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

Record All-Time Quarterly Revenue and EPS

• Record quarterly earnings of $1.09 per diluted share.

• Freight revenues increased 18 percent compared with the same 2004 period to a record of $3.22 billion.

• Record quarterly operating income of $778 million.

• Quarterly operating ratio continued to decrease to 75.8 percent.

FORT WORTH, Texas,October 25, 2005 - Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported record quarterly earnings of $1.09 per diluted share. Third-quarter 2004 diluted earnings per share were $0.01, which included a net of tax charge of $288 million, or $0.76 per diluted share to reflect changes in BNSF’s estimate of asbestos and environmental liabilities.

“Demand for rail transportation continues to outpace the rest of the economy,” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. “BNSF continues to operate a fluid rail network and, as a result, we have recorded our fourteenth consecutive quarter of year-over-year volume increases.”

Third-quarter 2005 freight revenues increased $480 million, or 18 percent, to a quarterly record of $3.22 billion compared with 2004 third-quarter freight revenues of $2.74 billion related to a combination of volume, fuel surcharges, and price increases. Revenue for the third-quarter of 2005 included fuel surcharges of $296 million compared with $95 million in the third-quarter of 2004.

-more-

BNSF experienced revenue increases in all four of the Company’s business groups during the third quarter. Consumer Products revenues increased $234 million, or 21 percent, to $1,331 million, largely from strong volume increases across most of the business sectors. Industrial Products revenues increased $109 million, or 17 percent, to $743 million. Agricultural Products revenues were up $104 million, or 25 percent, to $522 million, due largely to strong exports through the Gulf and Pacific Northwest ports. Coal revenues rose by $33 million, or 6 percent, to $622 million.

Operating expenses for the third-quarter of 2005 were $2.54 billion. This compares with third-quarter 2004 operating expenses of $2.69 billion, which included a pre-tax charge of $465 million. Third-quarter 2005 operating expenses reflect a 5-percent increase in gross ton-miles and a 45-percent increase in fuel prices after hedge benefit compared to the prior-year quarter. Additionally, BNSF’s quarterly operating ratio continued to decrease to 75.8 percent.

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 September 30,						Nine Months Ended September 30,
	2005			2004 (a)			2005			2004 (a)
Operating revenues
Freight revenues	$	3,218		$	2,738		$	9,160		$	7,823
Other revenues		99			55			277			145
Total operating revenues		3,317			2,793			9,437			7,968
Operating expenses
Compensation and benefits		900			853			2,602			2,458
Fuel		499			332			1,352			938
Purchased services		432			357			1,273			1,048
Depreciation and amortization		271			254			802			754
Equipment rents		223			210			654			594
Materials and other		214			687			632			1,158
Total operating expenses		2,539			2,693			7,315			6,950
Operating income		778			100			2,122			1,018
Interest expense		106			102			327			305
Other expense (income), net		16			(5	)		31			(3	)
Income before income taxes		656			3			1,764			716
Income tax expense		242			1			663			272
Net income	$	414		$	2		$	1,101		$	444
Diluted earnings per share	$	1.09		$	0.01		$	2.88		$	1.19
Diluted average shares outstanding (in millions)		380.4			376.5			382.2			374.6
Operating ratio (b)		75.8	%		96.3	%		76.8	%		87.0	%

(a) Includes impact of third quarter 2004 charge 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.

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Burlington Northern Santa Fe Corporation

Consolidated Balance Sheet Information

(Dollars in millions, except per share amounts)

	September 30, 2005			December 31, 2004
Assets
Current assets:
Cash and cash equivalents	$	274		$	322
Accounts receivable, net		286			181
Materials and supplies		395			339
Current portion of deferred income taxes		181			308
Current portion of fuel-hedging asset		493			264
Other current assets		272			201
Total current assets		1,901			1,615
Property and equipment, net		26,302			25,814
Other assets		1,816			1,496
Total assets	$	30,019		$	28,925
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and other current liabilities	$	2,541		$	2,251
Long-term debt due within one year		472			465
Total current liabilities		3,013			2,716
Long-term debt and commercial paper		5,931			6,051
Deferred income taxes		7,986			7,820
Casualty and environmental liabilities		909			941
Minimum pension liability		353			353
Employee separation costs		108			124
Other liabilities		1,651			1,609
Total liabilities		19,951			19,614
Stockholders’ equity:
Common stock and additional paid-in capital		6,611			6,304
Retained earnings		7,690			6,792
Treasury stock		(4,339	)		(3,741	)
Unearned compensation		(27	)		(43	)
Accumulated other comprehensive income (loss)		133			(1	)
Total stockholders’ equity		10,068			9,311
Total liabilities and stockholders’ equity	$	30,019		$	28,925
Book value per share	$	26.98		$	24.71
Common shares outstanding (in millions)		373.2			376.8
Net debt to total capitalization*		37.8	%		39.9	%

