WMT insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Seth Dallaire Executive Vice President	387	$105.07	0.1%	527K	Oct 6, 2026	Oct 8, 2026
Latriece Watkins Executive Vice President	227	$105.07	0.2%	117K	Oct 6, 2026	Oct 8, 2026
Dwayne Milum SVP & Controller	122	$105.07	0.2%	49K	Oct 6, 2026	Oct 8, 2026
David Guggina Executive Vice President	118	$105.07	0.1%	125K	Oct 6, 2026	Oct 8, 2026

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Daniel Bartlett Executive Vice President	3,990	$104.41	0.6%	618K	Oct 1, 2026	Oct 2, 2026

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
John Furner President & CEO, Director	13,125	$106.66	n/a	n/a	Sep 17, 2026	Sep 18, 2026
Christopher Nicholas Executive Vice President	2,900	$106.65	0.5%	566K	Sep 17, 2026	Sep 18, 2026

What stands out

Two officers sold $6.7M with no disclosed plan: Christopher Nicholas ($4.2M, 5.9% of holdings) and Latriece Watkins ($2.5M, 17%). The filings don't state a reason.Christopher Nicholas: largest such sale, Feb 20, 2026 · Latriece Watkins: largest such sale, May 28, 2026

Outside holder Walton Family Holdings Trust, a 10% owner and not part of management, sold $2.88B of stock, 4.5% of the starting stake.Largest sale, Jun 16, 2026

Tax withholding outweighed market sales: the company withheld $128M of officers' and directors' shares for taxes, against $69.5M sold on the open market. The largest was Douglas McMillon ($30.2M withheld).Largest withholding, Jan 31, 2026

Percentages cover 24 of 27 officers and directors. Left out: John Furner, Rachel Brand and Brian Niccol (holdings couldn't be fully reconciled). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period

Douglas McMillon

Director

2.9% · $18.4MDisclosed plan

John Furner

President & CEO, Director

No bar: holdings couldn't be fully reconciled.

$13.8MDisclosed plan

Donna Morris

Executive Vice President

14% · $10.6MDisclosed plan

Christopher Nicholas

Executive Vice President

9.0% · $6.2M33% planned

Daniel Danker

Executive Vice President

24% · $5.9MDisclosed plan

All 11 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed

Outside holders, reported separately

Walton Family Holdings Trust sold $2.88B in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Walmart CEO selling stock?

Yes. John Furner sold 118K shares ($13.8M) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are Walmart insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 89% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 11% had no disclosed plan. A trading plan schedules sales in advance.

Are any Walmart insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Walmart insiders sell?

About 3.3% overall. As a group they still hold 97% of their starting shares. That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold11 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Douglas McMillon Director	$18.4M 155K shares	2.9%	Disclosed plan
John Furner President & CEO, Director	$13.8M 118K shares	i No percentage: holdings couldn't be fully reconciled.	Disclosed plan
Donna Morris Executive Vice President	$10.6M 86K shares	14%	Disclosed plan
Christopher Nicholas Executive Vice President	$6.2M 51K shares	9.0%	33% under a disclosed plan
Daniel Danker Executive Vice President	$5.9M 55K shares	24%	Disclosed plan
John Rainey Executive Vice President	$5.5M 44K shares	7.1%	Disclosed plan
Daniel Bartlett Executive Vice President	$3.2M 28K shares	4.3%	Disclosed plan
Latriece Watkins Executive Vice President	$2.5M 21K shares	17%	No plan disclosed
David Guggina Executive Vice President	$1.4M 12K shares	9.4%	Disclosed plan
Kathryn McLay Executive Vice President	$1.3M 12K shares	1.1%	Disclosed plan
David Chojnowski Senior Vice President	$747K 7K shares	4.9%	No plan disclosed

Outside holder, reported separately: Walton Family Holdings Trust (a 10% owner, not part of management). Sold $2.88B (24.18M shares) from Nov 21, 2025 to Jun 16, 2026. Holds 499.84M shares. Latest filing

The full ownership picture24 of 27 insiders fully reconciled · 27 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 8, 2025

Sold

Held Oct 8, 2026

Still held

Douglas McMillon

Minor difference of 33 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Director

5.43M

−155K

5.23M

96%

Vesting, gifts, unvested awards and holding lines for Douglas McMillon

0shares vested or exercised

0gifted (net of own trusts)

−253Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Trust for Children	Common	415,203	415,203
Wife's Trust for Children and Reporting Person	Common	395,970	395,970
Marital Trust	Common	173,466	173,466
Child	Common	57,270	57,270
Son	Common	6,777	6,777
Trust for Wife	Common	5,233	5,223
Direct includes unvested RSUs, amount not disclosed	Common Stock	4,373,576	4,174,579
401(k)	Common Stock	5,774	5,797

Additional holdings last reported Mar 27, 2020, not confirmed since: 604,255 shares. Not included in any total or percentage on this page.

