(As of December 12, 2025 | Post Q4 FY2025 earnings and recent insider transactions)
Current market capitalization: ≈ $921 billion (based on ~$115.52/share and 7.97 billion shares outstanding)
Introduction
Walmart Inc. (NYSE: WMT), founded in 1962 by Sam Walton as a discount retailer in Rogers, Arkansas, is the world's largest company by revenue, operating ~10,500 stores across 20+ countries under banners like Walmart, Sam's Club, and international units. Public since 1970 (with a 2024 3:1 stock split), it features a single-class share structure (one vote per share), but the Walton family maintains de facto control through ~45% economic ownership and aligned voting. Institutions hold ~37%, insiders (largely Walton family) ~45%, and retail ~18%. The table below details the top 10 economic shareholders from Q3 2025 13F filings (Sep 30, 2025), SEC data, and proxy statements, with values at current market cap. Recent activity includes minor executive sales (~$760K total in Nov-Dec 2025) and Walton family trust distributions (non-cash, ~1.37M shares in Nov-Dec), plus $10B quarterly buybacks reducing shares by ~0.8% YoY.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($921B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Walton Enterprises LLC (Family Holding Co.) | 37.7% | $347.1 billion | Managed by Walton heirs (Alice, Jim, Rob, John T. Estate Trust as trustees); holds core family stake from founder's legacy. Stable post-2024 split; no sales in 2025, focuses on long-term control and philanthropy. |
| 2 | Walton Family Holdings Trust | 6.6% | $60.8 billion | Co-trustees: Alice, Jim, Rob Walton; distributed ~1.37M shares (non-cash) in Nov-Dec 2025 to beneficiaries. Recent sales: $468M (May 2025) and $528M (Mar 2025) for estate planning; retains voting alignment. |
| 3 | Vanguard Group Inc. | 5.5% | $50.7 billion | Top institutional via index funds (e.g., VTI, VOO); owns ~435.7M shares. Passive with ~$9.3T AUM; added ~1.2M shares (+0.3%) in Q3 2025, core S&P 500 weighting (~5%). No direct control; emphasizes retail stability. |
| 4 | BlackRock Inc. | 4.3% | $39.6 billion | Holds ~345.7M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~3M shares (+0.9%) in Q3 2025; board observer on governance/ESG. Key in consumer staples funds; WMT ~2% of portfolio. |
| 5 | JPMorgan Chase & Co. | 2.9% | $26.7 billion | ~233.2M shares across asset management; index/active blend. Up ~44M shares (+23%) in Q1 2025; provides banking/debt for WMT's $50B+ capex and $9B cash reserves. |
| 6 | State Street Corporation | 2.3% | $21.2 billion | Owns ~184.8M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp and supply chain ethics. ~3% of consumer holdings; supports $10B buyback program. |
| 7 | Alice L. Walton (Individual Heir) | 1.8% | $16.6 billion | Daughter of founder; ~143.6M shares (direct/indirect). Net worth ~$80B; recent trust distributions; board influence on strategy since 2017. |
| 8 | Jim C. Walton (Individual Heir) | 0.4% | $3.7 billion | Son of founder; ~31.5M shares direct. Chairs Arvest Bank; stable holdings post-trust activity; focuses on family governance. |
| 9 | S. Robson Walton (Individual Heir) | 0.1% | $0.9 billion | Eldest son; ~7M shares direct. Former chairman (retired 2015); advisory role; aligned with family trusts. |
| 10 | C. Douglas McMillon (CEO) | 0.05% | $0.5 billion | ~4M shares; recent sales: 19.4K shares (~$2.1M, Nov 2025) for diversification. Oversees ops since 2014; net worth tied to performance. |
Total Top 10 = ~61.6% | Remaining: Other Institutions (~31%), Other Insiders (~0.25%, e.g., John Furner at ~0.02%), Retail (~18%) | Grand Total = 100%
Conclusion
As of December 2025, Walmart's ownership is family-dominated (~45% Walton entities/individuals) for strategic continuity, balanced by institutional passives (~37% total) like Vanguard and BlackRock, ensuring stability for its $681B FY2025 revenue (up 4.7% YoY, 82% from U.S.) and $20.4B net income (up ~10% YoY), driven by e-commerce (16% growth) and advertising (29%). Retail's ~18% stake reflects broad appeal, but tariff risks and competition (e.g., Amazon) persist. With $921B market cap (up 25% YoY) and $40B buybacks authorized, expect ~0.8% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2026 sales growth of 3-4%. This structure prioritizes value retail dominance over volatility. For filings, visit SEC EDGAR or Walmart's investor relations.