----

----

| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| Delaware                                                      |   | 41-6034000                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdictionof incorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                          |   |  Yes  [x]  No  [  ]       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                   |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  |   |  Yes  [  ]  No  [  ] |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                   |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.                                                      |   |                                                                   |
| Large accelerated filer  [ ]  Accelerated filer  [  ]   Non-accelerated filer  [x ] Smaller reporting company  [  ]                                                                                                                                                                                          |   |                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                   |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).                                                                                                                                                                                                                                                                                  |   |  Yes  [  ]  No  [x]       |

| Class                         |    | SharesOutstanding atNovember 5, 2010 |
|-------------------------------|--------------|--------------------------------------|
| Common stock, $1.00 par value |    | 1,000 shares                    |

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Table of Contents

|       |                                                            |   |
|------------|-----------------------------------------------------------------|--------|
| PART I     | FINANCIAL INFORMATION                                           | PAGE   |
|       |                                                            |   |
| Item 1.    | Financial Statements.                                           | 3      |
|       |                                                            |   |
| Item 2.    | Management’s Narrative Analysis of Results of Operations. | 28     |
|       |                                                            |   |
| Item 4.    | Controls and Procedures.                                        | 32     |
|       |                                                            |   |
| PART II    | OTHER INFORMATION                                               |   |
|       |                                                            |   |
| Item 6.    | Exhibits.                                                       | 33     |
|       |                                                            |   |
| Signatures |                                                            | S-1    |
|       |                                                            |   |
| Exhibits   |                                                            | E-1    |

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Table of Contents

Item 1.    Financial Statements.

|                             |   | Successor                          |   | Predecessor                        |   | Successor                            |   | Predecessor                       |
|----------------------------------|--------|------------------------------------|--------|------------------------------------|--------|--------------------------------------|--------|-----------------------------------|
|                             |   | Three MonthsEndedSeptember 30,2010 |   | Three MonthsEndedSeptember 30,2009 |   | February 13 –September 30,2010 |   | January 1 –February 12,2010 |   | Nine MonthsEndedSeptember 30, 2009 |
| Revenues                         | $      | 4,322                              | $      | 3,549                              | $      | 10,398                               | $      | 1,768                             | $ | 10,207 |
|                             |   |                               |   |                               |   |                                 |   |                              |   |   |
| Operating expenses:              |   |                               |   |                               |   |                                 |   |                              |   |   |
| Compensation and benefits        |   | 1,014                              |   | 866                                |   | 2,510                                |   | 439                               |   | 2,546 |
| Fuel                             |   | 748                                |   | 606                                |   | 1,840                                |   | 329                               |   | 1,729 |
| Purchased services               |   | 508                                |   | 444                                |   | 1,230                                |   | 211                               |   | 1,382 |
| Depreciation and amortization    |   | 435                                |   | 385                                |   | 1,095                                |   | 192                               |   | 1,133 |
| Equipment rents                  |   | 195                                |   | 194                                |   | 484                                  |   | 97                                |   | 591 |
| Materials and other              |   | 195                                |   | 164                                |   | 409                                  |   | 1                                 |   | 483 |
| Total operating expenses         |   | 3,095                              |   | 2,659                              |   | 7,568                                |   | 1,269                             |   | 7,864 |
| Operating income                 |   | 1,227                              |   | 890                                |   | 2,830                                |   | 499                               |   | 2,343 |
| Interest expense                 |   | 24                                 |   | 15                                 |   | 55                                   |   | 16                                |   | 92 |
| Interest income, related parties |   | (3)                                |   | (1)                                |   | (8)                                  |   | (1)                               |   | (1) |
| Other expense, net               |   | 3                                  |   | 1                                  |   | 5                                    |   |  2                           |   | 4 |
|                             |   |                               |   |                               |   |                                 |   |                              |   |   |
| Income before income taxes  |   | 1,203                              |   | 875                                |   | 2,778                                |   | 482                               |   | 2,248 |
| Income tax expense               |   | 429                                |   | 329                                |   | 1,007                                |   | 200                               |   | 854 |
| Net income                       | $      | 774                                | $      | 546                                | $      | 1,771                                | $      | 282                               | $ | 1,394 |