* 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 September 30,						Nine Months Ended September 30,
	2005			2004			2005			2004
Operating activities
Net income	$	414		$	2		$	1,101		$	444
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		271			254			802			754
Deferred income taxes		68			(33	)		209			150
Employee separation costs paid		(12	)		(14	)		(27	)		(29	)
Long-term casualty and environmental liabilities, net		(7	)		452			(40	)		484
Other, net		(27	)		(27	)		(45	)		(62	)
Changes in working capital		110			135			96			(58	)
Net cash provided by operating activities		817			769			2,096			1,683
Investing activities
Capital expenditures		(447	)		(472	)		(1,245	)		(1,164	)
Other, net		320			66			(184	)		(203	)
Net cash used for investing activities		(127	)		(406	)		(1,429	)		(1,367	)
Financing activities
Net repayments		(364	)		(360	)		(139	)		(127	)
Dividends paid		(64	)		(57	)		(192	)		(168	)
Proceeds from stock options exercised		66			133			193			274
Purchase of BNSF common stock		(133	)		(86	)		(575	)		(258	)
Other financing activities		—			1			(2	)		3
Net cash used for financing activities		(495	)		(369	)		(715	)		(276	)
Increase (decrease) in cash and cash equivalents		195			(6	)		(48	)		40
Cash and cash equivalents:
Beginning of period		79			64			322			18
End of period	$	274		$	58		$	274		$	58

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

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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, 2004	517,275	(140,463	)	$	6,304	$	6,792		$	(3,741	)	$	(43	)	$	(1	)	$	9,311
Common stock dividends, $0.54 per share							(203	)											(203	)
Adjustments associated with unearned compensation, restricted stock	662	(122	)		31								16						47
Exercise of stock options and related tax benefit of $60	7,378	(434	)		276					(23	)								253
Purchase of BNSF common stock (a)	—	(11,144	)							(575	)								(575	)
Comprehensive income:
Net income							1,101												1,101
Gain on derivative instruments, net of tax expense of $83																134			134
Total comprehensive income																			1,235
Balance at September 30, 2005	525,315	(152,163	)		6,611		7,690			(4,339	)		(27	)		133			10,068

(a) Total-to-date share repurchases through September 30, 2005, were 145 million shares at an average price of $28.66 per share, leaving 5 million shares available for repurchase out of the 150 million shares authorized.

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Burlington Northern Santa Fe Corporation

Operating Statistics

	Three Months Ended September 30,				Nine Months Ended September 30,
	2005		2004		2005		2004
Cars/units (in thousands)		2,570		2,467		7,443		7,035
Average revenues per car/unit	$	1,252	$	1,110	$	1,231	$	1,112
Revenue ton miles (in millions)		151,419		144,235		444,341		421,144
Gross ton miles (in millions)		269,596		256,724		790,138		746,962
RTM/GTM		0.56		0.56		0.56		0.56
Freight revenue/thousand RTM	$	21.25	$	18.98	$	20.61	$	18.58
Operating expense/thousand RTM (a)	$	16.77	$	18.67	$	16.46	$	16.50
Freight revenue/thousand GTM	$	11.94	$	10.67	$	11.59	$	10.47
Operating expense/thousand GTM (a)	$	9.42	$	10.49	$	9.26	$	9.30
Compensation and benefits/thousand GTM	$	3.34	$	3.32	$	3.29	$	3.29
Average employees		39,923		37,972		39,292		37,442
Period end employees		40,244		38,250		40,244		38,250
Thousand RTM/average employee		3,793		3,798		11,309		11,248
Thousand GTM/average employee		6,753		6,761		20,109		19,950
Gallons of fuel used (in millions)		349		336		1,043		996
Average price per gallon of fuel (cents) (b)		143.0		98.8		129.6		94.2
GTM/gallon of fuel		772		764		758		750
Freight train miles (in millions)		42		40		125		116
GTM/freight train hours (in thousands)		120		125		122		129
Route miles operated		32,181		32,706		32,181		32,706

(a) Includes impact of $465 million third quarter 2004 charge.

(b) Includes handling, taxes and hedge effect.

