{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$3.49 vs. cons $3.45",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted net revenue (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~$3.16B vs. cons $3.17B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Constant-currency organic/net revenue growth (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~+4.5% vs. cons ~+5%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 Adjusted EPS guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$13.80-$14.00 (mid $13.90) vs. cons $13.86 (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 constant-currency adj. net revenue growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~5% vs. cons ~5% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 adjusted operating margin expansion",
      "prediction": "UNCHANGED",
      "answer": "guide ~+150 bps vs. cons ~+150 bps (FY26, H2-weighted)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "New segment disclosure (Enterprise / Integrated & Platforms / SMB growth rates)",
      "prediction": "UNKNOWN",
      "answer": "debut; no cons baseline yet vs. implied ~5% blended (FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY26 capital return / buyback pace",
      "prediction": "UNCHANGED",
      "answer": "guide >$2B vs. cons ~$2B (FY26), leverage 3.5x to 3.0x by end-2027",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -3.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -5.5,
  "day5_path": "FADE",
  "day5_rationale": "Stock rallied ~40% off the June low and ~12% into the print with near-term revisions skewed negative (~6 down/0 up), so even a modest EPS beat plus a simple reaffirm is largely priced. The Q2 travel/IRS headwinds and H2-weighted synergy/margin ramp mean the full-year math relies on an implicit second-half back-load; a reaffirm rather than a raise, combined with new-segment growth rates that reset comps, invites profit-taking and out-period estimate trims that pull the stock lower over the following days.",
  "day5_confidence": "LOW"
}