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

60 Percent Higher First-Quarter EPS

• 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.

FORT WORTH, Texas, April 28, 2005 - 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

-more-

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.

Financial information follows.

2

Burlington Northern Santa Fe Corporation

Consolidated Income Information*

(Dollars in millions, except per share data)

	Three Months Ended March 31,
	2005			2004
Operating revenues
Freight revenues	$	2,899		$	2,448
Other revenues		83			42
Total operating revenues		2,982			2,490
Operating expenses
Compensation and benefits		853			787
Purchased services		417			340
Depreciation and amortization		263			249
Equipment rents		213			187
Fuel		392			280
Materials and other		210			237
Total operating expenses		2,348			2,080
Operating income		634			410
Interest expense		109			102
Other expense (income), net		7			(3	)
Income before income taxes		518			311
Income tax expense		197			118
Net income	$	321		$	193
Diluted earnings per share	$	0.83		$	0.52
Diluted average shares outstanding (in millions)		384.6			374.0
Operating ratio (a)		78.1	%		83.3	%

(a) 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 Balance Sheet Information

(Dollars in millions, except per share amounts)

	March 31, 2005			December 31, 2004
Assets
Current assets:
Cash and cash equivalents	$	115		$	322
Accounts receivable, net		240			181
Materials and supplies		414			339
Current portion of deferred income taxes		124			308
Other current assets		688			465
Total current assets		1,581			1,615
Property and equipment, net		25,915			25,814
Other assets		1,851			1,496
Total assets	$	29,347		$	28,925
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	2,338		$	2,251
Long-term debt due within one year		476			465
Total current liabilities		2,814			2,716
Long-term debt and commercial paper		6,003			6,051
Deferred income taxes		7,808			7,820
Casualty and environmental liabilities		920			941
Minimum pension liability		353			353
Employee separation costs		121			124
Other liabilities		1,671			1,609
Total liabilities		19,690			19,614
Stockholders’ equity:
Common stock and additional paid-in capital		6,477			6,304
Retained earnings		7,049			6,792
Treasury stock		(3,983	)		(3,741	)
Unearned compensation		(45	)		(43	)
Accumulated other comprehensive income (loss)		159			(1	)
Total stockholders’ equity		9,657			9,311
Total liabilities and stockholders’ equity	$	29,347		$	28,925
Book value per share	$	25.64		$	24.71
Common shares outstanding (in millions)		376.6			376.8
Net debt to total capitalization (a)		39.7	%		39.9	%

(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.

4

Burlington Northern Santa Fe Corporation

Consolidated Cash Flow Information

(in millions)

	Three Months Ended March 31,
	2005			2004
Operating activities
Net income	$	321		$	193
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		263			249
Deferred income taxes		72			82
Employee separation costs paid		(8	)		(8	)
Long-term casualty and environmental liabilities, net		(34	)		9
Other, net		(21	)		(22	)
Changes in working capital		(28	)		(262	)
Net cash provided by operating activities		565			241
Investing activities
Capital expenditures		(326	)		(306	)
Other, net		(215	)		(172	)
Net cash used for investing activities		(541	)		(478	)
Financing activities
Net borrowings		(43	)		373
Dividends paid		(64	)		(56	)
Purchase of BNSF common stock		(225	)		(82	)
Proceeds from stock options exercised		101			56
Other financing activities		—			1
Net cash (used for) provided by financing activities		(231	)		292
(Decrease) increase in cash and cash equivalents		(207	)		55
Cash and cash equivalents:
Beginning of period		322			18
End of period	$	115		$	73

5

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, 2004	517,275	(140,463	)	$	6,304	$	6,792		$	(3,741	)	$	(43	)	$	(1	)	$	9,311
Common stock dividends, $0.17 per share					—		(64	)		—			—			—			(64	)
Adjustments associated with unearned compensation, restricted stock	637	(6	)		31		—			—			(2	)		—			29
Exercise of stock options and related tax benefit of $29	3,850	(329	)		142		—			(17	)		—			—			125
Purchase of BNSF common stock (a)	—	(4,356	)		—		—			(225	)		—			—			(225	)
Comprehensive income:
Net income					—		321			—			—			—			321
Gain on derivative instruments, net of tax expense of $100					—		—			—			—			160			160
Total comprehensive income																			481
Balance at March 31, 2005	521,762	(145,154	)	$	6,477	$	7,049		$	(3,983	)	$	(45	)	$	159		$	9,657

(a) Total-to-date share repurchases through March 31, 2005, were 139 million shares at an average price of $27.61 per share, leaving 11 million shares available for repurchase out of the 150 million shares authorized.