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Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity

	Three Months Ended September 30,						Nine Months Ended September 30,
	2005		2004		Percent Change		2005		2004		Percent Change
Revenues (in millions)
Intermodal	$	1,133	$	940	20.5	%	$	3,130	$	2,600	20.4	%
Automotive		97		72	34.7			293		227	29.1
Other Consumer Products		101		85	18.8			279		237	17.7
Total Consumer Products		1,331		1,097	21.3			3,702		3,064	20.8
Industrial Products		743		634	17.2			2,108		1,817	16.0
Coal		622		589	5.6			1,811		1,662	9.0
Agricultural Products		522		418	24.9			1,539		1,280	20.2
Total freight revenue		3,218		2,738	17.5			9,160		7,823	17.1
Other revenue		99		55	80.0			277		145	91.0
Total revenues	$	3,317	$	2,793	18.8	%	$	9,437	$	7,968	18.4	%
Cars/units(in thousands)
Intermodal		1,281		1,193	7.4	%		3,640		3,310	10.0	%
Automotive		41		37	10.8			131		117	12.0
Other Consumer Products		52		48	8.3			148		136	8.8
Total Consumer Products		1,374		1,278	7.5			3,919		3,563	10.0
Industrial Products		399		407	(2.0	)		1,182		1,164	1.5
Coal		570		572	(0.3	)		1,660		1,641	1.2
Agricultural Products		227		210	8.1			682		667	2.2
Total cars/units		2,570		2,467	4.2	%		7,443		7,035	5.8	%
Average revenue per car/unit
Intermodal	$	884	$	788	12.2	%	$	860	$	785	9.6	%
Automotive		2,366		1,946	21.6			2,237		1,940	15.3
Other Consumer Products		1,942		1,771	9.7			1,885		1,743	8.1
Total Consumer Products		969		858	12.9			945		860	9.9
Industrial Products		1,862		1,558	19.5			1,783		1,561	14.2
Coal		1,091		1,030	5.9			1,091		1,013	7.7
Agricultural Products		2,300		1,990	15.6			2,257		1,919	17.6
Average revenue per car/unit	$	1,252	$	1,110	12.8	%	$	1,231	$	1,112	10.7	%
Revenue ton miles (in millions)
Intermodal		30,469		28,954	5.2	%		89,719		82,263	9.1	%
Automotive		1,364		1,084	25.8			4,265		3,425	24.5
Other Consumer Products		3,673		3,422	7.3			10,370		9,661	7.3
Total Consumer Products		35,506		33,460	6.1			104,354		95,349	9.4
Industrial Products		27,322		26,632	2.6			80,184		77,916	2.9
Coal		62,362		61,624	1.2			180,241		173,941	3.6
Agricultural Products		26,229		22,519	16.5			79,562		73,938	7.6
Total revenue ton miles		151,419		144,235	5.0	%		444,341		421,144	5.5	%
Freight revenue per thousand ton miles
Intermodal	$	37.19	$	32.47	14.5	%	$	34.89	$	31.61	10.4	%
Automotive		71.11		66.42	7.1			68.70		66.28	3.7
Other Consumer Products		27.50		24.84	10.7			26.90		24.53	9.7
Total Consumer Products		37.49		32.79	14.3			35.48		32.13	10.4
Industrial Products		27.19		23.81	14.2			26.29		23.32	12.7
Coal		9.97		9.56	4.3			10.05		9.55	5.2
Agricultural Products		19.90		18.56	7.2			19.34		17.31	11.7
Freight revenue per thousand ton miles	$	21.25	$	18.98	12.0	%	$	20.61	$	18.58	10.9	%

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Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance

	Three Months Ended September 30,				Nine Months Ended September 30,
	2005		2004		2005		2004
Capital expenditures(in millions)
Maintenance of way
Rail	$	64	$	61	$	170	$	175
Ties		72		72		225		211
Surfacing		54		49		136		123
Other		91		96		260		265
Total maintenance of way		281		278		791		774
Mechanical		31		45		94		76
Information services		16		38		50		63
Other		27		33		67		62
Total maintenance of business		355		394		1,002		975
New locomotive acquisitions		—		—		—		16
Terminal and line expansion		92		78		243		173
Total capital expenditures	$	447	$	472	$	1,245	$	1,164
Track maintenance
Track miles of rail laid
Maintenance of business		149		177		397		495
Expansion projects		51		31		129		68
Total		200		208		526		563
Cross ties inserted (thousands)
Maintenance of business		798		917		2,222		2,095
Expansion projects		113		68		303		170
Total		911		985		2,525		2,265
Track resurfaced (miles)		4,265		3,767		10,249		9,036

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