GRAT, Common: 600,000 shares, last reported Mar 27, 2020
Profit Sharing & 401(k), Common Stock: 4,255 shares, last reported Mar 2, 2011

Reconciliation: minor difference of 33 shares. Difference is under 0.5% of holdings.

Suresh Kumar

Includes unvested RSUs, amount not disclosed.

Chief Technology Officer

1.79M

1.80M

no sales

Vesting, gifts, unvested awards and holding lines for Suresh Kumar

0shares vested or exercised

0gifted (net of own trusts)

−128Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	1,787,200	1,798,565

Gregory Penner

Minor difference of 1,907 shares. Difference is under 0.5% of holdings.

Director

1.71M

no sales

Vesting, gifts, unvested awards and holding lines for Gregory Penner

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	257,385	264,191
Spouse	Common Stock	1,448,634	1,448,634

Reconciliation: minor difference of 1,907 shares. Difference is under 0.5% of holdings.

Kathryn McLay

Includes unvested RSUs, amount not disclosed.

Executive Vice President

1.05M

−12K

925K

88%

Vesting, gifts, unvested awards and holding lines for Kathryn McLay

0shares vested or exercised

−5Kgifted (net of own trusts)

−107Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	1,048,455	924,621

John Furner

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +132,850 shares on Nov 21, 2025 (Spousal Trust). See the filing Sales and other transactions for John Furner are complete.

President & CEO, Director

n/a

−118K

n/a

Vesting, gifts, unvested awards and holding lines for John Furner

0shares vested or exercised

−133Kgifted (net of own trusts)

−140Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +132,850 shares on Nov 21, 2025 (Spousal Trust). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	906,064	647,912
401(k) plan	Common	5,639	5,662
Spousal Trust	Common	0	132,850

Daniel Bartlett

Includes unvested RSUs, amount not disclosed.

Executive Vice President

646K

−28K

618K

96%

Vesting, gifts, unvested awards and holding lines for Daniel Bartlett

0shares vested or exercised

−424gifted (net of own trusts)

−66Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	645,968	618,359

John Rainey

Includes unvested RSUs, amount not disclosed.

Executive Vice President

622K

−44K

577K

93%

Vesting, gifts, unvested awards and holding lines for John Rainey

0shares vested or exercised

0gifted (net of own trusts)

−116Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	621,718	576,928

Donna Morris

Includes unvested RSUs, amount not disclosed.

Executive Vice President

601K

−86K

523K

87%

Vesting, gifts, unvested awards and holding lines for Donna Morris

0shares vested or exercised

0gifted (net of own trusts)

−63Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	535,811	457,557
Family Trust	Common	65,178	65,178

Christopher Nicholas

Includes unvested RSUs, amount not disclosed.

Executive Vice President

573K

−51K

566K

99%

Vesting, gifts, unvested awards and holding lines for Christopher Nicholas

0shares vested or exercised

0gifted (net of own trusts)

−42Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	573,461	566,253

Seth Dallaire

Includes unvested RSUs, amount not disclosed. Started reporting during the period; starting holdings are from the Form 3.

Executive Vice President

488K

527K

no sales

Vesting, gifts, unvested awards and holding lines for Seth Dallaire

0shares vested or exercised

0gifted (net of own trusts)

−4.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	337,199	376,856
Joint with Spouse	Common	150,529	150,529

Rachel Brand

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +234,782 shares on Jan 13, 2026 (Direct). See the filing Sales and other transactions for Rachel Brand are complete.

Executive Vice President

n/a

Vesting, gifts, unvested awards and holding lines for Rachel Brand

0shares vested or exercised

0gifted (net of own trusts)

−68Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +234,782 shares on Jan 13, 2026 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	297,154	463,999

Daniel Danker

Includes unvested RSUs, amount not disclosed.

