{
  "report_rows": [
    {
      "kpi": "Non-GAAP Diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.00 vs. cons $0.97",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$1.475B vs. cons $1.455B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Annualized Recurring Revenue (ARR)",
      "prediction": "BEAT",
      "answer": "pred ~$3.30B (~13% y/y) vs. cons/implied ~$3.25B (~11.5% y/y)",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Non-GAAP Operating Expense Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.515B midpoint (range reiterated $2.485B-$2.545B) vs. cons ~$2.51B (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 Non-GAAP Tax Rate Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~23.5% (range 22.5%-24.5%) vs. cons ~23.5% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "ETP/Index Net Inflows Momentum Commentary",
      "prediction": "BETTER",
      "answer": "guide/implied ~$25B cumulative net inflows vs. prior cited pace of ~$15B as of April 20 (H1 2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.8,
  "day5_path": "FADE",
  "day5_rationale": "Initial pop from a likely EPS/revenue beat and record IPO/listings tailwind should be well-received, but the Q1 call already flagged that FinTech's 18% growth was inflated ~4pts by one-time Calypso/M&A termination items and that comp-cycle expense growth steps up in Q2 \u2014 so as analysts model out H2, implicit estimate cuts to FinTech ARR/revenue growth and margin trajectory likely temper full follow-through, causing partial fade of the day-1 pop over the next several sessions even if headline beats are confirmed.",
  "day5_confidence": "LOW"
}