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|                                                                                           |   | Successor     |                     | Predecessor       |
|------------------------------------------------------------------------------------------------|--------|---------------|--------------------------|-------------------|
|                                                                                           |   | September 30, |      | December 31, |
|                                                                                           |   | 2010          |                     | 2009              |
|                                                                                           |   |          |                     |              |
| ASSETS                                                                                         |   |          |                     |              |
| Current assets:                                                                                |   |          |                     |              |
| Cash and cash equivalents                                                                      | $      | 14            | $                        | 20                |
| Accounts receivable, net                                                                       |   | 1,083         |                     | 810               |
| Materials and supplies                                                                         |   | 584           |                     | 632               |
| Current portion of deferred income taxes                                                       |   | 270           |                     | 282               |
| Other current assets                                                                           |   | 242           |                     | 375               |
| Total current assets                                                                           |   | 2,193         |                     | 2,119             |
|                                                                                           |   |          |                     |              |
| Property and equipment, net of accumulated depreciation of $576 and $10,731, respectively      |   | 45,145        |                     | 32,278            |
| Goodwill                                                                                       |   | 14,803        |                     | −           |
| Intangible assets, net                                                                         |   | 1,809         |                     | −           |
| Other assets                                                                                   |   | 2,736         |                     | 3,193             |
| Total assets                                                                                   | $      | 66,686        | $                        | 37,590            |
|                                                                                           |   |          |                     |              |
| LIABILITIES AND STOCKHOLDER’S EQUITY                                                     |   |          |                     |              |
| Current liabilities:                                                                           |   |          |                     |              |
| Accounts payable and other current liabilities                                                 | $      | 3,009         | $                        | 2,548             |
| Long-term debt due within one year                                                             |   | 299           |                     | 335               |
| Total current liabilities                                                                      |   | 3,308         |                     | 2,883             |
|                                                                                           |   |          |                     |              |
| Deferred income taxes                                                                          |   | 14,176        |                     | 9,360             |
| Long-term debt                                                                                 |   | 2,169         |                     | 2,118             |
| Intangible liabilities, net                                                                    |   | 1,865         |                     | −           |
| Casualty and environmental liabilities                                                         |   | 886           |                     | 899               |
| Pension and retiree health and welfare liability                                               |   | 475           |                     | 783               |
| Other liabilities                                                                              |   | 837           |                     | 1,799             |
| Total liabilities                                                                              |   | 23,716        |                     | 17,842            |
| Commitments and contingencies (see Notes 3, 7 and 8)                                           |   |          |                     |              |
| Stockholder’s equity:                                                                    |   |          |                     |              |
| Common stock, $1 par value, 1,000 shares authorized;issued and outstanding and paid-in capital |   | 42,920        |                     | 6,331             |
| Retained earnings                                                                              |   | 1,771         |                     | 14,866            |
| Intercompany notes receivable                                                                  |   | (1,734)       |                     | (948)             |
| Accumulated other comprehensive income (loss)                                                  |   | 13            |                     | (501)             |
| Total stockholder’s equity                                                               |   | 42,970        |                     | 19,748            |
| Total liabilities and stockholder’s equity                                               | $      | 66,686        | $                        | 37,590            |

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|                                                                              |   | Successor                             |   | Predecessor                        |
|-----------------------------------------------------------------------------------|--------|---------------------------------------|--------|------------------------------------|
|                                                                              |   | February 13 – September 30,2010 |   | January 1 – February 12,2010 |   | Nine MonthsEndedSeptember 30, 2009 |
|                                                                              |   |                                  |   |                               |   |   |
| OPERATING ACTIVITIES                                                              |   |                                  |   |                               |   |   |
| Net income                                                                        | $      | 1,771                                 | $      | 282                                | $ | 1,394 |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                  |   |                               |   |   |
| Depreciation and amortization                                                     |   | 1,095                                 |   | 192                                |   | 1,133 |
| Deferred income taxes                                                             |   | 390                                   |   | 134                                |   | 540 |
| Long-term casualty and environmental liabilities, net                             |   | (67)                                  |   | (2)                                |   | (31) |
| Contribution to defined benefit pension plan                                      |   | (400)                                 |   | −                            |   | − |
| Other, net                                                                        |   | (53)                                  |   | (73)                               |   | (53) |
| Changes in current assets and liabilities:                                        |   |                                  |   |                               |   |   |
| Accounts receivable, net                                                          |   | (497)                                 |   | 217                                |   | 57 |
| Change in accounts receivable sales program                                       |   | −                               |   | −                            |   | (50) |
| Materials and supplies                                                            |   | 44                                    |   | 4                                  |   | 2 |
| Other current assets                                                              |   | 40                                    |   | (129)                              |   | (101) |
| Accounts payable and other current liabilities                                    |   | 1,102                                 |   | (574)                              |   | (233) |
| Net cash provided by operating activities                                         |   | 3,425                                 |   | 51                                 |   | 2,658 |
| INVESTING ACTIVITIES                                                              |   |                                  |   |                               |   |   |
| Capital expenditures excluding equipment                                          |   | (1,301)                               |   | (137)                              |   | (1,665) |
| Acquisition of equipment                                                          |   | (385)                                 |   | (67)                               |   | (615) |
| Proceeds from sale of equipment financed                                          |   | −                               |   | −                            |   | 368 |
| Construction costs for facility financing obligation                              |   | −                               |   | −                            |   | (36) |
| Partnership investment                                                            |   | (443)                                 |   | −                            |   | − |
| Other, net                                                                        |   | (252)                                 |   | 66                                 |   | (164) |
| Net cash used for investing activities                                            |   | (2,381)                               |   | (138)                              |   | (2,112) |
| FINANCING ACTIVITIES                                                              |   |                                  |   |                               |   |   |
| Proceeds from issuance of long-term debt                                          |   | −                               |   | −                            |   | 75 |
| Payments on long-term debt                                                        |   | (148)                                 |   | (29)                               |   | (172) |
| Proceeds from facility financing obligation                                       |   | −                               |   | −                            |   | 51 |
| Net (increase) decrease in intercompany notes receivable classified as equity     |   | (896)                                 |   | 110                                |   | (688) |
| Other, net                                                                        |   | −                               |   | −                            |   | (7) |
| Net cash (used for) provided by financing activities                              |   | (1,044)                               |   | 81                                 |   | (741) |
| Decrease in cash and cash equivalents                                             |   | −                               |   | (6)                                |   | (195) |
| Cash and cash equivalents:                                                        |   |                                  |   |                               |   |   |
| Beginning of period                                                               |   | 14                                    |   | 20                                 |   | 209 |
| End of period                                                                     | $      | 14                                    | $      | 14                                 | $ | 14 |
| SUPPLEMENTAL CASH FLOW INFORMATION                                                |   |                                  |   |                               |   |   |
| Interest paid, net of amounts capitalized                                         | $      | 85                                    | $      | 10                                 | $ | 80 |
| Income taxes paid, net of refunds                                                 | $      | 348                                   | $      | −                            | $ | 443 |
| Non-cash asset financing                                                          | $      | 29                                    | $      | 8                                  | $ | 464 |

