1. 1st Quarter 2001
Investors’ Report

2. BURLINGTON NORTHERN SANTA FE CORPORATION
INVESTORS' REPORT - UNAUDITED
1st Quarter 2001
INDEX
Page
Earnings Press Release 1-2
Consolidated Income Information 3
Consolidated Balance Sheet Information 4
Consolidated Cash Flow Information 5
Operating Statistics 6
Revenue Statistics by Commodity
- 1st Quarter 2001 7
- 2000 by Quarter 8
Capital Expenditures and Track Maintenance 9

3. NEWS
Contact: Richard Russack FOR IMMEDIATE RELEASE
(817) 352-6425
Burlington Northern Santa Fe Reports
First Quarter 2001 Results
• Earnings of $0.36 per diluted share, before extraordinary charge, compared with
first quarter 2000 earnings of $0.55 per diluted share. First quarter 2001 earnings
include $40 million or $0.10 per diluted share of previously announced non-
recurring losses related to non-rail investments.
• Freight revenues were $2.26 billion, up slightly on 4 percent higher ton-miles,
despite continued softness in the U.S. economy.
• Fuel expenses were $46 million higher than 2000.
• Winter weather and higher other energy-related costs were estimated at $25
million more than 2000.
• First quarter operating income of $419 million is $91 million lower than first
quarter 2000 operating income of $510 million.
FORT WORTH, Texas, April 24, 2001 - - Burlington Northern Santa Fe Corporation
(BNSF) (NYSE: BNI) today reported first quarter 2001 earnings of $0.36 per diluted share,
before an extraordinary charge, compared with first quarter 2000 earnings of $0.55 per diluted
share. First quarter 2001 earnings include $40 million or $0.10 per diluted share of previously
announced non-recurring losses related to non-rail investments.
“BNSF’s well-balanced business portfolio allowed us to achieve a slight increase in
revenue despite the continued softness of the U.S. economy,” said Matt Rose, BNSF President
and Chief Executive Officer. “However, an additional $46 million in fuel expenses, more severe
winter weather and higher electricity and other energy costs contributed to a 7 percent increase in
expenses as compared with a year ago.”
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4. Freight revenues for the 2001 first quarter were $2.26 billion, up slightly on 4 percent
higher ton-miles compared with the same 2000 period. Agricultural Commodities revenues
increased $36 million, or 11 percent, to $361 million, primarily due to increased demand for
soybeans moving through the Pacific Northwest to China and increased northern spring wheat
moving to the upper Midwest and eastern domestic markets. Consumer revenues increased $6
million, or 1 percent, to $807 million reflecting new truckload business and higher international
volumes for intermodal, offset by decreased automotive shipments. Coal revenues declined $3
million, or 1 percent, to $526 million as a result of lower revenue per unit on certain contract
renewals; this was partially offset by increased demand for western coal due to colder weather,
tight eastern coal supplies and high natural gas prices. Industrial revenues fell $18 million or 3
percent, to $569 million because of production cutbacks affecting most sectors.
Operating expenses of $1.87 billion were $119 million higher than the 2000 first quarter.
Expenses increased primarily from the impact of more severe winter weather conditions, higher
electricity and other energy costs, increased compensation and benefit rates, and higher ton-
miles. Fuel expense was $46 million higher than 2000 as the average cost of diesel fuel per
gallon increased 14 cents.
Operating income was $419 million for the first quarter 2001 compared with $510
million a year ago. The operating ratio increased to 81.5 percent for the first quarter 2001
compared with 77.3 percent in 2000.
Common Stock Repurchases
During the first quarter, BNSF repurchased 2.2 million shares at an average price of
$28.86 per share, bringing total repurchases under BNSF’s 120 million share-repurchase
program to 93.9 million shares at an average price of $25.57 per share since the program was
announced in July 1997.
Through The Burlington Northern and Santa Fe Railway Company, BNSF operates one of the
largest railroad networks in the United States, with 33,500 route miles covering 28 states and two
Canadian provinces.
Consolidated financial statements follow.
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5. Burlington Northern Santa Fe Corporation
Consolidated Income Information *
(in millions, except per share data)
Three Months
Ended March 31,
2001 2000
Operating revenues
Freight revenues $ 2,263 $ 2,242
Other revenues 29 22
Total operating revenues 2,292 2,264
Operating expenses
Compensation and benefits 729 698
Purchased services 261 258
Depreciation and amortization 228 222
Equipment rents 187 179
Fuel 257 211
Materials and other 211 186
Total operating expenses 1,873 1,754
Operating income 419 510
Interest expense 120 104
Other income (expense) - net (73) (15)
Income before income taxes 226 391
Income tax expense 86 148
Income before extraordinary charge 140 243
Extraordinary charge, net of tax (6) -
Net income $ 134 $ 243
Earnings per share
Diluted
Before extraordinary charge $ 0.36 $ 0.55
After extraordinary charge $ 0.34 $ 0.55
Diluted average shares outstanding 394.1 445.5
Operating ratio 81.5% 77.3%
* Other income (expense) - net in 2001 includes $64 million pre-tax ($40 million after-tax or $0.10 per diluted share)
of previously announced non-recurring losses related to non-rail investments. The extraordinary charge reflects a loss
on early extinguishment of debt.
