1. 1st Quarter 2002
Investors’ Report

2. BURLINGTON NORTHERN SANTA FE CORPORATION
INVESTORS' REPORT - UNAUDITED
1st Quarter 2002
INDEX
Page
Earnings Press Release 1-3
Consolidated Income Information 4
Consolidated Balance Sheet Information 5
Consolidated Cash Flow Information 6
Operating Statistics 7
Revenue Statistics by Commodity 8
Capital Expenditures and Track Maintenance 9

3. NEWS
Contact: Richard Russack FOR IMMEDIATE RELEASE
(817) 867-6425
Burlington Northern Santa Fe Reports
First Quarter 2002 Results
• First-quarter 2002 earnings of $0.45 per diluted share compared with first-quarter
2001 earnings after extraordinary item of $0.34 per diluted share. First-quarter
2001 earnings included $0.10 per diluted share of non-recurring losses related to
non-rail investments and a $0.02 per diluted share extraordinary charge.
• Freight revenues were $2.14 billion, down 6 percent on 4 percent lower ton-miles.
• First-quarter operating income of $368 million is $51 million lower than first-
quarter 2001.
FORT WORTH, Texas, April 23, 2002 - - Burlington Northern Santa Fe Corporation
(BNSF) (NYSE: BNI) today reported first-quarter 2002 earnings of $0.45 per diluted share,
compared with first-quarter 2001 earnings after extraordinary charge of $0.34 per diluted share.
As previously reported, first-quarter 2001 earnings included $0.10 per diluted share of non-
recurring losses related to non-rail investments and a $0.02 per diluted share extraordinary
charge.
“Earnings were impacted by softness in all major product sectors and the demand for coal
was weakened because of mild winter weather,quot; said Matthew K. Rose, BNSF Chairman,
President and Chief Executive Officer. quot;Record on-time performance and a large reduction in
personal injuries were highlights of the first quarter of the year as BNSF continues to focus on
operating cost containment and improving customer service.”
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4. Freight revenues for the 2002 first quarter were $2.14 billion, down 6 percent compared
with the same 2001 period. Consumer Products revenues decreased $28 million, or 3 percent, to
$778 million reflecting decreased automotive shipments and lower levels of less-than-truckload
(LTL) traffic, partially offset by new truckload business and higher international volumes for
intermodal. Industrial Products revenues fell $26 million, or 5 percent, to $491 million because
of production cutbacks affecting most sectors. Coal revenues declined $18 million, or 3 percent,
to $508 million, primarily reflecting decreased demand and lower burn rates as a result of a mild
winter. Agricultural Products revenues decreased $53 million, or 13 percent, to $361 million,
primarily due to decreased demand for soybeans moving through the Pacific Northwest to China
as well as decreased corn and wheat exports.
Operating expenses of $1.8 billion were $79 million or 4 percent lower than the same
period in 2001. The decrease in first-quarter operating expenses primarily reflects reductions in
fuel, compensation and benefits, and equipment rents.
Operating income was $368 million for the 2002 first quarter compared with $419
million a year ago. The operating ratio increased to 82.8 percent for the 2002 first quarter
compared with 81.5 percent in the same 2001 period.
Common Stock Repurchases
During the 2002 first quarter, BNSF repurchased 2.8 million shares of its common stock
at an average price of $28.62 per share. This brings total repurchases under BNSF’s 120 million
share-repurchase program to 105.9 million shares as of March 31, 2002, at an average price of
$25.81 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 33,000 route miles covering 28 states
and two Canadian provinces.
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5. Consolidated financial statements follow.
Statements made in this release concerning predictions or expectations of financial or
operational performance, or concerning other future events or results, are quot;forward-looking
statementsquot; within the meaning of the federal securities laws. Forward-looking statements
involve a number of risks and uncertainties and actual results may differ materially from that
projected or implied in those statements. Important factors that could cause such differences
include, but are not limited to, economic and industry conditions: material adverse changes in
economic or industry conditions, both within the United States and globally, customer demand,
effects of adverse economic conditions affecting shippers, adverse economic conditions in the
industries and geographic areas that produce and consume freight, competition and
consolidation within the transportation industry, changes in fuel prices, changes in the securities
and capital markets, and changes in labor costs and labor difficulties, including stoppages
affecting either BNSF’s operations or our customers’ abilities to deliver goods to BNSF for
shipment; legal and regulatory factors: developments and changes in laws and regulations and
the ultimate outcome of shipper claims, environmental investigations or proceedings and other
types of claims and litigation; and operating factors: technical difficulties, changes in operating
conditions and costs, and competition and commodity concentrations, the Company’s ability to
achieve its operational and financial initiatives and to contain costs, as well as natural events
such as severe weather, floods and earthquakes or other disruptions of the Company’s operating
systems, structures, or equipment.
