{
  "report_rows": [
    {
      "kpi": "Q2'26 Total Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$1.835B vs. cons $1.799B (company guide $1.797-1.801B)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q2'26 US Commercial Revenue Growth y/y",
      "prediction": "BEAT",
      "answer": "pred ~128% vs. cons ~120% y/y growth",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2'26 Adjusted Operating Margin",
      "prediction": "BEAT",
      "answer": "pred ~61.5% vs. cons ~60% (company guide implies ~59-60%)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Revenue Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$7.85B vs. cons ~$7.72B (prior guide $7.650-7.662B) (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q3 2026 Revenue Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$1.95B vs. cons ~$1.90B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adjusted Operating Income Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$4.75B vs. cons ~$4.55B (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 5.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 2.5,
  "day5_path": "FADE",
  "day5_rationale": "Beat-and-raise is the base case already partly priced in after the Nvidia-driven bounce off the June low, so the initial pop should be real but capped; over the following days, the magnitude of the FY26 raise (likely smaller in points than the unusually large prior-quarter 10pt raise) implies decelerating out-quarter growth math, and lingering valuation (~38-40x revenue), political/appropriations overhang, and European sovereignty-contract noise (France DGSI) give bears reason to fade strength and trim estimates for H2/2027, pulling back part of the day-1 gain even though the headline quarter beats.",
  "day5_confidence": "MEDIUM"
}