[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Walmart Inc. (WMT) – Form 4 insider transaction

Director Randall L. Stephenson reported the quarterly grant of deferred stock units representing 321 shares of Walmart common stock on 06/30/2025. The grant was made in lieu of cash director compensation; therefore, the transaction price is recorded as $0. Following the award, Stephenson’s total directly held beneficial ownership stands at 62,497.8703 shares.

No derivative securities were reported and the filing does not disclose any open-market purchase or sale activity. The transaction was effected under the company’s standard non-employee director compensation program and does not reflect a discretionary investment decision by the director.

Insights

Senior Securities Analyst

TL;DR: Routine director stock-unit grant; neutral impact.

This Form 4 records a regular quarterly equity retainer for Director Randall Stephenson—321 stock units credited at the grant-date closing price. Beneficial ownership rises marginally to 62.5k shares, but there is no open-market transaction, cash outlay, or sale signal. Such awards are pre-arranged under the board compensation plan and provide minimal incremental information for valuation or sentiment analysis. Accordingly, the filing is standard and not financially material to Walmart’s outlook.

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).

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^*

STEPHENSON RANDALL L

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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	06/30/2025		A		321(1)	A	$0	62,497.8703	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. Represents quarterly director compensation, which the Reporting Person elected to defer in the form of stock units. The number of stock units was determined by using the closing price of the Issuer's common stock on the date of grant.

	/s/ Jennifer F. Rudolph, by power of attorney	07/01/2025
	** 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 Director Randall L. Stephenson report in Walmart’s latest Form 4?

321 deferred stock units were credited to him on 06/30/2025 as part of his quarterly board compensation.

How many Walmart shares does Stephenson own after the transaction?

After the grant, he beneficially owns 62,497.8703 shares directly.

Was cash exchanged in the reported transaction for WMT stock?

No. The shares were issued at $0 because they replaced cash director fees.

Are any derivative securities involved in this Form 4 filing?

No derivative securities were reported; only common stock units were granted.

Does this Form 4 suggest insider buying or selling pressure on WMT?

It is a routine compensation grant, so it does not signal discretionary insider buying or selling.