{
  "report_rows": [
    {
      "kpi": "Diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.17 vs. cons $1.13",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FTE net interest income",
      "prediction": "BEAT",
      "answer": "pred ~$16.3B vs. cons $16.1B",
      "confidence": "HIGH"
    },
    {
      "kpi": "Sales and trading revenue ex-DVA",
      "prediction": "BEAT",
      "answer": "pred ~$6.8B vs. cons $6.6B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 NII growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~7.0% vs. cons 7.0% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 positive operating leverage",
      "prediction": "BETTER",
      "answer": "guide ~250 bps vs. cons 225 bps (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 effective tax rate",
      "prediction": "UNCHANGED",
      "answer": "guide ~20.5% vs. cons 20.5% (FY2026)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "The reported beat is driven by ~$0.04 of EPS upside and ~$0.2B of NII upside, but retained ~7.0% FY2026 NII growth guidance versus ~7.0% consensus leaves little reason to lift FY2027 estimates. With the stock already priced for durable operating leverage, initial strength should fade as investors focus on unchanged out-period NII and funding-cost assumptions.",
  "day5_confidence": "MEDIUM"
}