{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$3.00 vs. cons $2.93",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue",
      "prediction": "BEAT",
      "answer": "pred ~$1.72B vs. cons $1.70B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Clearing and transaction fee revenue",
      "prediction": "BEAT",
      "answer": "pred ~$1.40B vs. cons $1.38B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Adjusted operating expenses excluding license fees",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.695B vs. cons $1.695B (FY2026)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.6,
  "day5_path": "FADE",
  "day5_rationale": "The predicted ~$3.00 Q2 EPS vs. $2.93 consensus should produce initial relief, but unchanged FY2026 expense guidance of ~$1.695B vs. $1.695B consensus implies only modest out-period estimate revisions; unresolved perpetual-futures and regulatory risks should partially reverse the day-1 gain.",
  "day5_confidence": "MEDIUM"
}