousand RTM (a)	$	15.45	$	15.01	$	16.23	$	15.25	$	14.94
Freight revenue/thousand GTM	$	11.02	$	10.21	$	10.62	$	10.19	$	10.16
Operating expense/thousand GTM (a)	$	8.72	$	8.38	$	9.15	$	8.50	$	8.39
Compensation and benefits/thousand GTM	$	3.26	$	3.26	$	3.28	$	3.25	$	3.31
Average employees		38,141		36,685		37,617		36,644		37,373
Period end employees		38,189		36,565		38,189		36,565		36,303
Thousand RTM/average employee		3,921		3,661		15,171		13,869		13,117
Thousand GTM/average employee		6,944		6,555		26,898		24,875		23,368
Gallons of fuel used (in millions)		348		323		1,344		1,213		1,149
Average price per gallon of fuel (cents) (b)		114.1		87.0		99.3		90.1		72.5
GTM/gallon of fuel		761		744		753		751		760
Freight train miles (in millions)		39		40		156		153		145
GTM/freight train hours (in thousands)		129		131		129		134		144
Route Miles Operated		32,185		32,266		32,185		32,266		32,513

(a) Includes impact of third quarter 2004 charge for a change in estimate of asbestos and environmental liabilities of $465 million.

(b) Includes handling, taxes and hedge effect.

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

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Burlington Northern Santa Fe Corporation

Operating Statistics*

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2004 Full Year
Cars/units (in thousands)		2,206		2,362		2,467		2,501		9,536
Average revenues per car/unit	$	1,110	$	1,116	$	1,110	$	1,167	$	1,126
Revenue ton miles (in millions)		134,284		142,625		144,235		149,544		570,688
Gross ton miles (in millions)		237,799		252,439		256,724		264,844		1,011,806
RTM/GTM		0.56		0.56		0.56		0.56		0.56
Freight revenue/thousand RTM	$	18.23	$	18.49	$	18.98	$	19.52	$	18.82
Operating expense/thousand RTM (a)	$	15.50	$	15.26	$	18.67	$	15.45	$	16.23
Freight revenue/thousand GTM	$	10.29	$	10.45	$	10.67	$	11.02	$	10.62
Operating expense/thousand GTM (a)	$	8.75	$	8.62	$	10.49	$	8.72	$	9.15
Compensation and benefits/thousand GTM	$	3.31	$	3.24	$	3.32	$	3.26	$	3.28
Average employees		36,533		37,819		37,972		38,141		37,617
Period end employees		37,005		37,990		38,250		38,189		38,189
Thousand RTM/average employee		3,676		3,771		3,798		3,921		15,171
Thousand GTM/average employee		6,509		6,675		6,761		6,944		26,898
Gallons of fuel used (in millions)		323		337		336		348		1,344
Average price per gallon of fuel (cents) (b)		85.1		96.7		98.8		114.1		99.3
GTM/gallon of fuel		736		749		764		761		753
Freight train miles (in millions)		38		39		40		39		156
GTM/freight train miles (in millions)		133		129		125		129		129
Route Miles Operated		32,445		32,683		32,706		32,185		32,185

(a) Includes impact of third quarter 2004 charge for a change in estimate of asbestos and environmental liabilities of $465 million.

(b) Includes handling, taxes and hedge effect.

