{
  "report_rows": [
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.80 vs. cons $2.72",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue",
      "prediction": "BEAT",
      "answer": "pred ~$23.85B vs. cons $23.50B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net interest income",
      "prediction": "IN-LINE",
      "answer": "pred ~$16.05B vs. cons $15.93B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Net interest income growth excluding Markets",
      "prediction": "LOWER",
      "answer": "guide ~5.5% vs. cons 6.0% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Efficiency ratio",
      "prediction": "LOWER",
      "answer": "guide ~60.0% vs. cons 59.5% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Return on tangible common equity",
      "prediction": "LOWER",
      "answer": "guide ~10.5% vs. cons 11.0% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "U.S. credit-card net credit loss rate",
      "prediction": "UNCHANGED",
      "answer": "guide ~4.25% vs. cons 4.25% (FY2026)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 0.7,
  "day1_confidence": "LOW",
  "day5_residual_pct": -0.6,
  "day5_path": "FADE",
  "day5_rationale": "A modest revenue and EPS beat supports the initial reaction, but FY2026 NII growth of ~5.5% versus 6.0% consensus and an efficiency ratio of ~60.0% versus 59.5% consensus imply weaker second-half operating leverage. Those out-period revisions should pull estimates lower after the headline beat.",
  "day5_confidence": "MEDIUM"
}