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6. Burlington Northern Santa Fe Corporation
Consolidated Balance Sheet Information
(in millions, except per share amounts)
March 31, December 31,
2001 2000
Assets
Current assets
Cash and cash equivalents $ 15 $ 11
Accounts receivable, net 281 314
Materials and supplies 209 220
Current portion of deferred income taxes 297 299
Other current assets 128 132
Total current assets 930 976
Property and equipment, net 22,376 22,369
Other assets 1,099 1,030
Total assets $ 24,405 $ 24,375
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and other current liabilities $ 1,826 $ 1,954
Long-term debt due within one year 235 232
Total current liabilities 2,061 2,186
Long-term debt and commercial paper 6,636 6,614
Deferred income taxes 6,480 6,422
Casualty and environmental liabilities 409 430
Employee merger and separation costs 247 262
Other liabilities 977 981
Total liabilities 16,810 16,895
Stockholders' equity
Common stock and additional paid-in capital 5,507 5,433
Retained earnings 4,591 4,505
Treasury stock (2,482) (2,413)
Unearned compensation (47) (35)
Other 26 (10)
Total stockholders' equity 7,595 7,480
Total liabilities and stockholders' equity $ 24,405 $ 24,375
Total debt to total capital 47.5% 47.8%
Book value per share $ 19.38 $ 19.10
Common shares outstanding 391.8 391.6
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7. Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information
(in millions)
Three Months
Ended March 31,
2001 2000
Operating Activities
Net income $ 134 $ 243
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 228 222
Deferred income taxes 39 56
Employee merger and separation costs paid (17) (20)
Other - net 67 18
Changes in working capital (91) 21
Net cash provided by operating activities 360 540
Investing Activities and Dividends Paid
Capital expenditures (234) (252)
Other - net (66) (240)
Dividends paid (48) (55)
Free cash flow (deficit) after dividends paid 12 (7)
Financing Activities
Purchase of BNSF common stock (65) (583)
Proceeds from stock options exercised 45 1
Other - net (9) -
Net debt incurred $ (17) $ (589)
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8. Burlington Northern Santa Fe Corporation
Operating Statistics
Three Months
Ended March 31,
2001 2000
Cars/units (thousands) 1,986 1,988
Average revenue per car/unit $ 1,139 $ 1,128
Revenue ton miles (millions) 125,727 121,004
Gross ton miles (millions) 223,206 215,165
RTM/GTM 0.56 0.56
Freight revenue/thousand RTM $ 18.00 $ 18.53
Operating expense/thousand RTM $ 14.90 $ 14.50
Freight revenue/thousand GTM $ 10.14 $ 10.42
Operating expense/thousand GTM $ 8.39 $ 8.15
Compensation and benefits/thousand GTM $ 3.27 $ 3.24
Employees (a) 38,270 39,241
Thousand RTM/average employee 3,285 3,084
Gallons of fuel used (millions) 297 292
Average price per gallon of fuel (cents) (b) 86.5 72.3
GTM/gallon of fuel 752 737
Freight train miles (millions) 36 35
GTM/freight train hours (thousands) 146 155
(a) Represents average mid-month count for the period.
(b) Includes handling, taxes and hedge effect.
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9. Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity *
Three Months
Ended March 31, Percent
Revenues (in millions) 2001 2000 Change
Intermodal $ 631 $ 619 1.9 %
Automotive 110 124 (11.3)
Other Consumer 66 58 13.8
Total Consumer 807 801 0.7
Industrial 569 587 (3.1)
Coal 526 529 (0.6)
Agricultural Commodities 361 325 11.1
Total freight revenue 2,263 2,242 0.9
Other revenue 29 22 31.8
Total revenues $ 2,292 $ 2,264 1.2 %
Cars/Units (in thousands)
Intermodal 807 800 0.9 %
Automotive 53 67 (20.9)
Other Consumer 40 36 11.1
Total Consumer 900 903 (0.3)
Industrial 379 403 (6.0)
Coal 516 507 1.8
Agricultural Commodities 191 175 9.1
Total cars/units 1,986 1,988 (0.1) %
Average Revenue Per Car/Unit
Intermodal $ 782 $ 774 1.0 %
Automotive 2,075 1,851 12.1
Other Consumer 1,650 1,611 2.4
Total Consumer 897 887 1.1
Industrial 1,501 1,457 3.0
Coal 1,019 1,043 (2.3)
Agricultural Commodities 1,890 1,857 1.8
Average revenue per car/unit $ 1,139 $ 1,128 1.0 %
Revenue Ton-Miles (in millions)
Intermodal 21,903 21,618 1.3 %
Automotive 1,518 2,027 (25.1)
Other Consumer 3,034 3,007 0.9
Total Consumer 26,455 26,652 (0.7)
Industrial 26,652 26,708 (0.2)
Coal 51,470 48,622 5.9
Agricultural Commodities 21,150 19,022 11.2
Total revenue ton-miles 125,727 121,004 3.9 %
Freight Revenue Per Thousand Ton-Miles
Intermodal $ 28.81 $ 28.63 0.6 %
Automotive 72.46 61.17 18.5
Other Consumer 21.75 19.29 12.8
Total Consumer 30.50 30.05 1.5
Industrial 21.35 21.98 (2.9)
Coal 10.22 10.88 (6.1)
Agricultural Commodities 17.07 17.09 (0.1)
Freight revenue per thousand ton-miles $ 18.00 $ 18.53 (2.9) %
* Certain prior-period amounts have been reclassified to conform with current-period presentation.