Executive Vice President

227K

−55K

202K

89%

Vesting, gifts, unvested awards and holding lines for Daniel Danker

0shares vested or exercised

0gifted (net of own trusts)

−55Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	226,828	201,672

Steuart Walton

Minor difference of 681 shares. Difference is under 0.5% of holdings.

Director

173K

177K

no sales

Vesting, gifts, unvested awards and holding lines for Steuart Walton

0shares vested or exercised

−668Kgifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Spouse	Common	93,654	93,654
Direct	Common Stock	79,292	83,151

Reconciliation: minor difference of 681 shares. Difference is under 0.5% of holdings.

Timothy Flynn

Minor difference of 325 shares. Difference is under 0.5% of holdings.

Director

155K

156K

no sales

Vesting, gifts, unvested awards and holding lines for Timothy Flynn

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	155,326	156,289

Reconciliation: minor difference of 325 shares. Difference is under 0.5% of holdings.

David Chojnowski

Minor difference of 17 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed.

Senior Vice President

144K

−7K

122K

85%

Vesting, gifts, unvested awards and holding lines for David Chojnowski

0shares vested or exercised

0gifted (net of own trusts)

−15Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	143,535	121,632

Reconciliation: minor difference of 17 shares. Difference is under 0.5% of holdings.

Marissa Mayer

Minor difference of 1,404 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

130K

134K

no sales

Vesting, gifts, unvested awards and holding lines for Marissa Mayer

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	129,642	134,001

Reconciliation: minor difference of 1,404 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

David Guggina

Minor difference of 16 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Started reporting during the period; starting holdings are from the Form 3.

Executive Vice President

127K

−12K

125K

98%

Vesting, gifts, unvested awards and holding lines for David Guggina

0shares vested or exercised

0gifted (net of own trusts)

−10Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	126,773	124,606

Reconciliation: minor difference of 16 shares. Difference is under 0.5% of holdings.

Latriece Watkins

Minor difference of 62 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Started reporting during the period; starting holdings are from the Form 3.

Executive Vice President

120K

−21K

117K

97%

Vesting, gifts, unvested awards and holding lines for Latriece Watkins

0shares vested or exercised

0gifted (net of own trusts)

−6Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	118,611	115,428
401(k) plan	Common	1,664	1,671

Reconciliation: minor difference of 62 shares. Difference is under 0.5% of holdings.

Randall Stephenson

Minor difference of 1,382 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

63K

68K

no sales

Vesting, gifts, unvested awards and holding lines for Randall Stephenson

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	62,975	67,977

Reconciliation: minor difference of 1,382 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Sarah Friar

Minor difference of 633 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

59K

63K

no sales

Vesting, gifts, unvested awards and holding lines for Sarah Friar

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	59,049	62,859

Reconciliation: minor difference of 633 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Thomas Horton

Director

58K

60K

no sales

Vesting, gifts, unvested awards and holding lines for Thomas Horton

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	57,913	59,848

Carla Harris

Director

50K

52K

no sales

Vesting, gifts, unvested awards and holding lines for Carla Harris

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	49,800	52,356

Dwayne Milum

Minor difference of 11 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Started reporting during the period; starting holdings are from the Form 3.

SVP & Controller

43K

49K

no sales

Vesting, gifts, unvested awards and holding lines for Dwayne Milum

0shares vested or exercised

0gifted (net of own trusts)

−1.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common	42,526	48,909

Reconciliation: minor difference of 11 shares. Difference is under 0.5% of holdings.

Cesar Conde

Director

31K

34K

no sales

Vesting, gifts, unvested awards and holding lines for Cesar Conde

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	31,099	34,054

Robert Moritz Jr.

Minor difference of 91 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

11K

14K

no sales

Vesting, gifts, unvested awards and holding lines for Robert Moritz Jr.

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	11,261	14,413

Reconciliation: minor difference of 91 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Brian Niccol

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -465.449 shares on Mar 31, 2026 (Direct). See the filing Sales and other transactions for Brian Niccol are complete.

Director

n/a

Vesting, gifts, unvested awards and holding lines for Brian Niccol

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -465.449 shares on Mar 31, 2026 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	9,593	9,616

Shishir Mehrotra

Minor difference of 8 shares. Difference is under 0.5% of holdings. Started reporting during the period; starting holdings are from the Form 3.

Director

248

3.8K

no sales

Vesting, gifts, unvested awards and holding lines for Shishir Mehrotra

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common	248	3,760

Reconciliation: minor difference of 8 shares. Difference is under 0.5% of holdings.

