{
  "report_rows": [
    {
      "kpi": "Adj. Operating Ratio (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~65.8% vs. cons 66.32%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Revenue (Q2 2026)",
      "prediction": "MISS",
      "answer": "pred ~$3.28B vs. cons $3.35B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adj. Operating EPS (Q2 2026)",
      "prediction": "MISS",
      "answer": "pred ~$3.22 vs. cons $3.29",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY 2026 Cost Envelope (FY 2026)",
      "prediction": "BETTER",
      "answer": "guide ~$8.2-8.4B vs. cons implied ~$8.6B OpEx",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q3 2026 OR Sequential (Q3 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~typical improvement vs. cons 65.5%",
      "confidence": "HIGH"
    },
    {
      "kpi": "Intermodal/Volume Tone (H2 2026)",
      "prediction": "BETTER",
      "answer": "upgrade to constructive on domestic intermodal vs. prior cautious",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.0,
  "day5_path": "FADE",
  "day5_rationale": "FADE \u2014 sell-side trims Q3/H2 estimates as CSX-extrapolated bar recalibrates to NSC-specific headwinds (merger losses, housing, intermodal service gap)",
  "day5_confidence": "MEDIUM"
}