Company: BRK-A
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025210
Chunk: 81

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1B
Chunk 81
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-tax earnings were $6.6 billion in 2024, a slight increase from 2023. Railroad operating earnings in 2024 increased due to volume growth and lower operating costs from improved productivity, partially offset by a $290 million charge related to a labor agreement that was finalized in the fourth quarter of 2024 and by increased litigation accruals. 

Operating revenues from consumer products increased 7.1% in 2024 to $8.4 billion compared to 2023, reflecting a volume increase of 16.2% and lower average revenue per car/unit. The volume increase was primarily due to higher intermodal shipments from west coast imports and volumes from a new intermodal customer. 

Operating revenues from industrial products declined 1.2% in 2024 to $5.6 billion from 2023, reflecting slight declines in volume and average revenue per car/unit. The volume decline was primarily due to lower aggregates, taconite, minerals and waste shipments, substantially offset by higher plastics and petroleum products volumes.

K-41

Management’s Discussion and Analysis 

Burlington Northern Santa Fe 

Operating revenues from agricultural products increased 4.5% to $5.8 billion in 2024 compared to 2023, attributable to a volume increase of 7.4%, partially offset by lower average revenue per car/unit. The volume increase was primarily due to higher grain, renewable fuels and fertilizer shipments.

Operating revenues from coal decreased 22.5% to $2.9 billion in 2024 compared to 2023. The decrease was attributable to a volume decrease of 17.9% and lower average revenue per car/unit. The volume decline was primarily due to lower natural gas prices. 

Railroad operating expenses were $15.9 billion in 2024, a decrease of $173 million (1.1%) compared to 2023. The ratio of railroad operating expenses to railroad operating revenues declined 0.4 percentage points to 68.0% in 2024 versus 2023. Railroad compensation and benefits expenses increased $356 million (6.5%) in 2024 compared to 2023, primarily due to a $290 million charge related to a one-time payment included in the agreement with the SMART-TD labor union that was finalized in December 2024. This agreement allows BNSF the ability to redeploy brakepersons to conductors and engineers, which will allow BNSF to meet short-term hiring demands. Fuel expenses declined $417