{
  "report_rows": [
    {
      "kpi": "Domestic Card NCO Rate",
      "prediction": "BEAT",
      "answer": "pred ~4.75% vs. cons 4.90%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Interest Margin",
      "prediction": "BEAT",
      "answer": "pred ~8.15% vs. cons 8.02%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "IN-LINE",
      "answer": "pred ~$4.85 vs. cons $4.82",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "NIM trajectory (Q3 2026)",
      "prediction": "BETTER",
      "answer": "guide ~8.10-8.20% vs. cons 8.02%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Efficiency ratio / Brex (Q3 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide >55%, investment-driven vs. cons ~55.4%",
      "confidence": "HIGH"
    },
    {
      "kpi": "Discover integration (qualitative)",
      "prediction": "BETTER",
      "answer": "Sept. origination milestone confirmed",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "ROTCE / FY earnings power",
      "prediction": "UNCHANGED",
      "answer": "reiterate prior language vs. $19.84 FY cons",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.5,
  "day5_path": "STABILIZE",
  "day5_rationale": "STABILIZE \u2014 credit beat causes modest H2 estimate nudge; Brex/efficiency ratio caps follow-through; short covering provides a bid but DTC too low for squeeze",
  "day5_confidence": "MEDIUM"
}