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|  Predecessor                                                                          |   | Common Stockand Paid-inCapital |    | RetainedEarnings |    |   Inter-CompanyNotesReceivable |   | AccumulatedOtherComprehensiveLoss |    | TotalStockholder’sEquity |
|--------------------------------------------------------------------------------------------|--------|--------------------------------|---------|------------------|---------|-------------------------------------|--------|-----------------------------------|---------|--------------------------------|
| Balance at December 31, 2009                                                               |   | $                              | 6,331   |             | $       | 14,866                              |   | $                                 | (948)   |                           | $  | (501) |   | $ |     19,748 |
| Change in intercompany notes receivable                                                    |   |                           | – |             |    | –                             |   |                              | 110     |                           |   | – |   |   | 110 |
| Comprehensive income:                                                                      |   |                           |    |             |    |                                |   |                              |    |                           |   |   |   |   |   |
| Net income                                                                                 |   |                           | – |             |    | 282                                 |   |                              | – |                           |   | – |   |   | 282 |
| Change in unrecognized prior service credit and actuarial losses, net of tax expense of $1 |   |                           | – |             |    | –                             |   |                              | – |                           |   | 2 |   |   | 2 |
| Change in fuel/interest hedge mark-to-market, net of tax benefit of $28                    |   |                           | – |             |    | –                             |   |                              | – |                           |   | (45) |   |   | (45) |
| Change in other comprehensive income of equity method investees                            |   |                           | – |             |    | –                             |   |                              | – |                           |   | 2 |   |   | 2 |
|         Total comprehensive income                 |   |                           |    |             |    |                                |   |                              |    |                           |   |   |   |   | 241 |
| Balance at February 12, 2010                                                               |   | $                              | 6,331   |             | $  | 15,148                              |   |  $                           | (838)   |                           | $  | (542) |   | $ |     20,099 |
|                                                                                       |   |

|  Successor                                                            |   | Common Stockand Paid-inCapital |    | RetainedEarnings |    |   Inter-CompanyNotesReceivable |   | AccumulatedOtherComprehensiveIncome |    | TotalStockholder’sEquity |
|----------------------------------------------------------------------------|--------|--------------------------------|---------|------------------|---------|-------------------------------------|--------|-------------------------------------|---------|--------------------------------|
| Balance at February 12, 2010                                               |   | $                              | – |             | $  | –                             |   |  $                             | (838)   |                           | $  | – |   | $ | (838) |
| Net contribution from Berkshire Hathaway Inc.                              |   |                           | 42,919  |             |    | –                             |   |                                | – |                           |   | – |   |   | 42,919 |
| Capital contribution from Burlington Northern Santa Fe, LLC                |   |                           | 1       |             |    | –                             |   |                                | – |                           |   | – |   |   | 1  |
| Change in intercompany notes receivable                                    |   |                           | – |             |    | –                             |   |                                | (896)   |                           |   | – |   |   | (896) |
| Comprehensive income:                                                      |   |                           |    |             |    |                                |   |                                |    |                           |   |   |   |   |   |
| Net income                                                                 |   |                           | – |             |    | 1,771                               |   |                                | – |                           |   | – |   |   | 1,771 |
| Change in fuel/interest hedge mark-to-market, net of tax expense of $8     |   |                           | – |             |    | –                             |   |                                | – |                           |   | 14 |   |   | 14 |
| Change in other comprehensive income of equity method investees            |   |                           | – |             |    | –                             |   |                                | – |                           |   | (1) |   |   | (1) |
|         Total comprehensive income |   |                           |    |             |    |                                |   |                                |    |                           |   |   |   |   | 1,784 |
| Balance at September 30, 2010                                              |   | $                              | 42,920  |             | $  | 1,771                               |   |  $                             | (1,734) |                           | $  | 13 |   | $ |     42,970 |
|                                                                       |   |                           |    |             |    |                                |   |                                |    |                           |   |   |   |   |   |

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| Assets                                   |   |   |   |   | Liabilities and net assets acquired              |   |   |   |
|------------------------------------------|--------|--------|--------|--------|--------------------------------------------------|--------|--------|--------|
| Cash and cash equivalents                |   | $      | 14     |   | Accounts payable and other current liabilities   |   | $      | 2,197  |
| Accounts receivable, net                 |   |   | 829    |   | Long-term debt due within one year               |   |   | 342    |
| Materials and supplies                   |   |   | 629    |   | Long-term debt                                   |   |   | 2,326  |
| Current portion of deferred income taxes |   |   | 202    |   | Deferred income taxes                            |   |   | 13,696 |
| Other current assets                     |   |   | 272    |   | Intangible liabilities, net                      |   |   | 2,056  |
| Property and equipment, net              |   |   | 43,970 |   | Casualty and environmental liabilities           |   |   | 928    |
| Goodwill                                 |   |   | 14,803 |   | Pension and retiree health and welfare liability |   |   | 865    |
| Intangible assets, net                   |   |   | 2,018  |   | Other liabilities                                |   |   | 492    |
| Other assets                             |   |   | 2,246  |   | Intercompany notes receivable                    |   |   | (838)  |
|                                     |   |   |   |   | Net assets acquired                              |   |   | 42,919 |
| Total assets                             |   | $      | 64,983 |   | Total liabilities and net assets acquired        |   | $      | 64,983 |
|                                     |   |   |   |   |                                             |   |   |   |

|       |   | Nine Months Ended September 30,  |
|------------|--------|---------------------------------------|
|       |   |  2010                            |   | 2009  |
| Revenues   |   | $                                     | 12,199 |   | $ | 10,413 |
| Net income |   | $                                     | 2,088 |   | $ | 1,513 |