6

Burlington Northern Santa Fe Corporation

Operating Statistics

	Three Months Ended March 31,
	2005		2004
Cars/units (in thousands)		2,408		2,206
Average revenues per car/unit	$	1,204	$	1,110
Revenue ton miles (in millions)		145,821		134,284
Gross ton miles (in millions)		258,729		237,799
RTM/GTM		0.56		0.56
Freight revenue/thousand RTM	$	19.88	$	18.23
Operating expense/thousand RTM	$	16.10	$	15.49
Freight revenue/thousand GTM	$	11.20	$	10.29
Operating expense/thousand GTM	$	9.08	$	8.75
Compensation and benefits/thousand GTM	$	3.30	$	3.31
Average employees		38,322		36,533
Period end employees		39,014		37,005
Thousand RTM/average employee		3,805		3,676
Thousand GTM/average employee		6,751		6,509
Gallons of fuel used (in millions)		346		323
Average price per gallon of fuel (cents) (a)		113.3		86.7
GTM/gallon of fuel		748		736
Freight train miles (in millions)		41		38
GTM/freight train hours (in thousands)		126		133
Route miles operated		32,281		32,445

(a) Includes handling, taxes and hedge effect.

7

Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity

	Three Months Ended March 31,				Percent Change
	2005		2004
Revenues (in millions)
Intermodal	$	956	$	779	22.7	%
Automotive		92		75	22.7
Other Consumer Products		82		73	12.3
Total Consumer Products		1,130		927	21.9
Industrial Products		647		563	14.9
Coal		598		520	15.0
Agricultural Products		524		438	19.6
Total freight revenue		2,899		2,448	18.4
Other revenue		83		42	97.6
Total revenues	$	2,982	$	2,490	19.8	%
Cars/units (in thousands)
Intermodal		1,146		1,000	14.6	%
Automotive		43		39	10.2
Other Consumer Products		46		42	9.5
Total Consumer Products		1,235		1,081	14.2
Industrial Products		386		368	4.9
Coal		554		521	6.3
Agricultural Products		233		236	(1.3	)
Total cars/units		2,408		2,206	9.2	%
Average revenue per car/unit
Intermodal	$	834	$	779	7.1	%
Automotive		2,140		1,923	11.3
Other Consumer Products		1,783		1,738	2.6
Total Consumer Products		915		858	6.6
Industrial Products		1,676		1,530	9.5
Coal		1,079		998	8.1
Agricultural Products		2,249		1,856	21.2
Average revenue per car/unit	$	1,204	$	1,110	8.5	%
Revenue ton miles (in millions)
Intermodal		28,935		25,340	14.2	%
Automotive		1,394		1,116	24.9
Other Consumer Products		3,144		2,991	5.1
Total Consumer Products		33,473		29,447	13.7
Industrial Products		25,677		24,733	3.8
Coal		58,961		53,672	9.9
Agricultural Products		27,710		26,432	4.8
Total revenue ton miles		145,821		134,284	8.6	%
Freight revenue per thousand ton miles
Intermodal	$	33.04	$	30.74	7.5	%
Automotive		66.00		67.20	(1.8	)
Other Consumer Products		26.08		24.41	6.8
Total Consumer Products		33.76		31.48	7.2
Industrial Products		25.20		22.76	10.7
Coal		10.14		9.69	4.6
Agricultural Products		18.91		16.57	14.1
Freight revenue per thousand ton miles	$	19.88	$	18.23	9.1	%

8

Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance

	Three Months Ended March 31,
	2005		2004
Capital expenditures (in millions)
Maintenance of way
Rail	$	37	$	51
Ties		62		68
Surfacing		28		27
Other		76		75
Total maintenance of way		203		221
Mechanical		29		14
Information services		18		10
Other		19		11
Total maintenance of business		269		256
New locomotive acquisitions		—		16
Terminal and line expansion		57		34
Total capital expenditures	$	326	$	306
Track maintenance
Track miles of rail laid
Maintenance of business		65		118
Expansion projects		21		—
Total		86		118
Cross ties inserted (thousands)
Maintenance of business		485		500
Expansion projects		56		8
Total		541		508
Track resurfaced (miles)		2,107		1,776

9