{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$4.54 vs. cons $4.49",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Revenue (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$9.06B vs. cons $8.99B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "EMEA underlying sales growth (Q2 2026)",
      "prediction": "MISS",
      "answer": "pred ~-3.5% vs. cons -1.0%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted EPS guidance",
      "prediction": "BETTER",
      "answer": "guide ~$17.70-$17.95 vs. cons $17.75 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Adjusted EPS guidance",
      "prediction": "BETTER",
      "answer": "guide ~$4.58-$4.68 vs. cons $4.58 (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 operating margin expansion commentary",
      "prediction": "BETTER",
      "answer": "guide ~65bps vs. cons ~50bps expansion (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 capex guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$5.25B (mid of $5.0-5.5B) vs. cons $5.25B (FY2026)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 1.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.3,
  "day5_path": "FADE",
  "day5_rationale": "Headline EPS/revenue beat is driven largely by helium pricing pass-through and FX tailwind rather than core volume acceleration; full-quarter Hormuz impact confirms EMEA chemicals/energy volume drag continuing into Q3, and management's unchanged 'no macro improvement' guidance philosophy despite the late-July escalation limits estimate upgrades. Initial pop from the beat/streak-extension likely gets partially given back over the week as sell-side digests EMEA softness and a still-conservative full-year raise (low end only), consistent with implicit out-period caution outweighing the in-line-to-modest full-year EPS bump.",
  "day5_confidence": "LOW"
}