[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Kathryn J. McLay, Executive Vice President of Walmart Inc. (WMT), reported the sale of 4,000 shares of Walmart common stock on 09/19/2025 at a price of $103.83 per share. The filing shows 4,000 shares sold pursuant to a Rule 10b5-1 plan entered during an open trading window and disclosed by the issuer on November 22, 2024. Following the reported sale, the form lists the reporting person as beneficially owning 1,048,455.036 shares. The Form 4 was signed on behalf of the reporting person by Dirk Gardner by power of attorney on 09/19/2025.

Positive

• Transaction executed under a disclosed Rule 10b5-1 plan, indicating use of an affirmative defense established during an open trading window
• Form 4 filed with required details including number of shares sold, sale price, and signature by power of attorney

Negative

• None.

Insights

Securities Analyst

TL;DR: Officer sold 4,000 WMT shares under a disclosed 10b5-1 plan; filing is routine and compliant.

This Form 4 documents a single non-derivative sale of 4,000 common shares at $103.83 executed under a Rule 10b5-1 trading plan that the company disclosed on November 22, 2024. The filing identifies the reporting person as an Executive Vice President and shows beneficial ownership of 1,048,455.036 shares after the sale. The transaction appears processed via power of attorney, which is properly documented on the form. Based solely on the information in this filing, the disclosure fulfills Section 16 reporting requirements and confirms the use of an affirmative defense trading plan.

Corporate Governance Expert

TL;DR: Governance procedures followed: sale occurred under a 10b5-1 plan entered during an open window and was disclosed.

The Form 4 explicitly states the sale was executed pursuant to a Rule 10b5-1 plan entered during an open trading window and previously disclosed by the issuer. The reporting person is an Executive Vice President, and the filing includes a signature executed by an agent under power of attorney. Based on the document alone, the filing documents compliance with standard insider trading plan disclosure protocols.

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^*

McLay Kathryn 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)
09/19/2025

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	09/19/2025		S		4,000(1)	D	$103.83	1,048,455.036	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 November 22, 2024.

Remarks:

	/s/ Dirk Gardner, by power of attorney	09/19/2025
	** 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 Kathryn J. McLay report on the Form 4 for WMT?

The Form 4 reports a sale of 4,000 Walmart common shares on 09/19/2025 at $103.83 per share.

Was the sale by Kathryn J. McLay part of a 10b5-1 trading plan?

Yes. The filing states the sale was executed pursuant to a Rule 10b5-1 plan entered during an open trading window and disclosed by the issuer on November 22, 2024.

How many Walmart shares did Kathryn J. McLay beneficially own after the transaction?

The Form 4 lists beneficial ownership of 1,048,455.036 shares following the reported sale.

What is Kathryn J. McLay's role at Walmart as stated on the form?

The filing identifies the reporting person as an Executive Vice President and as an officer of the issuer.

Who signed the Form 4 for Kathryn J. McLay?

The Form 4 was signed on behalf of the reporting person by Dirk Gardner by power of attorney on 09/19/2025.