{
  "report_rows": [
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$4.98 vs. cons $4.89",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$888M vs. cons $877M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Asset-Based Fee (ABF) run-rate",
      "prediction": "BEAT",
      "answer": "pred ~$905M vs. cons ~$895M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted EBITDA expense guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1,325M (top-half of $1,305-1,335M range) vs. cons $1,320M (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Free Cash Flow guidance",
      "prediction": "BETTER",
      "answer": "guide ~$1,510M vs. cons $1,495M (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Q3 2026 Effective tax rate guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~19% vs. cons ~19% (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Analytics revenue growth commentary",
      "prediction": "UNCHANGED",
      "answer": "guide ~6% vs. cons ~6% (Q3 2026, run-rate high-single-digit better read-through)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -0.9,
  "day5_path": "FADE",
  "day5_rationale": "A likely beat on EPS/revenue/ABF run-rate is already substantially priced in after the stock's run to 52-week highs and a wave of sell-side price-target hikes (Raymond James $760, Barclays $735) ahead of the print. With guidance items (opex, tax rate, FCF) largely reiterated rather than raised and the guided Analytics deceleration already flagged, there's limited fresh upside catalyst for out-quarter estimate revisions. At ~34x trailing earnings, any softness in period-end AUM snapshot (given the late-June equity dip) or lack of explicit raise to full-year guidance should trigger profit-taking/mean-reversion over the following days, consistent with a 'sell-the-news' fade after an initial modest positive pop.",
  "day5_confidence": "MEDIUM"
}