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|                            |   |   | Successor         |   |   | Predecessor      |   |
|---------------------------------|--------|--------|-------------------|--------|--------|------------------|--------|
|                            |   |   | September 30,2010 |   |   | December 31,2009 |   |
| Short-term derivative asset     |   | $      | 26                |   | $      | 20               |   |
| Long-term derivative asset      |   |   | 17                |   |   | 40               |   |
| Short-term derivative liability |   |   | (19               | )      |   | (25              | )      |
| Long-term derivative liability  |   |   | (3                | )      |   | (12              | )      |
| Total derivatives               |   | $      | 21                |   | $      | 23               |   |

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| Fair Value of Derivative Instruments                                           |
|--------------------------------------------------------------------------------|
| Asset Derivatives                                                              |
|                                                                           |   |   |   |   |   |   |   |   |
|                                                                           |   | Successor |   | Predecessor |   |   |
|                                                                           |   | September 30,2010 |   | December 31,2009 |   | Balance SheetLocation |
|                                                                           |   |   |   |   |   |   |   |   |
| Asset derivatives designated as hedging instruments under ASC 815-20           |   |   |   |   |   |   |   |   |
| Fuel contracts                                                                 |   | $ | 27  |   | $ | 20 |   | Other current assets |
| Fuel contracts                                                                 |   |   | 17  |   |   | 40 |   | Other assets |
| Fuel contracts                                                                 |   |   | −  |   |   | 10 |   | Accounts payable and other current liabilities |
| Fuel contracts                                                                 |   |   | −  |   |   | 3 |   | Other liabilities |
| Total asset derivatives designated as hedging instruments under ASC 815-20     |   | $ | 44  |   | $ | 73 |   |   |
|                                                                           |   |   |   |   |   |   |   |   |
| Asset derivatives not designated as hedging instruments under ASC 815-20       |   |   |   |   |   |   |   |   |
| Fuel contracts                                                                 |   | $ | 1  |   | $ | − |   | Other current assets |
| Fuel contracts                                                                 |   |   | 1  |   |   | − |   | Accounts payable and other current liabilities |
| Fuel contracts                                                                 |   |   | 1  |   |   | − |   | Other liabilities |
| Total asset derivatives not designated as hedging instruments under ASC 815-20 |   | $ | 3  |   | $ | − |   |   |
|                                                                           |   |   |   |   |   |   |   |   |
| Total asset derivatives                                                        |   | $ | 47  |   | $ | 73 |   |   |

| Liability Derivatives                                                          |
|--------------------------------------------------------------------------------|
|                                                                           |   |   |   |   |   |   |   |   |
|                                                                           |   | Successor |   | Predecessor |   |   |
|                                                                           |   | September 30,2010 |   | December 31,2009 |   | Balance SheetLocation |
|                                                                           |   |   |   |   |   |   |   |   |
| Liability derivatives designated as hedging instruments under ASC 815-20       |   |   |   |   |   |   |   |   |
| Fuel contracts                                                                 |   | $ | 2  |   | $ | − |   | Other current assets |
| Fuel contracts                                                                 |   |   |  20  |   |   | 35 |   | Accounts payable and other current liabilities |
| Fuel contracts                                                                 |   |   | 4  |   |   | 15 |   | Other liabilities |
| Total liability derivatives designated as hedging instruments under ASC 815-20 |   | $ | 26  |   | $ | 50 |   |   |
|                                                                           |   |   |   |   |   |   |   |   |
| Total liability derivatives                                                    |   | $ | 26  |   | $ | 50 |   |   |

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| The Effects of Derivative Instruments Gains and Lossesfor the Three Month Periods Ended September 30, 2010 and 2009 |
|---------------------------------------------------------------------------------------------------------------------|

|              |   | Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) |
|-------------------|--------|-------------------------------------------------------------------------------|
|              |   | Successor                                                                     |   | Predecessor |
|              |   | 2010                                                                          |   | 2009 |
| Fuel Contracts    | $      | 26                                                                            | $ | (20) |
| Total derivatives | $      | 26                                                                            | $ | (20) |

|              |   |                                 |   | Amount of Gain or (Loss) Recognized from AOCI into Income(Effective Portion) |
|-------------------|--------|--------------------------------------|--------|------------------------------------------------------------------------------|
|              |   | Location of Gainor (Loss) Recognized |   | Successor                                                                    |   | Predecessor |
|              |   | from AOCI into Income                |   | 2010                                                                         |   | 2009 |
| Fuel Contracts    |   | Fuel expense                         | $      | −                                                                      | $ | (38) |
| Total derivatives |   |                                 | $      | −                                                                      | $ | (38) |

