[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Walton Family Holdings Trust reported a distribution of 566,000 shares of Walmart Inc. common stock on 09/22/2025. The filing states the shares were distributed for no consideration to a beneficiary of the Trust. After the transaction the Trust beneficially owned 535,097,200 shares, reported as indirect ownership. The Form 4 identifies the reporting person as the Walton Family Holdings Trust and was signed by Jennifer F. Rudolph by power of attorney on 09/24/2025. The transaction is coded as a distribution and shows a price of $0, consistent with an in-kind transfer to a beneficiary rather than a sale.

Insights

Corporate Governance Expert

TL;DR: A trustee distribution reduced indirect holdings by 566,000 shares; paperwork appears routine and nondilutive.

The Form 4 documents a distribution from the Walton Family Holdings Trust rather than a market sale, indicating an internal transfer to a beneficiary. The reported post-transaction beneficial ownership of 535,097,200 shares remains intact and the reported price of $0 aligns with a non-sale distribution. From a governance perspective this is a disclosure of insider movement without evidence of liquidity event or change in control.

Securities Analyst

TL;DR: The 566,000-share distribution is small relative to total reported holdings and unlikely to materially affect market supply.

The transaction reduces the Trust's indirect holdings by 566,000 shares. Relative to the reported 535,097,200 shares remaining, the change is immaterial in percentage terms (roughly 0.1%). The Form 4 shows a $0 transfer, consistent with a beneficiary distribution rather than a sale, so no proceeds or market impact are recorded in this filing.

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).

1. Name and Address of Reporting Person^*

Walton Family Holdings Trust

(Last) (First) (Middle)

P.O. BOX 1508

(Street)

BENTONVILLE AR 72712

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

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	09/22/2025		J(1)		566,000(1)	D	$0(1)	535,097,200	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. The transaction is a distribution of 566,000 shares of Common Stock, for no consideration, by the Walton Family Holdings Trust (the "Trust") to a beneficiary of the Trust.

Remarks:

	/s/ Jennifer F. Rudolph, by Power of Attorney	09/24/2025
	** 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 did the Walton Family Holdings Trust report on Form 4 for WMT?

The Trust reported a distribution of 566,000 Walmart shares on 09/22/2025, distributed for no consideration to a beneficiary.

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

After the distribution the Trust beneficially owned 535,097,200 shares, reported as indirect ownership.

Was this transaction a sale or did it generate cash proceeds?

No. The filing shows a price of $0 and describes the event as a distribution to a beneficiary, not a sale.

When was the Form 4 signed and who signed it?

The Form 4 was signed by Jennifer F. Rudolph by power of attorney on 09/24/2025.

Does the Form 4 indicate a change in control of Walmart?

No. The filing documents a beneficiary distribution from the Trust and does not indicate any change in control.