[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Walmart (NYSE:WMT) filed a Form 4 reporting that 10% owner Walton Family Holdings Trust sold 378,639 common shares on 06/27/2025 at a weighted-average price of $97.5158, representing proceeds of roughly $36.9 million.

• Transaction code: S – open-market sale
• Shares remaining after sale: 552,231,200
• Percentage of trust’s holdings sold: ≈0.07%
• No derivative transactions or 10b5-1 plan indicated

The dollar value meets materiality thresholds, yet the relative size is small, suggesting limited immediate impact but warranting continued monitoring for further insider activity.

Positive

• None.

Negative

• 10% owner Walton Family Holdings Trust sold 378,639 shares (~$36.9 M), exceeding the $1 M threshold and possibly signaling modest insider bearishness.

Insights

Equity Analyst

TL;DR: $36.9 M insider sale is notable in value but trivial in size, marginal sentiment signal.

The Walton trust disposed of 378,639 shares, only 0.07% of its 552 million-share stake. While the headline dollar value is large, the sale does not materially alter insider alignment with shareholders. No pattern of sequential sales is evident from this single filing, and the absence of a 10b5-1 designation leaves intent unclear. Historically, such fractional trims by the Waltons have had negligible predictive power on operating performance. I view the transaction as a weak negative sentiment cue, insufficient on its own to justify a valuation change, but worth logging for trend analysis.

Corporate Governance Expert

TL;DR: Governance risk unchanged; sale too small to affect control dynamics.

The trust remains a controlling shareholder with over 552 million shares post-transaction. Voting power and board influence are unaffected, and no related-party arrangements or governance changes accompany the sale. Because the form does not cite a Rule 10b5-1 plan, the timing was discretionary, but there is no evidence of informational advantage abuse. From a governance perspective, continuity and oversight structures remain stable. I assign a neutral impact, advising investors to watch for any acceleration of dispositions that could eventually shift control risk.

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^*

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)
06/27/2025

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	06/27/2025		S		378,639	D	$97.5158(1)	552,231,200	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. This sale was executed in multiple trades at prices ranging from $97.50 to $97.615, inclusive. The price reported above reflects the weighted average sale 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.

	/s/ Jennifer F. Rudolph, by Power of Attorney	06/27/2025
	** 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

How many Walmart (WMT) shares did Walton Family Holdings Trust sell on 06/27/2025?

The trust sold 378,639 common shares.

What was the average selling price of the shares sold by the Walton Family Holdings Trust?

The weighted-average price was $97.5158 per share.

How many Walmart shares does the Walton Family Holdings Trust own after the transaction?

The trust holds 552,231,200 shares following the sale.

What percentage of the trust’s holdings was sold in this transaction?

Approximately 0.07% of its stake was sold.

Was the sale executed under a Rule 10b5-1 trading plan?

The Form 4 does not indicate that the transaction was made pursuant to a 10b5-1 plan.