Final answer:
The Search Head component of Splunk consolidates results and prepares reports in a distributed environment.
Step-by-step explanation:
The Splunk component that consolidates the individual results and prepares reports in a distributed environment is the Search Head. The Search Head is responsible for providing a user interface to search, analyze, and visualize data. It collects search requests, sends them to the appropriate Indexers for processing, and then compiles the results to generate reports or dashboards.