{
  "report_rows": [
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$6.55 vs. cons $6.30",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Insurance benefit ratio",
      "prediction": "IN-LINE",
      "answer": "pred ~91.15% vs. cons 91.25%",
      "confidence": "HIGH"
    },
    {
      "kpi": "CenterWell adjusted income from operations",
      "prediction": "BEAT",
      "answer": "pred ~$385M vs. cons $360M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 adjusted EPS",
      "prediction": "LOWER",
      "answer": "guide ~$9.00 vs. cons $9.45 (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 Insurance benefit ratio",
      "prediction": "UNCHANGED",
      "answer": "guide ~92.75% vs. cons 92.70% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 individual Medicare Advantage membership growth",
      "prediction": "BETTER",
      "answer": "guide ~25.0% vs. cons 24.0% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Bonus Year 2028 Stars positioning",
      "prediction": "UNKNOWN",
      "answer": "guide ~top-quartile target vs. cons ~top-quartile target (BY2028)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 4.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.5,
  "day5_path": "FADE",
  "day5_rationale": "A clean benefit-ratio print and EPS beat should drive an initial relief rally, but a reaffirmed ~$9.00 FY2026 EPS floor remains below ~$9.45 consensus and preserves uncertainty around 2027 benefit cuts, retention, and Stars/TBC math. That out-period estimate pressure should limit follow-through after the first-day move.",
  "day5_confidence": "MEDIUM"
}