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

11

Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity

	Three Months Ended December 31,				Percent Change		Year Ended December 31,						03-04 Percent Change
	2004		2003				2004		2003		2002
Revenues (in millions)
Intermodal	$	1,008	$	818	23.2	%	$	3,608	$	3,058	$	2,758	18.0	%
Automotive		85		77	10.4			312		304		322	2.6
Other Consumer Products		88		74	18.9			325		295		273	10.2
Total Consumer Products		1,181		969	21.9			4,245		3,657		3,353	16.1
Industrial Products		631		542	16.4			2,448		2,138		2,041	14.5
Coal		615		525	17.1			2,277		2,025		2,071	12.4
Agricultural Products		492		419	17.4			1,772		1,465		1,408	21.0
Total freight revenue		2,919		2,455	18.9			10,742		9,285		8,873	15.7
Other revenue		59		37	59.5			204		128		106	59.4
Total revenues	$	2,978	$	2,492	19.5	%	$	10,946	$	9,413	$	8,979	16.3	%
Cars/units (in thousands)
Intermodal		1,207		1,051	14.8	%		4,517		4,012		3,563	12.6
Automotive		41		41	0.0			158		157		154	0.6
Other Consumer Products		48		41	17.1			184		167		163	10.2
Total Consumer Products		1,296		1,133	14.4			4,859		4,336		3,880	12.1
Industrial Products		397		356	11.5			1,561		1,428		1,415	9.3
Coal		575		538	6.9			2,216		2,048		2,097	8.2
Agricultural Products		233		235	(0.9	)		900		834		794	7.9
Total cars/units		2,501		2,262	10.6	%		9,536		8,646		8,186	10.3	%
Average revenue per car/unit
Intermodal	$	835	$	778	7.3	%	$	799	$	762	$	774	4.9	%
Automotive		2,073		1,878	10.4			1,975		1,936		2,091	2.0
Other Consumer Products		1,833		1,805	1.6			1,766		1,766		1,675	0.0
Total Consumer Products		911		855	6.5			874		843		864	3.7
Industrial Products		1,589		1,522	4.4			1,568		1,497		1,442	4.7
Coal		1,070		976	9.6			1,028		989		988	3.9
Agricultural Products		2,112		1,783	18.5			1,969		1,757		1,773	12.1
Average revenue per car/unit	$	1,167	$	1,085	7.6	%	$	1,126	$	1,074	$	1,084	4.8	%
Revenue ton miles(in millions)
Intermodal		29,335		25,624	14.5	%		111,598		98,978		90,122	12.8	%
Automotive		1,293		1,177	9.9			4,718		4,601		4,837	2.5
Other Consumer Products		3,356		3,149	6.6			13,017		12,545		12,098	3.8
Total Consumer Products		33,984		29,950	13.5			129,333		116,124		107,057	11.4
Industrial Products		25,833		24,681	4.7			103,749		97,392		92,489	6.5
Coal		62,588		53,992	15.9			236,529		205,997		209,353	14.8
Agricultural Products		27,139		25,664	5.7			101,077		88,687		81,335	14.0
Total revenue ton miles		149,544		134,287	11.4	%		570,688		508,200		490,234	12.3	%
Freight revenue per thousand ton miles
Intermodal	$	34.36	$	31.92	7.6	%	$	32.33	$	30.90	$	30.60	4.6	%
Automotive		65.74		65.42	0.5			66.13		66.07		66.57	0.1
Other Consumer Products		26.22		23.50	11.6			24.97		23.52		22.57	6.2
Total Consumer Products		34.75		32.35	7.4			32.82		31.49		31.32	4.2
Industrial Products		24.43		21.96	11.2			23.60		21.95		22.07	7.5
Coal		9.83		9.72	1.1			9.63		9.83		9.89	(2.0	)
Agricultural Products		18.13		16.33	11.0			17.53		16.52		17.31	6.1
Freight revenue per thousand ton miles	$	19.52	$	18.28	6.8	%	$	18.82	$	18.27	$	18.10	3.0	%

12

Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2004 Full Year
Revenues (in millions)
Intermodal	$	779	$	881	$	940	$	1,008	$	3,608
Automotive		75		80		72		85		312
Other Consumer Products		73		79		85		88		325
Total Consumer Products		927		1,040		1,097		1,181		4,245
Industrial Products		563		620		634		631		2,448
Coal		520		553		589		615		2,277
Agricultural Products		438		424		418		492		1,772
Total freight revenue		2,448		2,637		2,738		2,919		10,742
Other revenue		42		48		55		59		204
Total revenues	$	2,490	$	2,685	$	2,793	$	2,978	$	10,946
Cars/units (in thousands)
Intermodal		1,000		1,117		1,193		1,207		4,517
Automotive		39		41		37		41		158
Other Consumer Products		42		46		48		48		184
Total Consumer Products		1,081		1,204		1,278		1,296		4,859
Industrial Products		368		389		407		397		1,561
Coal		521		548		572		575		2,216
Agricultural Products		236		221		210		233		900
Total cars/units		2,206		2,362		2,467		2,501		9,536
Average revenue per car/unit
Intermodal	$	779	$	789	$	788	$	835	$	799
Automotive		1,923		1,951		1,946		2,073		1,975
Other Consumer Products		1,738		1,717		1,771		1,833		1,766
Total Consumer Products		858		864		858		911		874
Industrial Products		1,530		1,594		1,558		1,589		1,568
Coal		998		1,009		1,030		1,070		1,028
Agricultural Products		1,856		1,919		1,990		2,112		1,969
Average revenue per car/unit	$	1,110	$	1,116	$	1,110	$	1,167	$	1,126
Revenue ton miles (in millions)
Intermodal		25,340		27,969		28,954		29,335		111,598
Automotive		1,116		1,225		1,084		1,293		4,718
Other Consumer Products		2,991		3,248		3,422		3,356		13,017
Total Consumer Products		29,447		32,442		33,460		33,984		129,333
Industrial Products		24,733		26,551		26,632		25,833		103,749
Coal		53,672		58,645		61,624		62,588		236,529
Agricultural Products		26,432		24,987		22,519		27,139		101,077
Total revenue ton miles		134,284		142,625		144,235		149,544		570,688
Freight revenue per thousand ton miles
Intermodal	$	30.74	$	31.50	$	32.47	$	34.36	$	32.33
Automotive		67.20		65.31		66.42		65.74		66.13
Other Consumer Products		24.41		24.32		24.84		26.22		24.97
Total Consumer Products		31.48		32.06		32.79		34.75		32.82
Industrial Products		22.76		23.35		23.81		24.43		23.60
Coal		9.69		9.43		9.56		9.83		9.63
Agricultural Products		16.57		16.97		18.56		18.13		17.53
Freight revenue per thousand ton miles	$	18.23	$	18.49	$	18.98	$	19.52	$	18.82

