[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Daniel J. Bartlett, Executive Vice President of Walmart Inc. (WMT), reported a sale of 1,610 shares of common stock on 09/15/2025 at a price of $103.71 per share executed under a Rule 10b5-1 trading plan entered into and disclosed on March 28, 2024. After the reported sale Bartlett beneficially owned 645,967.662 shares. The filing shows the transaction was prearranged under the company-approved plan, and the reported sale quantity is a small fraction of the shares held following the transaction.

Positive

• Transaction executed under a Rule 10b5-1 plan, providing an affirmative defense and increasing transparency
• Post-sale beneficial ownership remains substantial at 645,967.662 shares, indicating continued alignment with shareholders

Negative

• Insider sale of 1,610 shares reduces the reporting person's stake; the sale represented approximately 0.25% of reported holdings (1,610 of 645,967.662)

Insights

Corporate Governance Expert

TL;DR: Preplanned insider sale under a Rule 10b5-1 plan signals routine liquidity rather than ad-hoc insider trading.

The Form 4 discloses a sale of 1,610 Walmart shares executed pursuant to a Rule 10b5-1 plan that the reporting person adopted and that the issuer disclosed on March 28, 2024. Using an established 10b5-1 plan generally provides an affirmative defense against allegations of trading on material nonpublic information, improving transparency. The disclosed post-transaction beneficial ownership of 645,967.662 shares indicates the sale represented a small portion of the insider's total holdings, suggesting limited governance or control implications.

Securities Analyst

TL;DR: A modest, prearranged sale with no accompanying derivative activity; unlikely to be material to valuation.

The filing reports a single non-derivative disposition: 1,610 shares sold at $103.71 each. There are no derivative transactions reported on this Form 4. Given the reported remaining beneficial ownership of 645,967.662 shares, the transaction size is small relative to the holding base. The absence of additional transfers, grants, or exercises in this filing points to a routine liquidity event rather than a change in compensation structure or position in 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
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^*

Bartlett Daniel J

(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)
09/15/2025

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	09/15/2025		S		1,610(1)	D	$103.71	645,967.662	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 March 28, 2024.

Remarks:

	/s/ Dirk Gardner, by power of attorney	09/16/2025
	** 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 Daniel J. Bartlett report on the Form 4 for WMT?

He reported a sale of 1,610 common shares of Walmart executed on 09/15/2025 at $103.71 per share under a Rule 10b5-1 plan.

Was the sale part of a prearranged trading plan?

Yes. The sale was executed pursuant to a Rule 10b5-1 plan entered into by the reporting person and disclosed by the issuer on March 28, 2024.

How many Walmart shares did Bartlett own after the reported transaction?

645,967.662 shares beneficially owned following the reported sale.

Were any derivative transactions reported on this Form 4 for WMT?

No. Table II (derivative securities) contains no reported transactions.

How material is the sale relative to Bartlett's holdings?

The sale represents approximately 0.25% of the reported post-transaction holdings (1,610 divided by 645,967.662).