[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Walmart Inc. (WMT) Form 4 filed for David Chojnowski reports a disposition on 09/09/2025 of 250.42 shares of Common Stock at a price of $102.28 per share. The filing states these shares were withheld to satisfy tax withholding obligations upon the vesting of restricted stock. Following the transaction, the report shows 143,781.433 shares beneficially owned by the reporting person, with the balance adjusted to reflect shares held in the Walmart Inc. 2016 Associate Stock Purchase Plan. The Form 4 is signed by an attorney-in-fact on behalf of the reporting person on 09/11/2025.

Insights

Corporate Governance Expert

TL;DR: Routine tax-withholding disposition of vested restricted stock; not indicative of a voluntary sale for liquidity.

The Form 4 documents a Code F disposition, which the filing explains as shares withheld to satisfy tax withholding upon vesting of restricted stock. Such transactions are administrative and typically do not reflect an insider-initiated sale decision. The remaining beneficial ownership of 143,781.433 shares is reported and a separate Associate Stock Purchase Plan balance adjustment is noted. From a governance perspective, the filing shows compliance with Section 16 reporting requirements and use of a power of attorney for signature.

Securities Analyst

TL;DR: Small, non-material disposition tied to tax withholding; unlikely to affect investor valuation.

The recorded disposition of 250.42 shares at $102.28 each corresponds to withholding against vested restricted shares rather than an open-market sale. The post-transaction beneficial ownership remains substantial at 143,781.433 shares. No derivative transactions or additional dispositions are reported. This is a routine insider filing with no new operational or financial data for the company.

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^*

Chojnowski David

(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)
	Senior Vice President

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

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	09/09/2025		F		250.42(1)	D	$102.28	143,781.433(2)	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.

2. Balance adjusted to reflect current shares held in the Walmart Inc. 2016 Associate Stock Purchase Plan.

Remarks:

	/s/ Dirk Gardner, by power of attorney	09/11/2025
	** 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 transaction did David Chojnowski report on Form 4 for WMT?

The report discloses a disposition of 250.42 shares on 09/09/2025 at $102.28 per share.

Why were the 250.42 shares disposed according to the filing?

The filing states the shares were withheld to satisfy tax withholding obligations upon the vesting of restricted stock.

How many WMT shares does the reporting person beneficially own after the transaction?

The filing shows 143,781.433 shares beneficially owned following the reported transaction.

Does the Form 4 report any derivative or option transactions for the reporting person?

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

Who signed the Form 4 and when?

The Form 4 is signed by /s/ Dirk Gardner, by power of attorney on 09/11/2025.