{
  "report_rows": [
    {
      "kpi": "Diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$4.48 vs. cons $4.41",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Revenue, net of interest expense",
      "prediction": "IN-LINE",
      "answer": "pred ~$19.82B vs. cons $19.70B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FX-adjusted billed-business growth",
      "prediction": "IN-LINE",
      "answer": "pred ~9.0% vs. cons 9.0%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Revenue growth guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~9%-10% vs. cons 9.8% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Diluted EPS guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$17.30-$17.90 vs. cons $17.65 (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Variable customer engagement cost-to-revenue ratio",
      "prediction": "UNCHANGED",
      "answer": "guide ~44.0% vs. cons 44.0% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -2.4,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.2,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A modest Q2 EPS beat of ~$4.48 vs. $4.41 is unlikely to offset unchanged FY2026 guidance centered at ~$17.60 vs. consensus $17.65. Holding the annual range after first-half upside implies lower second-half earnings expectations as incremental marketing, technology and benefit costs absorb operating strength, driving negative estimate revisions and follow-through.",
  "day5_confidence": "MEDIUM"
}