|              |   |                                  |   | Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)a |
|-------------------|--------|---------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------|
|              |   | Location of Gain or (Loss) Recognized |   | Successor                                                                                                                          |   | Predecessor |
|              |   | in Income on Derivatives              |   | 2010                                                                                                                               |   | 2009 |
| Fuel Contracts    |   | Fuel expense                          | $      | 11                                                                                                                                 | $ | 3 |
| Total derivatives |   |                                  | $      | 11                                                                                                                                 | $ | 3 |

|              |   |                                  |   | Amount of Gain or (Loss) Recognized in Income on Derivatives |
|-------------------|--------|---------------------------------------|--------|--------------------------------------------------------------|
|              |   | Location of Gain or (Loss) Recognized |   | Successor                                                    |   | Predecessor |
|              |   | in Income on Derivatives              |   | 2010                                                         |   | 2009 |
| Fuel Contracts    |   | Fuel expense                          | $      | 5                                                            | $ | − |
| Total derivatives |   | $                                     | 5      | $                                                            | − |

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| The Effects of Derivative Instruments Gains and Losses for the PeriodsFebruary 13 – September 30, 2010 (Successor), January 1 – February 12, 2010 (Predecessor)and the Nine Months Ended September 30, 2009 (Predecessor) |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|              |   | Amount of Gain or (Loss) Recognized in OCIon Derivatives (Effective Portion) |
|-------------------|--------|------------------------------------------------------------------------------|
|              |   | Successor                                                                    |   | Predecessor |
|              |   | February 13 –September 30, 2010                                        |   | January 1 –February 12, 2010 |   | Nine Months Ended September 30, 2009 |
| Fuel Contracts    | $      | 36                                                                           | $ | (79) | $ | 152 |
| Total derivatives | $      | 36                                                                           | $ | (79) | $ | 152 |

|              |                                                       |   | Amount of Gain or (Loss) Recognized fromAOCI into Income(Effective Portion) |
|-------------------|------------------------------------------------------------|--------|-----------------------------------------------------------------------------|
|              |                                                       |   | Successor                                                                   |   | Predecessor |
|              | Location of Gain or(Loss) Recognized from AOCI into Income |   | February 13 –September 30, 2010                                       |   | January 1 – February 12, 2010 |   | Nine Months Ended September 30, 2009 |
| Fuel Contracts    | Fuel expense                                               | $      | 14                                                                          | $ | (6) | $ | (204) |
| Total derivatives |                                                       | $      | 14                                                                          | $ | (6) | $ | (204) |

|              |                                                          |   | Amount of Gain or (Loss) Recognized inIncome on Derivatives (Ineffective Portion andAmount Excluded from Effectiveness Testing)a |
|-------------------|---------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|              |                                                          |   | Successor                                                                                                                        |   | Predecessor |
|              | Location of Gain or(Loss) Recognized in Income on Derivatives |   | February 13 –September 30, 2010                                                                                            |   | January 1 – February 12, 2010 |   | Nine Months Ended September 30, 2009 |
| Fuel Contracts    | Fuel expense                                                  | $      | 12                                                                                                                               | $ | (7) | $ | 19 |
| Total derivatives |                                                          | $      | 12                                                                                                                               | $ | (7) | $ | 19 |

|              |                                                                |   | Amount of Gain or (Loss) Recognized inIncome on Derivatives |
|-------------------|---------------------------------------------------------------------|--------|-------------------------------------------------------------|
|              |                                                                |   | Successor                                                   |   | Predecessor |
|              |  Location of Gain or(Loss) Recognized in Income on Derivatives |   | February 13 –September 30, 2010                       |   | January 1 – February 12, 2010 |   | Nine Months Ended September 30, 2009 |
| Fuel Contracts    | Fuel expense                                                        | $      | 6                                                           | $ | − | $ | − |
| Total derivatives |                                                                | $      | 6                                                           | $ | − | $ | − |

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|              |   | Successor                             |    | Predecessor                         |
|-------------------|--------|---------------------------------------|---------|-------------------------------------|
|              |   | February 13 –September 30, 2010 |    | January 1 – February 12, 2010 |   | Nine Months EndedSeptember 30, 2009 |
| Beginning balance |   | $                                     | − |                                | $ | − |   | $ | − |
| Additions         |   |                                  | 14,803  |                                |   | − |   |   | − |
| Ending balance    |   | $                                     | 14,803  |                                | $ | − |   | $ | − |

|                             |   | Successor                |   | Predecessor             |
|----------------------------------|--------|--------------------------|--------|-------------------------|
|                             |   | As of September 30, 2010 |   | As of December 31, 2009 |
|                             |   | Gross CarryingAmount     |   | AccumulatedAmortization |   | Gross CarryingAmount |   | AccumulatedAmortization |
|                             |   |                     |   |                    |   |   |   |   |   |   |   |   |
| Amortized intangible assets      |   | $                        | 2,013  |                    | $ | 204  |   | $ | − |   | $ | − |
| Amortized intangible liabilities |   | $                        | 2,056  |                    | $ | 191  |   | $ | − |   | $ | − |

|                                   |   | Successor                             |      | Predecessor                         |
|----------------------------------------|--------|---------------------------------------|-----------|-------------------------------------|
|                                   |   | February 13 –September 30, 2010 |      | January 1 – February 12, 2010 |   | Nine Months EndedSeptember 30, 2009 |
| Amortization of intangible assets      |   | $                                     | 204  |                                | $ | − |   | $ | − |
| Amortization of intangible liabilities |   | $                                     | 191  |                                | $ | − |   | $ | − |

