The document is Burlington Northern Santa Fe Corporation's third quarter 2002 investors' report. It includes: - BNSF reported earnings of $0.51 per share for Q3 2002, even with adjusted earnings of $0.56 per share for the same period in 2001. - Freight revenues were $2.28 billion for Q3 2002, even with adjusted revenues of $2.28 billion for Q3 2001. - Operating income decreased to $421 million for Q3 2002 compared to adjusted operating income of $470 million for Q3 2001, with the operating ratio increasing to 81.6% from 79.4%.

1. 3rd Quarter 2002
Investors’ Report

2. BURLINGTON NORTHERN SANTA FE CORPORATION
INVESTORS' REPORT - UNAUDITED
3rd 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: Marsha Morgan FOR IMMEDIATE RELEASE
(817) 352-6452
Burlington Northern Santa Fe Reports
Third Quarter 2002 Results
• Third-quarter 2002 earnings of $0.51 per share compared with $0.56 per share
excluding adjustments for an automotive contract settlement and non-operating
investment losses in 2001, or $0.58 per share including these items.
• Freight revenues were $2.28 billion, even with the adjusted prior period.
• Operating income was $421 million compared with adjusted operating income of
$470 million a year ago.
FORT WORTH, Texas, October 22, 2002 - - Burlington Northern Santa Fe Corporation
(BNSF) (NYSE: BNI) today reported third-quarter 2002 earnings of $0.51 per share compared
with $0.56 per share excluding adjustments for an automotive contract settlement and non-
operating investment losses in 2001, or $0.58 per share including these items.
“BNSF posted its fourth consecutive year-over-year quarterly record for on-time
performance for our customers,” said Matthew K. Rose, BNSF Chairman, President and Chief
Executive Officer. “BNSF is maintaining its focus on customer service and cost control in this
current difficult revenue environment.”
Freight revenues for the 2002 third quarter were $2.28 billion compared with 2001
revenues of $2.31 billion or $2.28 billion excluding the $32 million automotive contract
settlement. Consumer Products adjusted revenues increased $27 million, or 3 percent, to $881
million, due to increased intermodal volumes in the international and truckload businesses,
despite the work stoppage late in the third quarter at West Coast ports. Industrial Products
revenues fell $11 million, or 2 percent, to $524 million, as general softness in the building,
construction and petroleum products sectors was partially offset by new chemical traffic.
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4. BNSF 3Q Earnings Release / Page Two
Coal revenues increased $16 million, or 3 percent, to $535 million, reflecting increased
shipments compared with the same period in 2001. Agricultural Products revenues declined $32
million, or 9 percent, to $342 million, primarily as a result of reduced export demand.
Operating expenses of $1.89 billion were $46 million, or 2 percent, higher than the same
2001 period. Compensation and benefits expense increased primarily due to the recently
announced decrease in the long-term return on pension assets assumption. Additionally, most
other operating expense categories were higher, except for fuel, which was lower than the
previous year due to a reduction in fuel price per gallon.
Operating income was $421 million for the 2002 third quarter compared with operating
income in the same 2001 period of $502 million or $470 million excluding the automotive
contract settlement. BNSF’s operating ratio increased to 81.6 percent for the 2002 third quarter
compared with 78.3 percent or 79.4 percent excluding the automotive contract settlement in
2001.
Common Stock Repurchases
During the 2002 third quarter, BNSF repurchased 2.9 million shares of its common stock
at an average price of $28.09 per share. This brings total repurchases under BNSF’s 120-million
share-repurchase program to 113.0 million shares as of September 30, 2002, at an average price
of $25.97 per share since the program was announced in July 1997.
A subsidiary of Burlington Northern Santa Fe Corporation (NYSE: BNI), The Burlington
Northern and Santa Fe Railway Company (BNSF) operates one of the largest railroad networks
in North America, with 33,000 route miles covering 28 states and two Canadian provinces.
