{
  "report_rows": [
    {
      "kpi": "Diluted EPS (ex-notables)",
      "prediction": "BEAT",
      "answer": "pred ~$3.50 vs. cons $3.28",
      "confidence": "HIGH"
    },
    {
      "kpi": "Total Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$3.98B vs. cons $3.862B",
      "confidence": "HIGH"
    },
    {
      "kpi": "Net Interest Income (NII)",
      "prediction": "BEAT",
      "answer": "pred ~$830M vs. cons ~$794M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Fee revenue growth guide",
      "prediction": "BETTER",
      "answer": "guide ~9-11% vs. cons ~8% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 NII growth guide",
      "prediction": "BETTER",
      "answer": "guide ~10-12% vs. cons ~9% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Medium-term pretax margin target (new strategic update)",
      "prediction": "BETTER",
      "answer": "guide ~33% vs. cons/implied ~31% (medium-term, ~2028 horizon)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Expense growth guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~5-6% vs. cons ~5.5% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 3.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Precedent from Q1 2026 (beat-and-raise triggered a multi-day ~8% follow-through rally, not a single-day pop) plus the fact that the new medium-term strategic/margin targets and AI-monetization framework represent genuinely new information not yet captured in the pre-print BK-driven sympathy rally. If Q2 beats on EPS/revenue/NII as expected and management raises FY fee/NII guides again while unveiling a higher medium-term margin target, sell-side estimate revisions should grind higher over the week, extending gains past day 1. Risk to this call: the stock has already run up ~45% YTD and +5% into the print on BK's read-through, so a chunk of the good news is pre-priced, capping magnitude versus Q1's reaction and creating some risk of a partial fade if the strategic update is seen as already anticipated or light on hard AI-P&L quantification.",
  "day5_confidence": "MEDIUM"
}