{
  "report_rows": [
    {
      "kpi": "AWS revenue",
      "prediction": "BEAT",
      "answer": "pred ~$41.1B vs. cons $40.5B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "AWS operating margin",
      "prediction": "BEAT",
      "answer": "pred ~34.6% vs. cons 33.8%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Consolidated operating income",
      "prediction": "BEAT",
      "answer": "pred ~$24.3B vs. cons $23.6B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 revenue guidance midpoint",
      "prediction": "UNCHANGED",
      "answer": "guide ~$203.0B vs. cons $203.0B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 operating income guidance midpoint",
      "prediction": "LOWER",
      "answer": "guide ~$21.8B vs. cons $23.0B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "AWS growth commentary",
      "prediction": "BETTER",
      "answer": "guide ~33% vs. cons 32% (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Capital expenditures",
      "prediction": "LOWER",
      "answer": "guide ~$210.0B vs. cons $207.4B (FY 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.2,
  "day5_path": "FADE",
  "day5_rationale": "Q2 AWS and operating-income beats support an initial +2.8% residual, but a Q3 operating-income guide of ~$21.8B vs. $23.0B consensus and FY2026 capex of ~$210.0B vs. $207.4B consensus trigger out-period earnings and free-cash-flow cuts, fading the cumulative residual to +1.2% by day 5.",
  "day5_confidence": "MEDIUM"
}