A statement from Wal-Mart said Walton's experimental aircraft went down near the Jackson Hole, Wyo., airport at 1:20 p.m. Monday in Grand Teton National Park. The National Park Service said Walton died on impact and investigators had secured the scene.
Early Tuesday, there was no indication as to the cause of the crash, the Bentonville (Ark.) Daily Record reported.
Walton, 58, has been a member of Wal-Mart's board of directors since 1992, and also was a member of the Walton Family Foundation which makes contributions to elementary school and high school education.
He was also a U.S. Army Green Beret, who in 1968 received a Silver Star for gallantry in action marked with distinction while serving in Vietnam.
He is survived by his wife, Christy, and their son, Lukas; his mother, Helen Walton; two brothers, Rob Walton and Jim Walton; a sister, Alice Walton; and their families.