{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.26 vs. cons $1.21",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted Gross Margin (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~33.0% (+~280bps YoY) vs. cons ~33.2% (+~300bps YoY)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Revenue (Q2'26)",
      "prediction": "MISS",
      "answer": "pred ~$3.90B vs. cons $4.00B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted EPS (reaffirm)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$5.30 mid (range $4.90-$5.70) vs. cons ~$5.25 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 Adjusted Gross Margin checkpoint",
      "prediction": "BETTER",
      "answer": "guide ~34% vs. cons ~33.7% (Q3'26)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2026 Adj GM expansion / Q4 35%+ path",
      "prediction": "UNCHANGED",
      "answer": "guide ~+150bps FY & ~35% exit vs. cons ~+150bps / ~34.8% (Q4'26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Free Cash Flow",
      "prediction": "UNCHANGED",
      "answer": "guide ~$600M mid ($500-700M) vs. cons ~$600M (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Organic growth inflection / buyback pace",
      "prediction": "UNKNOWN",
      "answer": "guide ~+LSD organic & ~$500M buyback authorization vs. cons ~+1-2% organic (Q2'26/FY)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -5.5,
  "day5_path": "FADE",
  "day5_rationale": "SWK sits near 52-wk highs (+23% YTD, +40% off April low, ~9% into the print) with Q2 guidance already public, so a modest EPS beat is largely priced in \u2014 a classic good-but-priced-in setup. History shows SWK reliably sells the news (Q1'26 ~-3%, Q2'25 ~-7% day-1). With margins only meeting the ~300bps promise and revenue optically light on the CAM step-down, there's no upside catalyst to force positive revisions; management reaffirms rather than raises the $4.90-5.70 FY range, so out-period estimates get trimmed toward the low-to-mid point, pulling the stock lower over the week. Follow-through on the initial drop as elevated expectations reset.",
  "day5_confidence": "LOW"
}