UNP vs BNSF Financial Results -- March 4, 2023

Updates

Later, 7:06 p.m. CT: after reviewing the rail network for both railroads -- UNP and BNSF -- UNP has the much better network. UNP beats BNSF in the following areas:

• UNP with southern Texas route to California; vs northern route for BNSF
• UNP has two rails across south to California; vs just one for BNSF
• UNP has two rails south-to-north (and vice versa, of course) through all of California vs one rail for BNSF
• UNP much, much more robust in Texas;
  

Original Post 

I've always considered UNP and BNSF (wholly-owned by BRK, Warren Buffett) as identical assets.

UNP: 4Q22 and full year 2022 results.

BNSF: annual letter, tax year 2022.