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|              |   | Amortization ofintangible assets |   | Amortization ofintangible liabilities |
|-------------------|--------|----------------------------------|--------|---------------------------------------|
| Remainder of 2010 |   | $                                | 77     |                                  | $ | 75 |
| 2011              |   | $                                | 307    |                                  | $ | 293 |
| 2012              |   | $                                | 307    |                                  | $ | 282 |
| 2013              |   | $                                | 307    |                                  | $ | 252 |
| 2014              |   | $                                | 307    |                                  | $ | 179 |

| 6. | Other Assets |
|----|--------------|

| Unamortized investment balanceclassified as Other Assets |   | Remainingcommitments classifiedas Other Liabilities |   | Maximumexposure to loss |
|---------------------------------------------------------------|--------|-----------------------------------------------------|--------|-------------------------|
| $                                                             | 577    |                                                | $      | 148                     |   | $ | 577 |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Guarantees                      |   |                      |   |                   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|---------------------------|--------|------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | BNSF RailwayOwnershipPercentage |   | PrincipalAmountGuaranteed |   | MaximumFuture Payments |   | MaximumRecourseAmounta |   | RemainingTerm(in years) |   | CapitalizedObligations |   |
| Kinder Morgan Energy Partners, L.P.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 0.5%                            |   | $                         | 190    |                   | $ | 190 |   | $ | – |   | Termination of Ownership |   | $ | 2 | b |
| Chevron Phillips Chemical Company, LP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 0.0%                            |   |                      | N/Ad   |                   |   | N/Ad |   |   | N/Ad |   | 7 |   | $ | 11 | c |
| All other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 0.0%                            |   | $                         | 2      |                   | $ | 2 |   | $ | – |   | Various |   | $ | – |   |
| a Reflects the maximum amount the Company could recover from a third party other than the counterparty.b Reflects capitalized obligations that are recorded on the Company’s Consolidated Balance Sheet.c Reflects the asset and corresponding liability for the fair value of these guarantees required by authoritative accounting guidance related to guarantees.d There is no cap to the liability that can be sought from BNSF Railway for BNSF Railway’s negligence or the negligence of the indemnified party. However, BNSF Railway could receive reimbursement from certain insurance policies if the liability exceeds a certain amount. |

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|              |   | Three Months Ended September 30, |   |
|-------------------|--------|----------------------------------|--------|
|              |   | Successor                   |   | Predecessor  |   |
|              |   |  2010                       |   | 2009  |   |
| Beginning balance |   | $                                | 626    |   |   | $ | 680 |   |
| Accruals          |   |                             | 4      |   |   |   | 22 |   |
| Payments          |   |                             | (23    | ) |   |   | (31 | ) |
| Ending balance    |   | $                                | 607    |   |   | $ | 671 |   |

|              |   | Successor                             |   | Predecessor                         |   |
|-------------------|--------|---------------------------------------|--------|-------------------------------------|--------|
|              |   | February 13 –September 30, 2010 |   | January 1 – February 12, 2010 |   | Nine Months EndedSeptember 30, 2009 |   |
| Beginning balance |   | $                                     | 664    |                                |   | $ | 632 |   | $ | 693 |   |
| Accruals          |   |                                  | 18     |                                |   |   | 10 |   |   | 76 |   |
| Payments          |   |                                  | (75    | )                                   |   |   | (9 | ) |   | (98 | ) |
| Ending balance    |   | $                                     | 607    |                                |   | $ | 633 |   | $ | 671 |   |

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|              |   | Three Months Ended September 30, |   |
|-------------------|--------|----------------------------------|--------|
|              |   | Successor                   |   | Predecessor  |   |
|              |   | 2010                        |   |  2009 |   |
| Beginning balance |   | $                                | 493    |   |   | $ | 529 |   |
| Accruals          |   |                             | 37     |   |   |   | 32 |   |
| Payments          |   |                             | (26    | ) |   |   | (24 | ) |
| Ending balance    |   | $                                | 504    |   |   | $ | 537 |   |

|              |   | Successor                             |   | Predecessor                         |   |
|-------------------|--------|---------------------------------------|--------|-------------------------------------|--------|
|              |   | February 13 –September 30, 2010 |   | January 1 – February 12, 2010 |   | Nine Months EndedSeptember 30, 2009 |   |
| Beginning balance |   | $                                     | 514    |                                |   | $ | 517 |   | $ | 546 |   |
| Accruals          |   |                                  | 43     |                                |   |   | 6 |   |   | 60 |   |
| Payments          |   |                                  | (53    | )                                   |   |   | (9 | ) |   | (69 | ) |
| Ending balance    |   | $                                     | 504    |                                |   | $ | 514 |   | $ | 537 |   |

