{
  "report_rows": [
    {
      "kpi": "Gross Margin (HB Operating)",
      "prediction": "BEAT",
      "answer": "pred ~24.3% vs. cons ~23.8%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net New Orders (units)",
      "prediction": "MISS",
      "answer": "pred ~7,100 vs. cons 7,494",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "EPS Diluted Operating",
      "prediction": "IN-LINE",
      "answer": "pred ~$2.35 vs. cons $2.363",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY 2026 Gross Margin (FY 2026)",
      "prediction": "BETTER",
      "answer": "guide 24.5-25.0% vs. cons ~24.0% implied",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY 2026 Closings (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide 28,500-29,000 vs. cons 28,737",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY 2026 EPS Operating (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$10.00-$10.10 vs. cons $10.034",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Incentive Trajectory (qualitative)",
      "prediction": "BETTER",
      "answer": "beginning to ease; BTO mix driving load lower",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "FADE \u2014 order miss pulls near-term estimates; margin beat does not offset in revision cycle",
  "day5_confidence": "LOW"
}