Bill Gates’s Stock Portfolio: Top 15 Stock Picks

11. Waste Connections, Inc. (NYSE:WCN)

Bill Gates’s Stake: $401,293,956

Number of Hedge Fund Holders: 43

Share Price Return Between July 1 and November 3: -10.82%

Representing 0.84% of Bill Gates’s stock portfolio, Waste Connections, Inc. (NYSE:WCN) is one of his top 15 stock picks.

On October 23, 2025, UBS increased its price target on Waste Connections, Inc. (NYSE:WCN) from $190 to $195, reiterating its “Neutral” rating.

While adjusting its 2025-2027 annual adjusted EBITDA forecasts to $3.12 billion, $3.36 billion, and $3.70 billion, respectively, UBS attributed its upward revision to Waste Connections, Inc. (NYSE:WCN)’s steady execution and resilient fundamentals following its Q3 results. With smaller operators facing economic pressures that may unlock attractive acquisition targets, the investment firm pointed toward potential upside from incremental M&A activity.

In its Q3 2025 results, Waste Connections Inc. (NYSE:WCN) reported revenue of $2.46 billion, which was an increase from $2.34 billion a year earlier. With adjusted EBITDA rising to $830.3 million, the company believed it was in line with its 2025 guidance, signaling consistency and disciplined cost management.

Operating across the U.S. and Canada, Waste Connections, Inc. (NYSE:WCN) offers non-hazardous waste collection, transfer, and disposal services.