BNSF is an industry leader in Web-enabling a variety of customer transactions at
www.bnsf.com. For the year ended 2001, the railway moved more intermodal traffic than any
other rail system in the world, is America’s largest grain-hauling railroad, transports the mineral
components of many of the products we depend on daily, and hauls enough coal to generate
more than 10 percent of the electricity produced in the United States.
Consolidated financial statements follow.
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5. BNSF 3Q Earnings Release / Page Three
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.
3

6. Burlington Northern Santa Fe Corporation
Consolidated Income Information *
(in millions, except per share data)
Three Months Nine Months
Ended September 30, Ended September 30,
2002 2001 2002 2001
Operating revenues
Freight revenues $ 2,282 $ 2,314 $ 6,603 $ 6,818
Other revenues 26 29 75 89
Total operating revenues 2,308 2,343 6,678 6,907
Operating expenses
Compensation and benefits 730 714 2,140 2,137
Purchased services 297 275 850 811
Depreciation and amortization 235 222 696 680
Equipment rents 182 185 537 562
Fuel 215 240 606 743
Materials and other 228 205 655 625
Total operating expenses 1,887 1,841 5,484 5,558
Operating income 421 502 1,194 1,349
Interest expense 107 117 321 352
Other (income) expense, net 7 20 (19) 98
Income before income taxes 307 365 892 899
Income tax expense 115 140 334 339
Income before extraordinary charge 192 225 558 560
Extraordinary charge, net of tax - - - (6)
Net income $ 192 $ 225 $ 558 $ 554
Diluted earnings per share after
extraordinary charge $ 0.51 $ 0.58 $ 1.46 $ 1.41
Diluted average shares outstanding 379.5 390.2 382.4 392.0
Operating ratio 81.6% 78.3% 81.9% 80.2%
* Third Quarter 2001 earnings include unusual items comprised of an automotive revenue contract settlement partially offset by a
non-operating loss on investments. Excluding the unusual items, third quarter 2001 earnings is $0.56 per diluted share and the
operating ratio is 79.4 percent. Year-to-date earnings include unusual items comprised of non-recurring losses related to non-
operating investments, the third quarter items above and an extraordinary charge for a loss on early extinguishment of debt.
Excluding the unusual items, year-to-date 2001 earnings is $1.51 per diluted share and the operating ratio is 80.6 percent.
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7. Burlington Northern Santa Fe Corporation
Consolidated Balance Sheet Information
(in millions, except per share amounts)
September 30, December 31,
2002 2001
Assets
Current assets:
Cash and cash equivalents $ 47 $ 26
Accounts receivable, net 208 172
Materials and supplies 200 191
Current portion of deferred income taxes 333 306
Other current assets 108 28
Total current assets 896 723
Property and equipment, net 23,826 23,110
Other assets 954 888
Total assets $ 25,676 $ 24,721
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and other current liabilities $ 1,967 $ 1,873
Long-term debt due within one year 143 288
Total current liabilities 2,110 2,161
Long-term debt and commercial paper 6,802 6,363
Deferred income taxes 7,060 6,731
Casualty and environmental liabilities 426 423
Employee merger and separation costs 178 216
Other liabilities 1,028 978
Total liabilities 17,604 16,872
Stockholders' equity:
Common stock and additional paid-in capital 5,669 5,589
Retained earnings 5,468 5,048
Treasury stock (3,041) (2,745)
Unearned compensation (43) (34)
Accumulated other comprehensive income (deficit) 19 (9)
Total stockholders' equity 8,072 7,849
Total liabilities and stockholders' equity $ 25,676 $ 24,721
Book value per share $ 21.33 $ 20.34
Common shares outstanding 378.5 385.8
Net debt to total capitalization * 46.1% 45.8%
* Net debt is calculated as total debt less cash.
