On December 31st, 2025, Warren Buffett officially stepped down, closing the book on a 60-year run that built the most unique conglomerate in history. But while the financial press is writing eulogies for the “Oracle,” those of us in logistics need to look at the guy who just picked up the headset: Greg Abel.

For freight, the legacy is simple: Buffett bet tens of billions on real‑world assets like BNSF and Pilot, not apps. Now Greg Abel steps in as the new head coach, and one of the biggest questions is how he’ll use Pilot—the 900‑location fuel and services network that now sits fully inside Berkshire’s playbook.

What Abel May Do Differently

Greg Abel comes from Berkshire Hathaway Energy, where he spent decades optimizing large, capital‑intensive networks under regulatory and cost pressure, and he’s already been vocal that “there’s a lot to be done” to improve operations at BNSF. That mindset likely carries straight into Pilot: more focus on operating metrics per site, tighter capital allocation for remodels and new builds, and sharper integration between Pilot’s network, BNSF freight flows, and Berkshire’s broader energy footprint.

If Buffett was the General Manager sitting in the luxury box—trusting his stars to play their game—Abel is the Head Coach on the sidelines, obsessing over the play clock and screaming about missed tackles.

The “Trust” era is over. The “Verification” era has begun.

Here is what that means for your supply chain in 2026.

BNSF: The Operating Ratio Crackdown

Buffett’s 2010 purchase of BNSF—valued at roughly $44 billion including assumed debt—was the largest deal in Berkshire history and a clear, long‑term bet on U.S. freight demand. He explicitly framed it as an “all‑in wager” on the economic future of the United States and on rail as backbone infrastructure, not a short‑term trade

Greg Abel is an operator, coming from the capital-intensive world of energy and utilities. He has made it clear he is not happy with BNSF’s performance relative to its peers.

* The Reality: In 2024, BNSF hovered around a 68% operating ratio (OR).

* The Competition: Union Pacific and others have pushed into the low 60s.

That gap represents billions in left-on-the-table value. Buffett might have tolerated it for the sake of long-term stability. Abel likely won’t. Expect BNSF to aggressively manage costs this year. Expect a push for “Precision Railroading 2.0”—cutting dwell times, sweating assets, and refusing to hold excess capacity “just in case.”

The Shipper Takeaway: If BNSF is your primary rail partner, expect tighter service windows and less leniency on accessorials. They are looking for efficiency, not favors.

Pilot: Margin over Volume

But rail isn’t the only Berkshire freight asset feeling the heat. Berkshire now owns 100% of Pilot Travel Centers. This isn’t just a truck stop chain anymore; it’s a massive energy distribution network with over 900 locations, moving 12 billion gallons of fuel annually.

Berkshire began buying into Pilot in 2017, taking 38.6%, then 80% by 2023, and finally closing out the last 20% in January 2024 to own 100%. That progression shows how Buffett thought about moat: own the rails that move the freight and the travel centers that fuel the trucks, and let compounding do the rest.

But revenue dipped in 2024 as fuel prices softened. Under Abel’s “verification” model, Pilot will be under pressure to increase the yield per visit.

* The Play: Expect a harder push into higher-margin services (EV charging, maintenance, factoring) to offset diesel volatility.

* The Network: Pilot is targeting 2,000 EV chargers at 500 locations by the end of this year. This is no longer an experiment; it’s an infrastructure play to capture the regional electric fleet market.

The Strategy Signal

The “Buffett Buffer” is gone. The new mandate from Omaha is efficiency.

* For Shippers: Don’t bank on legacy relationships. If you are negotiating rates, realize that every Berkshire asset is now under a microscope. Budget for tighter accessorial policies and reduced demurrage flexibility—BNSF won’t be absorbing costs to keep you happy anymore.

* For 3PLs: Watch the intermodal lanes out of the West Coast. If BNSF gets aggressive on pricing to fix its ratio, it will ripple through the truckload spot market fast. Think LA/Long Beach to Chicago—if BNSF undercuts Union Pacific by even 5%, that arbitrage opportunity could last weeks, not months.

Use the FreightFA Cost Estimate Tool to get actual, market-driven benchmarks for your lanes. Know your numbers before you make a call. FreightFA uses AI to turn rate data into decisions instantly. Stop guessing and start strategizing.

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