{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$3.85 vs. cons $3.77",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Organic Revenue Growth (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~5.3% vs. cons ~5.0%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted Operating Margin (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~28.9% vs. cons ~28.8%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Organic Revenue Growth Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~mid-single-digit-or-greater (~5.5%) vs. cons ~5.3% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 Adjusted Operating Margin Expansion Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~75bps vs. cons ~75bps (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 Free Cash Flow Growth Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~double-digit (~12%) vs. cons ~11% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Effective Tax Rate Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~19.5-20.5% (~20.0%) vs. cons ~20.0% (FY2026)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.5,
  "day5_path": "FADE",
  "day5_rationale": "Stock ran ~6-8% into the print to fresh 52-week highs pricing in a clean beat-and-raise; likely outcome is a beat-but-hold quarter (EPS beat, organic growth in-line/slight beat, margin roughly in-line) with FY26 guidance merely reaffirmed rather than raised. Reinsurance/property pricing pressure (15-20% April renewal declines) persisting into Q2's peak property quarter and softening fiduciary investment income cap margin upside, so sell-side is unlikely to raise H2 estimates materially even after a Q2 beat - an implicit out-period holding/cut relative to the run-up's embedded optimism, driving post-print profit-taking and multiple compression over the following days.",
  "day5_confidence": "MEDIUM"
}