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8. Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information
(in millions)
Three Months Nine Months
Ended September 30, Ended September 30,
2002 2001 2002 2001
Operating activities
Net income $ 192 $ 225 $ 558 $ 554
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 235 222 696 680
Deferred income taxes 96 99 286 206
Employee merger and separation costs paid (17) (11) (48) (38)
Other - net 1 25 (32) 84
Changes in working capital 90 75 19 80
Net cash provided by operating activities 597 635 1,479 1,566
Investing activities and dividends paid
Capital expenditures (375) (424) (1,016) (1,061)
Other - net (29) 12 (127) (4)
Dividends paid (46) (47) (138) (143)
Free cash flow after dividends paid 147 176 198 358
Financing activities
Purchase of BNSF common stock (82) (106) (281) (263)
Proceeds from stock options exercised 5 5 40 106
Other - net (1) - (3) (17)
Net debt paid (incurred) $ 69 $ 75 $ (46) $ 184
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9. Burlington Northern Santa Fe Corporation
Operating Statistics
Three Months Nine Months
Ended September 30, Ended September 30,
2002 2001 2002 2001
Cars/units (in thousands) 2,142 2,088 6,105 6,090
Average revenue per car/unit (a) $ 1,065 $ 1,093 $ 1,082 $ 1,114
Revenue ton miles (in millions) 124,547 125,620 364,792 373,857
Gross ton miles (in millions) 222,967 226,068 649,762 669,383
RTM/GTM 0.56 0.56 0.56 0.56
Freight revenue/thousand RTM (a) $ 18.32 $ 18.17 $ 18.10 $ 18.15
Operating expense/thousand RTM $ 15.15 $ 14.66 $ 15.03 $ 14.87
Freight revenue/thousand GTM (a) $ 10.23 $ 10.09 $ 10.16 $ 10.14
Operating expense/thousand GTM $ 8.46 $ 8.14 $ 8.44 $ 8.30
Compensation and benefits/thousand GTM $ 3.27 $ 3.16 $ 3.29 $ 3.19
Average employees 37,733 39,597 37,532 39,205
Period end employees 37,223 39,511 37,223 39,511
Thousand RTM/average employee 3,301 3,172 9,719 9,536
Thousand GTM/average employee 5,909 5,709 17,312 17,074
Gallons of fuel used (in millions) 291 291 857 881
Average price per gallon of fuel (cents) (b) 73.9 82.5 70.7 84.3
GTM/gallon of fuel 766 777 758 760
Freight train miles (in millions) 38 37 108 109
GTM/freight train hours (in thousands) 139 140 144 141
Route Miles Operated 32,944 33,211 32,944 33,211
(a) Excludes effects of a third quarter 2001 automotive revenue contract settlement of $32 million.
(b) Includes handling, taxes and hedge effect.
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10. Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity*
Three Months Nine Months
Ended September 30, Percent Ended September 30, Percent
Revenues (in millions) 2002 2001 Change 2002 2001 Change
Intermodal $ 734 $ 683 7.5 % $ 2,060 $ 1,972 4.5 %
Automotive 76 100 (24.0) 243 325 (25.2)
Other Consumer Products 71 71 - 204 208 (1.9)
Total Consumer Products 881 854 3.2 2,507 2,505 0.1
Industrial Products 524 535 (2.1) 1,550 1,588 (2.4)
Coal 535 519 3.1 1,531 1,577 (2.9)
Agricultural Products 342 374 (8.6) 1,015 1,116 (9.1)
Total freight revenue 2,282 2,282 - 6,603 6,786 (2.7)
Other revenue 26 29 (10.3) 75 89 (15.7)
