{
  "report_rows": [
    {
      "kpi": "2Q26 revenue",
      "prediction": "MISS",
      "answer": "pred ~$17.20B vs. cons $17.86B",
      "confidence": "HIGH"
    },
    {
      "kpi": "2Q26 operating EPS",
      "prediction": "MISS",
      "answer": "pred ~$2.93 vs. cons $3.01",
      "confidence": "HIGH"
    },
    {
      "kpi": "2Q26 software revenue growth",
      "prediction": "MISS",
      "answer": "pred ~5.0% vs. cons 7.0%",
      "confidence": "HIGH"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 constant-currency revenue growth",
      "prediction": "LOWER",
      "answer": "guide ~3.5% vs. cons 5.0% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 free cash flow",
      "prediction": "LOWER",
      "answer": "guide ~$14.7B vs. cons $15.7B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 software revenue growth",
      "prediction": "LOWER",
      "answer": "guide ~8.0% vs. cons 10.0% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 consulting revenue growth",
      "prediction": "LOWER",
      "answer": "guide ~1.0% vs. cons 3.0% (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -7.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -11.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Follow-through lower: pred FY26 revenue growth ~3.5% vs. prior 5.0% and FCF ~$14.7B vs. ~$15.7B imply substantial 2H and out-period estimate cuts, while a ~5.0% software-growth print vs. 7.0% consensus weakens confidence that the Z/Transaction Processing shortfall is purely timing.",
  "day5_confidence": "MEDIUM"
}