24 of 27 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (11 exactly, 13 with a minor or footnoted difference). For 3 we show sales but not holdings; the ! icon on their rows explains why. Percentages cover 24 of 27 officers and directors. Left out: John Furner, Rachel Brand and Brian Niccol (holdings couldn't be fully reconciled). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$69.5M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $69.5M across 589,855 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $62.0M · 89%

11%

The lighter segment is sales with no plan disclosed in the filing ($7.4M), including tax-related sales outside a plan.

No plan disclosed · $7.4M

Sales with no 10b5-1 plan and no tax reference in the filing. $4.2M of it is Christopher Nicholas. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Christopher Nicholas, Feb 20, 2026

Taxes

1,075,955 shares ($128M) were withheld by the company for taxes, which isn't a market sale.

Charitable gifts · 673K shares

Gifts the filings describe as charitable. Gifts are not sales and are not included in the sale totals.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Douglas McMillon Director	155K	$18.4M	100%	27%	Oct 23, 2025 to May 28, 2026
John Furner President & CEO, Director	118K	$13.8M	100%	20%	Oct 16, 2025 to Sep 17, 2026
Donna Morris Executive Vice President	86K	$10.6M	100%	15%	Jan 14, 2026 to Feb 3, 2026
Christopher Nicholas Executive Vice President	51K	$6.2M	33%	9%	Feb 20, 2026 to Sep 17, 2026
Daniel Danker Executive Vice President	55K	$5.9M	100%	8%	Jan 14, 2026 to Aug 26, 2026
John Rainey Executive Vice President	44K	$5.5M	100%	8%	Nov 3, 2025 to Mar 2, 2026
Daniel Bartlett Executive Vice President	28K	$3.2M	100%	5%	Oct 15, 2025 to Oct 1, 2026
Latriece Watkins Executive Vice President	21K	$2.5M	0%	4%	Feb 20, 2026 to May 28, 2026
David Guggina Executive Vice President	12K	$1.4M	100%	2%	Jun 10, 2026 to Jun 10, 2026
Kathryn McLay Executive Vice President	12K	$1.3M	100%	2%	Oct 20, 2025 to Dec 19, 2025
David Chojnowski Senior Vice President	7K	$747K	0%	1%	Nov 25, 2025 to Nov 25, 2025

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$4.1M	$4.1M	$0	$0
Nov 2025	$5.0M	$4.3M	$0	$747K
Dec 2025	$4.6M	$4.6M	$0	$0
Jan 2026	$5.7M	$5.7M	$0	$0
Feb 2026	$21.6M	$16.2M	$0	$5.4M
Mar 2026	$6.7M	$6.7M	$0	$0
Apr 2026	$4.7M	$4.7M	$0	$0
May 2026	$5.8M	$4.5M	$0	$1.3M
Jun 2026	$1.9M	$1.9M	$0	$0
Jul 2026	$745K	$745K	$0	$0
Aug 2026	$6.1M	$6.1M	$0	$0
Sep 2026	$2.1M	$2.1M	$0	$0
Oct 2026	$417K	$417K	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about half of the 5-year average. 11 insiders sold; the average is 7 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 8, 2026 Latest 12 months	590K	11	$69.5M
Oct 8, 2025 1 year earlier	741K	9	$70.4M
Oct 8, 2024 2 years earlier	2.41M	8	$142M
Oct 9, 2023 3 years earlier	652K	7	$32.6M
Oct 9, 2022 4 years earlier	564K	4	$26.0M
Oct 9, 2021 5 years earlier	1.42M	8	$68.6M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty3 insiders whose holdings couldn't be fully reconciled

John Furner: holdings couldn't be fully reconciled (difference of 132,876 shares). Balance changed with no matching transaction and no footnote: +132,850 shares on Nov 21, 2025 (Spousal Trust). Filing, Nov 21, 2025

Rachel Brand: holdings couldn't be fully reconciled (difference of 234,782 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +234,782 shares on Jan 13, 2026 (Direct). Filing, Jan 13, 2026

Footnote: "Represents shares withheld to satisfy tax withholding obligations upon the vesting of restricted stock."

Brian Niccol: holdings couldn't be fully reconciled (difference of -465 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -465.449 shares on Mar 31, 2026 (Direct). Filing, Mar 31, 2026

Footnote: "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. | Balance adjusted to reflect corrected phantom stock unit balance for acquisition of dividend equivalents on deferred stock."

