[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sale under prearranged plan: John R. Furner, Executive Vice President of Walmart Inc. (WMT), reported the sale of 13,125 common shares on 09/18/2025 executed pursuant to a Rule 10b5-1 plan. The disclosure states the sale occurred in multiple trades at prices ranging from $103.62 to $103.97, with a weighted average price of $103.7428. After the reported transactions, the filing shows 906,064.116 shares held directly (adjusted for the 2016 Associate Stock Purchase Plan) and 5,639.4454 shares held indirectly via the Walmart 401(k) plan. The filer notes willingness to provide full trade-level details upon request.

Positive

• Sale executed pursuant to a Rule 10b5-1 plan, indicating the transaction was prearranged and consistent with standard insider trading defenses
• Weighted average price and execution price range provided ($103.62 to $103.97; weighted average $103.7428), improving transparency
• Filer affirms willingness to provide full trade-level details to the issuer, security holders, or SEC staff upon request

Negative

• Reporting person disposed of 13,125 shares, reducing direct beneficial ownership
• Form shows a decrease in direct holdings reflected on the form without contextual company-related explanation

Insights

Corporate Governance Expert

TL;DR: An officer executed a small prearranged sale under a 10b5-1 plan; filing is routine and transparent.

The Form 4 reports a single Rule 10b5-1 plan-based sale of 13,125 shares by an executive officer. Use of a 10b5-1 plan indicates the transactions were pre-scheduled and likely intended to insulate the filer from concerns about trading on material nonpublic information. The filer discloses the weighted average price and the trade price range and affirms availability of detailed execution data on request, which enhances disclosure quality. No derivatives or additional material changes to ownership are reported.

Securities Analyst

TL;DR: The reported sale is modest relative to the disclosed direct holding and does not by itself signal material change.

The sale reduced direct holdings by 13,125 shares at a weighted average price of $103.7428. Post-transaction direct ownership is shown as 906,064.116 shares with an additional 5,639.4454 shares held indirectly through the 401(k). The filing specifies that some balance adjustments reflect employer plans, but it contains no information about intent, planned future trades, or any results impacting company fundamentals.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Furner John R.

(Last) (First) (Middle)

1 CUSTOMER DRIVE

(Street)

BENTONVILLE AR 72716

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Walmart Inc. [ WMT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common	09/18/2025		S		13,125(1)	D	$103.7428	906,064.116(2)	D
Common								5,639.4454(3)	I	By 401(k) plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This sale was executed pursuant to a Rule 10b5-1 Plan that was entered into by the Reporting Person during an open trading window and disclosed by the Issuer on Form 8-K on March 17, 2025. This sale was executed in multiple trades ranging from $103.62 to $103.97, inclusive. The price reported above represents the weighted average purchase price. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares and prices at which the transaction was effected.

2. Balance adjusted for shares acquired through the Walmart Inc. 2016 Associate Stock Purchase Plan.

3. Balance adjusted to reflect shares acquired through the Walmart 401(k) Plan.

Remarks:

	/s/ Dirk Gardner, by power of attorney	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did John R. Furner report for WMT on 09/18/2025?

He reported the sale of 13,125 common shares executed on 09/18/2025 pursuant to a Rule 10b5-1 trading plan.

At what price were the WMT shares sold in the reported Form 4?

The sales occurred in multiple trades at prices ranging from $103.62 to $103.97; the weighted average price was $103.7428.

How many WMT shares does John R. Furner hold after the reported transactions?

The Form 4 reports 906,064.116 shares held directly (adjusted for the 2016 Associate Stock Purchase Plan) and 5,639.4454 shares held indirectly via the Walmart 401(k) plan.

Was the sale part of a prearranged trading plan?

Yes. The filing states the sale was executed pursuant to a Rule 10b5-1 plan entered into during an open trading window and disclosed by the issuer.

Does the Form 4 disclose any derivative transactions or additional material changes?

No. Table II (derivatives) contains no reported transactions; only the non-derivative sale and post-transaction holdings are disclosed.