Total revenues $ 2,308 $ 2,311 (0.1) % $ 6,678 $ 6,875 (2.9) %
Cars/units (in thousands)
Intermodal 956 889 7.5 % 2,665 2,528 5.4 %
Automotive 38 45 (15.6) 115 154 (25.3)
Other Consumer Products 43 45 (4.4) 123 128 (3.9)
Total Consumer Products 1,037 979 5.9 2,903 2,810 3.3
Industrial Products 370 374 (1.1) 1,075 1,100 (2.3)
Coal 540 531 1.7 1,551 1,574 (1.5)
Agricultural Products 195 204 (4.4) 576 606 (5.0)
Total cars/units 2,142 2,088 2.6 % 6,105 6,090 0.2 %
Average revenue per car/unit
Intermodal $ 768 $ 768 -% $ 773 $ 780 (0.9) %
Automotive 2,000 2,222 (10.0) 2,113 2,110 0.1
Other Consumer Products 1,651 1,578 4.6 1,659 1,625 2.1
Total Consumer Products 850 872 (2.5) 864 891 (3.0)
Industrial Products 1,416 1,430 (1.0) 1,442 1,444 (0.1)
Coal 991 977 1.4 987 1,002 (1.5)
Agricultural Products 1,754 1,833 (4.3) 1,762 1,842 (4.3)
Average revenue per car/unit $ 1,065 $ 1,093 (2.6) % $ 1,082 $ 1,114 (2.9) %
Revenue ton-miles (in millions)
Intermodal 23,114 22,680 1.9 % 67,207 66,328 1.3 %
Automotive 1,143 1,437 (20.5) 3,642 4,650 (21.7)
Other Consumer Products 3,116 3,048 2.2 9,124 9,037 1.0
Total Consumer Products 27,373 27,165 0.8 79,973 80,015 (0.1)
Industrial Products 24,083 25,035 (3.8) 70,583 74,905 (5.8)
Coal 54,275 52,637 3.1 155,142 156,882 (1.1)
Agricultural Products 18,816 20,783 (9.5) 59,094 62,055 (4.8)
Total revenue ton-miles 124,547 125,620 (0.9) % 364,792 373,857 (2.4) %
Freight revenue per thousand ton-miles
Intermodal $ 31.76 $ 30.11 5.5 % $ 30.65 $ 29.73 3.1 %
Automotive 66.49 69.59 (4.5) 66.72 69.89 (4.5)
Other Consumer Products 22.79 23.29 (2.1) 22.36 23.02 (2.9)
Total Consumer Products 32.18 31.44 2.4 31.35 31.31 0.1
Industrial Products 21.76 21.37 1.8 21.96 21.20 3.6
Coal 9.86 9.86 - 9.87 10.05 (1.8)
Agricultural Products 18.18 18.00 1.0 17.18 17.98 (4.4)
Freight revenue per thousand ton-miles $ 18.32 $ 18.17 0.8 % $ 18.10 $ 18.15 (0.3) %
* Excludes effects of a third quarter 2001 automotive contract settlement of $32 million.
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11. Burlington Northern Santa Fe Corporation
Capital Expenditures and Track Maintenance
Three Months Nine Months
Ended September 30, Ended September 30,
2002 2001 2002 2001
Capital expenditures (in millions)
Maintenance of way
Rail $ 62 $ 72 $ 167 $ 183
Ties 61 77 196 204
Surfacing 53 47 121 105
Other 92 91 235 237
Total maintenance of way 268 287 719 729
Mechanical 36 51 98 121
Information services 21 20 62 50
Other 23 32 51 59
Total maintenance of business 348 390 930 959
Terminal and line expansion 23 28 73 90
Other 4 6 13 12
Total capital expenditures $ 375 $ 424 $ 1,016 $ 1,061
Operating lease commitments $ 41 $ 52 $ 147 $ 149
Total capital commitments $ 416 $ 476 $ 1,163 $ 1,210
Track maintenance
Track miles of rail laid
Maintenance of business 259 251 579 577
Expansion projects 3 3 4 15
Total 262 254 583 592
Cross ties inserted (thousands)
Maintenance of business 665 816 1,972 1,992
Expansion projects 10 10 17 50
Total 675 826 1,989 2,042
Track resurfaced (miles) 4,273 3,404 10,000 8,175
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