Douglas McMillon: minor difference of 33 shares. Difference is under 0.5% of holdings.

Gregory Penner: minor difference of 1,907 shares. Difference is under 0.5% of holdings.

Steuart Walton: minor difference of 681 shares. Difference is under 0.5% of holdings.

Timothy Flynn: minor difference of 325 shares. Difference is under 0.5% of holdings.

David Chojnowski: minor difference of 17 shares. Difference is under 0.5% of holdings.

Marissa Mayer: minor difference of 1,404 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

David Guggina: minor difference of 16 shares. Difference is under 0.5% of holdings.

Latriece Watkins: minor difference of 62 shares. Difference is under 0.5% of holdings.

Randall Stephenson: minor difference of 1,382 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Sarah Friar: minor difference of 633 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Dwayne Milum: minor difference of 11 shares. Difference is under 0.5% of holdings.

Robert Moritz Jr.: minor difference of 91 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Shishir Mehrotra: minor difference of 8 shares. Difference is under 0.5% of holdings.

Inferred rename: "Limited Partnership" is treated as the same holder as "Limited Liability Company", because the old name was never reported again and the new one opened with the same balance (5,041,520,217 shares). Old name, new name

Inferred rename: "Esop" is treated as the same holder as "Profit Sharing/401(k) Plan", because the old name was never reported again and the new one opened with the same balance (3,346 shares). Old name, new name

Inferred rename: "Trust" is treated as the same holder as "Child", because the old name was never reported again and the new one opened with the same balance (81,900 shares). Old name, new name

Inferred rename: "Esop" is treated as the same holder as "Profit Sharing and 401(k)", because the old name was never reported again and the new one opened with the same balance (3,137 shares). Old name, new name

Inferred rename: "Profit Sharing and 401(k)" is treated as the same holder as "Profit Sharing & 401(k)", because the old name was never reported again and the new one opened with the same balance (3,737 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology3,165 filings from SEC EDGAR, and how we read them

All 3,165 Forms 3, 4 and 5 filed for Walmart (SEC CIK 104169) from Feb 4, 2003 to Oct 8, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages. 8 filings were left out because Walmart filed them as an owner of another company's stock. 18 older filings exist only on paper and could not be read.

