{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$4.05 vs. cons ~$3.93",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "US dialysis treatments/day growth (volume)",
      "prediction": "BEAT",
      "answer": "pred ~+55 bps vs. cons ~+40 bps",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Revenue per treatment / total revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$3.53B vs. cons ~$3.50B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 Adjusted EPS guide",
      "prediction": "BETTER",
      "answer": "guide ~$14.60-15.50 (mid ~$15.05) vs. cons ~$14.65 (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Adjusted Operating Income guide",
      "prediction": "BETTER",
      "answer": "guide ~$2.20-2.30B (mid ~$2.25B) vs. cons ~$2.20B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "ACA enhanced-PTC headwind",
      "prediction": "UNCHANGED",
      "answer": "guide ~$40M held (trending slightly favorable) vs. ~$40M cons (FY26; $70M 2027)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Free cash flow guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.0-1.25B vs. cons ~$1.15B (FY26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -3.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": -6.0,
  "day5_path": "FADE",
  "day5_rationale": "Stock has ~doubled YTD and trades above the ~$199-217 target cluster with a Hold consensus, so a beat-and-raise is already priced; the day-before print (DVA -2.7% vs SPY +1.4%, ~-3% residual) shows de-risking. Even with another strong beat, out-period math is unfavorable: Q1 RPT strength was ~$6 timing, commercial mix erosion is expected to build in H2, G&A/tech spend rising, and the 2027 ACA cliff ($70M) caps upward revisions. Modest raises don't justify the run, so gains fade as estimates settle below the price.",
  "day5_confidence": "LOW"
}