[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Walmart Inc. (WMT) Form 4 summary: The reporting person, Douglas C. McMillon, President and CEO, reported an open-market sale of 19,416 shares of Walmart common stock on 09/25/2025 under a Rule 10b5-1 plan. The weighted-average sale price was $103.2132, with individual trades ranging from $103.14 to $103.35. Following the reported transaction(s), the filing shows various holdings across plans and trusts, including 4,373,575.788 shares attributed to the issuer’s 2016 Associate Stock Purchase Plan and additional holdings noted in 401(k), trusts for children, marital and wife trusts, and a son. The sale was executed pursuant to a previously disclosed 10b5-1 trading plan.

Positive

• Sale executed under a disclosed Rule 10b5-1 plan, indicating prearranged trading during an open window
• Filing reconciles holdings across the 2016 Associate Stock Purchase Plan and 401(k), showing transparency about plan-held shares

Negative

• Insider sale of 19,416 shares reduces the reporting person’s direct holdings
• Form 4 shows multiple indirect holdings (trusts and plans) which can complicate aggregation of beneficial ownership

Insights

Corporate Governance Expert

TL;DR: CEO executed a preplanned Rule 10b5-1 sale of 19,416 shares at a weighted average of $103.21; holdings remain extensive.

The filing documents a routine insider disposition executed under an established Rule 10b5-1 trading plan, which reduces potential concern about opportunistic timing because the plan was adopted during an open trading window and previously disclosed. The reported weighted-average price and the range of trade prices are provided, and the filing also itemizes substantial remaining holdings across company purchase plans and family trusts. This is a disclosure of standard insider liquidity activity rather than a change in role or control.

Securities Analyst

TL;DR: Small proportionate sale relative to total reported holdings; transaction documented under 10b5-1 plan.

The sale of 19,416 shares is clearly documented with execution prices and is identified as executed in multiple trades. The report adjusts balances for shares held in the 2016 Associate Stock Purchase Plan and the Walmart 401(k) Plan, indicating the filing reconciles plan-held positions. There is no indication of additional derivative activity or change in officer status. From an investor-disclosure perspective, this is a routine Form 4 reporting an insider liquidity event under a prearranged plan.

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).

1. Name and Address of Reporting Person^*

McMillon C Douglas

(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)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/25/2025

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	09/25/2025		S		19,416(1)	D	$103.2132	4,373,575.788(2)	D
Common								5,773.8663(3)	I	By 401(k)
Common								415,203	I	By Trust for Children
Common								57,270	I	By Wife's Trust for Children
Common								173,466	I	By Marital Trust
Common								5,233	I	By Trust for Wife
Common								6,777	I	By Son
Common								395,970	I	By Wife's Trust for Children and Reporting Person

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 $103.14 to $103.35, inclusive. The price reported above represents the weighted average sale 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 to reflect current shares held in 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	09/26/2025
	** 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 did Douglas C. McMillon (WMT) report on Form 4?

He reported a sale of 19,416 shares of Walmart common stock on 09/25/2025 executed under a Rule 10b5-1 plan at a weighted-average price of $103.2132.

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 during an open trading window and previously disclosed by the issuer.

How were the trade prices reported?

The filing reports the sale executed in multiple trades with prices ranging from $103.14 to $103.35, and lists a weighted-average price of $103.2132.

What holdings does the Form 4 show after the sale?

The filing reports 4,373,575.788 shares tied to the Walmart 2016 Associate Stock Purchase Plan and additional indirect holdings in a 401(k), various trusts for children, marital and wife trusts, and a son.

Did the Form 4 disclose any derivative transactions?

No. Table II for derivative securities contains no reported transactions or holdings in this filing.