[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Doug McMillon, President and CEO of Walmart Inc. (WMT), reported a sale of company common stock under a pre-established Rule 10b5-1 plan. The Form 4 shows a transaction dated 08/28/2025 in which 19,416 shares were sold at a weighted-average price of $95.9748. The filing states the sale was executed in multiple trades ranging from $95.91 to $96.09 and that full trade details are available on request. The report lists 4,392,984.649 shares beneficially owned following the transaction, with additional indirect holdings disclosed through a 401(k), trusts for children and spouse, a marital trust, and holdings for a son, each with specific share amounts shown on the form.

Positive

• Transaction executed under a disclosed Rule 10b5-1 plan, indicating pre-arranged trading and compliance with insider trading rules.
• Weighted-average price and trade range disclosed ($95.9748 weighted average; trades ranged $95.91 to $96.09), providing price transparency.
• Post-transaction beneficial ownership reported (4,392,984.649 shares) and multiple indirect holdings itemized, enhancing disclosure completeness.
• Filing includes an undertaking to provide full trade details on request, supporting transparency for regulators and shareholders.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine executive sale under a disclosed 10b5-1 plan; single-day disposition of 19,416 shares at a weighted $95.9748.

The filing documents a controlled sale executed pursuant to a Rule 10b5-1 plan entered during an open trading window and disclosed by the issuer on March 17, 2025. The detailed weighted-average price and the statement that trades ranged $95.91 to $96.09 provide transparent pricing information. The post-transaction beneficial ownership balance of 4,392,984.649 shares is explicitly reported, and several indirect holdings through retirement and family trusts are itemized. From an analytical perspective, the disclosure is clear and compliant; the form does not provide context on proportionality relative to total holdings or company market capitalization.

Corporate Governance Expert

TL;DR: Properly documented insider sale using a disclosed 10b5-1 plan with supporting remarks and POA signature.

The Form 4 indicates the transaction was executed under a pre-established Rule 10b5-1 trading plan and includes an explanatory note and an undertaking to provide full trade details on request. The form is signed by power of attorney, dated 09/02/2025, and lists the reporting persons relationship to the issuer as President and CEO. These elements align with standard Section 16 reporting practices and provide necessary auditability for governance review. The filing itself does not disclose intent or strategic rationale beyond compliance details.

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^*

McMillon C Douglas

(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)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/28/2025

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	08/28/2025		S		19,416(1)	D	$95.9748	4,392,984.649(2)	D
Common								5,759.9784	I	By 401(k)
Common								415,203	I	By Trust for Children
Common								57,270	I	By Wife's Trust for Children
Common								173,466	I	By Marital Trust
Common								5,233	I	By Trust for Wife
Common								6,777	I	By Son
Common								395,970	I	By Wife's Trust for Children and Reporting Person

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 $95.91 to $96.09, 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 to reflect shares acquired through the Walmart Inc. 2016 Associate Stock Purchase Plan.

Remarks:

	/s/ Mary Marshall, by power of attorney	09/02/2025
	** 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

Who filed this Form 4 for WMT?

The filing was made by McMillon C Douglas, identified as President and CEO of Walmart Inc.

What transaction is reported on the 08/28/2025 Form 4 for WMT?

A sale of 19,416 shares of Walmart common stock executed on 08/28/2025 under a Rule 10b5-1 plan.

At what price were the WMT shares sold?

The sale was executed in multiple trades ranging from $95.91 to $96.09; the weighted-average price reported is $95.9748.

How many WMT shares did the reporting person own after the transaction?

The Form 4 reports 4,392,984.649 shares beneficially owned following the reported sale.

Was the sale part of a Rule 10b5-1 trading plan?

Yes. The filing states the sale was executed pursuant to a Rule 10b5-1 plan entered into and disclosed by the issuer on March 17, 2025.