{
  "report_rows": [
    {
      "kpi": "Diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.46 vs. cons $1.44",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Operating revenue",
      "prediction": "BEAT",
      "answer": "pred ~$1.420B vs. cons $1.398B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "APS retail sales",
      "prediction": "BEAT",
      "answer": "pred ~8,780 GWh vs. cons 8,676 GWh",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 EPS (FY2026)",
      "prediction": "LOWER",
      "answer": "guide ~$4.55-$4.75 vs. cons $4.75",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 weather-normalized sales growth (FY2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~4-6% vs. cons UNVERIFIED",
      "confidence": "LOW"
    },
    {
      "kpi": "IRP / large-load / regulatory commentary (FY2026-2030)",
      "prediction": "UNCHANGED",
      "answer": "maintain constructive tone; no formal acceleration vs. cons UNVERIFIED",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -1.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -3.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 forward estimates de-risk on a below-consensus FY guide",
  "day5_confidence": "LOW"
}