{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$3.40 vs. cons $3.32",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Global comparable sales (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~+1.5% vs. cons +1.4%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "U.S. comparable sales (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~+0.8% vs. cons +0.95%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 adjusted operating margin guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~46% vs. cons ~46% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 U.S. company-operated (McOpCo) margin",
      "prediction": "LOWER",
      "answer": "guide ~13% vs. cons ~14.5% (Q2'26 U.S. McOpCo)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "2H2026 U.S. comp / consumer tone",
      "prediction": "LOWER",
      "answer": "guide ~flat-to-+1% vs. cons ~+2% (2H2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 FX tailwind to EPS",
      "prediction": "BETTER",
      "answer": "guide ~+$0.25 vs. cons ~+$0.15 (FY2026 EPS)",
      "confidence": "LOW"
    },
    {
      "kpi": "Refranchising / McOpCo fix detail",
      "prediction": "UNKNOWN",
      "answer": "guide deferred to Sept 23 vs. cons ~0 change now (Investor Day)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.4,
  "day5_path": "FADE",
  "day5_rationale": "EPS beat on FX/buybacks plus post-cyclospora stabilization drives a relief bounce off a washed-out, pre-guided-down setup (stock ~-22% off Feb high). But the beat is low-quality: U.S. comps soft, McOpCo margins pressured by beef/labor, and a cautious 2H consumer tone forces out-period estimate cuts. Out-period math (implicit H2 downgrades) drags the initial pop back toward flat; downside cushioned by extreme washout and the Sept 23 Investor Day forward catalyst, so it fades rather than fully reverses.",
  "day5_confidence": "LOW"
}