[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nicholas Christopher James, an Executive Vice President of Walmart Inc. (WMT), reported a change in beneficial ownership dated 10/07/2025. The filing shows a disposition of 120.929 shares through withholding to satisfy tax obligations upon the vesting of restricted stock; the reported price per share for the withheld amount was $102.7. After the withholding, the reporting person beneficially owned 573,460.709 shares directly. The form was signed via power of attorney on 10/09/2025. The filer also notes that a portion of the vested shares was deferred to a future date.

Positive

• Ownership retained: Reporting person continues to hold 573,460.709 shares directly after the withholding.
• Administrative transaction: Disposal represents tax-withholding on vested restricted stock, not an open-market sale.

Negative

• Reduction in direct holdings: 120.929 shares were withheld, reducing immediate beneficial ownership.
• Deferred shares noted: A portion of vested shares was deferred to a future date, which may delay further transparency until a later filing.

Insights

Compensation Analyst

Routine tax-withholding on vested restricted stock reduced direct holdings slightly.

The transaction is recorded as a disposition of 120.929 shares at an indicated price of $102.7, which the filer explains represents shares withheld to satisfy tax withholding upon vesting. Such withholdings are a common administrative step in equity compensation programs and do not indicate an open-market sale for cash.

The key near-term item to watch is the mention that some vested shares were deferred to a future date; monitor subsequent filings for the timing and size of deferred releases or further withholdings within the next 12 months.

Corporate Governance Analyst

Insider ownership remains substantial after the withholding; transaction appears administrative.

Following the withholding, the reporting person retains 573,460.709 shares directly, which signals continued alignment with shareholders. The form is filed under Section 16 reporting rules and was executed by power of attorney, which is customary for insider filings.

Material governance implications are limited; investors may review future Form 4s to confirm whether deferrals or additional dispositions change ownership materially over 12 months.

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^*

Nicholas Christopher James

(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)
10/07/2025

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	10/07/2025		F		120.929(1)	D	$102.7	573,460.709	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 shares withheld to satisfy tax withholding obligations upon the vesting of restricted stock. A portion of the remaining vested shares was deferred by the Reporting Person to a future date.

Remarks:

	/s/ Dirk Gardner, by power of attorney	10/09/2025
	** 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 Walmart (WMT) Form 4 filed by Nicholas Christopher James report?

The Form 4 reports a disposition of 120.929 shares on 10/07/2025 via withholding to satisfy tax obligations, with an indicated price of $102.7, leaving 573,460.709 shares beneficially owned.

Why were shares disposed of according to the Form 4?

The filing explains the shares were withheld to satisfy tax withholding obligations upon the vesting of restricted stock; this is an administrative withholding, not a market sale.

Did the Form 4 show any open-market sales by the insider?

No. The transaction is reported as a withholding associated with vesting rather than an open-market sale; the code and explanation indicate tax withholding.

How many shares does Nicholas Christopher James own after the transaction?

He beneficially owned 573,460.709 shares directly following the reported withholding.

When was the Form 4 signed and filed?

The signature was executed via power of attorney on 10/09/2025 and the transaction date reported is 10/07/2025.