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|                           |   | Pension Benefits                 |
|--------------------------------|--------|----------------------------------|
|                           |   | Three Months Ended September 30, |
|                           |   | Successor                        |   | Predecessor |
| Net Cost                       |   | 2010                             |   | 2009 |
| Service cost                   |   | $                                | 8 |   | $ | 7 |
| Interest cost                  |   |                             | 27 |   |   | 25 |
| Expected return on plan assets |   |                             | (34) |   |   | (27) |
| Amortization of net loss       |   |                             | – |   |   | 7 |
| Net cost recognized            |   | $                                | 1 |   | $ | 12 |

|                           |   | Pension Benefits                     |
|--------------------------------|--------|--------------------------------------|
|                           |   | Successor                            |   | Predecessor |
| Net Cost                       |   | February 13 –September 30,2010 |   | January 1 – February 12, 2010 |   | Nine Months Ended September 30, 2009 |
| Service cost                   |   | $                                    | 20 |   | $ | 3 |   | $ | 21 |
| Interest cost                  |   |                                 | 68 |   |   | 12 |   |   | 76 |
| Expected return on plan assets |   |                                 | (74) |   |   | (14) |   |   | (80) |
| Amortization of net loss       |   |                                 | – |   |   | 4 |   |   | 19 |
| Net cost recognized            |   | $                                    | 14 |   | $ | 5 |   | $ | 36 |

|                                 |   | Retiree Health andWelfare Benefits |
|--------------------------------------|--------|------------------------------------|
|                                 |   | Three Months Ended September 30,   |
|                                 |   | Successor                          |   | Predecessor |
| Net Cost                             |   | 2010                               |   | 2009 |
| Service cost                         |   | $                                  | – |   | $ | 1 |
| Interest cost                        |   |                               | 4 |   |   | 4 |
| Amortization of prior service credit |   |                               | – |   |   | (1) |
| Net cost recognized                  |   | $                                  | 4 |   | $ | 4 |

|                                 |   | Retiree Health and Welfare Benefits  |
|--------------------------------------|--------|--------------------------------------|
|                                 |   | Successor                            |   | Predecessor |
| Net Cost                             |   | February 13 –September 30,2010 |   | January 1 – February 12, 2010 |   | Nine Months Ended September 30, 2009 |
| Service cost                         |   | $                                    | 1 |   | $ | – |   | $ | 2 |
| Interest cost                        |   |                                 | 9 |   |   | 2 |   |   | 11 |
| Amortization of net loss             |   |                                 | – |   |   | – |   |   | 1 |
| Amortization of prior service credit |   |                                 | – |   |   | – |   |   | (4) |
| Net cost recognized                  |   | $                                    | 10 |   | $ | 2 |   | $ | 10 |

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|                                                                                                              |   | Three Months Ended September 30, |
|-------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|
|                                                                                                              |   | Successor                        |   | Predecessor |
|                                                                                                              |   | 2010                             |   | 2009 |
| Net income                                                                                                        | $      | 774                              | $ | 546 |
| Other comprehensive income:                                                                                       |   |                             |   |   |
|     Change in unrecognized prior service credit and actuarial losses, net of tax (see Note 9) |   | –                          |   | 3 |
| Change in fuel/interest hedge mark-to-market, net of tax (see Note 3)                                             |   | 17                               |   | 8 |
| Change in other comprehensive income of equity method investees                                                   |   | (1)                              |   | 1 |
| Total comprehensive income                                                                                        | $      | 790                              | $ | 558 |

|                                                                                                              |   | Successor                             |   | Predecessor                        |
|-------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|------------------------------------|
|                                                                                                              |   | February 13 –September 30, 2010 |   | January 1 –February 12, 2010 |   | Nine MonthsEnded September30, 2009 |
| Net income                                                                                                        | $      | 1,771                                 | $      | 282                                | $ | 1,394 |
| Other comprehensive income:                                                                                       |   |                                  |   |                               |   |   |
|     Change in unrecognized prior service credit and actuarial losses, net of tax (see Note 9) |   | –                               |   | 2                                  |   | 9 |
| Change in fuel/interest hedge mark-to-market, net of tax (see Note 3)                                             |   | 14                                    |   | (45)                               |   | 208 |
| Change in other comprehensive income of equity method investees                                                   |   | (1)                                   |   | 2                                  |   | 1 |
| Total comprehensive income                                                                                        | $      | 1,784                                 | $      | 241                                | $ | 1,612 |

|                                                                            |   | Successor         |    | Predecessor      |   |
|---------------------------------------------------------------------------------|--------|-------------------|---------|------------------|--------|
|                                                                            |   | September 30,2010 |    | December 31,2009 |   |
| Unrecognized prior service credit and actuarial losses, net of tax (see Note 9) |   | $                 | – |             |   | $ | (500 | ) |
| Fuel/interest hedge mark-to-market, net of tax (see Note 3)                     |   |              | 14      |             |   |   | 5 |   |
| Accumulated other comprehensive loss of equity method investees                 |   |              | (1      | )                |   |   | (6 | ) |
| Total accumulated other comprehensive income (loss)                             |   | $                 | 13      |             |   | $ | (501 | ) |

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Item 2.    Management’s Narrative Analysis of Results of Operations.

