{
  "report_rows": [
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.98 vs. cons $2.91",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net revenue",
      "prediction": "BEAT",
      "answer": "pred ~$4.00B vs. cons $3.95B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Capital Markets/Investment Banking revenue",
      "prediction": "MISS",
      "answer": "pred ~$205M vs. cons $215M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "NII + third-party sweep fee growth guide",
      "prediction": "BETTER",
      "answer": "guide ~+2% q/q vs. cons ~+1% q/q (Q4 FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "Asset management/administrative fee growth guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~+1% q/q vs. cons ~+1% q/q (Q4 FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 non-comp expense guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.3B vs. cons ~$2.3B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted pretax margin target (long-term ~20%)",
      "prediction": "UNCHANGED",
      "answer": "guide ~20% vs. cons ~19.8% exit rate (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -1.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -2.3,
  "day5_path": "FADE",
  "day5_rationale": "Stock has already rallied hard into the print (from ~$138 low to ~$168-170) with sell-side targets only modestly above spot, so a 'good but not great' beat with reaffirmed (not raised) ~20% margin/$20B 2030 targets and lingering IB timing uncertainty leaves little room for upward estimate revisions; implicit conservatism in FY27 framing and elevated recruiting/tech costs pressuring near-term margin should cap follow-through and pull the initial pop back over the week as analysts trim rather than raise out-period numbers.",
  "day5_confidence": "LOW"
}