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Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance*

	Three Months Ended December 31,				Year Ended December 31,
	2004		2003		2004		2003		2002
Capital expenditures (in millions)
Maintenance of way
Rail	$	44	$	17	$	219	$	202	$	193
Ties		46		29		257		227		222
Surfacing		36		34		159		160		161
Other		94		87		359		337		325
Total maintenance of way		220		167		994		926		901
Mechanical		38		47		114		133		168
Information services		10		21		73		63		79
Other		45		52		107		116		107
Total maintenance of business		313		287		1,288		1,238		1,255
New locomotive acquisitions		—		63		16		270		—
Terminal and line expansion		50		63		223		218		103
Total capital expenditures	$	363	$	413	$	1,527	$	1,726	$	1,358
Track maintenance
Track miles of rail laid
Maintenance of business		94		53		589		613		648
Expansion projects		5		5		73		98		4
Total		99		58		662		711		652
Cross ties inserted (thousands)
Maintenance of business		419		265		2,514		2,134		2,228
Expansion projects		11		14		181		219		20
Total		430		279		2,695		2,353		2,248
Track resurfaced (miles)		2,414		2,305		11,450		12,399		12,499

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

14

Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance*

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2004 Full Year
Capital expenditures (in millions)
Maintenance of way
Rail	$	51	$	63	$	61	$	44	$	219
Ties		68		71		72		46		257
Surfacing		27		47		49		36		159
Other		75		94		96		94		359
Total maintenance of way		221		275		278		220		994
Mechanical		14		17		45		38		114
Information services		10		15		38		10		73
Other		11		18		33		45		107
Total maintenance of business		256		325		394		313		1,288
New locomotive acquisitions		16		—		—		—		16
Terminal and line expansion		34		61		78		50		223
Total capital expenditures	$	306	$	386	$	472	$	363	$	1,527
Track maintenance
Track miles of rail laid
Maintenance of business		118		200		177		94		589
Expansion projects		—		37		31		5		73
Total		118		237		208		99		662
Cross ties inserted (thousands)
Maintenance of business		500		678		917		419		2,514
Expansion projects		8		94		68		11		181
Total		508		772		985		430		2,695
Track resurfaced (miles)		1,776		3,493		3,767		2,414		11,450

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

15

Burlington Northern Santa Fe Corporation

Outstanding Debt

(Dollars in millions)

	December 31,
	2004			2003
Notes and debentures, weighted average rate of 6.2 percent, due 2005 to 2097*	$	4,909		$	4,790
Equipment obligations, weighted average rate of 7.0 percent, due 2005 to 2016		476			537
Capitalized lease obligations, weighted average rate of 7.5 percent, due 2005 to 2023		632			612
Mortgage bonds, weighted average rate of 8.3 percent, due 2006 to 2047		388			391
Financing obligations, weighted average rate of 6.3 percent, due 2012 to 2028		153			153
Commercial paper		—			242
Unamortized discount and other, net		(42	)		(41	)
Total outstanding debt		6,516			6,684
Less: current portion of long-term debt		(465	)		(244	)
Long-term debt	$	6,051		$	6,440

* Notes and debentures include increases related to fair value adjustments for hedges of $31 million and $59 million at December 31, 2004 and 2003, respectively.

16