|                     |          | Revenues(in millions)                |          | Cars / Units (in thousands)       |
|--------------------------|---------------|--------------------------------------|---------------|-----------------------------------|
|                     |          | Successor                            |          | Predecessor                       |   | Successor |   | Predecessor |
|                     |          | February 13 –September 30,2010 |          | January 1 –February 12,2010 |   | Nine MonthsEnded September 30,2009 |   | February 13 –September 30,2010 |   | January 1 –February 12,2010 |   | Nine MonthsEnded September 30,2009 |
| Consumer Products        | $   | 3,159                           | $   | 515                               | $   | 3,176 |   | 2,713  |   | 453 |   | 2,912 |
| Coal                     |          | 2,734                           |          | 442                               |   | 2,678 |   | 1,522  |   | 259 |   | 1,820 |
| Industrial Products      |          | 2,230                           |          | 352                               |   | 2,152 |   | 908  |   | 139 |   | 888 |
| Agricultural Products    |          | 2,115                           |          | 417                               |   | 2,012 |   | 651  |   | 126 |   | 686 |
| Total Freight Revenues   |          | 10,238                          |          | 1,726                             |   | 10,018 |   | 5,794  |   | 977 |   | 6,306 |
| Other Revenues           |          | 160                             |          | 42                                |   | 189 |   |   |   |   |   |   |
| Total Operating Revenues | $   | 10,398                          | $   | 1,768                             | $   | 10,207 |   |   |   |   |   |   |

|                   |          | Average Revenue Per Car / Unit       |
|------------------------|---------------|--------------------------------------|
|                   |          | Successor                            |   | Predecessor |
|                   |          | February 13 –September 30,2010 |   | January 1 –February 12,2010 |   | Nine MonthsEndedSeptember30,2009 |
| Consumer Products      | $   | 1,164                           | $   | 1,137 | $   | 1,091 |
| Coal                   |          | 1,796                           |   | 1,707 |   | 1,471 |
| Industrial Products    |          | 2,456                           |   | 2,532 |   | 2,423 |
| Agricultural Products  |          | 3,249                           |   | 3,310 |   | 2,933 |
| Total Freight Revenues | $   | 1,767                           | $   | 1,767 | $   | 1,589 |

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|                         |          | Successor                                             |   | Predecessor                       |
|------------------------------|---------------|-------------------------------------------------------|--------|-----------------------------------|
|                         |          | February 13 –September 30,2010                  |   | January 1 –February 12,2010 |   | Nine MonthsEnded September 30,2009 |
|                         |          |                                                  |   |                              |   |   |
| Total fuel expense a         | $   | 1,840                                                 | $      | 329                               | $ | 1,729 |
| BNSF Railway fuel surcharges | $   |         1,230 | $      | 192                               | $ | 859 |

| §   | Sale of a line segment in the State of Washington was completed, resulting in a gain to materials and other expenses of $74 million. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| §   | Consumer Products revenues included improvements in international intermodal, domestic intermodal and automotive unit volumes, as well as improved yields. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Coal revenues reflected improved yields on flat volumes. The first nine months of 2009 included a $66 million loss in excess of amounts previously accrued related to an unfavorable coal rate case decision during the first quarter of 2009, partially offset by a $22 million favorable coal rate case decision. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Industrial Products revenues included increased unit volumes primarily due to increased demand in construction products. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| §   | Agricultural Products revenues reflected higher unit volumes due to increased grain shipments and improved fertilizer and ethanol loadings, as well as improved yields. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Increased fuel surcharges per unit, primarily due to increased fuel prices, impacted revenue in each of the business units. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

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| §   | Increased unit volumes, wage inflation, higher health and welfare expenses, merger-related stock-based compensation adjustments and improved performance against targets related to incentive compensation and profit sharing, which cover all non-union and about one quarter of union employees, all contributed to increased compensation and benefits expenses. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Higher fuel prices increased fuel expenses, partially offset by a higher loss from closed fuel derivatives in the first nine months of 2009. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| §   | New intangible asset amortization resulting from the application and amortization of acquisition method accounting increased depreciation and amortization expenses. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Higher volume-related costs increased purchased services expenses. |
|--------------------|--------------------------------------------------------------------|

| §   | There were no significant changes in the underlying trends for materials and other expenses or equipment rents expenses. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| §   | Interest expense included the impact of merger-related adjustments resulting from the application of acquisition method accounting, which decreased the expense. In the first nine months of 2009, interest expense included $8 million of expense related to an unfavorable coal rate case decision. Favorable tax settlements also impacted interest expense for the first nine months of 2009. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The effective tax rate for the period of February 13 – September 30, 2010, was 36.2 percent, compared with 38.0 percent for the nine months ended September 30, 2009. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Item 4.    Controls and Procedures.

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Item 6.    Exhibits.

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SIGNATURES

|   | BNSF Railway Company(Registrant) |
|--------|----------------------------------|
|   |                             |   |   |
|   | By:                              |   | /s/    Thomas N. Hund          |
|   |                             |   | Thomas N. HundExecutive Vice President and Chief Financial Officer(On behalf of the Registrant andas principal financial officer) |

| Date:  November 5, 2010 |
|-----------------------------------|

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Exhibit Index

|   |   |   |                                                                                                           |   | Incorporated by Reference(if applicable) |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|
|   |   |   | Exhibit Number and Description                                                                                 |   | Form                                     | File Date | File No. | Exhibit |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 3.1    |   | Restated Certificate of Incorporation of BNSF Railway Company, dated January 17, 2005.                         |   | 10-Q                                     | 7/26/2005 | 001-06324 | 3.1 |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 3.2    |   | By-Laws of BNSF Railway Company, as amended August 30, 2005.                                                   |   | 10-Q                                     | 10/25/2005 | 001-06324 | 3.1 |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 12.1   |   | Computation of Ratio of Earnings to Fixed Charges.*                                                            |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 31.1   |   | Principal Executive Officer’s Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 31.2   |   | Principal Financial Officer’s Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 32.1   |   | Certification Pursuant to 18 U.S.C. § 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).*              |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |

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