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10. Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity *
2000 by Quarter
2000
1st 2nd 3rd 4th Full
Revenues (in millions) Quarter Quarter Quarter Quarter Year
Intermodal $ 619 $ 654 $ 689 $ 692 $ 2,654
Automotive 124 134 107 128 493
Other Consumer 58 65 70 68 261
Total Consumer 801 853 866 888 3,408
Industrial 587 594 583 552 2,316
Coal 529 525 549 528 2,131
Agricultural Commodities 325 265 320 347 1,257
Total freight revenue 2,242 2,237 2,318 2,315 9,112
Other revenue 22 23 24 24 93
Total revenues $ 2,264 $ 2,260 $ 2,342 $ 2,339 $ 9,205
Cars/Units (in thousands)
Intermodal 800 855 906 880 3,441
Automotive 67 70 54 58 249
Other Consumer 36 41 44 40 161
Total Consumer 903 966 1,004 978 3,851
Industrial 403 409 415 386 1,613
Coal 507 487 518 511 2,023
Agricultural Commodities 175 150 176 179 680
Total cars/units 1,988 2,012 2,113 2,054 8,167
Average Revenue Per Car/Unit
Intermodal $ 774 $ 765 $ 760 $ 786 $ 771
Automotive 1,851 1,914 1,981 2,207 1,980
Other Consumer 1,611 1,585 1,591 1,700 1,621
Total Consumer 887 883 863 908 885
Industrial 1,457 1,452 1,405 1,430 1,436
Coal 1,043 1,078 1,060 1,033 1,053
Agricultural Commodities 1,857 1,767 1,818 1,939 1,849
Average revenue per car/unit $ 1,128 $ 1,112 $ 1,097 $ 1,127 $ 1,116
Revenue Ton-Miles (in millions)
Intermodal 21,618 23,122 24,885 23,371 92,996
Automotive 2,027 2,086 1,650 1,860 7,623
Other Consumer 3,007 2,753 3,093 3,017 11,870
Total Consumer 26,652 27,961 29,628 28,248 112,489
Industrial 26,708 27,811 27,247 24,998 106,764
Coal 48,622 50,187 53,530 51,964 204,303
Agricultural Commodities 19,022 13,721 17,079 18,581 68,403
Total revenue ton-miles 121,004 119,680 127,484 123,791 491,959
Revenue Per Thousand Ton-Miles
Intermodal $ 28.63 $ 28.28 $ 27.69 $ 29.61 $ 28.54
Automotive 61.17 64.24 64.85 68.82 64.67
Other Consumer 19.29 23.61 22.63 22.54 21.99
Total Consumer 30.05 30.51 29.23 31.44 30.30
Industrial 21.98 21.36 21.40 22.08 21.69
Coal 10.88 10.46 10.26 10.16 10.43
Agricultural Commodities 17.09 19.31 18.74 18.67 18.38
Revenue per thousand ton-miles $ 18.53 $ 18.69 $ 18.18 $ 18.70 $ 18.52
* Certain prior-period amounts have been reclassified to conform with current-period presentation. 8

11. Burlington Northern Santa Fe Corporation
Capital Expenditures and Track Maintenance
Three Months
Ended March 31,
2001 2000
Capital Expenditures (in millions)
Maintenance of way
Rail $ 40 $ 40
Ties 43 41
Surfacing 16 27
Other 63 57
Total maintenance of way 162 165
Mechanical 26 42
Information services 9 13
Other 9 22
Total maintenance of business 206 242
Terminal and line expansion 23 8
Other 5 2
Total capital expenditures $ 234 $ 252
Operating lease commitments $ - $ 142
Track Maintenance
Track miles of rail laid
Maintenance of business 82 112
Expansion projects - -
Total 82 112
Cross ties inserted (thousands)
Maintenance of business 330 414
Expansion projects 1 2
Total 331 416
Track resurfaced (miles) 1,252 1,676
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