{
  "report_rows": [
    {
      "kpi": "Revenue (Q3 FY26, June q))",
      "prediction": "BEAT",
      "answer": "pred ~$940M vs. cons $928M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS (Q3 FY26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.09 vs. cons $1.05",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP Gross Margin (Q3 FY26)",
      "prediction": "IN-LINE",
      "answer": "pred ~45.2% vs. cons 45.0%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q4 FY26 (Sept) Revenue guide \u2014 the real event",
      "prediction": "LOWER",
      "answer": "guide ~$1.00B vs. cons $1.03B (Q4 FY26, Sept qtr)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q4 FY26 Non-GAAP EPS guide",
      "prediction": "LOWER",
      "answer": "guide ~$1.18 vs. cons $1.24 (Q4 FY26, Sept qtr)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q4 FY26 Gross Margin guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~45.5% vs. cons 46.0% (Q4 FY26, Sept qtr)",
      "confidence": "LOW"
    },
    {
      "kpi": "Qorvo merger timing (late-2026 vs early-2027 close)",
      "prediction": "UNKNOWN",
      "answer": "reiterate ~early-2027 target vs. bull hope ~late-2026 (SAMR Phase 2 / FTC 2nd request pending)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": 0.5,
  "day5_path": "STABILIZE",
  "day5_rationale": "SWKS trades as a merger-arb name pinned to QRVO via the 0.960x + $32.50 exchange ratio (~4% spread), which dampens idiosyncratic reaction to the print. A modest June-quarter beat is offset by a soft September (out-period) guide that pulls FY estimates lower, so any day-1 pop mean-reverts and the stock re-anchors to deal probability/timing rather than fundamentals.",
  "day5_confidence": "LOW"
}