{
  "report_rows": [
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$6.27 vs. cons $6.19",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Benefit expense ratio",
      "prediction": "IN-LINE",
      "answer": "pred ~89.2% vs. cons 89.4%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Operating revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$48.70B vs. cons $48.55B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Adjusted EPS guidance",
      "prediction": "LOWER",
      "answer": "guide ~$26.75 vs. cons $26.86 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Medicaid operating margin",
      "prediction": "UNCHANGED",
      "answer": "guide ~-1.75% vs. cons -1.75% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~12.0% vs. cons 12.0% (FY2027)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.8,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A modest reported EPS beat of ~$6.27 versus $6.19 is unlikely to offset an unchanged FY2026 floor of ~$26.75 versus $26.86 consensus. With the stock already pricing in recovery, limited guidance upside should leave FY2026 revisions flat-to-down and restrain the FY2027 earnings bridge despite reiteration of ~12.0% growth versus 12.0% consensus.",
  "day5_confidence": "MEDIUM"
}