[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing summary for Walmart Inc. (WMT)

Director Steuart L. Walton reported the receipt of 321 deferred stock units on 06/30/2025. The award represents quarterly board compensation that Mr. Walton elected to take in share units, calculated using Walmart’s closing price on the grant date. Following the transaction, he beneficially owns 78,763.089 shares directly and 93,654 shares indirectly through his spouse. No derivative securities or open-market cash transactions were disclosed, and the filing does not reference sales or dispositions.

• Transaction code: A (award of shares)
• Price per share: $0 (compensation grant)
• Ownership type: Direct (D) for the new units; indirect (I) holdings remain unchanged

The modest size of the award relative to Walmart’s outstanding share count and the Walton family’s existing holdings suggests minimal impact on share supply or insider-sentiment assessments.

Positive

• Director increased direct holdings, which can be viewed as a mild vote of confidence.

Negative

• Acquisition is compensation-based and immaterial in size, limiting any meaningful bullish signal.

Insights

Financial Analyst

TL;DR Small, routine compensation grant; neutral signal for investors.

The 321-unit award is a standard quarterly equity retainer rather than a discretionary purchase. While insider accumulation can be viewed positively, the de minimis size—worth roughly US$46k at a US$145 share price estimate—does not alter the Walton family’s multibillion-dollar stake. No open-market buying, option exercise, or sale was recorded, so liquidity and signaling effects are negligible. I classify the filing as not impactful for valuation or trading strategies.

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
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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 Steuart 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 Stock	06/30/2025		A		321(1)	A	$0	78,763.089	D
Common								93,654	I	By spouse

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

How many Walmart (WMT) shares did Steuart Walton acquire?

He received 321 deferred stock units as part of his quarterly director compensation.

What was the transaction date reported on the Form 4?

The shares were granted on 06/30/2025.

Did the director pay cash for these Walmart shares?

No. The units were issued at $0 cost as compensation, not through an open-market purchase.

What is Steuart Walton’s total direct Walmart ownership after the grant?

He now directly owns 78,763.089 shares.

Are there any derivative securities or sales disclosed in this filing?

No derivative positions or sales were reported; only the stock-unit award is listed.