{
  "report_rows": [
    {
      "kpi": "Q2 2026 Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$1.605B vs. cons $1.58B",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q2 2026 Non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.09 vs. cons $2.05",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q2 2026 Non-GAAP Operating Margin",
      "prediction": "BEAT",
      "answer": "pred ~45.3% vs. cons 45.0%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Revenue Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$6.20B (raised midpoint) vs. cons $6.175B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Non-GAAP EPS Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$7.95 vs. cons $7.90 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Non-GAAP Operating Margin Guidance",
      "prediction": "BETTER",
      "answer": "guide ~44.7% vs. cons 44.0% (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.2,
  "day5_path": "FADE",
  "day5_rationale": "Even with a headline beat-and-raise, management's 'prudent' 2H framing means the implied Q3/Q4 run-rate is only modestly higher than pre-print estimates once the Q2 beat is backed out \u2014 mirroring the Q1 print where CDNS fell 3.3% the next day despite beating. With the stock still carrying a rich multiple and the sector under an AI-capex sentiment overhang (TSMC/hyperscaler capex ROI debate), any hint that full-year raise magnitude is smaller than the quarterly beat, or that 2H bookings/Hexagon dilution commentary is unchanged, invites analysts to trim out-year numbers over the following days rather than chase the print, producing an initial dip that extends into a fade over the week.",
  "day5_confidence": "MEDIUM"
}