The Company cautions against placing undue reliance on forward-looking statements,
which reflect its current beliefs and are based on information currently available to it as of the
date a forward-looking statement is made. The Company undertakes no obligation to revise
forward-looking statements to reflect future events, changes in circumstances, or changes in
beliefs. In the event the Company does update any forward-looking statement, no inference
should be made that the Company will make additional updates with respect to that statement,
related matters, or any other forward-looking statement.
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6. Burlington Northern Santa Fe Corporation
Consolidated Income Information *
(Dollars in millions, except per share data)
Three Months
Ended March 31,
2002 2001
Operating revenues
Freight revenues $ 2,138 $ 2,263
Other revenues 25 30
Total operating revenues 2,163 2,293
Operating expenses
Compensation and benefits 714 729
Purchased services 274 262
Depreciation and amortization 230 228
Equipment rents 176 187
Fuel 184 257
Materials and other 217 211
Total operating expenses 1,795 1,874
Operating income 368 419
Interest expense 109 120
Other (income) expense, net (16) 73
Income before income taxes and extraordinary charge 275 226
Income tax expense 103 86
Income before extraordinary charge 172 140
Extraordinary charge, net - 6
Net income $ 172 $ 134
Diluted earnings per share after
extraordinary charge $ 0.45 $ 0.34
Diluted average shares outstanding (in millions) 385.5 394.1
Operating ratio 82.8% 81.5%
* First quarter 2001 earnings include unusual items related to non-rail investment charges of $0.10 per diluted share and an
extraordinary charge related to the early extinguishment of debt of $0.02 per diluted share. Excluding the unusual items,
first quarter earnings per diluted share was $0.46.
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7. Burlington Northern Santa Fe Corporation
Consolidated Balance Sheet Information
(Dollars in millions, except per share amounts)
March 31, December 31,
2002 2001
Assets
Current assets:
Cash and cash equivalents $ 11 $ 26
Accounts receivable, net 155 172
Materials and supplies 199 191
Current portion of deferred income taxes 293 306
Other current assets 65 28
Total current assets 723 723
Property and equipment, net 23,215 23,110
Other assets 959 888
Total assets $ 24,897 $ 24,721
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other current liabilities $ 1,809 $ 1,873
Long-term debt due within one year 290 288
Total current liabilities 2,099 2,161
Long-term debt and commercial paper 6,454 6,363
Deferred income taxes 6,791 6,731
Casualty and environmental liabilities 422 423
Employee merger and separation costs 197 216
Other liabilities 995 978
Total liabilities 16,958 16,872
Stockholders' equity:
Common stock and additional paid-in capital 5,621 5,589
Retained earnings 5,174 5,048
Treasury stock (2,836) (2,745)
Unearned compensation (19) (34)
Accumulated other comprehensive loss (1) (9)
Total stockholders' equity 7,939 7,849
Total liabilities and stockholders' equity $ 24,897 $ 24,721
Total debt to total capital 45.9% 45.9%
Book value per share $ 20.69 $ 20.34
Common shares outstanding 383.8 385.8
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8. Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information
(Dollars in millions)
Three Months
Ended March 31,
2002 2001
Operating activities
Net income $ 172 $ 134
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 230 228
Deferred income taxes 68 39
Employee merger and separation costs paid (20) (17)
Other - net (2) 67
Changes in working capital (91) (91)
Net cash provided by operating activities 357 360
Investing activities and dividends paid
Capital expenditures (260) (234)
Other - net (109) (66)
Dividends paid (46) (48)
Free cash flow after dividends paid (58) 12
Financing activities
Purchase of BNSF common stock (80) (65)
Proceeds from stock options exercised 27 45
Other - net - (9)
Net debt incurred $ (111) $ (17)
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9. Burlington Northern Santa Fe Corporation
Operating Statistics
Three Months
Ended March 31,
2002 2001
Cars/units (in thousands) 1,927 1,986
Average revenue per car/unit $ 1,109 $ 1,139
Revenue ton-miles (in millions) 120,122 125,727
Gross ton-miles (in millions) 212,461 223,206
RTM/GTM 0.565 0.563
Freight revenue/thousand RTM $ 17.80 $ 18.00
Operating expense/thousand RTM $ 14.94 $ 14.91
Freight revenue/thousand GTM $ 10.06 $ 10.14
Operating expense/thousand GTM $ 8.45 $ 8.40
Compensation and benefits/thousand GTM $ 3.36 $ 3.27
Average employees 37,026 38,270
Period end employees 37,470 38,962
Thousand RTM/average employee 3,244 3,285
Gallons of fuel used (in millions) 283 297
Average price per gallon of fuel (cents) (a) 65.0 86.5
GTM/gallon of fuel 751 752
Freight train miles (in millions) 35 36
GTM/freight train hours (in thousands) 148 146
Route Miles Operated 33,100 33,340
(a) Includes handling, taxes and hedge effect.
