{
  "report_rows": [
    {
      "kpi": "Q2'26 Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$1.60B vs. cons ~$1.582B",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q2'26 Non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.12 vs. cons ~$2.06",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q2'26 Non-GAAP Operating Margin",
      "prediction": "BEAT",
      "answer": "pred ~45.6% vs. cons ~45.0%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Revenue guide",
      "prediction": "BETTER",
      "answer": "guide ~$6.25B vs. cons ~$6.21B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Non-GAAP EPS guide",
      "prediction": "BETTER",
      "answer": "guide ~$8.00 vs. cons ~$7.93 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 Revenue guide",
      "prediction": "LOWER",
      "answer": "guide ~$1.60B vs. cons ~$1.62B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 Non-GAAP EPS guide",
      "prediction": "LOWER",
      "answer": "guide ~$2.02 vs. cons ~$2.06 (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Record Backlog / RPO",
      "prediction": "BETTER",
      "answer": "pred ~$8.2B vs. prior ~$8.0B (Q2 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 4.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.5,
  "day5_path": "FADE",
  "day5_rationale": "Beaten-down, de-rated stock (~-22% from June peak) sets a low bar, so a clean Q2 beat plus a modest organic FY raise and 'Rule of 60' milestone should trigger a relief pop on day 1. But the out-period math caps follow-through: the FY midpoint implies H2 run-rate (~$1.56B/qtr) roughly flat-to-below the Q2 level, so the Q3 guide likely lands soft vs. consensus building in acceleration, pulling out-quarter estimates down even after the beat. Combined with the sector-wide multiple compression overhang (July 17 -9.5% move alongside SNPS), the initial gain partially fades over 5 days.",
  "day5_confidence": "LOW"
}