[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Walton Family Holdings Trust filed a Form 4 reporting multiple sales and beneficiary distributions of Walmart Inc. (WMT) common stock in August 2025. The Trust sold a total of 1,571,500 shares in several transactions on August 22 and August 25-26, 2025, at weighted-average prices ranging about $96.05 to $98.06 per share. The Trust also distributed 394,000 shares to beneficiaries for no consideration (184,000 and 210,000 shares). Following the reported transactions, the Trust beneficially owned 550,265,700 shares of WMT.

Positive

• Transparent disclosure of multiple trade price ranges and weighted-average prices with an offer to provide trade-level details upon request
• Detailed post-transaction ownership is reported: 550,265,700 shares remain beneficially owned

Negative

• Insider sales totaling 1,571,500 shares on August 22 and August 25-26, 2025
• Distributions of 394,000 shares to beneficiaries for no consideration, reducing the Trust's direct holdings

Insights

Securities Analyst

TL;DR: Multiple August sales totaling 1.57M WMT shares and distributions of 394k shares, leaving the Trust with 550.27M shares.

The Form 4 documents routine disposition activity by the Walton Family Holdings Trust across August 22-26, 2025. Sales were executed in multiple trades with reported weighted-average prices in the mid-$90s, and two distributions transferred 184,000 and 210,000 shares to beneficiaries for no consideration. The filing provides specific post-transaction beneficial ownership: 550,265,700 shares. The disclosure is detailed about trade price ranges and offers to provide trade-level detail upon request, which supports transparency. There is no information in the filing about reasons for the sales or distributions beyond the beneficiary transfers.

Corporate Governance Expert

TL;DR: Reporting shows insider selling and family trust distributions, a standard governance disclosure without new operational implications.

The Walton Family Holdings Trust, identified as a director/10% owner reporting person, registered multiple open-market sales and internal distributions. The Form 4 clarifies the distributions were transfers to beneficiaries and lists weighted-average sale prices and price ranges for each block. From a governance perspective, the filing documents compliance with Section 16 reporting requirements and supplies the post-transaction share count. The form does not indicate any change in control or additional governance actions.

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^*

Walton Family Holdings Trust

(Last) (First) (Middle)

P.O. BOX 1508

(Street)

BENTONVILLE AR 72712

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		S		504,855	D	$97.3278(1)	551,726,345	D
Common	08/22/2025		S		60,772	D	$98.0581(2)	551,665,573	D
Common	08/25/2025		S		261,686	D	$96.534(3)	551,403,887	D
Common	08/25/2025		S		55,601	D	$97.4436(4)	551,348,286	D
Common	08/25/2025		J(5)		184,000(5)	D	$0(5)	551,164,286	D
Common	08/26/2025		J(6)		210,000(6)	D	$0(6)	550,954,286	D
Common	08/26/2025		S		688,586	D	$96.0492(7)	550,265,700	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 in multiple trades at prices ranging from $96.98 to $97.9799, inclusive. The price reported above reflects 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. This sale was executed in multiple trades at prices ranging from $97.98 to $98.22, inclusive. The price reported above reflects 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.

3. This sale was executed in multiple trades at prices ranging from $96.09 to $97.08, inclusive. The price reported above reflects 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.

4. This sale was executed in multiple trades at prices ranging from $97.09 to $97.57, inclusive. The price reported above reflects 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.

5. The transaction is a distribution of 184,000 shares of Common Stock, for no consideration, by the Walton Family Holdings Trust (the "Trust") to a beneficiary of the Trust.

6. The transaction is a distribution of 210,000 shares of Common Stock, for no consideration, by the Trust to a beneficiary of the Trust.

7. This sale was executed in multiple trades at prices ranging from $96.00 to $96.47, inclusive. The price reported above reflects 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.

Remarks:

	/s/ Jennifer F. Rudolph, by power of attorney	08/26/2025
	** 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 transactions did Walton Family Holdings Trust report on the Form 4 for WMT?

The Trust reported sales of 1,571,500 WMT shares and distributions of 394,000 shares to beneficiaries in August 2025.

How many WMT shares does the Walton Family Holdings Trust beneficially own after these transactions?

550,265,700 shares are reported as beneficially owned following the transactions.

At what prices were the Walton Family Holdings Trust sales of WMT executed?

Weighted-average sale prices reported ranged approximately from $96.05 to $98.06; the filing lists specific trade price ranges for each block.

Were any shares transferred to beneficiaries by the Trust?

Yes. Two distributions transferred 184,000 and 210,000 WMT shares to beneficiaries for no consideration.

Does the Form 4 explain reasons for the sales or distributions?

No. The filing documents the transactions and identifies beneficiary distributions but does not state reasons beyond that.