Probable 3-for-1 stock split on or before Feb 26, 2024 (first filing that shows post-split balances). Splits aren't reported as transactions; 25 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (58)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Robson Walton	Dec 19, 2024	12,824,166 shares, last reported balance as of Dec 18, 2024
Jim Walton	Dec 19, 2024	31,521,498 shares, last reported balance as of Dec 18, 2024
John T. Walton Estate Trust	Dec 19, 2024	No balance on record
Alice Walton	Dec 19, 2024	4,267,919,133 shares, last reported balance as of Dec 18, 2024
Judith McKenna	Feb 2, 2024	1,187,181 shares, last reported balance as of Jan 31, 2024
Brett Biggs	Feb 2, 2023	784,878 shares, last reported balance as of Jan 31, 2023
Steven Reinemund	Jun 4, 2021	84,741 shares, last reported balance as of Jun 3, 2021
Marc Lore	Feb 2, 2021	3,451,680 shares, last reported balance as of Jan 31, 2021
Walton Enterprises, LLC	Mar 6, 2020	3,002,673,393 shares, last reported balance as of Mar 5, 2020
Gregory Foran	Feb 4, 2020	860,136 shares, last reported balance as of Jan 31, 2020
Stephen Easterbrook	Oct 2, 2019	15,258 shares, last reported balance as of Sep 30, 2019
Jacqueline Canney	Mar 13, 2019	275,115 shares, last reported balance as of Mar 11, 2019
Kevin Systrom	Jul 3, 2018	41,760 shares, last reported balance as of Jun 30, 2018
Jeffrey Gearhart	Feb 6, 2018	237,447 shares, last reported balance as of Feb 2, 2018
David Cheesewright	Jan 30, 2018	344,456 shares, last reported balance as of Jan 26, 2018
James Cash	Jun 6, 2017	114,940 shares, last reported balance as of Jun 2, 2017
Neil Ashe	Feb 3, 2017	763,130 shares, last reported balance as of Jan 28, 2017
Rosalind Brewer	Feb 3, 2017	706,596 shares, last reported balance as of Jan 28, 2017
Steven Whaley	Aug 29, 2016	88,392 shares, last reported balance as of Aug 26, 2016
Rollin Ford	Aug 3, 2016	407,343 shares, last reported balance as of Aug 1, 2016
Linda Wolf	Jun 7, 2016	122,466 shares, last reported balance as of Jun 3, 2016
Pamela Craig	Jun 7, 2016	25,791 shares, last reported balance as of Jun 3, 2016
Charles Holley	Feb 1, 2016	825,163 shares, last reported balance as of Jan 31, 2016
Michael Duke	Nov 25, 2015	2,945,512 shares, last reported balance as of Nov 24, 2015
Mary Chambers	Aug 3, 2015	682,324 shares, last reported balance as of Jul 31, 2015
Aida Alvarez	Jun 9, 2015	90,169 shares, last reported balance as of Jun 5, 2015
Roger Corbett	Jun 9, 2015	55,283 shares, last reported balance as of Jun 5, 2015
William Simon	Aug 12, 2014	784,851 shares, last reported balance as of Aug 8, 2014
Douglas Daft	Jun 10, 2014	117,762 shares, last reported balance as of Jun 6, 2014
Christopher Williams	Apr 2, 2014	145,133 shares, last reported balance as of Mar 31, 2014
Lee Scott Jr.	Sep 6, 2013	2,345,987 shares, last reported balance as of Sep 4, 2013
James Breyer	Apr 2, 2013	527,892 shares, last reported balance as of Mar 31, 2013
Leslie Dach	Mar 6, 2013	541,431 shares, last reported balance as of Mar 4, 2013
Michele Burns	Dec 31, 2012	65,883 shares, last reported balance as of Dec 26, 2012
Arne Sorenson	Jun 5, 2012	44,901 shares, last reported balance as of Jun 1, 2012
Wright Castro	Mar 22, 2012	871,609 shares, last reported balance as of Mar 20, 2012
Brian Cornell	Mar 5, 2012	441,779 shares, last reported balance as of Mar 1, 2012
of Estate	Sep 22, 2011	5,041,520,217 shares, last reported balance as of Jun 28, 2007
Thomas Schoewe	Feb 2, 2011	760,160 shares, last reported balance as of Jan 31, 2011
Thomas Hyde	Aug 3, 2010	774,513 shares, last reported balance as of Aug 1, 2010
Allen Questrom	Apr 2, 2010	36,882 shares, last reported balance as of Mar 31, 2010
David Glass	Apr 2, 2009	4,238,365 shares, last reported balance as of Mar 31, 2009
Roland Hernandez	Jul 2, 2008	75,151 shares, last reported balance as of Jun 30, 2008
Jack Shewmaker	Jul 2, 2008	9,520,495 shares, last reported balance as of Jun 30, 2008
of Estate	Jul 2, 2008	6,522 shares, last reported balance as of Jul 2, 2008
John Menzer	Jan 11, 2008	1,153,388 shares, last reported balance as of Jan 9, 2008
Helen Walton	Oct 10, 2006	5,043,770,217 shares, last reported balance as of Oct 6, 2006
John Opie	Apr 4, 2006	45,949 shares, last reported balance as of Mar 31, 2006
Lawrence Jackson	Mar 22, 2006	110,688 shares, last reported balance as of Mar 20, 2006
Brian Turner	Jul 7, 2005	249,264 shares, last reported balance as of Jul 6, 2005
Paul Reason	Jun 7, 2005	23,696 shares, last reported balance as of Jun 3, 2005
Jose Villarreal	Jun 7, 2005	20,819 shares, last reported balance as of Jun 3, 2005
John Walton	Jun 7, 2005	5,078,033,420 shares, last reported balance as of Jun 3, 2005
Thomas Coughlin	Feb 25, 2005	1,578,714 shares, last reported balance as of Feb 23, 2005
Dawn Lepore	Jul 1, 2004	20,340 shares, last reported balance as of Jun 30, 2004
Stanley Gault	Apr 2, 2004	68,661 shares, last reported balance as of Mar 31, 2004
John Chambers		No balance on record
Erin Cox		No balance on record

Walmart insiders sold $69.5M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Outside holders, reported separately

Common questions

Is the Walmart CEO selling stock?

Why are Walmart insiders selling?

Are any Walmart insiders buying?

How much of their stake did Walmart insiders sell?

The evidence

No plan disclosed · $7.4M

Taxes

Charitable gifts · 673K shares

Sales by month