{
  "report_rows": [
    {
      "kpi": "Revenues less transaction-based expenses",
      "prediction": "BEAT",
      "answer": "pred ~$1,490M vs. cons $1,456M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Index licensing & services revenues",
      "prediction": "BEAT",
      "answer": "pred ~$255M vs. cons $246M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "EPS-Diluted Operating",
      "prediction": "BEAT",
      "answer": "pred ~$1.00 vs. cons $0.985",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Non-GAAP Opex (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.485B-$2.545B vs. cons $2,533M",
      "confidence": "HIGH"
    },
    {
      "kpi": "FinTech ARR / Verafin tone (H2 2026)",
      "prediction": "BETTER",
      "answer": "guide constructive H2 acceleration vs. cons neutral",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "IPO / Capital Access tone (Q3 2026)",
      "prediction": "BETTER",
      "answer": "guide positive improving pipeline vs. cons neutral",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 2.0,
  "day5_path": "STABILIZE",
  "day5_rationale": "STABILIZE \u2014 no formal guidance raise to drive estimate revisions; implicit H2 math in line with consensus; short interest too low for squeeze; modest follow-through from model updates then flat",
  "day5_confidence": "MEDIUM"
}