{
  "report_rows": [
    {
      "kpi": "EPS (adj., 2026Q2)",
      "prediction": "BEAT",
      "answer": "pred ~$3.42 vs. cons $3.28",
      "confidence": "HIGH"
    },
    {
      "kpi": "Total revenue (2026Q2)",
      "prediction": "BEAT",
      "answer": "pred ~$3.91B vs. cons $3.862B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total fee revenue (2026Q2)",
      "prediction": "IN-LINE",
      "answer": "pred ~$3.06B vs. cons ~$3.04B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Medium-term pretax margin target",
      "prediction": "BETTER",
      "answer": "guide ~34-35% vs. cons ~31-32% (medium-term)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 fee revenue growth guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~7-9% vs. cons ~8% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Quantified AI/transformation benefit",
      "prediction": "UNKNOWN",
      "answer": "guide ~qualitative/'very meaningful' vs. cons expecting hard ~$0-run-rate # (medium-term/2027)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 capital-return payout",
      "prediction": "UNCHANGED",
      "answer": "guide ~80% vs. cons ~80% (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -4.0,
  "day5_path": "FADE",
  "day5_rationale": "Even with a clean EPS/revenue beat and a raised medium-term margin ceiling, the stock is at all-time highs, +83% YoY and ~30% since the Q1 print, so most positives (FX strength, SPYM/Trump Accounts, AI optimism) are priced in \u2014 a classic 'sell-the-news' setup. The Q1-level FX/Markets volatility that drove the beat is guided to moderate, so out-period estimates carry implicit cuts even after a Q2 beat; if the AI/transformation payoff is only qualitative rather than a hard number, the framework disappoints the elevated bar. Net: initial pop, if any, fades as sell-side trims forward quarters.",
  "day5_confidence": "MEDIUM"
}