[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing for Walmart Inc. (WMT) discloses that Executive Vice President John D. Rainey sold a total of 2,200 common shares on 01-Aug-2025 under a pre-established Rule 10b5-1 trading plan.

• 2,113 shares sold at a weighted-average price of $98.2794.
• 87 shares sold at a weighted-average price of $98.7790.
• Shares remaining after sales: 626,118 (direct ownership).

The transactions represent roughly 0.35 % of Rainey’s reported stake and an immaterial fraction of Walmart’s ~2.7 bn shares outstanding. No derivative security activity was reported. Both sales were executed in multiple trades within narrow price ranges and were previously disclosed by Walmart on 06-Sep-2024, limiting any signaling value. Overall, the filing indicates routine portfolio diversification rather than a strategic shift.

Positive

• Sales executed under a Rule 10b5-1 plan, reducing the likelihood of opportunistic trading and signaling adherence to good corporate governance.

Negative

• Insider is a senior executive; any sale, even small, can trigger modest bearish sentiment among some investors.

Insights

Equity Insider-Trading Analyst

TL;DR – Small, pre-planned insider sale; neutral signal for WMT shareholders.

Rainey’s disposal of 2.2k shares (~$0.2 m) is minor versus his 626k-share holding and infinitesimal relative to Walmart’s float. Execution under a Rule 10b5-1 plan, publicly announced months earlier, mitigates concerns about informational advantage. No accompanying option exercise or unusual pattern is evident. Insider selling at near-flat prices vs. recent trading range (<$95-$100) offers limited predictive power for future performance. I view the impact as neutral; portfolio managers are unlikely to adjust positions based on this filing alone.

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^*

Rainey John D

(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)
08/01/2025

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	08/01/2025		S		2,113(1)	D	$98.2794	626,204.995	D
Common	08/01/2025		S		87(2)	D	$98.779	626,117.995	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. 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 September 6, 2024. This transaction was executed in multiple trades at prices ranging from $97.745 to $98.74 , inclusive. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request of the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

2. 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 September 6, 2024. This transaction was executed in multiple trades at prices ranging from $98.75 to $98.83, inclusive. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request of the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

Remarks:

	/s/ Jennifer F. Rudolph, by power of attorney	08/04/2025
	** 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

How many Walmart (WMT) shares did EVP John Rainey sell?

He sold 2,200 common shares on 01-Aug-2025.

At what price were the Walmart shares sold?

Weighted-average prices were $98.2794 for 2,113 shares and $98.7790 for 87 shares.

How many Walmart shares does Rainey still own after the sale?

He directly owns approximately 626,118 shares following the transactions.

Was the sale part of a pre-arranged trading plan?

Yes, both transactions were executed under aRule 10b5-1 plan established during an open trading window.

Does this insider sale materially affect Walmart’s share count?

No. The 2,200 shares sold are immaterial relative to Walmart’s roughly 2.7 billion shares outstanding.