[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

John R. Furner, Executive Vice President of Walmart Inc. (WMT), reported the sale of 13,125 shares on 08/21/2025. The sale was executed under a Rule 10b5-1 trading plan entered during an open trading window and disclosed by the issuer on March 17, 2025. Trades ranged from $98.53 to $98.88 with a weighted average price of $98.553. Following the transaction, the filing reports 919,188.563 shares held directly and 5,625.8808 shares held indirectly via a 401(k) plan, with the balance adjusted for shares acquired through the Walmart Associate Stock Purchase Plan.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-established trading authorization and compliance
• Reporting person retains substantial holdings after the sale (919,188.563 shares direct)

Negative

• Disposition of 13,125 shares by an executive, which increases insider selling volume for the period

Insights

Corporate Governance Expert

TL;DR: Routine insider sale executed under a pre-established 10b5-1 plan, indicating structured compliance rather than opportunistic trading.

The disclosure shows an officer-level insider used a previously disclosed Rule 10b5-1 plan to sell 13,125 shares across multiple trades priced between $98.53 and $98.88. Use of a documented 10b5-1 plan and execution during an open window reduces regulatory and disclosure risk and signals procedural compliance. The filing reports both direct and indirect holdings, including participation in the company 401(k) and associate purchase plan, which is consistent with common executive compensation and ownership arrangements. This appears to be a routine Section 16 filing rather than a transaction suggesting material nonpublic information.

Securities Analyst

TL;DR: The transaction is a disclosed, weighted-average sale by an executive; holdings remain substantial after the sale.

The sale yielded a weighted average price of $98.553 per share and was executed in multiple trades under the terms of a 10b5-1 plan. Post-transaction direct beneficial ownership is reported at 919,188.563 shares, with an additional 5,625.8808 shares held indirectly via a 401(k). The filing includes a commitment to provide trade-level details upon request, which supports transparency. From an investor-impact perspective, the filing documents insider liquidity but does not by itself indicate a material change to ownership control or signal company-specific negative information.

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)
08/21/2025

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	08/21/2025		S		13,125(1)	D	$98.553	919,188.563(2)	D
Common								5,625.8808	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 $98.53 to $98.88, 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. Balance adjusted for shares acquired through the Walmart Inc. Associate Stock Purchase Plan.

Remarks:

	/s/ Mary Marshall, by power of attorney	08/25/2025
	** 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 Walmart (WMT) insider John R. Furner sell on 08/21/2025?

He sold 13,125 shares of Walmart common stock on 08/21/2025 under a Rule 10b5-1 plan.

At what price were the WMT shares sold by John R. Furner?

The trades ranged from $98.53 to $98.88 with a reported weighted average price of $98.553.

How many Walmart shares does John R. Furner own after the reported sale?

The filing reports 919,188.563 shares held directly and 5,625.8808 shares indirectly via a 401(k) plan after the transaction.

Was the sale by the Walmart executive pre-authorized?

Yes. The sale was executed pursuant to a Rule 10b5-1 trading plan entered during an open trading window and previously disclosed by the issuer.

Who signed the Form 4 filing for John R. Furner?

The Form 4 was signed by Mary Marshall by power of attorney on 08/25/2025.