[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Walmart Inc. executive vice president reported multiple stock transactions in Walmart common shares. On 11/20/2025, the reporting person sold 3,183, 4,519, 2,023, and 3,400 shares in separate transactions, at weighted average prices of $103.3062, $104.1484, $105.7639, and $106.317, respectively. These sales were executed under a pre-arranged Rule 10b5-1 trading plan that was entered into during an open trading window and disclosed on Form 8-K on March 17, 2025.

On 11/21/2025, the reporting person transferred 132,850 shares to a spousal trust, changing those shares from direct to indirect ownership. Following the reported transactions, the form shows continued direct and indirect beneficial ownership, including shares held through a spousal trust and a 401(k) 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).

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^*

Furner John R.

(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)
11/20/2025

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	11/20/2025		S		3,183(1)	D	$103.3062	889,757.23	D
Common	11/20/2025		S		4,519(2)	D	$104.1484	885,238.23	D
Common	11/20/2025		S		2,023(3)	D	$105.7639	883,215.23	D
Common	11/20/2025		S		3,400(4)	D	$106.317	879,815.23(5)	D
Common	11/21/2025		G		132,850(6)	D	$0	746,965.23	D
Common								132,850	I	By Spousal Trust
Common								5,639.4454	I	By 401(k) plan

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 $102.765 to $103.76, inclusive. The price reported above represents the weighted average purchase 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 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 $103.77 to $104.75, inclusive. The price reported above represents the weighted average purchase 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 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 $105.07 to $106.05, inclusive. The price reported above represents the weighted average purchase 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 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 $106.09 to $106.77, inclusive. The price reported above represents the weighted average purchase 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. Balance adjusted to reflect current shares held in the Walmart Inc. 2016 Associate Stock Purchase Plan.

6. On November 21, 2025, the Reporting Person transferred 132,850 shares to a trust in which his spouse is the trustee and primary beneficiary.

Remarks:

	/s/ Dirk Gardner, by power of attorney	11/24/2025
	** 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 insider transactions did Walmart (WMT) report in this Form 4?

The Form 4 shows that a Walmart executive vice president sold multiple blocks of Walmart common stock on 11/20/2025 and transferred additional shares to a spousal trust on 11/21/2025.

How many Walmart (WMT) shares did the executive sell and at what prices?

On 11/20/2025, the executive sold 3,183, 4,519, 2,023, and 3,400 Walmart shares in separate transactions at weighted average prices of $103.3062, $104.1484, $105.7639, and $106.317, respectively.

Were the Walmart (WMT) insider sales made under a Rule 10b5-1 trading plan?

Yes. Each of the reported sales was executed under a Rule 10b5-1 Plan that the reporting person entered into during an open trading window and that Walmart disclosed on Form 8-K on March 17, 2025.

What is the 132,850-share transaction reported for the Walmart (WMT) insider?

On 11/21/2025, the reporting person transferred 132,850 Walmart shares to a trust for which the spouse is the trustee and primary beneficiary, changing those shares from direct to indirect ownership.

What indirect holdings of Walmart (WMT) shares does the Form 4 disclose?

The Form 4 discloses indirect beneficial ownership of 132,850 Walmart shares through a spousal trust and additional fractional shares held through a 401(k) plan.

What is the reporting person’s role at Walmart (WMT)?

The reporting person is identified as an Officer of Walmart Inc. with the title Executive Vice President.