{
  "report_rows": [
    {
      "kpi": "Global comparable sales (FQ3)",
      "prediction": "BEAT",
      "answer": "pred ~+6.5% vs. cons +5.75%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "North America comparable sales (FQ3)",
      "prediction": "BEAT",
      "answer": "pred ~+6.8% vs. cons +6.0%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS (FQ3)",
      "prediction": "IN-LINE",
      "answer": "pred ~$0.66 vs. cons $0.65",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP operating margin (FQ3)",
      "prediction": "MISS",
      "answer": "pred ~12.0% vs. cons 12.33%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 Non-GAAP EPS guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.25-$2.45 (mid ~$2.35) vs. cons ~$2.38 (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 global/US comps guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~\u22655% vs. cons ~5.5% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 consolidated revenue guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~flat YoY (~$36B) vs. cons ~$36B (FY26, China deconsolidation)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 non-GAAP operating margin guide",
      "prediction": "UNKNOWN",
      "answer": "guide ~slightly up YoY (~+50bps) vs. cons ~+70bps (FY26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": -3.5,
  "day5_path": "FADE",
  "day5_rationale": "Comp beat is already priced after the +8.5% FQ2 gap and re-rate to multi-year highs, so an in-line EPS with a messy print (international held-for-sale margin tailwind reversing, NA margin still under Green Apron/coffee/tariff pressure, China deconsolidation optically cutting revenue) and only a reaffirmed\u2014not raised\u2014FY26 guide disappoints an elevated bar. Out-period revenue estimates get trimmed on the China accounting change even after a comp beat, pulling numbers down and driving continued fade over the week.",
  "day5_confidence": "LOW"
}