Berkshire Hathaway (BRK-B): Is BNSF Still a Strong Home for Reinvested Capital?

Berkshire Hathaway Inc. (NYSE:BRK-B) owns a railroad benefiting from tighter trucking capacity and stronger freight volumes. First-half 2026 earnings at Burlington Northern Santa Fe, LLC rose 9.5% to $2.94 billion. The investment question is how much cash survives the spending needed to keep that network competitive. Berkshire Hathaway Inc. (NYSE:BRK-B) carries a 23x forward P/E and a 13x trailing P/E. The first uses expected earnings; the second looks backward. Reported first-half profit included $11.44 billion of after-tax investment gains, mostly unrealized. Those market gains differ economically from cash earned hauling freight, illustrating why exceptional gains can flatter earnings power. Berkshire Hathaway Inc.