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10. Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity
Three Months
Ended March 31, Percent
Revenues (in millions) 2002 2001 Change
Intermodal $ 633 $ 629 0.6 %
Automotive 81 111 (27.0)
Other Consumer 64 66 (3.0)
Total Consumer 778 806 (3.5)
Industrial 491 517 (5.0)
Coal 508 526 (3.4)
Agricultural Products 361 414 (12.8)
Total freight revenue 2,138 2,263 (5.5)
Other revenue 25 30 (16.7)
Total revenues $ 2,163 $ 2,293 (5.7) %
Cars/units (in thousands)
Intermodal 804 806 (0.2) %
Automotive 37 53 (30.2)
Other Consumer 39 41 (4.9)
Total Consumer 880 900 (2.2)
Industrial 332 350 (5.1)
Coal 511 516 (1.0)
Agricultural Products 204 220 (7.3)
Total cars/units 1,927 1,986 (3.0) %
Average revenue per car/unit
Intermodal $ 787 $ 780 0.9 %
Automotive 2,189 2,094 4.5
Other Consumer 1,641 1,610 1.9
Total Consumer 884 896 (1.3)
Industrial 1,479 1,477 0.1
Coal 994 1,019 (2.5)
Agricultural Products 1,770 1,882 (6.0)
Average revenue per car/unit $ 1,109 $ 1,139 (2.6) %
Revenue ton-miles (in millions)
Intermodal 20,847 21,776 (4.3) %
Automotive 1,232 1,511 (18.5)
Other Consumer 2,978 3,032 (1.8)
Total Consumer 25,057 26,319 (4.8)
Industrial 22,188 24,629 (9.9)
Coal 50,573 51,470 (1.7)
Agricultural Products 22,304 23,309 (4.3)
Total revenue ton-miles 120,122 125,727 (4.5) %
Freight revenue per thousand ton-miles
Intermodal $ 30.36 $ 28.89 5.1 %
Automotive 65.75 73.46 (10.5)
Other Consumer 21.49 21.77 (1.3)
Total Consumer 31.05 30.62 1.4
Industrial 22.13 20.99 5.4
Coal 10.04 10.22 (1.8)
Agricultural Products 16.19 17.76 (8.8)
Freight revenue per thousand ton-miles $ 17.80 $ 18.00 (1.1) %
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11. Burlington Northern Santa Fe Corporation
Capital Expenditures and Track Maintenance
Three Months
Ended March 31,
2002 2001
Capital expenditures (in millions)
Maintenance of way
Rail $ 43 $ 40
Ties 54 43
Surfacing 23 17
Other 61 64
Total maintenance of way 181 164
Mechanical 28 26
Information services 18 9
Other 6 9
Total maintenance of business 233 208
New locomotives/freight cars - -
Terminal and line expansion 22 23
Other 5 3
Total capital expenditures $ 260 $ 234
Operating lease commitments $ 6 $ -
Total capital commitments $ 266 $ 234
Track maintenance
Track miles of rail laid
Maintenance of business 90 72
Expansion projects - -
Total 90 72
Cross ties inserted (thousands)
Maintenance of business 478 330
Expansion projects 1 1
Total 479 331
Track resurfaced (miles) 1,548 1,252
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