{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$10.95 vs. cons $10.82 (guide $10.70-10.85)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net sales (Q2'26, reported)",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.06B vs. cons ~$1.05B (~+3.5% LC vs. guide ~+3%)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted operating margin (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~28.4% vs. cons ~28.6% (vs. 28.8% Q2'25)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 adjusted EPS guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$46.40-47.05 (mid ~$46.72) vs. cons ~$46.70 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 adjusted EPS guide",
      "prediction": "LOWER",
      "answer": "guide ~$11.40-11.55 (mid ~$11.48) vs. cons ~$11.60 (Q3'26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 local-currency sales growth (H2 ramp credibility)",
      "prediction": "UNCHANGED",
      "answer": "guide ~+4% vs. cons ~+4% (FY2026); H2 organic ramp vs. ~1.5% Q2 organic is the debate",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 buyback pace",
      "prediction": "UNCHANGED",
      "answer": "guide ~$825-875M vs. cons ~$850M (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -4.5,
  "day5_path": "FADE",
  "day5_rationale": "Stock rallied ~35% off the May trough and ~9% in the week into the print, so the 'cheap and hated' cushion is gone and the bar is high. A likely modest EPS beat with only a maintained (not raised) organic framework leaves the H2 acceleration math unresolved: Q2 organic ~1.5% vs. the ~4% FY target still requires a big second-half ramp, and a light Q3 guide implies out-period estimates drift lower even after a headline beat. With last quarter's -15% reaction on a beat-and-raise as a template, expect an initial soft/negative reaction that fades further as sell-side trims out-quarter estimates toward the implicit H2 cut.",
  "day5_confidence": "LOW"
}