{
  "report_rows": [
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.54 vs. cons $0.53",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net sales (first full JDEP consolidation)",
      "prediction": "IN-LINE",
      "answer": "pred ~$7.10bn vs. cons $7.05bn",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "U.S. Coffee operating income (YoY)",
      "prediction": "MISS",
      "answer": "pred ~-14% YoY vs. cons ~-7%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 constant-currency adjusted EPS growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~low-double-digit (~11%) vs. cons ~11% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 net sales",
      "prediction": "UNCHANGED",
      "answer": "guide $25.9-26.4bn vs. cons ~$26.1bn (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Implied H2 U.S. Coffee margin recovery",
      "prediction": "LOWER",
      "answer": "guide ~+1,000bps H2 vs. cons ~+1,000bps needed (H2 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Midyear net leverage / FY26 FCF",
      "prediction": "UNCHANGED",
      "answer": "guide ~4.5x leverage & ~$2.5bn FCF vs. cons ~4.5x / ~$2.5bn (midyear/FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Early-2027 separation timeline (post-Oliveira exit)",
      "prediction": "UNCHANGED",
      "answer": "guide separation early-2027 vs. prior early-2027 (0 change to plan)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": 0.0,
  "day5_path": "FADE",
  "day5_rationale": "A modest EPS beat plus reaffirmed FY guide and on-track separation should spark initial relief on the promised Q2 EPS re-acceleration, but the print leans on a big back-half-loaded hockey stick (implied ~1,000bps H2 coffee margin recovery) that keeps skeptics wary. With U.S. Coffee/JDEP profit still constrained and out-period math implying the recovery must accelerate, analysts trim later-quarter estimates even after the beat, so the day-1 pop fades back toward flat over the week.",
  "day5_confidence": "LOW"
}