[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nicholas Christopher James, Executive Vice President of Walmart Inc. (WMT), reported a transaction dated 08/12/2025 on a Form 4 showing a disposition related to vested restricted stock. The filing shows 120.929 shares disposed (transaction code F) at a price of $103.93 per share. The report states the share reduction represents shares withheld to satisfy tax withholding obligations upon vesting, and that a portion of the remaining vested shares was deferred to a future date. After the reported transaction, the filing reports 573,702.567 shares beneficially owned by the reporting person. The Form 4 was signed by a power of attorney on 08/14/2025.

Positive

• Clear disclosure of the transaction date and nature of the disposition (tax withholding upon vesting).
• Significant remaining ownership reported: 573,702.567 shares beneficially owned after the transaction.

Negative

• Reduction in holdings of 120.929 shares, disclosed as a disposition (code F).

Insights

Financial Analyst

TL;DR: A small quantity of vested restricted shares were surrendered for tax withholding; overall beneficial ownership remains substantial.

The Form 4 discloses a routine disposition of 120.929 shares at $103.93, recorded as transaction code F. The filing explicitly states the shares were withheld to satisfy tax obligations upon vesting rather than an open-market sale for personal liquidity. The remaining reported beneficial ownership of 573,702.567 shares indicates continued significant equity alignment with shareholders. No additional derivative transactions or other changes in holdings are disclosed.

Corporate Governance Expert

TL;DR: Disclosure appears complete for a standard tax-withholding on vested awards; signature via power of attorney is documented.

The report identifies the reporting person as an Executive Vice President and uses transaction code F with explanatory text clarifying tax-withholding treatment and deferred vesting of some shares. The Form 4 includes the signature executed by a power of attorney on 08/14/2025, which complies with filing mechanics. There are no indications of unusual or material governance concerns in the disclosed entries.

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

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^*

Nicholas Christopher James

(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)
08/12/2025

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	08/12/2025		F		120.929(1)	D	$103.93	573,702.567	D

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. Represents shares withheld to satisfy tax withholding obligations upon the vesting of restricted stock. A portion of the remaining vested shares was deferred by the Reporting Person to a future date.

Remarks:

	/s/ Mary Marshall, by power of attorney	08/14/2025
	** 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 Nicholas Christopher James report on the Form 4 for WMT?

The Form 4 reports a disposition of 120.929 shares on 08/12/2025 at $103.93 per share, withheld to satisfy tax obligations upon vesting.

How many Walmart (WMT) shares does the reporting person own after the transaction?

The filing reports 573,702.567 shares beneficially owned following the reported transaction.

What does transaction code F mean in this Form 4?

The filing uses transaction code F and explains the shares were withheld to satisfy tax withholding obligations upon vesting.

Who signed the Form 4 for the reporting person?

The Form 4 is signed by Mary Marshall, by power of attorney, dated 08/14/2025.

Did the Form 4 disclose any derivative transactions for WMT?

No derivative transactions are disclosed in Table II of this Form 4.