BNSF Railway must narrow the operating-ratio gap with other Class I railroads, stated new Berkshire Hathaway Chief Executive Greg Abel in his first annual letter to shareholders on Saturday. Abel noted that BNSF continues to perform well in terms of safety and has enhanced its efficiency and service. He elaborated, 'In 2025, shipments spent less time idling at terminals and moved through the network faster than in nearly any year in the company’s history.' However, he stressed that these operational improvements are insufficient and more progress is needed to translate them into stronger financial results. Abel considers operating margin, the inverse of the industry’s operating ratio, as the best performance metric. In 2025, BNSF's operating margin rose to 34.5% from 32.0% in 2024, but it remained only slightly above its five-year average. Greg Abel assumed leadership of Berkshire Hathaway from founder Warren Buffett in January.